VISA Chrome Limited (NSE: VISACHROME | BSE: 532721)

Source: VISA Chrome Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)

📋 Quick Facts: Company Snapshot

🏢 The Corporate Identity: VISA Chrome Overview, Promoters & History

The Big Picture: Business Model & Core Value Proposition

VISA Chrome Limited (formerly known as VISA Steel Limited) operates as a dedicated manufacturer of High Carbon Ferro Chrome, supported by integrated captive power generation at the Kalinganagar Industrial Complex in Jajpur, Odisha. The company’s core strategic orientation centers on creating sustainable stakeholder value through the value addition of domestic natural mineral resources, converting raw chrome ore and carbon reductants into critical master alloys used globally in stainless steel production and special steel metallurgy.

Due to severe historical working capital shortages that constrained direct merchant operations, VISA Chrome has adopted a resilient toll-conversion business architecture. Under this operational model, the company leverages its heavy furnace infrastructure and technical workforce to process raw material supplied by related entities and industrial partners on a conversion basis, protecting the manufacturing facilities from cold shutdowns while preserving operational going-concern continuity and local employment.

The company maintains a high level of operational compliance and environmental discipline, operating its facilities under integrated international management certifications including ISO 14001:2015, ISO 45001:2018, ISO 9001:2015, and ISO 50001:2018 accredited by the British Standards Institution (BSI).

The Founders, Promoters & Their Legacy

The enterprise trace its foundation to Mr. Vishambhar Saran, born on December 4, 1947, who established the VISA Group in April 1994 following a distinguished 25-year career at Tata Steel. Mr. Saran, an alumnus of the Indian Institute of Technology (Banaras Hindu University) with a Bachelor’s Degree in Mining Engineering (1969), held prominent senior executive roles at Tata Steel, including Director of Raw Materials in 1988 and Director of Budgets in 1993, prior to taking voluntary retirement in March 1994 to pursue entrepreneurial ventures in metals and minerals.

Under Mr. Saran’s stewardship, the VISA Group evolved from an international minerals trading company into an integrated industrial conglomerate. Mr. Saran has held numerous public leadership positions, including President of the Indian Chamber of Commerce (Kolkata), President of the Coal Consumers Association, Trustee on the Board of the Chennai Port Trust, Member of the Governing Council of the International Chromium Development Association (ICDA, Paris), and Member of the National Executive Committee of FICCI. Alongside his corporate leadership, he established the philanthropic VISA Trust, driving healthcare and education across Odisha, Uttar Pradesh, and West Bengal.

Co-leading the organization is Vice Chairman & Managing Director Mr. Vishal Agarwal, born on September 14, 1974. Mr. Agarwal holds a Bachelor’s Degree in Economics from the London School of Economics (LSE) and a Master’s Degree in Economics for Development from the University of Oxford. Having joined the Board in September 1996, Mr. Agarwal spearheaded the expansion of VISA Group’s international minerals trading business between 1997 and 2004, subsequently establishing and scaling greenfield manufacturing infrastructure at Kalinganagar from the ground up.

The Journey: Corporate History & Key Milestones

Incorporated on September 10, 1996, the company initially spearheaded large-scale steel and ferro alloy industrialization programs in Odisha. Over the subsequent two decades, it constructed substantial mineral processing, ferro alloy smelting, and thermal captive energy units within the mineral-rich belt of Jajpur. However, commencing in FY 2011-12, the company encountered systemic external operational shocks beyond managerial control, which severely stressed its balance sheet:

• Raw Material Shocks & Mine De-allocations: The non-fulfillment of captive iron ore and chrome mine allocations under state memorandums of understanding, followed by the cancellation of coal blocks by the Ministry of Coal and the Hon’ble Supreme Court judgment of September 24, 2014, stripped the company of assured, low-cost captive inputs.
• Shah Commission Inquiries & Merchant Input Inflation: Widespread mine closures following the Shah Commission investigations initiated in 2011 and the Supreme Court ruling of May 16, 2014, led to unprecedented domestic shortages and price spikes for commercial chrome ore.
• Import Dumping & High Logistics Tariffs: Unregulated dumping of foreign steel and stainless steel by overseas producers compressed domestic realization spreads, while regional transportation association freight rates persisted above government-notified rates.
• Financial Restructuring Trajectory: Following debt restructuring under Corporate Debt Restructuring (CDR) cell mechanisms in 2012, lenders progressively categorized debt assets as Non-Performing Assets (NPAs). Between FY 2022-23 and FY 2025-26, all original consortium lenders—including State Bank of India, Punjab National Bank, Union Bank of India, Canara Bank, Central Bank of India, Bank of Baroda, UCO Bank, Indian Overseas Bank, EXIM Bank, SIDBI, Punjab & Sind Bank, and HUDCO—assigned 100% of their debt exposure to Assets Care and Reconstruction Enterprise Limited (ACRE).
• IBC CIRP Withdrawal & Name Change: On September 26, 2025, the Hon’ble National Company Law Tribunal (NCLT), Cuttack Bench, allowed the formal withdrawal of Section 7 Insolvency and Bankruptcy Code (IBC) proceedings against the company. Subsequently, pursuant to a fresh Certificate of Incorporation issued by the Ministry of Corporate Affairs on April 28, 2026, the corporate name was formally changed from “VISA Steel Limited” to “VISA Chrome Limited” to reflect its dedicated, refined strategic orientation toward ferro chrome alloys.

The Corporate Umbrella & Group Structure

VISA Chrome Limited anchors its group structure through direct operational assets and strategic cross-holdings. Following a Scheme of Arrangement sanctioned by the Hon’ble NCLT Kolkata Bench on April 21, 2026, between VISA Infra Limited and VISA Industries Limited, the equity holdings of VISA Infra Limited in VISA Chrome Limited were transferred to and vested in VISA Industries Limited effective from the appointed date of April 1, 2025. Consequently, VISA Industries Limited emerged as the direct Holding Company of VISA Chrome Limited.

The company maintains one wholly-owned operating subsidiary, Kalinganagar Chrome Private Limited (incorporated July 1, 2013), and holds an equity-accounted 26.00% interest in an associate joint venture entity, VISA Urban Infra Limited, which is engaged in hospitality and convention center development.

⚙️ The Business Engine: Segments, Brands, Products & Operations

The Core Divisions & Segment Revenue Breakdown

In accordance with Ind AS 108 (“Operating Segments”), VISA Chrome Limited operates within a single reportable operating business segment: the manufacturing and processing of Ferro Alloys (principally High Carbon Ferro Chrome) and associated captive power generation. Substantially all physical assets, production units, and operational personnel are deployed exclusively toward this industrial activity.

The operational data highlights a strategic structural shift toward toll-conversion agreements. Conversion income (encompassing material reimbursements and processing service charges) expanded to ₹498.85 Crores in FY 2025-26, representing 88.82% of total operational turnover, compared to ₹446.38 Crores (78.84%) in FY 2024-25. Conversely, merchant sale of manufactured goods decreased from ₹98.01 Crores to ₹48.33 Crores as working capital constraints limited independent merchant raw material purchases.

The Product & Service Catalog (with Operational KPIs & Order Book)

The operational apparatus is geared toward the continuous thermodynamic smelting of chrome ore and carbonaceous reducing agents in submerged electric arc furnaces:

• High Carbon Ferro Chrome: The primary commercial output, serving as an essential master alloy that imparts non-corrosive, stainless characteristics to specialty and stainless steel formulations. The manufacturing process demands tight metallurgical control over silicon, carbon, phosphorus, and sulfur content.
• Toll Conversion Services: A full-scope metallurgy-as-a-service arrangement where clients (principally group trading arms and specialized mineral suppliers) deliver chrome ore, coke, and fluxing agents to Kalinganagar. VISA Chrome performs thermal reduction, slag conditioning, casting, breaking, sizing, and loading, earning fixed processing conversion fees per metric ton of alloy dispatched.
• Captive Power Plant (CPP) Operations: Operating atmospheric fluidized bed combustion (AFBC) and circulating fluidized bed combustion (CFBC) boilers to convert coal and internal process by-products (such as char) into steady baseload electrical energy required for submerged electric arc furnace operation.
• Customer Concentration under Ind AS 108: The company discloses that its revenue is heavily focused domestically, with sales to a single related enterprise (VISA Minmetal Limited under conversion contracts) accounting for more than 10% of total revenue. Specifically, conversion and service billing to VISA Minmetal Limited totaled ₹501.90 Crores in FY 2025-26 (compared to ₹446.38 Crores in FY 2024-25).
• Raw Material Sourcing Profile: Chrome ore consumed in furnace operations totaled ₹350.56 Crores in FY 2025-26, up from ₹322.18 Crores in FY 2024-25, reflecting steep domestic merchant prices set by prime state miners such as Odisha Mining Corporation (OMC), which produced 1.56 million tonnes of ore against an environmental clearance (EC) capacity of 1.76 million TPA.

The Names You Know: Key Brands & Flagship Portfolio

The company’s output adheres to international chemistry specifications demanded by primary stainless steel manufacturers. In the global marketplace, High Carbon Ferro Chrome production fell from approximately 17.59 million tonnes in 2024 to approximately 15.94 million tonnes in 2025. Indian domestic output stood at 1.21 million tonnes, with the country exporting roughly 38% of production, predominantly to melt shops across mainland China and South Korea.

Mapping the Domestic & Global Reach (India vs. Exports)

As disclosed in Note 35 and Note C of the Directors’ Report Annexure, 100% of operating revenues during both FY 2025-26 and FY 2024-25 were derived from customers located within India, yielding zero direct foreign exchange earnings and zero direct foreign exchange outgo.

The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices

The physical production infrastructure of VISA Chrome Limited comprises heavy manufacturing assets located entirely within Eastern India:

• Kalinganagar Manufacturing Complex (Odisha): Located at Kalinganagar Industrial Complex, P.O. Jakhapura – 755 026, District Jajpur, Odisha. Houses the submerged electric arc furnaces dedicated to Ferro Chrome production alongside integrated captive power generation units (CPP), raw material handling yards, and automated bag filter dust extraction systems.
• Golagaon Property (Odisha): Immovable land assets situated at Golagaon, Jajpur District, held under first pari-passu mortgage security.
• Raigarh Premises (Chhattisgarh): Immovable industrial property situated at Raigarh, Chhattisgarh, forming part of the secured property collateral.
• Corporate & Registered Offices: Registered Office in Bhubaneswar at VISA House, Nayapalli; Corporate headquarters at VISA House, 8/10 Alipore Road, Kolkata.

📊 The Financial Health: The Numbers Simplified

Multi-Year Financial Highlights (₹ in Crores)

The following performance history synthesizes consolidated top-line and earnings trajectory across the disclosed multi-year operating period as presented under Section II of Part II of Schedule V disclosures:

Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)

The consolidated operational performance for FY 2025-26 demonstrates operational resilience under toll conversion, heavily augmented by one-time corporate debt restructuring gains.

Operational profitability before extraordinary items registered an operating EBITDA of ₹20.06 Crores in FY 2025-26 compared to ₹32.22 Crores in FY 2024-25, constrained by elevated raw material prices where material consumption increased from ₹34.40 Crores to ₹375.73 Crores. Power and fuel expenses reduced from ₹81.79 Crores to ₹55.48 Crores through enhanced internal char utilization in CFBC boilers.

The reported accounting net profit of ₹1,050.15 Crores (reversing a loss of ₹516.55 Crores in FY 2024-25) is driven entirely by an Exceptional Item gain of ₹1,089.11 Crores. This exceptional credit comprises:

• Lender Debt Remission: A write-back of ₹1,082.20 Crores (consisting of ₹912.89 Crores principal and ₹169.31 Crores accrued interest) pursuant to the sanction letter dated March 26, 2026, executed with Assets Care and Reconstruction Enterprise (ACRE), establishing a full and final settlement of ₹400.00 Crores against total outstanding exposure of ₹1,482.20 Crores.
• Promoter Debt Interest Waiver: A waiver of accrued interest amounting to ₹6.91 Crores on unsecured loans granted by promoter entity VISA Infra Limited.

Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)

The consolidated balance sheet mirrors the structural transformation resulting from warrant capital infusions and the comprehensive debt settlement reached with ACRE.

The balance sheet analysis reveals a marked contraction in total liabilities from ₹1,894.22 Crores to ₹755.04 Crores, driven by the ₹1,082.20 Crores settlement write-down and direct cash repayment of ₹90.00 Crores to ACRE during the year. Total borrowings (categorized under current borrowings due to a contractual settlement maturity of September 30, 2026) contracted from ₹1,356.59 Crores to ₹354.25 Crores, which includes ₹310.00 Crores payable to ACRE and ₹44.25 Crores in unsecured promoter loans from VISA Infra Limited.

Negative net worth recovered significantly from ₹(1,360.83) Crores as of March 31, 2025, to ₹(219.86) Crores as of March 31, 2026, bolstered by ₹13.50 Crores in fresh equity share capital, ₹40.50 Crores in securities premium, ₹36.50 Crores in unexercised warrant subscription monies, and ₹1,050.46 Crores in total comprehensive income.

Working capital metrics reflect the tolling model dynamics: debtors turnover stood at 96.76 times (FY 2024-25: 206.14 times) with trade receivables of only ₹0.05 Crores. Inventory turnover was 40.84 times (FY 2024-25: 57.20 times) with total inventories of ₹15.87 Crores. Current ratio improved slightly from 0.04 to 0.10, although current liabilities still exceed current assets by ₹645.46 Crores.

Cash Flow: Tracking the Money Movement

The consolidated cash flow statement reflects operational self-funding and strict deployment of newly mobilized equity capital toward debt discharge.

Funding the Future: CapEx, CWIP, R&D & Foreign Exchange

During FY 2025-26, the company invested ₹25.23 Crores in property, plant, and equipment additions (compared to ₹12.49 Crores in FY 2024-25). CapEx focused primarily on the phased major refurbishment and relining of submerged electric arc furnaces and plant automation:

• Plant Refurbishment & Condenser Optimization: Comprehensive descaling of all turbo-generator (TG) condensers achieved an improved turbine operating vacuum of 0.92, alongside complete condenser descaling, evaporator cleaning, and AHU cooling coil replacements across the HVAC infrastructure.
• High-Efficiency Motor Upgrades: Replacement of legacy IE1 grade electric motors with energy-efficient units, deploying 7 units of IE3 grade motors (totaling 467 KW) and 5 units of IE4 grade motors (totaling 28.2 KW).
• Thermal Enthalpy Conservation: Thermal insulation spanning 924 square meters across steam pipelines and boiler bodies within the Captive Power Plant, preventing critical steam enthalpy dissipation.
• Illumination Energy Efficiency: Installation of 94 KW of high-efficiency LED industrial lighting fixtures replacing obsolete high-pressure sodium vapor (HPSV) systems.
• CWIP Status & Write-Offs: Capital Work-in-Progress stood at ₹0.00 as of March 31, 2026, following the comprehensive write-off of ₹38.75 Crores of abandoned historical project expenditures in FY 2024-25.
• R&D Technology Absorption: In-house engineering teams replaced conventional plate-type magnetic separators with advanced drum-type magnetic separators in the boiler char circuit. This engineering improvement effectively removed magnetic fines from incoming char, enabling higher char blending ratios in CFBC boilers and directly cutting primary thermal coal consumption. Direct capital R&D expenditure was reported as ₹0.00.
• Foreign Exchange Balance: Total foreign exchange earned during FY 2025-26 was ₹0.00 (FY 2024-25: ₹0.00), while foreign exchange outgo was ₹0.00 (FY 2024-25: ₹0.00).

👥 Power & Control: Corporate Governance, Leadership & Ownership

The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)

The Board of Directors comprises an optimal combination of Executive and Independent Non-Executive Directors in full compliance with the Companies Act, 2013, and Regulation 17 of the SEBI Listing Regulations.

Director Remuneration insights from FY 2025-26 disclosures include:

• Executive Remuneration: Mr. Vishambhar Saran drew ₹1.74 Crores (33.71 times the employee median remuneration); Mr. Vishal Agarwal drew ₹1.84 Crores (35.52 times the employee median); Mr. Manoj Kumar drew ₹0.77 Crores (14.63 times the employee median). Both promoter directors have maintained voluntary salary reductions since April 2014 in light of historical company stress.
• Proposed Managerial Terms: The AGM Notice seeks shareholder approval to revise Mr. Vishal Agarwal’s remuneration package to ₹3.00 Crores per annum from October 1, 2026, and to re-appoint him as Vice Chairman & MD for a 5-year term from June 25, 2027, to June 24, 2032. It also proposes elevating Mr. Manoj Kumar to Joint Managing Director with a remuneration package of ₹1.50 Crores per annum effective September 15, 2026, and transitioning Mr. Vishambhar Saran to Non-Executive Chairman effective December 15, 2026.
• Independent Director Remuneration: Independent directors received sitting fees of ₹60,000 per Board meeting and ₹30,000 per eligible Committee meeting. In FY 2025-26, Ms. Ritu Bajaj received ₹0.07 Crores, Mr. Biswajit Chongdar received ₹0.07 Crores, and Mr. Dhanesh Ranjan received ₹0.0330 Crores (₹0.03 Crores).

Who Owns the Stock? Shareholding Pattern

As of March 31, 2026, the paid-up equity share capital stood at ₹129.29 Crores divided into 12,92,89,500 fully paid equity shares of ₹10/- each. Subsequent to year-end on April 6, 2026, an additional 1,65,00,000 equity shares were allotted upon warrant conversion, raising total paid-up equity capital to ₹145.79 Crores (14,57,89,500 shares).

The shareholding profile indicates a decisive consolidation of promoter ownership within VISA Industries Limited, rising from 14.33% to 57.60% as of March 31, 2026 (and further expanding to 62.40% post-April 6, 2026 warrant conversions). The entire equity share capital is held in electronic dematerialized form, save for a single physical folio comprising 500 equity shares.

🗺️ The Corporate Family Tree: Group Structure & Strategic Investments

Subsidiaries, Associates, & Joint Ventures (Form AOC-1)

The operational and equity investments in controlled entities and strategic joint ventures are summarized below pursuant to Section 129(3) of the Companies Act, 2013:

Operational context regarding related entities:

• Kalinganagar Chrome Private Limited: Incorporated on July 1, 2013, to handle specialized chrome product processing. The subsidiary has not yet commenced commercial operations, holding total assets and net worth of ₹0.02 Crores as of March 31, 2026.
• VISA Urban Infra Limited: A corporate joint venture established to develop a star-category hotel and convention center project in Eastern India. VISA Chrome holds 10,00,000 equity shares with an aggregate carrying value of ₹1.04 Crores accounted under the equity method. VISA Urban Infra registered total non-current assets of ₹11.56 Crores, non-current financial liabilities of ₹8.00 Crores, and a net worth of ₹3.94 Crores, generating a net profit of ₹0.01 Crores in FY 2025-26 (VISA Chrome’s consolidated equity share was ₹0.00 Crores).

Strategic Investments, Credit Facilities & Contingent Liabilities

The company maintains non-current strategic unquoted investments alongside structured resolution agreements with secured lenders:

• Unquoted Equity Investments: Carrying value of ₹3.16 Crores representing 10,54,476 equity shares of ₹10/- each fully paid up in VISA Coke Limited, measured at Fair Value Through Profit and Loss (FVTPL) based on independent valuation reports.
• Secured Credit Resolution Architecture: Under the ACRE Sanction Letter dated March 26, 2026, 100% of lender debts assigned to ACRE are settled for an aggregate sum of ₹400.00 Crores. The company discharged ₹90.00 Crores in cash during FY 2025-26 and an additional ₹50.00 Crores during the quarter ended June 30, 2026, utilizing preferential warrant subscription proceeds. The remaining principal liability of ₹260.00 Crores is scheduled for full liquidation on or before September 30, 2026. The facility is non-interest bearing, with default reinstatement clauses operational in the event of non-completion by December 31, 2026.
• Off-Balance-Sheet Contingent Liabilities: Total contingent claims asserted against the company but not acknowledged as debt stood at ₹307.64 Crores as of March 31, 2026:

Additionally, the company has provided on a prudent accounting basis a provision of ₹285.30 Crores (FY 2024-25: ₹244.25 Crores) categorized under Other Current Liabilities for disputed Electricity Duty levied on its captive non-conventional power plant, which is currently contested under sub judice proceedings before the Hon’ble High Court of Orissa under Industrial Policy Resolution (IPR) 2001 provisions.

🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans

Competitive Advantages & Economic Moats

VISA Chrome retains core industrial assets and metallurgical competencies that provide competitive differentiation within the domestic ferro alloy landscape:

• Prime Kalinganagar Industrial Nexus: The manufacturing complex is located at the center of Odisha’s premier metals corridor in Jajpur. This provides short-haul logistics access to Odisha Mining Corporation’s chromite deposits in Sukinda Valley and direct railway and road connectivity to Paradip Port and national highway arteries.
• Integrated Thermal Balancing: The presence of on-site captive power generation mitigates severe regional grid power fluctuations and commercial tariff inflation, while the internal capability to consume boiler char by-products in CFBC boilers reduces operational dependency on high-grade merchant coal.
• Technical Operating Expertise: Over two decades of operational expertise in managing submerged electric arc furnaces enables the plant to achieve high recovery rates, consistent alloy casting, and compliance with tight customer specifications for low-impurity ferro chrome.

What Could Go Wrong? Key Challenges & Business Risks

The enterprise operates in a cyclical commodity environment characterized by distinct balance sheet and operating risks:

• Extreme Working Capital Depletion & Tolling Dependency: Complete reliance on conversion arrangements with related entities leaves the business vulnerable to counterparty volume adjustments and caps operating margins to fixed toll fees, preventing full upside capture during global alloy price rallies.
• Going Concern Uncertainty & Negative Net Worth: Current liabilities exceed current assets by ₹645.46 Crores, and consolidated net worth stands at ₹(219.86) Crores, prompting the statutory auditors to include an unmodified Material Uncertainty Related to Going Concern emphasis paragraph.
• Settlement Execution Deadlines: The debt resolution terms agreed with ACRE stipulate full clearance of remaining settlement obligations by September 30, 2026. Any financing shortfall or failure to execute by December 31, 2026, risks reinstating the original pre-settlement debt liabilities of ₹1,482.20 Crores.
• Sub Judice Electricity Duty Exposure: Ongoing appellate litigation regarding ₹285.30 Crores in cumulative electricity duty liabilities before the Orissa High Court represents a substantial off-balance cash risk should judicial findings contradict IPR 2001 incentive exemptions.
• Geopolitical & Global Trade Volatility: Escalating tariffs imposed by the United States, macroeconomic slowdowns across China’s manufacturing sector, and regional conflicts (US-Iran, Russia-Ukraine) introduce volatility into ocean freight rates, input fuel pricing, and worldwide stainless steel demand.

The Next Chapter: Growth, Order Pipeline & CapEx Initiatives

Management’s immediate operational roadmap centers on concluding balance sheet restructuring, stabilizing furnace operations, and restoring merchant operating capabilities:

• ACRE Debt Liquidation: Deploying the full ₹200.00 Crores raised across the preferential issuance of 5,00,00,000 convertible warrants at ₹40/- per share (underwritten by promoter group entity VISA Industries Limited) to discharge the remaining ₹260.00 Crores ACRE settlement obligation in conjunction with operational cash flows.
• Phase-Wise Furnace Refurbishment: Executing comprehensive relining and cold refurbishment across all submerged electric arc furnaces at Kalinganagar in a scheduled sequence to optimize thermal efficiency and minimize specific power consumption per ton of ferro chrome melted.
• Expanded Material Conversion Agreement: Seeking shareholder approval at the 30th AGM for an expanded annual material conversion agreement of up to ₹950.00 Crores with holding company VISA Industries Limited for FY 2026-27, ensuring 100% capacity utilization and full fixed-cost absorption.
• Eventual Return to Merchant Sourcing: Subject to debt-free operational status and working capital lines, the company intends to participate directly in state chrome ore e-auctions to gradually expand merchant ferro chrome sales alongside baseline toll conversion.

The Verdict: Strategic Outlook & Conclusion

VISA Chrome Limited is navigating a critical turnaround in its corporate history. The resolution of 100% of consortium bank debt via ACRE, the formal closure of IBC proceedings before the NCLT, and the fresh equity capital injected by promoters via convertible warrants have addressed key historical balance sheet overhangs. While the company remains dependent on tolling conversion arrangements until remaining settlement milestones are completed, its manufacturing assets at Kalinganagar, operational captive power plant, and focused ferro chrome product line provide a stable foundation as Indian infrastructure spending and global stainless steel production recover.

Frequently Asked Questions (FAQs) About VISA Chrome

Q1: What is the core business and product portfolio of VISA Chrome Limited?

VISA Chrome Limited specializes in the manufacturing of High Carbon Ferro Chrome, an essential master alloy utilized by domestic and international stainless steel producers. The company operates submerged electric arc smelting furnaces alongside a captive thermal power plant at Kalinganagar in Jajpur, Odisha, currently focusing on toll conversion services and alloy sales.

Q2: What were the reported Revenue, Operating EBITDA, and Net Profit for FY 2025-26?

In FY 2025-26, VISA Chrome reported Consolidated Revenue from Operations of ₹561.62 Crores (FY 2024-25: ₹566.21 Crores) and an operating EBITDA before exceptional items of ₹20.06 Crores (FY 2024-25: ₹32.22 Crores). The Consolidated Profit After Tax (PAT) stood at ₹1,050.15 Crores (reversing a net loss of ₹516.55 Crores in FY 2024-25), driven primarily by an exceptional loan settlement write-back gain of ₹1,089.11 Crores.

Q3: Who are the promoters and key executives leading VISA Chrome Limited?

The enterprise is promoted by Mr. Vishambhar Saran (Founder & Whole-Time Chairman) and Mr. Vishal Agarwal (Vice Chairman & Managing Director). Manufacturing operations at Kalinganagar are supervised by Whole-Time Director Mr. Manoj Kumar, while financial controls and governance are led by CFO Mr. Surinder K. Singhal and Company Secretary Ms. Amisha Chaturvedi Khanna.

Q4: Where are the primary manufacturing facilities located, and what is the geographic sales split?

The manufacturing complex is situated in the Kalinganagar Industrial Complex at Jakhapura, Jajpur District, Odisha. In FY 2025-26, 100% of operational revenue was derived within India under domestic conversion and sales agreements, resulting in zero direct export earnings during the fiscal year.

Q5: What is the current status of company debt and the resolution with ACRE?

During FY 2025-26, 100% of secured lender debt assigned to ACRE was settled under a sanctioned restructuring framework for ₹400.00 Crores (against a total exposure of ₹1,482.20 Crores), generating a debt remission write-back of ₹1,082.20 Crores. The company repaid ₹90.00 Crores in FY 2025-26 and ₹50.00 Crores in early FY 2026-27 using warrant proceeds, with the remaining balance due by September 30, 2026.

Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.

Official Site: https://www.visachrome.com