Whalesbook
FY26 Financial Performance
Galaxy Bearings Limited reported its audited financial results for the fiscal year ended March 31, 2026. The company posted Revenue from operations at ₹67.51 crore (₹6,751.10 lakh) and a Profit After Tax (PAT) of ₹3.31 crore (₹330.99 lakh).
For the fourth quarter ending March 31, 2026, Revenue from operations stood at ₹20.83 crore (₹2,082.53 lakh), with Profit After Tax at ₹1.08 crore (₹107.76 lakh).
Impact of US OFAC Sanctions
The company's financial results were significantly affected by substantial legal expenses. In FY26, Galaxy Bearings incurred ₹6.70 crore in costs related to its efforts to be removed from the US Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List. This designation, effective since October 30, 2024, has directly impacted net profit.
The OFAC listing has also hindered Galaxy Bearings' ability to conduct foreign currency transactions, specifically in USD and EURO, through official banking channels, thereby affecting its export operations.
Efforts to Resolve Sanction Status
Galaxy Bearings is actively pursuing its removal from the OFAC SDN List and submitted an application for expedited removal on May 06, 2025, through its US-based legal counsel. The company's future access to international banking facilities for foreign currency transactions is contingent on the successful outcome of these removal proceedings.
Operational Continuity
To ensure statutory compliance, the Board of Directors approved the re-appointment of M/s. Mitesh Suvagiya & Co. as Cost Auditor and M/s. M N V Patel & Co LLP as Internal Auditor for the financial year 2026-27.
Market Context
Galaxy Bearings operates within a competitive Indian bearings market. Key listed peers include Schaeffler India, SKF India Ltd., Timken India, and NRB Bearings, all involved in manufacturing various types of bearings for automotive, industrial, and other sectors.