NSE: VISACHROME · BSE: 532721
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ferro Alloys (83%), Special Steel (18%). Cyclical metals and steel producer with two product lines, ferro alloys and special steel; operating performance showed a pre-exceptional loss in FY26.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,118 | 657 | 670 | 566 | 562 |
| EBITDA (ex other income) | 18 | 1,757 | 5 | (438) | 1,103 |
| margin % | 1.6 | 267.2 | 0.8 | (77.3) | 196.4 |
| Owners' profit | 0 | 1,660 | (72) | (517) | 1,050 |
| EPS, as reported (₹) | (7.53) | 143.39 | (6.21) | (44.61) | 87.89 |
| ROE % · ROCE % | 3.6 · 2.7 | (215.0) · (232.4) | 8.5 · 5.2 | 38.0 · 36.7 | (477.6) · (583.9) |
| Debt / equity (x) | (1.42) | (1.75) | (1.62) | (1.00) | (1.61) |
| Cash from operations | 20 | 26 | 17 | 26 | 36 |
| Capex | (8) | (18) | (9) | (12) | (25) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151 | 119 | 162 | 171 | 76 | 145 | 171 | 120 |
| Profit before tax | (4) | (17) | (488) | 4 | (20) | (17) | 1,083 | (10) |
| Net profit | (4) | (17) | (488) | 4 | (20) | (17) | 1,083 | (10) |
| EPS (₹) | (0.36) | (1.49) | (42.16) | 0.37 | (1.75) | (1.42) | 90.60 | (0.66) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Board meeting set for November 12 to approve September 2026 results | results | low | — | — |
| 16 Oct 2026 · Routine quarterly compliance certificate submission for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: all 10 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 29 Sept 2026 · VISA Chrome appoints Anutosh Maitra as Independent Director | management changes | medium | — | — |
| 29 Sept 2026 · VISA Chrome 30th AGM proceedings held on September 29, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 15 Sept 2026 · VISA Chrome responds to NSE query on Q1 FY27 results format | regulatory legal | medium | — | — |
| 7 Sept 2026 · AGM Notice and Annual Report FY 2025-26 sent to shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · 30th AGM Notice Published in Newspapers; E-voting from Sep 26-28 | compliance | minimal | — | — |
| 5 Sept 2026 · FY26 Annual Report: renamed to VISA Chrome, Rs 1,050 Cr PAT on debt write-back | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.