Well, for one thing it's almost certainly upside down. Perhaps a view of the top / front / side might give a better perspective. A lot of things are difficult to discern from a bottom view. Looks as if there is a dial and surely some numbers or words.
Doesn't look heavy enough to be part of a machine tool but looks industrial, so yes, perhaps some form of textile machinery.
It's like one of those photo quizzes but without the prize. Or any clues….