VISA CHROME LIMITED

Produces ferro alloys and special steel. In the period ending 31 March 2023, Ferro Alloys contributed 82.5% of segment revenue and Special Steel contributed 17.5%, based on segment revenue of ₹572.477 crore and ₹121.775 crore respectively for that period. For FY26, total revenue from operations stood at ₹561.62 crore, marginally lower than ₹566.21 crore in FY25. Materials form the dominant cost line at 66.9% of revenue, followed by other operating expenses at 25.6%, employee costs at 5.1%, and depreciation at 4.6%. Reported FY26 net profit of ₹1,050.15 crore was driven primarily by an exceptional item of ₹1,089.11 crore from loan-settlement write-backs with Assets Care and Reconstruction Enterprise (ACRE) covering 100% of lenders. Before exceptional items, the company posted a loss before tax of ₹38.96 crore, an improvement from a ₹47.23 crore loss in FY25. Statutory auditors issued an unmodified opinion but flagged material uncertainty on going concern, citing accumulated losses, fully eroded net worth, and current liabilities exceeding current assets. The company has restructured its debt with ACRE and raised ₹140 crore through preferential warrant conversions.