The impact of granular microstructure in permanet magnets on eddy current losses is investigated. A numerical homogenization procedure for electrical conductivity is defined. Then, an approximated simple analytical model for the homogenized conductivity able to capture the main features of the geometrical and material dependences is derived. Finally eddy current losses analytical calculations are given, and the two asymptotic expressions for losses in the stationary conduction limit and advanced skin effect limit are derived and discussed.