VISASTEEL2025-07-012025-09-30VISASTEEL2025-09-30VISASTEEL2025-03-31VISASTEEL2025-04-012025-09-30VISASTEEL2025-07-012025-09-30in-capmkt:OtherExpenses1MemberVISASTEEL2025-04-012025-09-30in-capmkt:OtherExpenses1MemberVISASTEEL2025-07-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss1VISASTEEL2025-04-012025-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares532721VISASTEELNOTLISTEDINE286H01012VISA Steel LimitedMain BoardEquity2025-04-012026-03-312025-11-142025-11-07INRMillionsQuarterlySecond quarterSingle segment Ferro Alloys2025-11-1412:15:002025-11-1416:10:00trueCash Flow IndirectNot applicable2025-07-012025-09-30UnauditedConsolidated7585200003228000079080000054221000000645900008384000064770000237610000993020000-2022200000-2022200000000-20222000000010000-202210000-480000-202690000-2022100000-4800000115790000010-1.75-1.7500-1.75-1.751.The above unaudited Consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Parent Company at their respective meetings held on 14 November 2025. The Statutory Auditors have conducted the limited review of the above Consolidated unaudited financial results. <BR> 2.The consolidated unaudited financial results of VISA Steel Limited ("the Parent Company") and its subsidiary ("the Group"), together with its joint venture for the quarter ended 30 September 2025, have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. <BR> 3.As on 30 September 2025, VISA Steel Group ("the Group") comprises the Parent Company i.e. VISA Steel Limited, its one subsidiary and one Joint Venture Company. <BR> 4.The Group is in the business of Ferro Alloys and hence has only one reportable operating segment as per Ind AS 108 "Operating Segments". <BR> 5.Revenue from Operations includes reimbursement towards materials at actuals, wherever applicable, used under conversion arrangement and hence is not comparable. <BR> 6.The Parent Company has incurred net loss during the quarter ended 30 September 2025 which has adversely impacted the net worth of the Parent Company. The Parent Company's financial performance has been adversely affected due to non-availability of working capital for operations, and other external factors beyond the Parent Company's control. It is expected that the overall financial health of the Parent Company would improve after debt resolution and improvement in availability of working capital. Accordingly, the Parent Company has prepared the financial results on the basis of going concern assumption. The statutory auditors have also drawn attention to the above matter without qualifying their conclusion in their Review Report. <BR> 7.The secured debt of the Parent Company have been categorised as Non-Performing Assets (NPA) by the lenders effective 11 July 2012 and accordingly, the Parent Company has stopped providing further interest in its books effective 1 April 2016. The amount of interest expenses not provided for is estimated at Rs. 399.35 Million for the quarter ended 30 September 2025 and the accumulated interest not provided as on 30 September 2025 is estimated at Rs. 14,044.87 Million. The statutory auditors have qualified their Review Report in respect of this matter. <BR> 8.During the quarter ended 30 September 2025, Punjab and Sind Bank has assigned its debt to Assets Care & Reconstruction Enterprise Limited (ACRE). Majority of the lenders with approx. 96% of the debt have assigned their debt to ACRE including assignments in previous years. <BR> 9. The Hon’ble National Company Law Tribunal, Cuttack Bench (NCLT) vide its Order dated 26 September 2025 has allowed the withdrawal of application for initiating Corporate Insolvency Resolution Process (CIRP) against the Parent Company under Section 7 of the Insolvency and Bankruptcy Code, 2016, which had earlier been admitted vide NCLT Order dated 28 November 2022 and stayed by the Hon’ble Orissa High Court vide its Order dated 21 December 2022. Pursuant to the same, the CIRP process against the Parent Company stands closed. The Parent Company has arrived at an understanding for settlement with ACRE, settlement agreement or appropriate scheme covering all lenders is pending. <BR> 10.Subsequent to the quarter ended 30 September 2025, the Board of Directors of the Parent Company at its meeting held on 4 October 2025 approved raising of funds by way of preferential Issue up to 5,00,00,000 warrants to VISA Industries Limited (a member of the promoter group) convertible into or exchangeable for equivalent number of fully paid up Equity Share of the Parent Company of face value of Rs.10/- each at an issue price of Rs. 40/- each payable in cash, aggregating upto Rs. 2,000 million, which may be exercised in one or more tranches during the period commencing from the date of allotment of the warrants until the expiry of 18 months. The above was also approved by the shareholders of the Parent Company in its Extra Ordinary General Meeting held on 2 November 2025. The proceeds of the preferential issue shall be utilized for repayment of debt and general corporate purposes. <BR> 11. The Exceptional Items of previous periods represent (a) impairment loss on fixed assets of Rs. 4,380.75 million (b) write off of abandoned projects lying in Capital Work in Progress Rs. 387.50 million (c) write back of difference between the outstanding amount and settlement amount of the loan exposure of Rs. 75.04 million. <BR> 12. The Parent Company had received a notice dated 10 July 2025 from the State Pollution Control Board, Odisha (SPCB) regarding refusal to renew Consent to Operate (CTO) and submitted a response to SPCB requesting for grant of CTO to resume operations. Consequently, the Parent Company has received grant of CTO from the SPCB, vide Order dated 6 September 2025 and has resumed operations. <BR> <BR> <BR> <BR> By Order of the Board <BR> For VISA Steel Limited <BR> <BR> <BR> <BR> Vishal Agarwal <BR> Vice Chairman & Managing Director <BR> DIN 00121539 <BR> <BR> Date: 14 November 2025 <BR> Place: Kolkata2025-04-012025-09-30UnauditedConsolidated24683000004101000025093100001518730000001355900001629000001288500007222400002668310000-1590000000-1590000000000-15900000000010000-158990000-960000-159950000-1589900000-9600000115790000010-1.37-1.3700-1.37-1.37Other Expenses237610000Other Expenses72224000043692400000004900000010440000316300000064340000959700000044761400001871400000427100001880000623700000253000000359960000315700002358600008145300000052906700001157900000-14926120000-137682200000-1376822000000003509800003509800001257000000036355000013565920000027141000027141000020058500001584318000028431000009060000001869534000019058890000529067000039060000-70770000-33200000035560000000013083000000012885000000000000000-1610000-69000000022182000062820000000-54100000682300000000000030000027880000000000000000000000161000000-259700000000000000409100000177000000-42680000-4200000-42000023000001880000Items that will not be reclassified to Profit or Loss-480000-480000Items that will not be reclassified to Profit or Loss-960000-9600000000-480000-960000