Permanent Magnets Ltd(PERMAGN)

NSE: PERMAGNBSE: 504132

₹ 853.7-5.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 734 crWebsite: www.pmlindia.comUpdated: 25 Oct 2026

About

Permanent Magnets Ltd, set up in 1960, makes magnetic sensing, current sensing, magnetic assembly, special alloy and multislide ZAMAK die-cast products, with more than 350 SKUs. Its main customers are electricity meter makers and automotive tier-1 suppliers. The company reported revenue of Rs 226.24 Cr for FY26. It says it supplies the world's top 3 electricity meter manufacturers and about 50% of the world's tier-1 automotive manufacturers.^[1][2]

Business mix

The company reports a single business segment, Engineering and Current Sensing applications, as of FY25.^[1]
Revenue mix by application in Q2 FY26: energy meters 37%, automotive 22%, current transformers 10%, magnetic assemblies 9%, alloys 7%, other applications the rest.^[3]
Across periods, management describes the mix as about 45% energy meters and about 30% automotive (stated in Q2 FY26).^[3]
Electricity meters made up 43% of the application mix in FY25.^[4]

Products

There are 5 principal product categories: magnetic sensing, current sensing, magnetic assemblies, special alloys and multislide ZAMAK die-casting. More than 350 SKUs are in active manufacture (FY25).^[1]
Latching relays were added to the range through a licensing agreement with REL Developments Limited, UK. Relays are worth up to 5X the company's existing smart meter components, such as shunts and CTs.^[1][4]
A range of standard current sensors was launched in FY26, priced at INR200-500 per sensor. These sensors are already supplied for EV 2-wheelers.^[3]
Stator-rotor manufacturing for one automotive company's coolant pump application was at the pilot stage in Q2 FY26.^[3]
The alloys facility holds AS9100D:2016 certification, which opens up aerospace, aviation and defence work.^[1]

Operations and capacity

The company had 5 fully equipped manufacturing facilities in FY25, plus 1 upcoming facility for relays.^[1]
A new alloys furnace was installed in January 2026. Utilisation at the end of Q4 FY26 was about 80-90%, compared with 100% on the old capacity in Q2 FY26.^[5][3]
Alloy capacity after the new furnace is installed is 750 tonnes a year (Q2 FY26 guidance). The alloy volume mix in Q2 FY26 was 80% virgin and 20% recycled material.^[3]
Phase 1 relay capacity is 5 million units a year.^[5]
The workforce was 626 people, including 79 engineers, with 155 permanent employees as of March 31, 2025.^[1]

Customers and exports

The company says it supplies the top 3 electricity meter manufacturers in the world and about 50% of the world's tier-1 automotive manufacturers, for both ICE vehicles and EVs.^[1]
It is often one of only two or three suppliers for specialised products and is the only supplier for several key customers.^[1]
Exports made up 65% of the energy meter business in FY25, up from 52% in FY24.^[4]
EV magnet supply goes mainly to European and US OEMs, which are losing platform volumes to Chinese OEMs. The company is also working with tier-1 suppliers to Indian EV OEMs.^[5][1]
A US customer deferred orders over tariffs in H1 FY26 and has since resumed. The company is looking at moving part of its manufacturing to Europe.^[3]

Expansion and capex

Relay commercial ramp-up has slipped to H2 FY27 from the earlier Q4 FY26 target, because testing and customer approvals are taking longer.^[5]
Standalone capex of INR 40-50 crores is planned for FY27, covering alloys, relays and a new consolidated plant.^[5]
A new plant on land acquired near Vasai will combine 6 Mumbai facilities. Construction is expected to cost INR 20 crores.^[5]
Quantum Magnetics Phase 2 (block cutting, machining and surface treatment) has been moved to Q3-Q4 FY27 from FY27 Q1. Commercial sales are expected from Q4 FY27.^[5][3]
Quantum Magnetics' total capex for 5,000 tonnes of capacity is planned at INR550-750 crores by FY30. The Phase 1 pilot of 500 tonnes needs INR50-100 crores.^[3]
A $5 million ECB was raised in FY26 to fund capex at the subsidiary.^[5]

Quantum Magnetics subsidiary

Quantum Magnetics works in the rare earth (neodymium) magnet value chain. It makes components today and aims to make the magnets themselves.^[1]
A joint venture agreement with Lorentic Pte Limited was signed in August 2025.^[3]
Quantum Magnetics had no revenue in FY26 because of Chinese export restrictions on rare-earth magnets.^[5]

Recent developments

Ayush Kumar Jain was appointed Chief Financial Officer from October 1, 2026. He replaces Sukhmal Jain, who resigned on September 30, 2026.^[6]
In H1 FY26, exports to the US fell because of tariffs and domestic energy meter demand was weak. H2 FY26 recovered as alloys ramped up and exports came back.^[5]
Participation in the PLI scheme for rare-earth magnets was under evaluation as of the Q4 FY26 call.^[5]

Market Cap

₹734 Cr

High / Low

₹1,015 / 619

Stock P/E

59.1

Price / Book

4.7

Book Value

₹183

EPS

₹17.2

No. of Shares

0.86 Cr

ROCE

14.3%

ROE

9.8%

OPM

12.2%

Debt / Equity

0.45

Sales

₹226 Cr

Net Profit

₹15 Cr

Promoter holding

58.0%

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