Galaxy Bearings Limited announced its audited financial results for the quarter and financial year ended March 31, 2026, following a Board meeting held on May 02, 2026. The company reported a total income of Rs. 6968.18 lakh for the financial year ended March 31, 2026, compared to Rs. 10674.65 lakh in the previous year. Revenue from operations stood at Rs. 6751.10 lakh for FY26, while other income amounted to Rs. 217.08 lakh.

Financial Performance Overview

The company's profit after tax for FY26 was Rs. 330.99 lakh, a significant decline from Rs. 1371.15 lakh reported in the previous financial year. For the quarter ended March 31, 2026, the company recorded a profit of Rs. 107.76 lakh. Basic and diluted earnings per share (EPS) for FY26 stood at Rs. 10.41, compared to Rs. 43.12 in the previous year.

Balance Sheet Position

As of March 31, 2026, the company's total assets stood at Rs. 13953.21 lakh, compared to Rs. 14975.08 lakh in the previous year. Total equity increased to Rs. 11007.62 lakh from Rs. 10676.88 lakh in FY25. Current liabilities reduced to Rs. 2732.15 lakh from Rs. 4068.97 lakh in the previous year, while borrowings decreased to Rs. 1813.36 lakh from Rs. 2909.04 lakh.

Auditor Appointments and Compliance

The Board of Directors approved the re-appointment of M/s. Mitesh Suvagiya & Co., Cost Accountants, as Cost Auditor for the financial year 2026-27. Additionally, M/s. M N V Patel & Co LLP, Chartered Accountants, was re-appointed as Internal Auditor for FY26-27. The statutory auditors, M/s. J T Shah & Co., issued an audit report with an unmodified opinion on the standalone financial results for the quarter and year ended March 31, 2026.

Regulatory Disclosures

The company disclosed that it has been designated on the Specially Designated Nationals and Blocked Persons (SDN) List by the Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury, since October 30, 2024. As a consequence, the company has been unable to access USD and EURO denominated transactions through official banking channels during the period from October 30, 2024 to March 31, 2026. The company has engaged legal counsel in the United States and filed an application with OFAC seeking expedited removal of its designation from the SDN List. The company incurred a significant and non-recurring expenditure of Rs. 6.70 Crores during the review period towards professional fees for legal counsel, which has been disclosed in "Other Expenses". The matter remains pending before the relevant authorities.

Galaxy bearings Limited has formally declared to BSE Limited that it does not qualify as a "Large Corporate" under the SEBI regulatory framework for the financial year ended March 31, 2026. The declaration was submitted on April 14, 2026, in compliance with SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021.

Regulatory Compliance Declaration

The company confirmed that as of March 31, 2026, it does not meet the criteria for classification as a Large Corporate under the SEBI framework. Consequently, the disclosure requirements and compliances applicable to Large Corporates under the aforementioned circular are not applicable to Galaxy Bearings Limited for FY26.

Despite not qualifying as a Large Corporate, the company has submitted the required Initial Disclosure in the prescribed format to maintain regulatory compliance and transparency with the stock exchange.

Financial Position Summary

As part of the mandatory disclosure, Galaxy Bearings Limited provided key financial details in the prescribed format:

Corporate Authorization

The declaration was digitally signed and submitted by key company officials including Bhumika Teli, Company Secretary & Compliance Officer, and Dixit Patel, Chief Financial Officer. Both officials can be reached at the company's main telephone number +91-079-29606020 for investor-related queries.

Regulatory Framework Context

The SEBI Large Corporate framework requires entities meeting specific criteria to comply with enhanced disclosure requirements and borrowing regulations. Companies that do not qualify as Large Corporates are exempt from these additional compliance obligations, though they must still submit the initial disclosure format to confirm their status.

Galaxy Bearings Limited's proactive submission of this declaration demonstrates its commitment to regulatory compliance and transparent communication with stakeholders and the stock exchange.