Visaman Global Sales Limited (VISAMAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Visaman Global's revenue was ₹139 Cr (+8.4% year on year, +27.5% on the previous half-year), and net profit ₹3.0 Cr (+262.5% year on year); the operating margin was 5.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹139 | +8.4% | +27.5% |
| Operating profit | ₹7.0 | +83.4% | +0.0% |
| Net profit | ₹3.0 | +262.5% | +0.0% |
| EPS (₹) | 1.59 | +148.4% | +7.4% |
| Operating margin | 5.0% | — | — |
VISAMAN delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 92.31% of the VISAMAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 92.33%. That is close to its usual level. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at its upper price band (circuit) on 16 Oct, one of 17 band closes in about the last 20 sessions. 2 bulk or block deals were reported in VISAMAN in the last 60 days: ₹0.73 Cr bought and ₹1 Cr sold.
Delivery in the last 5 sessions: 75.0% · 75.0% · 80.3% · 81.5% · 92.3%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 28 Sep | Sell | Mayuri Shripal Vora | ₹1.05 Cr | ₹28.70 | 367,000 | Bulk |
| 28 Sep | Buy | Sangeeta Shetalbhai Shah | ₹0.73 Cr | ₹28.70 | 255,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Visaman Global Sales Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the period were processed and listed on the stock exchanges. This is a standard regulatory submission with no financial or operational impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Report filed with the National Stock Exchange on October 8, 2026
- Confirms securities received for dematerialisation were processed and confirmed to depositories
Acuite Ratings & Research has assigned an 'ACUITE BBB-/Stable' rating on ₹93.20 crore long-term bank facilities and 'ACUITE A3' on ₹6.80 crore short-term facilities, covering ₹100.00 crore of total bank facilities for Visaman Global Sales Limited. The rating rationale consolidates Visaman Global Sales Limited with group entity Visaman Infra Projects Limited, noting consolidated operating income grew to ₹451.28 crore in FY26 (Prov.) from ₹265.27 crore in FY25. However, rating agency constraints highlight elevated borrowings at ₹168.49 crore as of March 31, 2026, and high working capital intensity with a Gross Current Asset cycle of 196 days.
- Acuite assigned 'ACUITE BBB-/Stable' on ₹93.20 crore long-term bank facilities and 'ACUITE A3' on ₹6.80 crore short-term bank facilities (total ₹100.00 crore).
- Consolidated group operating income surged to ₹451.28 crore in FY26 (Prov.) from ₹265.27 crore in FY25, with operating margins expanding to 9.24% from 6.51%.
- Trading revenue share dropped to around 12% in FY26 (Prov.) from about 64% in FY25 as manufacturing activities scaled up.
- Consolidated group borrowings stood elevated at ₹168.49 crore as of March 31, 2026, with a debt-to-equity ratio of 1.29x and Debt/EBITDA of 3.92x.
Visaman Global Sales Limited submitted the scrutinizer's report and voting results for its 7th Annual General Meeting held on September 29, 2026. All three resolutions were approved with 100% of valid votes polled in favor. Resolutions included the adoption of FY26 financial statements, the reappointment of retiring director Mrs. Avni Mitulbhai Vasa, and the revision of remuneration for Managing Director Mr. Mitulkumar Sureshchandra Vasa. On the remuneration special resolution, 47,89,800 votes polled by the interested Managing Director were treated as invalid, leaving 65,06,861 valid votes cast in favor.
- All 3 resolutions passed with 100% of valid polled votes in favor.
- A total of 1,12,96,661 valid votes were cast for Resolutions 1 and 2, representing 53.11% of total outstanding shares (2,12,71,099 shares).
- 47,89,800 shares voted by MD Mitulkumar Vasa on his remuneration revision were excluded as invalid due to related-party interest, passing with 65,06,861 valid votes.
- Only 1,10,600 non-institutional public votes were polled out of 92,40,238 public shares, reflecting modest retail participation of 1.20%.
Visaman Global Sales Limited has responded to a surveillance inquiry from the National Stock Exchange dated September 07, 2026, regarding significant movement in its share price. The company stated that there is no undisclosed price-sensitive information or pending announcement under Regulation 30 of SEBI LODR Regulations that would impact trading behavior. Management clarified that the price movement observed across exchanges is purely market-driven. The response was formally submitted on September 08, 2026.
- Clarification issued in response to NSE Letter Ref. No. NSE/CM/Surveillance/17502 dated September 07, 2026
- Company confirmed zero undisclosed events or announcements pending under Regulation 30
- Management attributed recent share price fluctuations purely to market conditions
- Filing executed and submitted on September 08, 2026
Visaman Global Sales Limited has issued the notice for its 7th Annual General Meeting (AGM), scheduled for September 29, 2026, at 11:00 AM IST at its registered office in Rajkot, Gujarat. The company has dispatched the AGM notice along with the Annual Report for FY26 to shareholders electronically. Remote e-voting facility will be provided through CSDL in accordance with SEBI Listing Regulations.
- 7th Annual General Meeting scheduled for September 29, 2026 at 11:00 AM IST
- AGM venue set at the registered office in Rajkot, Gujarat
- Annual Report for FY 2025-2026 dispatched electronically to members
- Remote e-voting facility provided via Central Securities Depository Limited (CSDL)
Visaman Global Sales Limited has issued the notice for its 7th Annual General Meeting (AGM), scheduled to be held on Tuesday, September 29, 2026, at 11:00 AM at its registered office in Rajkot, Gujarat. The company has dispatched the Annual Report and AGM Notice for the financial year 2025-2026 to shareholders electronically and via physical web-link letters. Remote e-voting facilities are being provided to members through Central Depository Services Limited (CDSL).
- 7th Annual General Meeting scheduled for September 29, 2026, at 11:00 AM
- Meeting to be held at the registered office in Rajkot, Gujarat
- Annual Report for financial year 2025-2026 dispatched to shareholders
- Remote e-voting facility arranged through CDSL for eligible members
Visaman Global Sales Limited held a board meeting on August 11, 2026, to approve administrative matters related to its 7th Annual General Meeting (AGM). The board approved the Board's Report for the financial year ended March 31, 2026, and appointed M/s. A N Thakrar & Co. as the Secretarial Auditor for the current fiscal year (2026-27). While the record date and AGM schedule were approved, the specific dates will be disclosed in a separate forthcoming notification. The meeting was brief, lasting 50 minutes.
- Appointment of M/s. A N Thakrar & Co. as Secretarial Auditor for the financial year 2026-2027
- Approval of the Board's Report for the financial year ended March 31, 2026
- Appointment of Mr. Kalpesh P. Rachchh (CP Number: 3974) as Scrutinizer for the AGM voting process
- Board meeting duration of 50 minutes, commencing at 04:30 p.m. and concluding at 05:20 p.m.
Financial Performance
Revenue Growth by Segment
Total revenue from operations was INR 265.63 Cr in FY25, representing a decline of 13.74% compared to INR 307.93 Cr in FY24. For H1 FY26, revenue stood at INR 109.15 Cr, a 20.5% decrease from INR 137.35 Cr in H1 FY25, primarily due to a strategic shift from high-volume trading to value-added manufacturing.
Geographic Revenue Split
The company is primarily based in Rajkot, Gujarat. Specific percentage splits for other regions are not disclosed in the available documents.
Profitability Margins
Net Profit Margin improved to 0.80% in FY25 from 0.43% in FY24. For H1 FY26, the company reported a Net Profit of INR 2.87 Cr, a significant increase of 118% compared to INR 1.31 Cr in H1 FY25, driven by higher-margin value-added services.
EBITDA Margin
EBITDA margin improved to 2.67% in FY25 from 2.46% in FY24. This 21 basis point improvement occurred despite a revenue decline, as the company shifted focus toward premium products and manufacturing.
Capital Expenditure
The company utilized IPO proceeds of INR 16.05 Cr for setting up a cutting and slitting plant. Additionally, INR 39.65 Cr was raised via preferential issue in September 2025 for working capital and general corporate purposes.
Credit Rating & Borrowing
Infomerics Ratings assigned a long-term rating of 'IVR BB+/Stable' for bank facilities totaling INR 77.60 Cr. Borrowing costs include interest on loans which amounted to INR 3.00 Cr in H1 FY26.
Operational Drivers
Raw Materials
Key raw materials include HR Coils, HR Plates, CR Coils, GP(GI) Coils, and BGL Coils. These materials are essential for the new cutting and slitting manufacturing plant which became fully functional in April 2025.
Import Sources
Not disclosed in available documents; however, the company operates out of Rajkot, Gujarat, suggesting significant local sourcing or domestic procurement.
Capacity Expansion
The company transitioned from a pure trading model to manufacturing by installing a cutting and slitting plant that became fully functional in April 2025. This forward integration allows for value-added processing of steel coils.
Raw Material Costs
Cost of materials consumed in H1 FY26 was INR 72.26 Cr, representing approximately 66% of total revenue. This reflects the shift toward manufacturing compared to the previous year where 'Purchase of Stock-in-trade' was the primary cost driver.
Manufacturing Efficiency
The company is moving toward value-added manufacturing to improve margins. Efficiency is monitored through the successful deployment of IPO funds into the new slitting and cutting facility.
Strategic Growth
Growth Strategy
Growth is targeted through forward integration by moving from trading ERW tubes to manufacturing and value-added services (cutting and slitting of HR Coils/Plates). The company also incorporated a new subsidiary, VRV Techsol Limited, on September 30, 2025, to expand its business footprint.
Products & Services
Round pipes, square pipes, rectangle pipes, structural steels, BGL coils, GP(GI) coils, HR coils, CR coils, color coated coils, MS sheets, and value-added cutting and slitting services.
Brand Portfolio
Visaman.
New Products/Services
Value-added services including precision cutting and slitting of steel coils, which contributed to the margin expansion seen in H1 FY26.
Market Expansion
The company is expanding its corporate presence, evidenced by shifting its registered office to a larger facility at Wings Business Bay, Rajkot, in November 2025.
External Factors
Industry Trends
The industry is shifting toward value-added steel processing. VGSL is positioning itself by moving away from pure trading of ERW tubes toward specialized slitting and cutting of HR/CR coils to capture higher industrial margins.
Competitive Landscape
Operates in an intensely competitive and fragmented steel trading and processing market with numerous regional players.
Competitive Moat
The moat is built on the 15+ years of experience of the promoters (Mr. Sureshchandra Vasa and family) and a long-standing track record since 2019, which helps in navigating economic cycles and maintaining supplier relationships.
Macro Economic Sensitivity
Highly sensitive to steel price cycles and industrial demand in the construction and infrastructure sectors.
Consumer Behavior
Industrial consumers are increasingly demanding customized steel sizes, driving the need for the company's new slitting and cutting services.
Geopolitical Risks
Exposed to global steel price fluctuations and government regulations regarding steel imports/exports.
Regulatory & Governance
Industry Regulations
Subject to extensive government regulations and statutory licenses required for manufacturing and trading steel products.
Environmental Compliance
The company is subject to environmental, health, and safety laws; failure to maintain these licenses could adversely affect operations.
Taxation Policy Impact
Current tax expense for H1 FY26 was INR 0.97 Cr. The company follows Indian GAAP and is exempt from Ind AS as an SME-listed entity.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of steel prices and the elongated working capital cycle, which stood at 80 days in FY25, potentially straining liquidity.
Geographic Concentration Risk
High concentration in Rajkot, Gujarat, where the registered office and manufacturing facilities are located.
Third Party Dependencies
Dependent on steel mills for the supply of HR and CR coils.
Technology Obsolescence Risk
The company is mitigating technology risk by upgrading from trading to modern cutting and slitting machinery.
Credit & Counterparty Risk
Average collection period increased to 49 days in FY25 from 36 days in FY24, indicating a moderate increase in counterparty credit risk.
