New Delhi: Galaxy Bearings Ltd reported a 15.26 per cent rise in net profit to Rs 2.99 crore for the quarter ended June 30, 2026, despite a decline in revenue, supported by lower expenses and higher other income.
The company had posted a net profit of Rs 2.59 crore in the year-ago quarter. Revenue from operations declined 5.54 per cent to Rs 15.95 crore in the first quarter of FY27 from Rs 16.89 crore in the corresponding period of the previous fiscal.
Total income stood at Rs 18.88 crore during the quarter, compared with Rs 19.44 crore a year earlier, while total expenses declined 6.67 per cent to Rs 14.90 crore.
Profit before tax rose 14.49 per cent to Rs 3.98 crore from Rs 3.47 crore in the year-ago period. Other income increased 14.62 per cent to Rs 2.93 crore during the quarter from Rs 2.56 crore in Q1FY26. Finance costs also declined to Rs 39.35 lakh from Rs 61.80 lakh, while depreciation and amortisation expense fell to Rs 37.56 lakh from Rs 41.94 lakh.
Earnings per share rose to Rs 9.40 from Rs 8.15 in the year-ago quarter. The company’s results come after the US Office of Foreign Assets Control (OFAC) removed Galaxy Bearings from its Specially Designated Nationals and Blocked Persons (SDN) List on June 30, 2026. The company said the removal restores its ability to access USD and EURO through official banking channels and is expected to support gradual normalisation of international business operations.
The company had incurred professional fees of Rs 0.97 crore related to US-based legal counsel during the quarter, significantly lower than Rs 8.84 crore in the corresponding period of the previous year.
The board, at its meeting on August 7, also approved the re-appointment of Bharatkumar Keshavji Ghodasara as Whole-Time Director for a five-year term beginning September 1, 2026, subject to shareholders’ approval.
The company will hold its 36th Annual General Meeting on September 22, 2026, through video conferencing or other audio-visual means.
