Permanent Magnets Ltd. Announces Q3 & 9M Financial Results for FY26: Sales Grow by 16% YoY

Permanent Magnets Ltd., a specialist in electrical components and assemblies for applications in automobiles & electricity meters, announced its financial results for Q3 & 9MFY26. The sales have grown by 16% YoY, led by scale-up in the Alloys division, recovery in exports after a muted Q2, and improved demand from electricity meter customers. The rebound in exports and higher revenue-mix of alloys has resulted in improved EBITDA margins for the quarter. However, Net Profit for Q3 & 9MFY26 was impacted by a one-time provision related to the implementation of the new labour codes. The new furnace for the Alloys business was successfully installed in January and is currently operating in the pilot stage. Commercial dispatches from the new furnace are expected to commence within the current month. The Relay facility remains on track for commissioning in Q4FY26, with commercial sales anticipated in the next financial year. In the joint venture, Quantum Magnetics, the initial Phase 1 CAPEX for the rare earth magnet block cutting facility is expected to be commissioned in early Q2FY27, with commercial sales expected to commence in Q3FY27. The focus for the coming year remains on scaling up commercial operations across key growth pillars, such as Alloys, Relays, and the Quantum Magnetics joint venture.