5327212025-10-012025-12-315327212025-04-012025-12-315327212025-10-012025-12-31in-capmkt:OtherExpenses1Member5327212025-04-012025-12-31in-capmkt:OtherExpenses1Member5327212025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15327212025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares532721VISASTEELNOTLISTEDINE286H01012VISA STEEL LIMITEDMain BoardEquity2025-04-012026-03-312026-02-042026-01-29INRCroresQuarterlyThird quarterSingle segmentFERRO ALLOYS2026-02-0412:30:002026-02-0416:20:00Not applicable2025-10-012025-12-31UnauditedConsolidated144970000017000001451400000994200000008000000092300000656000003846000001616700000-1653000000-1653000000000-1653000000000-165300000-400000-165700000-1653000000-1657000000129290000010-1.42-1.4200-1.42-1.42Notes: <BR> 1. 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 4 February 2026. 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 and nine months ended 31 December 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 31 December 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 31 December 2025 which has adversely affected 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. These conditions indicates events and circumstances that may cast significant doubts on the Parent Company's ability to continue as a going concern, there by giving rise to material uncertainty. However, 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 has 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. 38.66 Crore for the quarter ended 31 December 2025 and the accumulated amount of interest not provided as on 31 December 2025 is estimated at Rs. 1,443.16 Crore. The statutory auditors have qualified their Review Report in respect of this matter. <BR> 8. During the quarter ended 31 December 2025, HUDCO has assigned its debt to Assets Care & Reconstruction Enterprise Limited (ACRE). Consequently, all the lenders with 100% of the debt have assigned their debt to ACRE including assignments in previous years. The Parent Company has arrived at an understanding for settlement with ACRE, settlement agreement covering all lenders is pending. <BR> 9. During the quarter ended 31 December 2025, the Preferential Issue Committee of the Board of Directors of the Parent Company on 26 November 2025 has approved the allotment of 5,00,00,000 warrants at an issue price of Rs. 40/- each payable in cash, on preferential basis, on receipt of Rs. 50 Crore i.e., 25% of the issue price. The warrants are convertible into or exchangeable for equivalent number of fully paid up Equity Share of the Parent Company of face value of Rs.10/- each 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. Subsequently, the Preferential Issue Committee of the Board of Directors on 22 December 2025 approved conversion and allotment of 1,35,00,000 warrants into Equity Shares by way of issuing of equivalent number of Equity Shares of Rs. 10/- each on receipt of balance consideration of Rs. 40.50 Crore against 1,35,00,000 warrants i.e., 75% of the issue price in respect of the same, and the total amount received has been/shall be utilised for repayment of debt to ACRE. <BR> 10. The Code on Wages 2019, the Industrial Relations Code 2020, the Code on Social Security 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as "the New Labour Codes") have been notified by the Government of India with effect from 21 November 2025. Whilst the New Labour Codes are effective from 21 November 2025, the supporting rules are yet to be notified and during transition, the relevant provisions of the existing labour Acts and their respective rules, regulations, notifications, standards, schemes, etc. will continue to remain in force. The Parent Company has internally assessed the estimated impact of the changes and has recognised the incremental expense of Rs. 1.01 Crore under employee benefit expenses in financial results for the quarter and nine months ended 31 December 2025 in accordance with Ind AS 19, read with "FAQs on key accounting implications arising from the New Labour Codes" published by The Institute of Chartered Accountants of India on 26 December 2025. The Parent Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect of any further provisions as and when the relevant rules and notifications are notified and become applicable. <BR> 11. The Exceptional Items of previous year represent (a) impairment loss on fixed assets of Rs. 438.07 Crore (b) write off of abandoned projects lying in Capital Work in Progress Rs. 38.75 Crore (c) write back of difference between the outstanding amount and settlement amount of the loan exposure of Rs. 7.50 Crore. <BR> 12. Effective from this quarter, the Parent Company has revised the presentation of its financial results by rounding off amounts in Crore instead of Millions. Accordingly, the figures for the corresponding previous periods have been represented in Crore to ensure comparability. This change is limited to presentation only and does not have any impact on the Parent Company’s financial results. <BR> 13. Previous periods figures have been regrouped / rearranged wherever necessary.2025-04-012025-12-31UnauditedConsolidated390650000054200000396070000025129000000021560000025520000019450000011068000004285000000-3243000000-3243000000000-3243000000000-324300000-1400000-325700000-3243000000-3257000000129290000010-2.79-2.7900-2.79-2.79Other Expenses384600000Other Expenses1106800000Items that will not be reclassified to profit or loss-400000-400000Items that will not be reclassified to profit or loss-1400000-14000000000-400000-1400000