Transcript of Conference Call with reference to the Audited Financial Results for the quarter and year ended March 31, 2026
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Permanent Magnets Limited reported Q4 FY26 standalone revenue of INR 66 crores (up 47% YoY) and full-year revenue of INR 225 crores (up 13% YoY). EBITDA margins improved to 17% for FY26 from 14% previously, aided by favorable product mix in the Alloys division. The newly installed Alloys furnace reached 80-90% utilization by Q4 end and is expected to drive 3-4x revenue growth in FY27. The Relays project has been delayed and is now expected to commercialize in H2 FY27 (originally targeted earlier), with potential revenue of INR 25-50 crores at full utilization. Rare earth magnet business saw zero revenue in FY26 due to Chinese export restrictions, with Phase 2 commercial sales expected from Q4 FY27. Management guided for 20-30% revenue growth in FY27 with margins at similar 15-18% levels. Planned FY27 capex is INR 40-50 crores for PML and another INR 40-50 crores for Quantum Magnetics.
The company shows solid recovery trajectory driven by Alloys ramp-up, but delays in Relays commercialization and ongoing Chinese export restrictions on rare earths create uncertainty around near-term growth acceleration. Management's 20-30% FY27 revenue growth guidance provides a modest positive signal for shareholders.