Visa Steel Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
VISACHROME · price
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VISA Steel Limited reported standalone revenue from operations of Rs. 5,664.90 million for FY25, down about 15.4% from Rs. 6,698.98 million in FY24. The company posted a net loss of Rs. 5,165.51 million for FY25 (vs Rs. 718.93 million loss in FY24), sharply worsened by exceptional items of Rs. 4,693.21 million — primarily a Rs. 4,380.75 million impairment of fixed assets and a Rs. 387.50 million write-off of abandoned capital projects. Statutory auditor Singhi & Co. issued a qualified opinion because the company has not recognized interest expense on its NPA borrowings since FY17, with accumulated unprovided interest now at Rs. 13,246.23 million — if booked, the FY25 loss would swell to Rs. 6,766.61 million. The auditor also flagged material uncertainty on going concern: net worth is fully eroded (negative equity of Rs. 13,608.35 million), current liabilities of Rs. 18,562.20 million vastly exceed current assets of Rs. 767.66 million, and the company's future depends on an ongoing debt restructuring with ACRE (which holds over 95% of its loans).
Highly negative for shareholders — the stock is in deep financial distress with fully eroded net worth, a qualified audit opinion, and a going-concern warning. Future viability hinges entirely on the outcome of ACRE debt restructuring and interest waiver negotiations; without a successful resolution, insolvency risk remains real as the NCLT insolvency admission from November 2022 is still only stayed by the Orissa High Court.