Transcript of Earnings Call - Q2 & H1 FY 27

Date: October 27, 2026 Corporate Relation Department The Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 504132 Sub: Transcript of Conference Call with reference to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 Dear Sir/Madam, Pursuant to Regulation 30 and 46 of the SEBI (Listing Obligations & Disclosure requirements) Regulations, 2015, we are enclosing herewith a copy of the Transcript of Conference call conducted on October 24, 2026 to discuss the Unaudited Financial Results of the Company for the quarter and half year ended on September 30, 2026. The above information is also available on the website of the Company i.e. www.pmlindia.com Request you to kindly take the same on record. Thanking you, Yours Faithfully, FOR PERMANENT MAGNETS LIMITED RACHANA SAWANT COMPANY SECRETARY “Permanent Magnets Limited Q2 and H1 FY27 Earnings Conference Call” October 24, 2026 MANAGEMENT: MR. SHARAD TAPARIA – MANAGING DIRECTOR – PERMANENT MAGNETS LIMITED MR. AYUSH JAIN – CHIEF FINANCIAL OFFICER – PERMANENT MAGNETS LIMITED MODERATOR: MR. SAYAM POKHARNA – TIL ADVISORS Page 1 of 18 Permanent Magnets Limited October 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Permanent Magnets Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference call over to Mr. Sayam Pokharna from TIL Advisors. Thank you, and over to you, sir. Sayam Pokharna: Thank you, Iqra. Good afternoon, everyone. We appreciate you all taking out the time to join us today on a Saturday for this call. The press release for quarter 2 FY27 has already been uploaded on the stock exchange. To take us through today's results, we have with us from the management team, Mr. Sharad Taparia, Managing Director and Mr. Ayush Jain, Chief Financial Officer. We will begin with a brief overview of the quarter and half year from Mr. Taparia, followed by the Q&A session. Please note that any forward-looking statement made during this call must be viewed in conjunction with the risk and uncertainties that we face. These risk factors have been outlined in our annual report. With that, I would now like to hand over the call to Mr. Taparia. Over to you, sir. Sharad Taparia: Yes, thank you, Sayam. Good afternoon, everyone, and thank you for joining us today for the Permanent Magnets Limited quarter 2 and first half of '27 earnings conference call. We have reported a healthy financial performance in quarter 2 across key parameters. Stand-alone revenue from operations for the quarter stood at INR72.5 crores, an increase of 49% year-on- year. Good demand in our EV segment, where supplies have picked up, drove this growth. The demand from our customers in the West is healthy, and based on current projections, we expect EV demand to remain at similar levels for the rest of the financial year. Our domestic smart meter business has also picked up during the quarter. EBITDA for the quarter stood at INR17.8 crores, an increase of 159% year-on-year, and EBITDA margin improved to 25% from 14% in quarter 2 of last year and 19% in quarter 1 financial year '27. The margin improvement both on sequential and year-on-year basis came from a better product mix due to higher EV demand and positive operating leverage from higher business throughput. Now, on the project front, in the alloys division, revenue for the first half of this year increased significantly compared to the first half of the last year. However, we could not utilize the full capacity of the new furnace due to some teething issues. These issues have since been resolved, and we expect better utilization of the new furnace capacity in the second half of financial year '27. Page 2 of 18 Permanent Magnets Limited October 24, 2026 On the relays project, we expect to make some pilot supplies in the second half of this year. However, commercial ramp-up will now move to the financial year '28. We remain in constant engagement with domestic OEMs on product approvals and commercialization of the relays business segment. For Quantum Magnetics, the phase 2 capex covering block cutting, machining, and surface treatment was commissioned in October, in line with the quarter 3 timeline we shared earlier. We expect the product approval process to start soon. Looking ahead, our focus for the rest of the year is on improving utilization in the alloys division, starting pilot supplies in relays, and starting product approvals in Quantum Magnetics. With these updates, I would now like to open the floor for any questions. Thank you. Moderator: Thank you very much, sir. Ladies and gentlemen, we will now begin the question-and-answer session. The first question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead. Ankit Gupta: Thanks for the opportunity, and congratulations for a great set of numbers after a long time. Sir, on the EV side, it has come as a surprise to us given how has been our outlook on the EV side. So, what has changed in this quarter which has led to such a significant turnaround in the EV business, if you can talk about that? And you have also spoken about the demand sustaining given the forecast that we have got from our customer for the rest of the year. So, if you can talk about what has changed in the demand, and how do you see this demand sustaining not just in this financial year, but for FY28 also? And on electricity meters also, smart meters also you talked about demand revival. So, both the segments, if you can talk about. First, we can start with the EV and then go to the smart meters. Sharad Taparia: Yes. Our customers had higher demand, particularly from export market and that is the main reason why we were able to increase the sales for EV application in this quarter and based on their current forecast, what they have given us, it seems to be remaining at the at similar levels in the next half of this year also. For FY28, right now we do not have any forecast, any specific forecast from them. But indications are that it should remain at similar levels. This is regarding the EV business. The second question what you asked about energy meter business. For energy meter business, we are depending on a select few customers to whom our product contributes much more towards the revenue. And those customers have increased demand in recent times. So, it has increased. It has not increased significantly, but it has increased in this first half of this financial year. Ankit Gupta: Sure and any views on the sustainability of this demand on the smart meter front? Page 3 of 18 Permanent Magnets Limited October 24, 2026 Sharad Taparia: It is expected to remain similar only as per our today's information that we have. It depends a lot on the installations being done by the utilities and sometimes the installations become slower and therefore, the demand goes down. But right now, what we are expecting is at similar levels. Ankit Gupta: Sure, sir and sir, the second question was on, given how things are currently on the EV, smart meters, and relays, which is expected to ramp up in FY28, and alloys also will be getting the benefit of the new line coming for operating for the full year in FY28 itself. So, what kind of revenues and margins are we looking for in FY28, given EV demand is back, and both this segment along with smart meter also is expected to do well for us? Sharad Taparia: We are initiating some capex in this year, and we are expecting a good growth. But right now, I do not have any specific number on what exactly. We are we are building those numbers now. So, I think that I will be [Showing first 8,000 characters — download PDF for full document]