VISASTEEL
Visa Steel financials
- Market cap
- ₹774 Cr
- Sector
- Metals & Mining
What Visa Steel does
Visa Steel Limited manufactures Ferro Alloys, principally High Carbon Ferro Chrome, at its integrated Kalinganagar Industrial Complex site in Jajpur district, Odisha, which also houses a captive power plant and a briquette plant. Because the company lacks working capital, the Ferro Chrome Plant currently runs under a conversion (tolling) arrangement with related party VISA Minmetal Limited, which supplies raw materials while Visa Steel earns conversion income for processing them into finished Ferro Chrome. By-products such as steam and char generated at the site are sold to VISA Special Steel Limited, the entity to which the company's former Special Steel business undertaking was demerged via an NCLT scheme in 2019.
Segments
- Ferro Alloys (Ferro Chrome)
- Manufacturing site
- 1 integrated plant — Kalinganagar Industrial Complex, Jajpur, Odisha (Ferro Chrome Plant)
- Permanent employees
- 308 (297 male, 11 female), FY 2024-25
- Ancillary facilities at plant
- Captive power plant (CFBC boiler + turbine generators) and a briquette plant
- Subsidiaries
- 1 (Kalinganagar Chrome Private Limited)
- Senior management personnel
- 7 (General Managers / Senior General Managers)
Quarterly results
Q1 FY27: revenue down 29.6%, net profit down 320.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151 | 119 | 162 | 171 | 75 −50% | 145 +22% | 171 +5% | 120 −30% |
| EBITDA | 8 | 3 | 9 | 18 | -10 −223% | -1 −136% | 7 −23% | 5 −71% |
| Net profit | -4 | -17 | -488 | 4 | -20 −386% | -17 +4% | 1,083 +322% | -10 −321% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −13.2% 1Y
1Y: ₹40.22 on 10 Sept 2025 → ₹34.93. High ₹70.18 (16 Oct 2025), low ₹27.8 (24 Mar 2026).
Financials, as filed
Revenue fell 5.1% a year over 3 years, FY23 to FY26. Operating margin widened to 2.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹657 Cr | ₹670 Cr | ₹567 Cr | ₹562 Cr |
| Operating profit | ₹9 Cr | ₹5 Cr | ₹31 Cr | ₹14 Cr |
| Operating margin | 1.4% | 0.8% | 5.5% | 2.4% |
| Interest | ₹25 Cr | ₹30 Cr | ₹31 Cr | ₹33 Cr |
| Depreciation | ₹73 Cr | ₹49 Cr | ₹49 Cr | ₹26 Cr |
| Net profit | ₹1.7k Cr | ₹-72 Cr | ₹-517 Cr | ₹1.1k Cr |
| Net margin | 252.8% | -10.7% | -91.2% | 187.0% |
| Cash from operations | ₹26 Cr | ₹17 Cr | ₹26 Cr | ₹36 Cr |
| Free cash flow | ₹8 Cr | ₹8 Cr | ₹13 Cr | ₹11 Cr |
| ROCE | -7.0% | -7.0% | -5.0% | -6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹116 Cr | ₹116 Cr | ₹116 Cr | ₹116 Cr | ₹116 Cr | ₹129 Cr |
| Reserves | ₹-2.5k Cr | ₹-2.5k Cr | ₹-888 Cr | ₹-960 Cr | ₹-1.5k Cr | ₹-349 Cr |
| Borrowings | ₹3.5k Cr | ₹3.5k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹392 Cr |
| Other liabilities | ₹712 Cr | ₹720 Cr | ₹445 Cr | ₹467 Cr | ₹510 Cr | ₹364 Cr |
| Total liabilities | ₹1.9k Cr | ₹1.8k Cr | ₹1.1k Cr | ₹1.0k Cr | ₹529 Cr | ₹535 Cr |
| Fixed assets | ₹1.7k Cr | ₹1.6k Cr | ₹960 Cr | ₹920 Cr | ₹437 Cr | ₹446 Cr |
| Capital work in progress | ₹39 Cr | ₹39 Cr | ₹39 Cr | ₹39 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Other assets | ₹106 Cr | ₹99 Cr | ₹65 Cr | ₹69 Cr | ₹88 Cr | ₹85 Cr |
| Total assets | ₹1.9k Cr | ₹1.8k Cr | ₹1.1k Cr | ₹1.0k Cr | ₹529 Cr | ₹535 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +9.74 pp while the public trimmed −9.44 pp. The shareholder count grew 2% to 17,734.
- Promoters
- 62.4%
- FIIs
- 13.1%
- DIIs
- 0.0%
- Public
- 24.5%
Since Jun 2025
- Promoters +9.74 pp
- Public −9.44 pp
- FIIs −0.24 pp
How it drifted, 12 quarters
Over this window promoters went from 48.3% to 62.4% — +14.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 48.3%, FIIs 17.4%, Public 34.3%.Dec '23: Promoters 48.3%, FIIs 17.4%, Public 34.3%.Mar '24: Promoters 48.3%, FIIs 17.4%, Public 34.3%.Jun '24: Promoters 48.3%, FIIs 17.4%, Public 34.3%.Sep '24: Promoters 52.7%, FIIs 13.3%, Public 34.0%.Dec '24: Promoters 52.7%, FIIs 13.3%, Public 34.0%.Mar '25: Promoters 52.7%, FIIs 13.3%, Public 34.0%.Jun '25: Promoters 52.7%, FIIs 13.3%, DIIs 0.1%, Public 33.9%.Sep '25: Promoters 52.7%, FIIs 13.3%, Public 34.0%.Dec '25: Promoters 57.6%, FIIs 11.9%, Public 30.5%.Mar '26: Promoters 57.6%, FIIs 11.9%, Public 30.4%.Jun '26: Promoters 62.4%, FIIs 13.1%, DIIs 0.0%, Public 24.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Visa Industries Limited +21.23 pp 44.50% held
- Assets Care And Reconstruction Enterprise Ltd newly disclosed 12.89% held
- Eriska Investment Fund Ltd FPI fund newly disclosed 2.50% held
The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Visa Steel above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Visa Industries Limited | 44.50% | +21.23 pp |
| Visa Infrastructure Limited | 17.90% | −16.43 pp |
| Assets Care And Reconstruction Enterprise Ltd | 12.89% | newly disclosed |
| Vikasa India Eif I Fund FPI fund | 7.40% | −0.94 pp |
| Baosteel Resources Co. Ltd. | 3.97% | −0.51 pp |
| Ayushmat Ltd FPI fund | 3.20% | −0.40 pp |
| Eriska Investment Fund Ltd FPI fund | 2.50% | newly disclosed |
| Visa International Limited | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Visa Steel
Guides on how to read this kind of business and the numbers that matter.