A modified Kondorsky model of the magnetization reversal processes based on the mechanism of domain-wall movement delay is described, which takes the magnetostatic interaction between grains into account. The angular dependences of the coercive force in Nd–Fe–B permanent magnets are estimated based on the Stoner–Wohlfarth and Kondorsky models, as well as on a modified Kondorsky model. The results demonstrate that the proposed model better describes the angular dependences of the coercive force in the magnets under study.