Permanent Magnets Q2 FY27 Revenue Rises 47.49%

Q2 FY27 results at a glance

Permanent Magnets Ltd reported revenue from operations of Rs 72.46 crore for the quarter ended September 30, 2026. The figure was 47.49% higher than Rs 49.13 crore reported in Q2 FY26. Revenue also increased 14.60% sequentially from Rs 63.23 crore in Q1 FY27. The company announced its Q2 and H1 FY27 results on October 24, 2026. The July-September quarter was supported by demand from the electric vehicle segment and domestic smart-meter customers. Management said higher business throughput and a better product mix also supported operating performance. The company’s shares were quoted at Rs 1,048.00 on the NSE in the supplied data. The results place investor attention on execution in its Alloys, Relays and Quantum Magnetics businesses during the second half of FY27.

Revenue growth driven by EV and smart meters

Revenue growth was led by demand from EV-related applications, according to Managing Director Sharad Taparia. He also cited a pick-up in demand from domestic smart-meter customers. Management expects EV demand to remain at a similar level for the rest of the financial year based on current projections. The company reported revenue of Rs 72.46 crore in Q2 FY27, compared with Rs 49.13 crore a year earlier. This represents a rise of Rs 23.33 crore over the corresponding quarter. On a quarter-on-quarter basis, revenue increased by Rs 9.23 crore from Rs 63.23 crore. The management commentary described the revenue increase as 49% year-on-year, which is consistent with the reported 47.49% growth after rounding. Demand conditions in the two cited end markets were the stated contributors to the quarterly performance.

Profit figures reported in the supplied disclosures

The financial highlights in the supplied material show net profit of Rs 7.51 crore in Q2 FY27, against Rs 2.37 crore in Q2 FY26. This equates to year-on-year growth of 216.88%. Net profit was also stated to have increased 97.1% quarter-on-quarter from Rs 3.81 crore in Q1 FY27. Earnings per share was reported at Rs 8.73, compared with Rs 2.76 in the corresponding prior-year quarter. Separately, the supplied text refers to standalone net profit of Rs 9.98 crore for the September 2026 quarter, describing a 156% year-on-year increase. The material does not provide a reconciliation between the Rs 7.51 crore figure and the standalone Rs 9.98 crore figure. Investors should therefore refer to the company’s detailed financial statements to distinguish the relevant reporting basis. The revenue comparison below uses the figures consistently presented in the Q2 FY27 financial highlights.

Key financial data

EBITDA margin improves to 25%

Management reported EBITDA of Rs 17.81 crore for Q2 FY27. It said EBITDA increased 159% year-on-year and EBITDA margin improved to 25%. The company attributed the margin improvement to a better product mix arising from higher EV demand. Positive operating leverage from higher throughput was the other reason cited by management. These factors indicate that revenue growth was accompanied by improved operating profitability during the quarter. However, the supplied information does not provide comparable EBITDA or margin figures for Q2 FY26. As a result, the absolute year-on-year change in EBITDA cannot be independently calculated from the available data. The reported 25% margin remains a key operating indicator for the quarter. Sustaining it will depend on product mix, demand levels and capacity utilisation across business divisions.

Alloys division faces new-furnace issues

The Alloys division recorded significant revenue growth year-on-year during H1 FY27 compared with H1 FY26, management said. But the business could not utilise its full capacity because of teething issues at a new furnace. The company expects improved utilisation of the new furnace capacity in H2 FY27. This makes the resolution of operational issues important for the division’s output in the second half. The statement does not quantify the capacity affected or the financial impact of the furnace issues. It also does not set out a specific date for full utilisation. Management’s stated focus is to improve utilisation during the remaining months of FY27. For investors, the division’s progress will be reflected in future revenue and operating updates. The company has linked better utilisation to its operating priorities for H2 FY27.

Relays pilot supplies planned in H2

Permanent Magnets expects to make pilot supplies in its Relays business in H2 FY27. Management said material ramp-up in the business is expected in FY28. Pilot supplies typically mark an early stage of customer and product validation before larger commercial volumes begin. The company has not disclosed expected revenue from the pilot phase in the supplied material. Nor has it identified customers or provided a timetable beyond H2 FY27 and FY28. The update nevertheless provides a defined operational milestone for the Relays business. Progress on pilot supplies will be relevant because management has placed the larger ramp-up in the next financial year. The stated plan is part of the company’s broader focus on developing additional business lines. Any commercial scaling remains subject to the execution steps outlined by management.

Quantum Magnetics Phase 2 commissioned

Quantum Magnetics commissioned its Phase 2 capital expenditure in October 2026. The project covers block cutting, machining and surface treatment. Management said the commissioning was in line with the Q3 FY27 timeline communicated earlier. The product approval process is expected to start soon. The supplied material does not provide the amount invested in Phase 2 or an expected date for customer approvals. Product approvals are therefore an important next step before the expanded capabilities can translate into regular supplies. The commissioning adds operational capacity in downstream processes cited by the company. Management said advancing customer approvals in Quantum Magnetics will be among its priorities for the rest of FY27. The update establishes October 2026 as the reported commissioning milestone.

Earnings call and disclosure timeline

Permanent Magnets held its Q2 and H1 FY27 earnings conference call on October 24, 2026. The call covered unaudited financial results for the quarter and half year ended September 30, 2026. The company uploaded the audio recording on October 24 under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The recording is available on the company’s website under its investor insights section, according to the supplied information. The company had similarly uploaded an audio recording related to its audited quarter and year-end results on May 18, 2026. Such disclosures allow investors to review management’s explanation of quarterly performance and operational plans. The October call followed the release of the September-quarter results. The transcript referenced in the supplied material was published on October 26, 2026. These dates provide the documented sequence of the company’s Q2 FY27 disclosures.

Market relevance and outlook

The Q2 FY27 update combines strong reported revenue growth with higher stated profitability. EV demand and domestic smart-meter demand were the specific market drivers named by management. The 25% EBITDA margin, according to the company, benefited from product mix and operating leverage. At the same time, the new-furnace issues in the Alloys division show that capacity additions can carry execution challenges. The planned Relays pilot supplies and Quantum Magnetics approval process are operational milestones rather than confirmed revenue contributions. Management’s near-term focus is improving Alloys utilisation, beginning Relays pilot supplies and moving Quantum Magnetics customer approvals forward. Investors will look for updates on these items in subsequent financial disclosures. The next reported developments will determine how the company converts its capacity and product initiatives into operating performance.