Ador Welding Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Welding: 95.0% • Flares & Process Equipment: 5.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 25.7% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 23.7%
- Latest quarter profit grew 798.7% YoY, showing strong momentum
- Company has delivered good sales growth of 16.7% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.36x)
CONS
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (28.1% of PBT)
- Promoter holding has decreased over last 2 years: -3.2pp
- Equity base is being diluted - shares outstanding up 27.9%
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRAPHITE | 825.00 | 75.67 | 16118.49 | 0.85 | 171.00 | 28.57 | 842.00 | 26.62 | 4.39 | 17.10 |
| ESABINDIA | 5831.70 | 167.36 | 8976.75 | 1.29 | 56.14 | 37.13 | 421.12 | 19.63 | 69.97 | 18.80 |
| ADOR | 1622.05 | 24.86 | 2822.82 | 1.42 | 27.60 | 798.73 | 309.46 | 22.88 | 22.31 | 11.54 |
| DIFFNKG | 452.95 | 30.97 | 1695.22 | 0.33 | 16.68 | 35.97 | 110.11 | 36.49 | 16.27 | 16.90 |
| DENORA | 808.25 | 35.18 | 429.07 | 0.49 | 6.39 | 96.62 | 35.27 | -15.96 | 9.67 | 16.14 |
| PANCARBON | 435.80 | 10.90 | 209.18 | 2.75 | 42.57 | 575.93 | 111.01 | 599.06 | 16.80 | 23.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2022 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 199 | 277 | 261 | 297 | 269 | 269 | 274 | 310 | 252 | 281 | 288 | 319 | 309 | |
| 174 | 242 | 235 | 265 | 242 | 249 | 251 | 279 | 256 | 246 | 253 | 272 | 280 | |
| Operating Profit | 24 | 36 | 27 | 32 | 27 | 20 | 23 | 31 | -4 | 35 | 35 | 47 | 30 |
| OPM % | 12.10% | 12.88% | 10.27% | 10.86% | 10.11% | 7.47% | 8.49% | 10.02% | -1.75% | 12.36% | 12.25% | 14.79% | 9.67% |
| 2 | 4 | 5 | 7 | 5 | -5 | 4 | 4 | 5 | 4 | 6 | 9 | 7 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Depreciation | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before Tax | 22 | 35 | 26 | 34 | 27 | 9 | 21 | 29 | -5 | 34 | 36 | 50 | 37 |
| Tax % | 25.60% | 25.65% | 29.05% | 24.36% | 26.06% | 28.27% | 27.58% | 37.84% | 21.63% | 25.72% | 25.88% | 32.03% | 25.26% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 7 | 15 | 18 | -4 | 25 | 27 | 34 | 28 |
| 12.03 | 19.07 | 13.76 | 18.65 | 14.60 | 4.92 | 8.86 | 10.40 | -2.27 | 14.37 | 15.35 | 19.65 | 15.86 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 408 | 442 | 458 | 513 | 526 | 448 | 661 | 1,074 | 1,123 | 1,140 | 1,198 | |
| 367 | 411 | 423 | 468 | 484 | 426 | 601 | 955 | 1,019 | 1,031 | 1,051 | |
| Operating Profit | 42 | 31 | 35 | 45 | 42 | 22 | 60 | 119 | 104 | 109 | 147 |
| OPM % | 10.20% | 7.03% | 7.62% | 8.85% | 8.03% | 4.88% | 9.14% | 11.09% | 9.23% | 9.52% | 12.28% |
| 3 | 9 | 10 | 10 | 9 | -17 | 14 | 19 | 7 | 30 | 26 | |
| Interest | 2 | 2 | 6 | 11 | 10 | 8 | 6 | 6 | 6 | 4 | 2 |
| Depreciation | 12 | 11 | 10 | 10 | 11 | 11 | 11 | 16 | 18 | 19 | 20 |
| Profit before Tax | 32 | 27 | 28 | 36 | 31 | -14 | 58 | 117 | 87 | 115 | 157 |
| Tax % | 29.12% | 33.62% | 34.48% | 30.91% | 14.44% | 26.17% | 22.42% | 26.17% | 30.64% | 28.71% | 27.67% |
| Net Profit | 22 | 18 | 18 | 25 | 26 | -10 | 45 | 86 | 60 | 82 | 114 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -7.63 | 33.21 | 63.57 | 34.51 | 47.11 | — |
| Dividend Payout % | 30.37% | 38.10% | 36.94% | 36.02% | 33.84% | 0.00% | 37.64% | 29.10% | 57.95% | 48.82% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 17%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 10%
- 5 Years:
- 26%
- 3 Years:
- 22%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 64%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 13%
- 3 Years:
- 17%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 17 | 17 |
| 203 | 221 | 231 | 248 | 234 | 224 | 268 | 456 | 490 | 536 | |
| 0 | 36 | 82 | 65 | 83 | 29 | 2 | 47 | 4 | 4 | |
| Trade Payables | 78 | 73 | 75 | 67 | 73 | 77 | 78 | 85 | 125 | 194 |
| 75 | 71 | 62 | 73 | 54 | 75 | 74 | 181 | 180 | 252 | |
| Total Liabilities | 370 | 415 | 463 | 467 | 457 | 419 | 435 | 781 | 816 | 1,003 |
| 100 | 94 | 95 | 108 | 118 | 117 | 117 | 146 | 186 | 193 | |
| Capital Work in Progress | 1 | 4 | 1 | 1 | 0 | 3 | 7 | 25 | 4 | 3 |
| 12 | 19 | 11 | 12 | 11 | 11 | 20 | 39 | 32 | 47 | |
| 43 | 48 | 54 | 52 | 62 | 62 | 90 | 145 | 127 | 152 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | 193 | 232 | |
| Cash & Bank | 14 | 22 | 17 | 28 | 7 | 18 | 8 | 47 | 67 | 93 |
| 199 | 229 | 286 | 266 | 259 | 207 | 193 | 198 | 207 | 283 | |
| Total Assets | 370 | 415 | 463 | 467 | 457 | 419 | 435 | 781 | 816 | 1,003 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 34 | 10 | -27 | 74 | 24 | 77 | 41 | 58 | 137 | 116 | |
| Cash from Investing | -4 | -12 | 0 | -19 | -22 | -7 | -5 | -44 | -17 | -66 |
| Cash from Financing | -9 | 19 | 32 | -33 | -13 | -61 | -31 | -19 | -94 | -38 |
| 10 | 7 | -4 | 11 | -22 | 12 | -10 | -5 | 26 | 12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - Ador Welding Limited has informed the Exchange about Schedule of meet
2026-08-27 - Ador Welding Limited has informed the Exchange about General Updates
2026-08-13 - Ador Welding Limited has informed the Exchange about change in Management
2026-08-07 - Ador Welding Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-30 - Ador Welding Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-07-30 - Ador Welding Limited has informed the Exchange about change in Management
2026-07-30 - Ador Welding Limited has informed the Exchange regarding Outcome of Board Meeting held on July 30, 2026.
2026-07-24 - Ador Welding Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 23, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-23 - Ador Welding Limited has informed the Exchange about proceedings of the Annual General Meeting
News
Recent coverage and analyst commentary for ADOR
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