NSE: PERMAGN · BSE: 504132
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Alloys, Relays, Rare earth magnets (Quantum Magnetics JV), Other magnet / existing products. Capital-intensive electrical equipment maker with multiple growth projects across alloys, relays and rare earth magnets
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 201 | 205 | 226 |
| EBITDA (ex other income) | 34 | 30 | 35 |
| margin % | 17.1 | 14.8 | 15.4 |
| Owners' profit | 0 | 0 | 15 |
| EPS, as reported (₹) | 23.48 | 18.30 | 17.52 |
| ROE % · ROCE % | 15.6 · 20.5 | 10.9 · 14.4 | 9.4 · 11.1 |
| Debt / equity (x) | 0.10 | 0.08 | 0.45 |
| Cash from operations | 24 | 38 | 18 |
| Capex | (22) | (28) | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54 | 56 | 49 | 45 | 54 | 49 | 57 | 67 |
| Profit before tax | 7 | 9 | 3 | 2 | 9 | 4 | 5 | 5 |
| Net profit | 5 | 7 | 2 | 2 | 6 | 2 | 2 | 4 |
| EPS (₹) | 5.86 | 8.25 | 2.38 | 1.82 | 7.17 | 2.76 | 2.62 | 4.99 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 62.5 | 22.6 | 44 of 52 | 16% |
| P/B | 6.0 | 3.3 | 38 of 49 | 23% |
| ROCE | 9.3 | 12.4 | 34 of 55 | 39% |
| ROE | 9.4 | 12.4 | 31 of 50 | 39% |
| Debt / Equity | 0.5 | 0.3 | 30 of 50 | 41% |
| EBITDA margin | 18.1 | 12.6 | 21 of 51 | 60% |
| Revenue growth | 47.0 | 20.7 | 15 of 46 | 69% |
| Profit growth | 154.1 | 37.7 | 9 of 45 | 82% |
| Market cap | 943 | 576 | 23 of 56 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 revenue up 49% and EBITDA margin rises to 25% | investor communications | medium | — | — |
| 26 Oct 2026 · September quarter: revenue Rs 21.12 crore, profit after tax Rs 1.51 crore | compliance | minimal | — | — |
| 24 Oct 2026 · Permanent Magnets uploads Q2 and H1 FY27 earnings call recording | investor communications | low | — | — |
| 24 Oct 2026 · Q2 FY27 revenue rises 49%, PAT jumps 156% on strong EV demand | compliance | low | — | — |
| 24 Oct 2026 · Revenue and profit surge, but winding-up case remains active | results | medium | — | — |
| 24 Oct 2026 · Sep 2026 results: strong growth, negative cash flow and winding-up risk | results | high | — | — |
| 19 Oct 2026 · Investors call scheduled for Q2 and H1FY27 results on Oct 24 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on 24 Oct 2026 to approve Q2 FY26 results | results | low | — | — |
| 9 Oct 2026 · Quarterly dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly disclosure of loan defaults on interest and principal repayments | credit debt | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.