| Metric | Value (₹ Cr) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 57.02 | 17.0% | 15.6% |
| Total Income | 58.58 | 16.5% | 15.9% |
| Expenditure | 49.88 | 10.8% | 7.8% |
| PBT | 6.51 | 24.0% | 53.5% |
| Net Profit | 4.06 | 4.1% | 31.8% |
| OPM | 15.57% | 1.47pp | 16.79pp |
| NPM | 6.93% | 0.83pp | 0.83pp |
| EPS | 4.72 | 4.4% | 32.2% |
Permanent Magnets Ltd. Announces Q3 & 9M Financial Results for FY26: Sales Grow by 16% YoY
12 Feb 2026 · 12 Feb, 11:33 am
Summary
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 and sequentially in Q3FY26, 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.
Key Highlights
- 1
Sales grew by 16% YoY and sequentially in Q3FY26
- 2
Scale-up in the Alloys division
- 3
Recovery in exports after a muted Q2
- 4
Improved demand from electricity meter customers
- 5
Improved EBITDA margins for the quarter
- 6
One-time provision related to the implementation of new labour codes impacted Net Profit
- 7
New furnace for the Alloys business installed in January
- 8
Commercial dispatches from the new furnace expected to commence within the current month
- 9
Relay facility remains on track for commissioning in Q4FY26
- 10
Commercial sales from the Relay facility anticipated in the next financial year
- 11
Initial Phase 1 CAPEX for the rare earth magnet block cutting facility in Quantum Magnetics expected to be commissioned in early Q2FY27
- 12
Commercial sales from the Quantum Magnetics facility expected to commence in Q3FY27
Management Comments
Not specified
The sales have grown by 16% YOY and sequentially in Q3FY26, 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. On the project front, our new furnace for the Alloys business was successfully installed in January and is currently operating in the pilot stage through February. Commercial dispatches from the new furnace are expected to commence within the current month. We continue to engage with multiple customers across sectors, and subject to customer approvals, we expect a steady commercial ramp-up through the coming financial year. The Relay facility remains on track for commissioning in Q4FY26, with commercial sales anticipated in the next financial year. In our 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. We are also awaiting the detailed policy framework for the Production Linked Incentive (PLI) scheme for Sintered Rare Earth Permanent Magnets (REPM), as announced by the Cabinet in November 2025, which is expected to provide strategic benefits to the domestic value chain of rare earth magnets. Looking ahead, our focus for the coming year remains on scaling up commercial operations across our key growth pillars, such as Alloys, Relays, and the Quantum Magnetics joint venture. The commercial ramp-up of these projects will drive our growth in the coming year.
Informational and educational content only. Not investment advice.