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Ador Welding Ltd.

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adorwelding.comBSE: 517041NSE: ADOR
Market Cap₹ 2,836 Cr.
Current Price
High / Low₹ 1,766 / 848
Stock P/E25.0
Book Value₹ 339
Price to Book2.70
Dividend Yield1.41 %
ROCE21.2 %
ROE15.3 %
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 is almost debt free
  • Company has a healthy return on capital (ROCE) of 20.7%
  • Latest quarter profit grew 890.5% YoY, showing strong momentum
  • Company has delivered good sales growth of 20.5% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.45x)
  • Company has been maintaining a healthy dividend payout of 48.3%

CONS

  • A large part of profit comes from other income (30.3% of PBT)
  • Receivables are growing faster than sales - a possible quality concern
  • 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.GRAPHITE845.0577.5116510.210.83171.0028.57842.0026.624.3917.10
2.ESABINDIA5935.75170.359136.911.2656.1437.13421.1219.6369.9718.80
3.ADOR1629.8524.982836.401.4127.60798.73309.4622.8822.3111.54
4.DIFFNKG440.8030.141649.750.3416.6835.97110.1136.4916.2716.90
5.DENORA803.5534.98426.580.506.3996.6235.27-15.969.6716.14
6.PANCARBON437.1010.93209.812.7542.57575.93111.01599.0616.8023.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
190276260296268268273308251280287318309
174239232263240247249277255245252271279
Operating Profit1636283328212431-435354730
OPM %8.47%13.09%10.63%11.03%10.33%7.70%8.86%10.10%-1.75%12.47%12.27%14.87%9.57%
34576-364455637
Interest1111111111001
Depreciation3444445555555
Profit before Tax1536283428-212330-534364537
Tax %25.27%25.12%27.73%25.82%25.21%24.92%25.88%25.53%23.96%25.26%25.61%25.70%25.19%
Net Profit1127202521-161722-326273427
8.2619.6314.6818.7115.27-11.849.6712.64-1.9914.7215.5719.2715.72

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4414585125264476617771,0671,1171,1351,194
4104234684844266016889461,0111,0271,047
Operating Profit31354542226089121105109147
OPM %7.04%7.61%8.69%7.94%4.84%9.14%11.41%11.33%9.44%9.58%12.31%
910109-1814621-232521
Interest2611108646642
Depreciation1110101111111215181920
Profit before Tax27283530-16587912159111152
Tax %33.38%34.30%31.43%14.80%23.53%22.66%25.05%25.97%25.76%25.60%25.46%
Net Profit18192426-124559894383114
EPS0.000.000.000.00-8.8233.1043.6065.7024.9847.59—
Dividend Payout %37.53%36.64%37.06%34.50%0.00%37.76%40.14%28.16%80.07%48.33%—

COMPOUNDED SALES GROWTH

10 Years:
11%
5 Years:
20%
3 Years:
13%

COMPOUNDED PROFIT GROWTH

10 Years:
14%
5 Years:
—
3 Years:
12%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
—
1 Year:
69%

RETURN ON EQUITY

10 Years:
11%
5 Years:
17%
3 Years:
15%
Last Year:
15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital14141414141414141717
224234250235224268310481498546
36816583292174423
Trade Payables7375677377787384124193
71627354757734186174241
Total Liabilities4174664684594194394478088151,000
9293106116116110113145186193
Capital Work in Progress41103722543
24151614122020563247
485452626290116145126152
0000000179192232
Cash & Bank22172861887476792
229286266259207204189211208281
Total Assets4174664684594194394478088151,000

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
10-27732477413258139117
Cash from Investing-110-19-21-7-5-10-42-19-67
Cash from Financing1933-33-13-61-31-5-19-93-38
7-411-2212-10-1-42612

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 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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