Permanent Magnets Limited, a key supplier to global tier-1 automotive and smart metering companies, reported subdued earnings for the financial year 2024–25. The company recorded a modest 2% year-on-year increase in revenue to ₹209.21 crore. However, profit after tax (PAT) declined by 22% to ₹15.75 crore, impacted by rising costs and sector-specific headwinds.
The company’s EBITDA stood at ₹30.44 crore, down 11% from the previous year. EBITDA margin contracted to 15% in FY25, compared to 17% in FY24. Management attributed the decline to changes in product mix and increased development and depreciation expenses, particularly in the Electric Vehicle (EV) and domestic smart meter segments.
PML noted a slowdown in the EV segment, particularly due to weakening demand among its Western clients and a delay in commercializing certain strategic initiatives. In the domestic smart meter business, slower-than-expected order intake added pressure.
Despite the muted year, the company continued to invest in long-term growth. It added latching relays to its product lineup through a licensing agreement and plans to begin relay production in the second half of FY26. The company also sees significant potential in its alloys business, which recently earned AS 9100D:2016 certification, enabling entry into the aerospace and defense sectors.
PML’s strategic initiatives, including capacity expansion and customer diversification, are expected to support recovery and future growth.
Permanent Magnets is a manufacturer of advanced magnetic components and assemblies used across industries such as automotive, energy metering, aerospace, and defense. With over six decades of technical expertise, PML specializes in magnetic sensing, current sensing, magnetic assemblies, specialty alloys, and ZAMAK die-casting. The company supplies to top global tier-1 OEMs and is a partner for the top three global electricity meter manufacturers.