Permanent Magnets Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 1 Jun 2026 | Electrical Equipment | Market Cap: ₹724 Cr
FY '26 revenue growth expected around 20% (± some variance) driven by new initiatives, especially alloy and relay businesses. PML expects around 20% top-line growth in FY26, driven by new initiatives in alloy and relay businesses.
From Permanent Magnets Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹864
Market Cap
₹724 Cr
P/E Ratio
54.9
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Compare Permanent Magnets Ltd against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.
Permanent Magnets Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹67 Cr, net profit ₹4 Cr.
Full financials →📊 Revenue & Sales Performance
- →FY '26 revenue growth expected around 20% (± some variance) driven by new initiatives, especially alloy and relay businesses.
- →Growth is lumpy, could see sudden jumps depending on business clicks.
- →Quantum Magnetics subsidiary faces geopolitical challenges but plans for establishing rare earth magnet manufacturing in India to support EV and renewable sectors.
- →Alloy business capacity to increase 6-7 times from calendar year 2026 with new furnace addition; current revenue potential INR 20-30 crores for FY '26.
- →Relay business production to start in H2 FY '26, with revenue potential up to INR 70-100 crores on scale-up.
- →EV segment demand currently muted globally, especially from Western OEMs; Indian EV market outlook positive, expected to contribute to sales growth gradually.
- →Smart meter export business grew, but future remains uncertain; diversification through relay products planned to broaden customer base.
📈 Profitability & Margins
- →PML expects around 20% top-line growth in FY26, driven by new initiatives in alloy and relay businesses.
- →Margins likely to remain at current levels (~14%-15%) unless EV segment demand rebounds significantly.
- →Earlier high margins (20%+) were driven by customized EV products, but now business is shifting toward more standardized, lower-margin products.
- →Ongoing investments in capabilities and customer diversification aim for long-term fast growth, though growth will be lumpy.
- →Developmental expenses and one-time charges affected short-term margins; these are expected to yield returns in future periods.
- →Business expansion includes adding new furnace capacity and setting up relay manufacturing, targeting INR 70-100 crores revenue from these new segments.
- →Geopolitical disruptions have led to cautious short-term outlook but increased focus on domestic supply chains may help margin improvements over time.
🏗️ Capital Expenditure Plans
- →Planning to invest INR 15 to 20 crores for expansion, including adding a new furnace by December to enhance capacity and serve growing demand (Page 14).
- →Capex aimed at scaling alloy and relay businesses with peak revenue potential target of INR 70 to 100 crores (Page 14).
- →Long-term plan to establish full supply chain and manufacturing for rare earth magnets in India, involving significant future capex with mixed debt-equity funding (Page 9).
- →Setting up a relay business as forward integration of shunt business, indicating strategic investment in relay manufacturing (Page 16).
- →Acquired 8 acres of land for consolidating operations and new plant setup; land development and land approvals expected to take 2-3 years with plant operations starting afterward (Page 19-20).
- →Focus on investing in high potential growth areas like alloys, relays, and domestic magnet manufacturing to drive future growth (Pages 5 and 19).
💰 Fundraising & Capital Structure
- →The company is planning to fund a significant upcoming capex related to backward integration in their magnet business.
- →Funding will be a mix of debt and equity, with plans to set up pilot facilities before scaling up.
- →No specific details or timelines for the fundraising are mentioned.
- →The company is cautious due to complexities and uncertainties, especially arising from geopolitical restrictions around technology transfer.
- →The focus is on strategic funding to expand manufacturing and supply chain capabilities in India for rare earth magnets, a critical area for EVs and renewable energy.
📋 Order Book & Pipeline
- →The company currently has a modest order book with some challenges affecting growth in certain segments, especially EV and smart meters.
- →For the alloys business, recent order inflows in April have been positive, reinforcing confidence for FY26.
- →The smart meter segment is facing selective booking by customers due to implementation challenges, but there is a large untapped demand (around 90% of the program still to be implemented across India).
- →The relay business is expected to start production in the second half of FY26, with customer ramp-up happening gradually.
- →Multiple customers (10-15) are in the pipeline for alloys, with varying volumes, but focus remains on profitable segments.
- →For export meters, approvals may take longer but eventual growth of 5-10% is expected over the next 2-3 years.
- →Overall, order inflows are lumpy; growth depends on new initiatives like alloy and relay businesses.
Key Metrics
Frequently Asked Questions
What were Permanent Magnets Ltd Q4 FY25 results?
FY '26 revenue growth expected around 20% (± some variance) driven by new initiatives, especially alloy and relay businesses. PML expects around 20% top-line growth in FY26, driven by new initiatives in alloy and relay businesses.
What is Permanent Magnets Ltd share price analysis?
Permanent Magnets Ltd currently shows a neutral. The stock trades at a P/E of 54.9 with a market cap of ₹724 Cr. Investors should review the full earnings analysis for detailed insights.
Is Permanent Magnets Ltd planning capital expenditure?
Planning to invest INR 15 to 20 crores for expansion, including adding a new furnace by December to enhance capacity and serve growing demand (Page 14).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.