Appointment of Mrs. Bhumika Teli as a Company Secretary and Compliance Officer of the Company w.e.f. 27th October, 2025
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Galaxy Bearings' board, at its meeting on October 27, 2025, appointed Mrs. Bhumikaben Mukeshbhai Teli (ACS: A78377), a qualified Company Secretary with B.Com, M.Com and Law degrees, as the new Company Secretary and Compliance Officer effective the same day. The board also approved the unaudited standalone financial results for Q2 and H1 FY26 (ended September 30, 2025), adopted the Directors' Report for FY 2024-25, and fixed the 35th AGM for November 25, 2025 via video conferencing. For the quarter, revenue from operations stood at Rs. 1,510.21 lakhs, but the company reported a loss before tax of Rs. 243.46 lakhs versus a profit of Rs. 347.21 lakhs in the year-ago quarter, mainly due to Rs. 5.59 crores in one-time professional fees linked to the ongoing OFAC sanctions matter. The H1 FY26 picture remained positive with profit before tax of Rs. 660.69 lakhs. The auditor's review report carries an emphasis-of-matter note on the company's listing on the U.S. OFAC SDN list (since October 30, 2024) for alleged export of dual-use items to Russia, restricting its access to USD/EURO through official channels.
The new Company Secretary appointment is a routine compliance fill-in and should not materially affect the stock. However, the Q2 swing into a loss driven by OFAC-related legal costs and the unresolved U.S. sanctions remain key overhangs on the stock, and shareholders should watch the OFAC removal application outcome closely.