we hereby inform you that the meeting of the Board of Directors of the Company was held on Saturday, May 02, 2026, at the Registered Office of the Company situated at the Registered Office ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Galaxy Bearings Limited's Board approved its audited financial results for Q4 and the full year ended March 31, 2026. Total income for FY2026 stood at ₹10,674.65 Lakhs, a decline from ₹10,696.64 Lakhs in the prior year, while profit after tax (PAT) fell sharply to ₹330.99 Lakhs (PY: ₹1,371.15 Lakhs), primarily due to a non-recurring charge of ₹6.70 Crores incurred towards professional fees for legal efforts to remove the company from the US OFAC Specially Designated Nationals (SDN) List. EPS for the year is ₹10.41 per share (face value ₹10), versus ₹43.12 in FY2025. Total assets stand at ₹13,953.21 Lakhs and shareholders' equity at ₹11,007.62 Lakhs. The auditors (J T Shah & Co.) issued an Unmodified Opinion on the financial statements. The Board also re-appointed Mitesh Suvagiya & Co. as Cost Auditor and M N V Patel & Co LLP as Internal Auditor for FY 2026-27. The company's OFAC designation on October 30, 2024, under Executive Order 14024 — citing alleged export of dual-use equipment to Russia — continues to restrict USD and EUR transactions, and the matter remains pending with OFAC.
The sharp drop in PAT due to SDN List legal costs is a major concern for investors. The ongoing OFAC designation materially disrupts export operations and foreign currency access, creating uncertainty around future earnings and business continuity. While the audit opinion is clean, the unresolved sanctions exposure warrants close monitoring.