Outcome of the Board Meeting-Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
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VISA Chrome Limited (formerly VISA Steel Limited) reported FY2026 results with revenue of Rs. 561.62 crore, marginally down from Rs. 566.21 crore in FY2025. The company posted a net profit of Rs. 1,050.15 crore compared to a loss of Rs. 516.55 crore in the previous year, driven primarily by exceptional items of Rs. 1,089.11 crore representing write-back from loan settlement with Assets Care and Reconstruction Enterprise (ACRE). Operating performance remains weak with loss before exceptional items of Rs. 38.96 crore. The company has restructured its entire debt exposure with ACRE covering 100% of lenders and converted 3 crore warrants to equity shares, raising Rs. 140 crore for debt repayment. Auditors issued an unmodified opinion but explicitly flagged material uncertainty regarding going concern due to accumulated losses, eroded net worth, and current liabilities exceeding current assets.
While the net profit appears strong due to one-time debt restructuring gains, the company's underlying operations remain loss-making and its balance sheet is severely stressed with negative equity of Rs. 349.15 crore. The going concern flag and reliance on debt restructuring raise significant concerns about sustainability unless working capital improves.