Al Maha Investment Fund acquires 5.41% stake in Visa Chrome

Al Maha Investment Fund PCC-Onyx Strategy has disclosed the acquisition of a substantial stake in Visa Chrome Limited, formerly known as Visa Steel Limited. The Mauritius-based fund purchased 7,894,000 equity shares carrying voting rights on August 17, 2026, through open market transactions. This acquisition brings the fund's total holding to 5.4146% of the company's equity share capital and 4.7615% of its fully diluted capital.

Acquisition details

The disclosure was filed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The fund confirmed that it held no prior interest in the company before this transaction. The shares acquired are standard equity shares with no conversion or redemption terms applicable.

Metric	Value
Number of shares acquired	7,894,000
% of total voting capital	5.4146%
% of fully diluted capital	4.7615%
Mode of acquisition	Open Market
Date of acquisition	August 17, 2026

Capital structure context

Visa Chrome Limited has a total equity share capital of 14,57,90,000 shares. The fully diluted share capital, which includes outstanding warrants and convertible securities, stands at 165,789,500 shares. The difference between the two percentages (5.4146% vs 4.7615%) highlights the dilution impact of these potential future issuances on the acquirer's effective ownership stake.

What the Numbers Show

The divergence between the percentage of voting capital (5.4146%) and fully diluted capital (4.7615%) indicates that approximately 13% of the fully diluted base consists of instruments other than current equity shares. For an investor holding a block of this size, the dilution from convertible securities could reduce their proportional influence if all warrants are exercised, a factor to monitor in subsequent filings regarding the company's capital structure changes.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.29%	+0.59%	-6.69%	-1.02%	+13.56%	+272.22%

VISA Chrome Limited reported a standalone net loss of ₹9.56 crore for the quarter ended June 30, 2026, reversing a profit of ₹4.33 crore recorded in the corresponding period of FY25. The ferro alloys manufacturer’s revenue from operations fell 29.5% year-on-year to ₹120.44 crore, down from ₹170.98 crore in Q1FY26.

The financial results were approved by the Board of Directors on August 12, 2026. Alongside the results, the board approved significant leadership changes, including the re-designation of Vishambhar Saran as Non-Executive Chairman effective December 15, 2026.

Financial Performance

Revenue contraction was driven by lower operational volumes and pricing pressures in the ferro alloys segment. While revenue dropped, total expenses decreased proportionally to ₹130.06 crore from ₹167.53 crore a year ago. Cost of materials consumed stood at ₹71.29 crore, compared to ₹97.65 crore in Q1FY26. Other expenses rose to ₹52.60 crore from ₹48.46 crore, offsetting some cost savings.

Metric	Q1FY27	Q1FY26	Change
Revenue From Operations	₹120.44 crore	₹170.98 crore	-29.5%
Total Expenses	₹130.06 crore	₹167.53 crore	-22.4%
Net Profit/(Loss)	(₹9.56) crore	₹4.33 crore	Turned to Loss
Earnings Per Share	(₹0.66)	₹0.37	N/A

The company’s net worth remains fully eroded, with other equity standing at (₹349.15) crore as of March 31, 2026. Paid-up equity share capital increased to ₹145.79 crore from ₹129.29 crore at the end of FY26, following the conversion of warrants into equity shares.

Auditor Concerns and Going Uncertainty

Statutory auditors Singhi & Co. issued a limited review report highlighting a material uncertainty relating to going concern. The auditors noted that the company has accumulated losses and incurred losses during the quarter. Current liabilities are substantially higher than current assets, and the net worth is fully eroded.

The report states that the company’s ability to continue as a going concern depends critically on raising requisite finance and generating future cash flows. Management maintains that operations will continue under a conversion arrangement until working capital availability improves.

Leadership Changes

The board approved several key appointments and re-appointments subject to shareholder approval at the ensuing Annual General Meeting:

Vishambhar Saran: Re-designated as Non-Executive Chairman effective December 15, 2026, completing his tenure as Whole-time Director.
Vishal Agarwal: Re-appointed as Vice Chairman & Managing Director for five years starting June 25, 2027.
Manoj Kumar: Re-appointed and re-designated as Joint Managing Director from September 15, 2026, to December 31, 2030.
Ritu Bajaj: Re-appointed as Independent Director for three years starting August 24, 2026.
Dhanesh Ranjan: Retiring as Independent Director upon completion of his second term on September 29, 2026.

What the Numbers Show

The divergence between revenue decline and expense reduction highlights the operational leverage challenges in the current cycle. While costs fell by 22.4%, revenue contracted by a sharper 29.5%, indicating that fixed cost absorption became less efficient despite lower variable input costs. Furthermore, the reliance on warrant conversions to repay debt to ACRE—utilizing ₹140 crore received from preferential issues—underscores the capital restructuring efforts aimed at stabilizing the balance sheet amid eroded equity.