VISA Steel Limited's Board of Directors concluded their meeting on February 4, 2026, approving the company's unaudited financial results for the third quarter of fiscal year 2026 and announcing a significant corporate restructuring decision. The board approved both standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, in compliance with Regulation 33 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Board Meeting Outcomes

The board meeting, which commenced at 12:30 hours and concluded at 16:20 hours, addressed several critical corporate matters. The directors approved the quarterly financial results along with the Limited Review Report of Statutory Auditors in the specified format required by regulatory authorities.

Major Corporate Name Change Proposal

In a significant development, the board approved changing the company's name from 'VISA Steel Limited' to 'VISA Chrome Limited'. This proposed transformation includes consequential amendments to the Memorandum of Association and Articles of Association to reflect the new corporate identity.

Postal Ballot Process

The board has approved sending a Postal Ballot Notice to shareholders for the name change approval. The notice will be dispatched to company members and stock exchanges in due course, following applicable regulations. This democratic process ensures shareholder participation in the significant corporate restructuring decision.

Regulatory Compliance and Documentation

The company has formally notified both BSE Limited and National Stock Exchange of India Limited about the board meeting outcomes through official communication. VISA Steel operates with BSE scrip code 532721 and NSE symbol VISASTEEL, with its plant office located at Kalinganagar Industrial Complex in Jajpur, Odisha. The announcement was signed by Amisha Chaturvedi Khanna, Company Secretary and Compliance Officer, ensuring proper regulatory disclosure procedures are maintained throughout the process.

VISA Steel Limited , a ferro alloys manufacturer, has reported a net loss of Rs 202.22 million for the quarter ended September 30, 2025, according to its recently released financial results. The company's revenue from operations stood at Rs 758.52 million for the same period.

Financial Performance

The company's financial performance for Q2 FY2025 shows:

The significant decrease in revenue compared to the same quarter last year indicates challenging market conditions for the company.

Operational Update

VISA Steel resumed operations on September 6, 2025, after receiving Consent to Operate from the Odisha State Pollution Control Board. This development follows a notice dated July 10, 2025, from the State Pollution Control Board regarding refusal to renew the Consent to Operate (CTO).

Debt Resolution and Capital Raising

The company is currently engaged in discussions with Assets Care & Reconstruction Enterprise Limited (ACRE) for restructuring its outstanding loan exposure. Notably, approximately 96% of the company's debt has been assigned to ACRE.

In a move to strengthen its financial position, VISA Steel's Board of Directors approved raising Rs 2,000 million through a preferential warrant issue to promoter group entity VISA Industries Limited on October 4, 2025. This decision was subsequently approved by shareholders in an Extraordinary General Meeting held on November 2, 2025.

Auditor's Observations

The company's auditors have raised concerns regarding the non-recognition of interest expenses on borrowings. The accumulated interest not provided as of September 30, 2025, is estimated at Rs 14,044.87 million. This non-provision of interest is not in accordance with Indian Accounting Standards.

Going Concern Issues

The auditors have also highlighted material uncertainty related to the company's ability to continue as a going concern. VISA Steel's current liabilities substantially exceed its current assets, and its net worth has been fully eroded. The company's management maintains that the overall financial health would improve after debt resolution and improvement in working capital availability.

Conclusion

While VISA Steel faces significant financial challenges, the resumption of operations and efforts towards debt restructuring and capital raising could potentially pave the way for a turnaround. However, the company's ability to continue as a going concern remains critically dependent on the successful outcome of these initiatives.

Investors and stakeholders should closely monitor the progress of the company's debt resolution process and its ability to generate cash flows in the coming quarters.