A switched reluctance (SR) motor has salient stator and rotor poles. Concentrated windings individually turn around all stator poles, while the rotor pole has no windings or magnets. Therefore, the SR motor has the following features: a simple and robust structure, large thermal resistance, faster rotation, and low-cost construction. To improve the output power and efficiency of rotating machines, investigations into various materials have recently been conducted to replace conventional non-oriented silicon steel such as grain-oriented silicon steel and soft magnetic composites (SMCs). This paper investigates the possibility of utilizing SR motors made of permendur. We estimated the torque-current characteristics, iron-loss characteristics, and the efficiency of an SR motor using the finite element method (FEM). Furthermore, a suitable structure for SR motors made of permendur is proposed.