PERMANENT MAGNETS LTD.

Manufactures permanent magnets, specialised magnetic alloys, and electromagnetic relays, with three operating pillars. The Alloys division supplies magnetic alloys to oil & gas, aerospace and powder-metallurgy customers; a new furnace was installed in January 2026 and commercialised in Q4 FY26, running at 80-90% utilisation. The Relays business targets India's smart electricity-meter replacement programme, with a 5 million-unit annual capacity that is in customer-approval stage ahead of an H2 FY27 commercial ramp. Rare earth magnets are operated through subsidiary Quantum Magnetics, a 50-50 JV with Lorentic Pte, where Phase 2 (block cutting, machining, surface treatment) is under implementation for Q3-Q4 FY27 commissioning, with a stated long-term target of 5,000 tonnes of rare earth capacity by FY30-31. FY26 standalone revenue of ₹226.24 crore grew about 13% year-on-year, with the Alloys division driving an H2 recovery; FY27 revenue growth is guided at 20-30% with EBITDA margin at 15-18%. Materials are the largest cost at 54.1% of revenue, reflecting the input-heavy nature of magnet and alloy manufacturing. Six existing Mumbai plants are being consolidated into a single new Vasai facility.