GALAXY BEARINGS LTD. Q1 FY27 Results

Galaxy Bearings' standalone Q1 FY27 revenue came in at ₹15.95 Cr, down 5.5% YoY and 23.4% QoQ, while PAT rose to ₹2.99 Cr, up 15.3% YoY and 177% QoQ (EPS ₹9.40 vs ₹8.15 YoY, ₹3.39 QoQ). NPM expanded to 15.8% from 13.3% a year ago, but OPM was essentially flat at 11.4% versus 11.6% YoY — sharply below Q4 FY26's 21.1%, which had benefited from an unusually large inventory drawdown. The bottom-line improvement is thus a below-the-line story: lower finance costs (₹0.39 Cr vs ₹0.62 Cr YoY) and reduced depreciation, not core operating gains, since Other Expenses actually rose 13.8% YoY to ₹6.09 Cr.

The dominant thread this quarter is the OFAC sanctions matter. The company was placed on the US Treasury's SDN list on 30 October 2024 over alleged Russia-linked dual-use exports, which blocked its USD/EUR banking access; OFAC removed it from the list on 30 June 2026, right at quarter-end, per the auditor's Emphasis of Matter and company notes, after the company engaged US legal counsel and filed for expedited removal. That legal fight still cost the company ₹0.969 Cr in non-recurring professional fees this quarter (down from ₹8.84 Cr for the whole of FY26). Stripping this quarter's residual one-off from Other Expenses, adjusted PAT works out to roughly ₹3.72 Cr, or about +43% YoY versus the +15.3% reported — though this is a partial adjustment, since the company disclosed only the FY26 full-year one-off total, not the specific amount embedded in the year-ago quarter.

The stock went into the print at ₹929.95, down 6.5% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Results are standalone-only (no subsidiaries/associates) and unaudited, subject to limited review

As a micro-cap (paid-up equity ₹3.18 Cr) with no analyst coverage found, there is no street consensus to benchmark against, and management has issued no formal guidance in our records or via web search — both vsStreet and vsGuidance are unknown/none. The revenue decline and flat OPM suggest the underlying bearings business was soft this quarter even as the SDN removal clears the path for export and USD/EUR transaction normalisation going forward, per the company's own note that it "expects gradual normalisation of its international business operations."