Unaudited Standalone Financial Results for the Quarter ended June 30, 2025.
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Galaxy Bearings reported Q1 FY26 revenue from operations of Rs. 1,688.54 lakhs, down about 25.8% year-on-year from Rs. 2,275.27 lakhs in Q1 FY25, though it was also lower sequentially versus Q4 FY25 (Rs. 2,995.15 lakhs). Profit after tax fell to Rs. 259.21 lakhs from Rs. 332.39 lakhs, with EPS of Rs. 8.15 versus Rs. 10.45 a year ago. Despite the revenue drop, operating margins improved, as EBITDA margin (on revenue from operations) expanded to roughly 26.7% from about 23.5%, helped by lower raw material and other expenses. Total income for the quarter stood at Rs. 1,944.18 lakhs, and the company continues to report profits with no exceptional items. The statutory auditor (J.T. Shah & Co.) issued an unmodified review report but specifically drew attention to an Emphasis of Matter: Galaxy Bearings was placed on the US Treasury's OFAC Specially Designated Nationals (SDN) sanctions list on October 30, 2024, over alleged supply of dual-use goods to Russia, which has restricted the company's access to USD and EUR through official banking channels. The company has engaged US legal counsel and filed for removal from the SDN list.
The sharp revenue contraction combined with margin expansion points to a likely volume hit — plausibly linked to the lingering OFAC sanctions overhang — which remains the biggest risk for shareholders until delisting from the SDN list is confirmed. Investors should monitor progress on the OFAC removal application, as continued restricted access to dollar/euro markets could keep pressuring top-line growth.