Summary of Key Information:

Reporting Period: Quarter and Half Year Ended 30 September 2026

Nature of Filing / Announcement: Outcome of Board Meeting and Financial Results under Regulation 30 of SEBI LODR

Audit Opinion:

Limited Review Report - Clean opinion but with emphasis of matter regarding material uncertainty relating to going concern

Key Financial Highlights [Rs in Crore]:

Standalone Results:

Quarter Ended 30 September 2026:

  • Revenue from Operations: ₹135.39 (QoQ: +12.4% from ₹120.44; YoY: +81.2% from ₹74.70)
  • Total Income: ₹135.53
  • Net Loss: ₹(21.94) (QoQ: worsened from ₹(9.56); YoY: worsened from ₹(20.22))
  • EPS: ₹(1.50) basic and diluted

Half Year Ended 30 September 2026:

  • Revenue from Operations: ₹255.83 (YoY: +4.1% from ₹245.68)
  • Total Income: ₹256.03
  • Net Loss: ₹(31.50) (YoY: worsened from ₹(15.90))
  • EPS: ₹(2.17) basic and diluted

Financial Position as at 30 September 2026:

  • Total Assets: ₹600.87 Crore
  • Property, Plant and Equipment: ₹434.81 Crore
  • Inventories: ₹99.90 Crore
  • Cash and Cash Equivalents: ₹0.89 Crore
  • Bank Balances: ₹4.65 Crore
  • Total Equity: ₹(112.17) Crore (Negative)
  • Other Equity: ₹(257.96) Crore
  • Current Liabilities: ₹678.91 Crore
  • Borrowings: ₹44.25 Crore

Consolidated Results:

Quarter Ended 30 September 2026:

  • Revenue from Operations: ₹135.39
  • Total Income: ₹135.53
  • Net Loss: ₹(21.94)
  • EPS: ₹(1.50) basic and diluted

Half Year Ended 30 September 2026:

  • Revenue from Operations: ₹255.83
  • Total Income: ₹256.03
  • Net Loss: ₹(31.50)
  • EPS: ₹(2.17) basic and diluted

Segment-wise Performance:

The Company is in the business of Ferro Alloys and has only one reportable operating segment as per Ind AS 108.

Corporate Actions:

1. Scheme of Arrangement: The Board granted in-principle approval for a proposed Scheme of Arrangement under Sections 230-232 of the Companies Act, 2013 to transfer the Raigarh Project (including land at Raigarh, Chhattisgarh with associated assets, liabilities, contracts, and obligations) to Kalinganagar Chrome Private Limited (KCPL), a wholly-owned subsidiary. KCPL has applied for a name change to VISA Steel Raigarh Private Limited.

2. Share Issuance: During the quarter, the Company issued shares against warrants raising ₹49.50 Crore.

3. Loan Settlement: The Company made full repayment of balance settlement amount to ACRE and received No Dues certificate dated 11 November 2026.

Other Significant Information:

1. Entities in Consolidation: The consolidated results include subsidiary Kalinganagar Chrome Private Limited and joint venture VISA Urban Infra Limited.

2. Cash Flow: Net cash flow from operating activities was ₹178.19 Crore for H1 FY27, primarily due to increase in trade payable and current liabilities of ₹270.56 Crore.