Outcome of Board Meeting Held On August 08, 2025.
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Galaxy Bearings' board, at its meeting on August 8, 2025, approved the unaudited standalone financial results for Q1 FY26. Revenue from operations fell to ₹1,688.54 lakhs, down about 26% from ₹2,275.27 lakhs in the same quarter last year. Total income declined to ₹1,944.19 lakhs, and profit after tax dropped to ₹259.21 lakhs (vs ₹332.39 lakhs in Q1 FY25), translating to an EPS of ₹8.15 versus ₹10.45. Total expenses also came in lower at ₹1,596.98 lakhs. The statutory auditor (J.T. Shah & Co.) issued a clean limited-review conclusion but drew attention to a major ongoing issue.
Q1 FY26 shows a clear slowdown in both revenue and profits on a year-on-year basis, which may weigh on the stock. More importantly, the auditor's emphasis-of-matter highlights that Galaxy Bearings remains on the US OFAC SDN sanctions list (since October 30, 2024) over alleged Russia-related dual-use exports, which continues to block its access to USD and EURO markets. Until the company's removal application is successful, this sanctions overhang poses a serious risk to its export business and overall operations, and shareholders should watch for updates on the OFAC delisting process.