With reference to the captioned subject, We hereby submitting the Audited Financial Result of the Company for the quarter and Year Ended on March 31, 2026 along with Auditor Report (Unmodified ....
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Galaxy Bearings Limited reported audited results for FY2026 ending March 31, 2026. Revenue from operations declined significantly to Rs. 6751.10 Lakhs from Rs. 10421.86 Lakhs in FY2025, representing approximately 35% year-on-year decline. Profit before tax fell to Rs. 462.33 Lakhs (vs Rs. 1852.50 Lakhs), and profit after tax stood at Rs. 330.99 Lakhs (vs Rs. 1371.15 Lakhs) - a 76% decline. EPS dropped to Rs. 10.41 from Rs. 43.12 in the prior year. The auditor issued an Unmodified Opinion, meaning a clean audit. However, the auditor included an Emphasis of Matter paragraph regarding the company's designation on the OFAC Specially Designated Nationals (SDN) List on October 30, 2024, citing allegations of exporting dual-use equipment to Russia. This designation has restricted the company's access to USD and EURO banking channels since October 2024, impacting export operations. The company has engaged US legal counsel and filed for expedited removal, with the matter still pending. Additionally, the company incurred significant non-recurring professional fees of Rs. 6.70 Crores (vs Rs. 2.14 Crores in prior year) towards legal costs for OFAC delisting efforts, which materially impacted profitability.
The sharp revenue and profit decline, combined with the unresolved OFAC SDN listing and restricted international banking access, represent a significant risk to the company's export-dependent operations. Investors should monitor the outcome of the OFAC delisting application and the company's ability to restore USD/EURO transaction capabilities, which are critical for its export business.