Synopsis: VISA Chrome Limited (formerly VISA Steel Limited), has reported a dramatic turnaround for FY26, posting a standalone net profit of Rs. 1,050.15 crore against a loss of Rs. 516.55 crore in FY25, driven entirely by a one-time exceptional gain from a massive debt restructuring deal with Assets Care and Reconstruction Enterprise (ACRE).
Shares of VISA Chrome Limited traded marginally higher on May 26, 2026, with the stock rising 0.93 percent to Rs. 52 during midday trade. The stock touched an intraday high of Rs. 54.09 and a low of Rs. 51.52, while the company’s market capitalisation stood at around Rs. 758 crore.
Trading activity remained relatively muted with traded volume at 0.24 lakh shares and traded value at Rs. 0.13 crore. Despite recent volatility, the stock has delivered strong long-term returns, gaining over 57 percent in the past year and more than 372 percent over the last three years. The company operates in the Ferro & Silica Manganese segment and currently has a 52-week range between Rs. 27.05 and Rs. 73.68.
Debt Settlement
In a regulatory filing submitted to both BSE and NSE on May 25, 2026, VISA Chrome Limited formerly known as VISA Steel Limited announced its audited standalone and consolidated financial results for the quarter and full financial year ended March 31, 2026.
The headline number is striking. The company recorded a standalone net profit of Rs. 1,050.15 crore for FY26, compared to a net loss of Rs. 516.55 crore in FY25, a year-on-year swing of over Rs. 1,566 crore.
However, investors must read this with a critical eye: the turnaround is not driven by operational improvement but by an exceptional item of Rs. 1,089.11 crore, which represents a write-back of the difference between the outstanding and settlement amounts of its loan exposure with ACRE, covering 100% of its lenders. An additional Rs. 6.91 crore interest waiver from VISA Infra Limited further boosted the exceptional gains.
Operationally, the picture is more sobering. Revenue from operations for FY26 stood at Rs. 561.62 crore, marginally lower than Rs. 566.21 crore in FY25, a decline of approx 0.8% year-on-year. The company, which operates in the Ferro Alloys segment, continues to operate under a conversion arrangement due to the non-availability of working capital. Operating loss before exceptional items widened slightly to Rs. 38.96 crore versus Rs. 47.23 crore in FY25.
The statutory auditors, Singhi & Co., issued an unmodified opinion but drew attention without qualifying their report to a material uncertainty surrounding the company’s ability to continue as a going concern. The company’s net worth remains negative at Rs. (349.15) crore as of March 31, 2026, compared to Rs. (1,476.63) crore in the previous year, showing meaningful improvement from the debt resolution.
Beyond the numbers, several structural developments are reshaping VISA Chrome’s identity and financial standing. The company officially changed its name from VISA Steel Limited to VISA Chrome Limited on April 28, 2026, following a fresh Certificate of Incorporation from the Ministry of Corporate Affairs signaling a strategic refocus on its chrome and ferro alloy operations.
On the equity front, the Preferential Issue Committee had allotted 5,00,00,000 warrants in November 2025 at Rs. 40 per warrant. As of the reporting date, 3,00,00,000 warrants have been converted into equity shares, generating Rs. 140 crore in total consideration all of which has been deployed toward repayment of debt to ACRE. Subsequent to the year end, on April 6, 2026, an additional 1,65,00,000 warrants were converted, raising another Rs. 49.50 crore. This active deleveraging is the most tangible sign of a company attempting a genuine financial restructuring.
Current borrowings have dropped sharply to Rs. 354.25 crore from Rs. 1,356.59 crore the previous year, a reduction of approximately 74% reflecting the impact of the ACRE settlement. Cash and cash equivalents improved to Rs. 2.51 crore from Rs. 0.21 crore. The Board also reappointed M/s DGM & Associates as Cost Auditor and M/s L. B. Jha & Co. as Internal Auditor for FY2026-27.
Company Overview
Formerly VISA Steel Limited, VISA Chrome Limited is an Odisha-based company with its plant at the Kalinganagar Industrial Complex in Jajpur. The company operates in the Ferro Alloys business segment, with its registered office in Bhubaneswar. It is listed on both BSE and NSE and is helmed by Vice Chairman & Managing Director Vishal Agarwal (DIN: 00121539).
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