### **Overview** Permanent Magnets Limited (PML), established in 1960, is a leading Indian provider of electrical components and assemblies with over **65 years of industry experience**. The company has evolved from a niche manufacturer of magnets into a globally recognized solutions partner, delivering high-precision, customized products based on core technologies in **magnetic sensing, current sensing, magnetic assemblies, specialty alloys, and ZAMAK die-casting**. PML serves a diversified set of industries including **automotive, energy metering, renewable energy, aerospace & defense, food & beverage, medical, and telecommunications**. With a strong emphasis on **R&D, innovation, and vertical integration**, PML positions itself not merely as a component supplier but as a **technical enabler and co-engineering partner** for its global clientele. --- ### **Core Business Segments & Technologies** PML organizes its operations around **five core technology platforms**, enabling scalability and customization across industries: 1. **Magnetic Sensing**: - Utilizes Hall-effect sensors integrated with magnetic shields and cores for applications in EVs (battery management systems, motor control units), torque & angle sensors, and safety/automation systems. - Provides **speed sensing solutions**, primarily using Alnico magnets in automotive speedometers. 2. **Current Sensing**: - Offers shunts, Hall effect sensors, and current transformers (CTs) used in EVs, smart meters, renewables, and aerospace systems. - Supplies critical components like **flux concentrators, laminated cores, muMETAL shields, and shunts** for high-accuracy current measurement. 3. **Magnetic Assemblies**: - Supplies functional magnetic solutions for **holding, lifting, and separation**: - *Holding*: Robotics, tool fixation. - *Lifting*: Magnetic lifters, sheet transporters, sweepers in workshops and fabrication units. - *Separation*: Contaminant removal in food, pharmaceuticals, and recycling. 4. **Specialized Alloys**: - Produces high-strength Nickel-Iron, Cobalt, Manganese, and Nickel-based alloys via advanced casting, heat treatment, and metallurgy. - AS9100D:2016 certified; enables entry into **aerospace, defense, and oil & gas** sectors. - Operates at full capacity; new furnace installation planned for Q1 FY26 to scale production. 5. **ZAMAK Die-Casting**: - Uses Zinc-Aluminum-Manganese-Copper (ZAMAK) for **high-volume, precision casting** of small, complex parts for automobiles, LED lighting, and connectors. - Offers superior dimensional accuracy and surface finish over aluminum-based alloys. --- ### **Strategic Growth Initiatives (as of Nov 2025)** #### **1. Quantum Magnetics – Rare Earth Magnet JV** - A **wholly-owned subsidiary** focused on establishing a **domestic Indian supply chain for rare earth (NdFeB) permanent magnets**, reducing reliance on China, which controls ~92% of global production. - **Joint venture with Lorentic Pte Limited**, aiming for fully Indian-sourced raw materials through **Indian Rare Earths Limited (IREL)**. - Targets **INR 3,700 crores in revenue and INR 550 crores EBITDA by FY30**. - Capex for 5,000-tonne capacity: **INR 550–750 crores**, depending on equipment sourcing (Europe/China/Japan). - Commercial scale-up delayed by geopolitical supply chain disruptions, reinforcing domestic production urgency. #### **2. Entry into Relay Business** - Partnership and technology licensing with **REL Developments Limited (UK)** to manufacture **latching relays**, significantly increasing the value per smart meter. - Building a **dedicated relay manufacturing plant**; trials and field testing underway. - **Commercial production expected by Q4 FY26** (mid-FY27), pending certifications. - Positions PML as a **domestic alternative for supply chain localization** in India's smart meter program. #### **3. Expansion in Domestic & New Markets** - Engaging with **major Indian EV OEMs and tier-1 suppliers** to diversify from Western EV markets (US/Europe), where demand has slowed. - Exploring new applications in **UPS systems, consumer electronics (mobile phones), wind energy, and motors**. - Pilot sales in **consumer electronics assemblies** (INR 5 crores FY24) using imported components; localization (block cutting, magnet production) planned for **FY26–FY27**. - Pushing **forward integration** in metering by supplying **complete relay assemblies (shunts + CTs)**. #### **4. Alloys Business: Strategic Diversification** - Fully commissioned in Q4 FY24; now operating at **100% capacity**. - AS9100D:2016 certified, opening access to aerospace and defense. - Expected revenue: **INR 20–30 crores in FY25**, with growth to follow new furnace commissioning. - Revenue model includes virgin material production and high-margin job work on customer-supplied scrap. - Targeting INR 2–5 crore initial sales from new industrial applications by FY27. #### **5. Forward Integration & Module Development** - Transitioning from **components to higher-value modules** (5–6x increase in value). - Focus areas: **Shunts + Hall sensors**, soft magnetic compounds, battery monitoring systems. - Developing **intelligent battery sensors** for EVs to optimize energy use and reliability. - In R&D phase for **motor assemblies**, building on stator/rotor, lamination, and stamping capabilities. --- ### **Market Position & Clientele** - **Global Tier-1 Automotive Supplier**: Preferred vendor to **~50% of global tier-1 automakers**, covering both ICE and EV platforms. - **EV Focus**: ~85–90% of automotive sales linked to electric vehicles (historically export-driven; now expanding in India). - **Energy Metering Leader**: Supplies **top 3 global meter manufacturers**; acts as **sole or dual supplier** for many, indicating deep client integration. - **Diversified SKUs**: Over **350 active SKUs** across segments; serves markets in India, USA, Europe, and Brazil. - **Reliability Edge**: IATF 16949, AS9100D, EMS, OHSAS/ISO 45001 certified; AEC-Q200 qualified lab; proprietary testing (Koerzimat, BH Loop Plotter). --- ### **Manufacturing & Capabilities** - **Current Facilities**: 6 fully equipped plants; **7th under setup** for relay production. - **Total Workforce**: **626 employees**, including 79 engineers—emphasizing technical depth. - **In-house Capabilities**: Design, simulation, prototyping, casting, heat treatment, hot-chamber die-casting, plastic molding, copper winding, assembly, and testing. - **Consolidation Drive**: Merging all units into a **single integrated facility** to improve cost efficiency, operational synergy, and agility. --- ### **Strategic Partnerships & Collaborations** PML has strengthened its technology edge through long-standing global alliances: - **Centro Magneti Permanenti (Italy, 1973)**: Foundation of permanent magnet production. - **Dowa Mining & Sumitomo (Japan, 1983)**: Technology upgrades and modernization. - **magLab AG (Switzerland, later CTS Corp)**: Co-development of sensors, simulation, and magnetic design. - **REL Developments Limited (UK)**: Latching relay licensing and design transfer.