Permanent Magnets Q2 FY27: consol PAT triples YoY to ₹7.51 Cr, revenue +47%
PAT +216.9% YoY · revenue +47.5% · margins expanding
₹72.46 Cr
+47.5% YoY
₹7.51 Cr
+216.9% YoY
10.22%
+5.5pp YoY
₹8.73
Permanent Magnets' Q2 FY27 (quarter ended September 30, 2026) consolidated revenue rose 47.5% YoY to ₹72.46 Cr (₹49.13 Cr) and 14.6% QoQ (₹63.23 Cr), while consolidated PAT more than tripled YoY to ₹7.51 Cr (₹2.37 Cr) and nearly doubled QoQ (₹3.81 Cr), with EPS at ₹8.73 against ₹2.76 a year ago. Neither the current nor the year-ago quarter carries exceptional items, so the growth is on a clean base — no reported-vs-adjusted gap to reconcile. The print comfortably outpaces management's own FY27 guidance of 20-30% revenue growth given on the Q4 FY26 call; no brokerage consensus could be located for this microcap (BSE: 504132) despite searching, so vsStreet is recorded as unknown rather than guessed.
Q2 FY-2027 vs prior quarters
EBITDA margin (OPM) expanded sharply to 23.6% from 12.2% YoY and 17.4% QoQ, and net margin to 10.2% from 4.7% YoY — well above the 15-18% EBITDA band management guided for FY27, consistent with operating leverage as the Alloys division ramp-up flagged on the prior call scales through the P&L. Standalone PAT, by contrast, came in higher at ₹9.98 Cr versus the consolidated ₹7.51 Cr — the divergence sits at the subsidiary Quantum Magnetics, which carries a heavier finance-cost and depreciation load at the group level; readers comparing the two bases should treat consolidated as primary.
The stock went into the print at ₹853.7, up 1.5% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management expects significant growth in FY27, driven by the ramp-up of the Alloys division, with potential for a 20-30% increase in revenue. The Relays and Quantum Magnetics projects are also slated for commercialization in H2 FY27, with initial revenue estimates for Relays between INR 25-50 crores. EBITDA margins are
— This quarter: beat
The quarter also saw a CFO transition — Sukhmal Jain resigned effective September 30, 2026, with Ayush Kumar Jain named successor the same day — and a corporate office relocation (September 7, 2026), neither of which shows up in the P&L. Management's Relays (guided ₹25-50 Cr initial revenue) and Quantum Magnetics commercialization remain slated for H2 FY27 and are not yet reflected in this single-segment, H1 result; consolidated capital work-in-progress has risen to ₹26.83 Cr from ₹8.08 Cr at FY26-end, consistent with the combined capex management guided for PML and Quantum. No management press release was available with this filing to cross-check the quarter's own framing against the numbers.
W1
Relays commercialization (management-guided ₹25-50 Cr initial revenue) and Quantum Magnetics ramp-up, both targeted for H2 FY27 — the next two quarters are the test
W2
Whether the 23.6% EBITDA margin posted this quarter holds against management's stable 15-18% guided band, or reverts toward it
W3
Capex execution — ₹40-50 Cr guided for PML plus a similar amount for Quantum — against CWIP that has risen to ₹26.83 Cr (consolidated) from ₹8.08 Cr at FY26-end
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