The problem of stagnation point flow with heat transfer of an electrically conducting fluid impinging normally on a permeable axisymmetric surface in the presence of a uniform transverse magnetic field is analysed. The governing nonlinear differential equations and their associated boundary conditions are reduced to dimensionless form using suitable similarity transformations. Comparison with previously published work shows good agreement. Effects of the injection–suction parameter, magnetic parameter and Prandtl number on the flow and thermal fields are presented. The investigations show that the wall shear stress and heat transfer rate from the surface increase with increased applied magnetic field. An increase in the velocity and thermal boundary layer thicknesses is observed with an increase in the wall injection, while the velocity and thermal boundary layers become thinner when increasing the wall suction and applied magnetic field.