Visa Steel Limited — Board Meeting, 29-05-2025: Outcome of Board Meeting

VISA Steel has announced a board meeting approving audited consolidated results for FY25, posting a net loss of Rs. 516.55 Cr, including a massive exceptional loss of Rs. 476.83 Cr due to asset impairments and abandoned projects. The company remains under severe financial stress with a net worth deeply negative at Rs. (1360.83) Cr and high borrowings of Rs. 1356.59 Cr. Interest on borrowings of Rs. 1,324.62 Cr since FY17 remains unaccrued, leading to a qualified audit opinion. Debt restructuring talks are ongoing with ACRE. New secretarial, cost, and internal auditors have been appointed, pending shareholder nod. The turnaround hinges on successful debt resolution and operational recovery.