Soviet factory badge from Baranovichi, a city in modern-day Belarus.
What the text means
ХБК им. ЛКСМБ
This stands for:
Хлопчатобумажный комбинат имени ЛКСМБ
= Cotton Textile Combine named after the Lenin Communist Youth Union of Belarus.
БАРАНОВИЧИ
= Baranovichi, the city where the combine was located.
About the badge
The cotton flower symbol represents the cotton-processing industry.
The small hammer-and-sickle in the top left marks it as an official Soviet-era production badge, likely worn by workers or given as a commemorative/achievement pin.