504132

Permanent Magnet financials

Market cap
₹744 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q4 FY26 · call held 18 May 2026

Permanent Magnet Q4 FY26

FY26 Standalone Revenue ₹225 cr +13%FY26 EBITDA Margin 17%

What went well

  • Standalone revenue for Q4 FY26 increased 47% year-on-year to INR 66 crores.
  • Full year Standalone revenue grew 13% year-on-year to INR 225 crores.
  • EBITDA margins for FY26 improved to 17% compared to 14% in the previous year, aided by favorable product mix and revenue scale-up.

What to watch

  • The Relays project is behind original timelines, with commercial ramp-up now expected from H2 FY27.
  • No revenue was generated from rare earth magnets in FY26 due to restrictions from China for export of magnets.
Read the full call →

What Permanent Magnet does

Permanent Magnets Limited designs and manufactures components and assemblies built on core technologies in current sensing, speed sensing, magnetic shielding and magnetic assemblies, sold mainly into automotive (speed sensors, EPS, rotor laminations) and electricity-metering (shunts, current transformers, flux concentrators) applications, with smaller volumes into energy and other industrial sectors. It also produces alloy ingots and Zamak die-castings, and is scaling up newer lines in relay manufacturing and, through subsidiary Quantum Magnetics, rare-earth (NdFeB) magnets.

Segments

  • Magnetic Sensing
  • Current Sensing
  • Magnetic Assemblies
  • Alloys
  • Zamak Die Casting
  • Relays
  • Rare Earth (NdFeB) Magnets
Operational facilities
6
Actively manufactured SKUs
350+
Team members
805 (incl. 79 engineers)
Core technology/product platforms
5
Track record in magnets, assemblies & shunts
60+ years (since 1960)
Export track record
exporting magnetic assemblies since 2000
Founded 1960Headquarters Mira Road East, Thane, Maharashtra, IndiaEmployees 805 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 11 tracked 3 delivered 0 missed 8 open
  • Overall Revenue Growth delivered, diluted said Q4 FY25 Promised: We are expecting around 20% growth plus/minus something. Q4 FY26: Achieved FY26 revenue of INR 225 crores (13% growth), meeting the revised guidance range but missing the revised percentage target.
  • Latching Relays Production Start delayed said Q4 FY25 Promised: But our production is expected to start by around second half of this year. Q4 FY26: Management confirms the project is behind original timelines, with commercial ramp-up now expected from H2 FY27.
  • Quantum Magnetics Total Revenue on track said Q2 FY26 Promised: Our total plan to FY 2030 is 5,000 tons production which is about INR3,700 crores revenue till FY 2030 Q4 FY26: Management reiterated long-term plans for 5,000 tonnes capacity (INR 3,000-4,000 cr revenue) and outlined FY27 capex, keeping the project on track.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 18.9%, net profit down 14.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue51 49 45 53 49 −4%57 +16%67 +47%63 +19%
EBITDA7 7 5 11 7 +4%11 +65%10 +87%12 +7%
Net profit4 3 3 7 4 +4%4 +32%5 +96%6 −14%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −17.0% 1Y

₹0.6k₹0.7k₹0.8k₹0.9k₹1.0k₹1.1kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q4 FY26 — 18 May 2026

1Y: ₹1,032.5 on 10 Sept 2025 → ₹856.5. High ₹1,082.95 (22 Sept 2025), low ₹635.1 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−0.9%
18 May
Q2 FY26
−1.2%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.3%.

Year endingFY23FY24FY25FY26
Revenue₹183 Cr₹201 Cr₹200 Cr₹225 Cr
Operating profit₹41 Cr₹35 Cr₹27 Cr₹39 Cr
Operating margin22.6%17.6%13.7%17.3%
Interest₹1 Cr₹2 Cr₹2 Cr₹3 Cr
Depreciation₹6 Cr₹7 Cr₹9 Cr₹13 Cr
Net profit₹30 Cr₹23 Cr₹15 Cr₹20 Cr
Net margin16.3%11.3%7.6%9.0%
Cash from operations₹11 Cr₹19 Cr₹36 Cr₹31 Cr
Free cash flow₹2 Cr₹1 Cr₹9 Cr₹4 Cr
ROCE40.0%25.0%14.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr
Reserves₹55 Cr₹74 Cr₹102 Cr₹124 Cr₹147 Cr₹156 Cr
Borrowings₹3 Cr₹5 Cr₹8 Cr₹15 Cr₹26 Cr₹37 Cr
Other liabilities₹27 Cr₹29 Cr₹33 Cr₹35 Cr₹26 Cr₹36 Cr
Total liabilities₹94 Cr₹116 Cr₹151 Cr₹183 Cr₹207 Cr₹238 Cr
Fixed assets₹8 Cr₹10 Cr₹14 Cr₹32 Cr₹59 Cr₹72 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹3 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹86 Cr₹106 Cr₹137 Cr₹151 Cr₹148 Cr₹163 Cr
Total assets₹94 Cr₹116 Cr₹151 Cr₹183 Cr₹207 Cr₹238 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.12 pp while DIIs trimmed −0.10 pp. The shareholder count shrank 9% to 17,574.

Promoters
58.0%
DIIs
0.0%
Public
42.0%

Since Jun 2025

  • Public +0.12 pp
  • DIIs −0.10 pp
  • FIIs −0.03 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 58.0%, FIIs 0.4%, DIIs 0.1%, Public 41.5%.Dec '23: Promoters 58.0%, FIIs 0.4%, DIIs 0.1%, Public 41.5%.Mar '24: Promoters 58.0%, DIIs 0.0%, Public 42.0%.Jun '24: Promoters 58.0%, FIIs 0.4%, DIIs 0.1%, Public 41.5%.Sep '24: Promoters 58.0%, FIIs 0.4%, DIIs 0.1%, Public 41.5%.Dec '24: Promoters 58.0%, FIIs 0.4%, DIIs 0.1%, Public 41.5%.Mar '25: Promoters 58.0%, DIIs 0.0%, Public 42.0%.Jun '25: Promoters 58.0%, FIIs 0.0%, DIIs 0.1%, Public 41.9%.Sep '25: Promoters 58.0%, FIIs 0.0%, DIIs 0.0%, Public 41.9%.Dec '25: Promoters 58.0%, DIIs 0.0%, Public 42.0%.Mar '26: Promoters 58.0%, DIIs 0.0%, Public 42.0%.Jun '26: Promoters 58.0%, DIIs 0.0%, Public 42.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Permanent Magnet above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mukul Taparia 16.28%unchanged
Sharad Jaiprakash Taparia 16.10%unchanged
Jaiprakash Hanumanbux Taparia 7.20%unchanged
Kamala Anil Taparia, Partner 6.71%unchanged
Ramesh Taparia 2.29%−0.10 pp
Meena Kabra 2.21%unchanged
Anilkumar Taparia 1.87%unchanged
Nymph Properties Private Limited 1.86%unchanged
Kamala Anil Taparia 1.57%unchanged
Sangeetha S . 1.12%unchanged
Yamini Taparia 1.00%unchanged
Sunaina Taparia 0.89%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹856, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~-12%. At that growth it is worth ₹105 — downside of 88%.

Growth the price implies
27.5% a year
for 7 years, fading to 4%
It has actually compounded at
-11.8% a year
net profit, FY23–FY26 · EPS -11.8%
The gap
0.4 pp
-88% downside if it only repeats history
Price today ₹856.5 Value at the reference growth ₹105.23

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Permanent Magnet

Guides on how to read this kind of business and the numbers that matter.