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Ador Welding Ltd.

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adorwelding.comBSE: 517041NSE: ADOR
Market Cap₹ 2,823 Cr.
Current Price
High / Low₹ 1,766 / 848
Stock P/E24.9
Book Value₹ 334
Price to Book2.75
Dividend Yield1.42 %
ROCE22.3 %
ROE15.5 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Welding: 95.0% • Flares & Process Equipment: 5.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

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

Capital GoodsCapital GoodsElectrodes & Welding Equipment
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.GRAPHITE825.0075.6716118.490.85171.0028.57842.0026.624.3917.10
2.ESABINDIA5831.70167.368976.751.2956.1437.13421.1219.6369.9718.80
3.ADOR1622.0524.862822.821.4227.60798.73309.4622.8822.3111.54
4.DIFFNKG452.9530.971695.220.3316.6835.97110.1136.4916.2716.90
5.DENORA808.2535.18429.070.496.3996.6235.27-15.969.6716.14
6.PANCARBON435.8010.90209.182.7542.57575.93111.01599.0616.8023.34
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
199277261297269269274310252281288319309
174242235265242249251279256246253272280
Operating Profit2436273227202331-435354730
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%
24575-54454697
Interest1111111111001
Depreciation3444445555555
Profit before Tax223526342792129-534365037
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 Profit0000071518-425273428
12.0319.0713.7618.6514.604.928.8610.40-2.2714.3715.3519.6515.86

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026TTM
4084424585135264486611,0741,1231,1401,198
3674114234684844266019551,0191,0311,051
Operating Profit42313545422260119104109147
OPM %10.20%7.03%7.62%8.85%8.03%4.88%9.14%11.09%9.23%9.52%12.28%
3910109-17141973026
Interest2261110866642
Depreciation1211101011111116181920
Profit before Tax3227283631-145811787115157
Tax %29.12%33.62%34.48%30.91%14.44%26.17%22.42%26.17%30.64%28.71%27.67%
Net Profit2218182526-1045866082114
EPS0.000.000.000.000.00-7.6333.2163.5734.5147.11—
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

Corporate actions

2026

Jul 16

₹ 2.30

Final Dividend & Audited Results

2025

Jul 8

₹ 2

Rs.20.0000 per share(200%)Final Dividend

2024

May 15

₹ 1.85

Rs.18.5000 per share(185%)Interim Dividend

2023

Aug 2

₹ 1.75

Rs.17.5000 per share(175%)Final Dividend

2022

Jul 19

₹ 1.25

Rs.12.5000 per share(125%)Final Dividend

2020

Feb 27

₹ 0.65

Rs.6.5000 per share(65%)Interim Dividend

2018

Aug 2

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2017

Aug 23

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2016

Jul 21

₹ 0.50

Rs.5.0000 per share(50%)Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
Equity Capital14141414141414141717
203221231248234224268456490536
0368265832924744
Trade Payables7873756773777885125194
75716273547574181180252
Total Liabilities3704154634674574194357818161,003
1009495108118117117146186193
Capital Work in Progress14110372543
12191112111120393247
43485452626290145127152
0000000180193232
Cash & Bank142217287188476793
199229286266259207193198207283
Total Assets3704154634674574194357818161,003

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026
3410-277424774158137116
Cash from Investing-4-120-19-22-7-5-44-17-66
Cash from Financing-91932-33-13-61-31-19-94-38
107-411-2212-10-52612

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.9456.9453.2453.7053.7053.7253.7353.7653.76
0.060.050.060.030.070.090.140.371.05
10.2112.0010.3111.0011.8512.4412.5612.6310.47
Government0.000.000.000.000.000.000.000.000.00
32.7931.0136.3935.2634.3733.7433.5633.2434.71

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-27
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Ador Welding Limited has informed the Exchange about Schedule of meet

2026-08-27
General Updates

2026-08-27 - Ador Welding Limited has informed the Exchange about General Updates

2026-08-13
Change in Management

2026-08-13 - Ador Welding Limited has informed the Exchange about change in Management

2026-08-07
Copy of Newspaper Publication

2026-08-07 - Ador Welding Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-30
Resignation of Director/KMP/SMP

2026-07-30 - Ador Welding Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-07-30
Change in Management

2026-07-30 - Ador Welding Limited has informed the Exchange about change in Management

2026-07-30
Outcome of Board Meeting

2026-07-30 - Ador Welding Limited has informed the Exchange regarding Outcome of Board Meeting held on July 30, 2026.

2026-07-24
Shareholders meeting

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
General Updates

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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