Ador Welding Ltd.

•

₹ 1,617.6-3.94%

2026-08-21

adorwelding.comBSE: 517041NSE: ADOR

Market Cap₹ 2,840 Cr.

Current Price₹ 1,684

High / Low₹ 1,650 / 848

Stock P/E25.0

Book Value₹ 334

Price to Book2.75

Dividend Yield1.41 %

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%

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

EDIT COLUMNS

Capital GoodsCapital GoodsElectrodes & Welding Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	GRAPHITE	718.20	65.88	14031.88	0.97	171.00	28.57	842.00	26.62	4.39	17.10
2.	HEG	707.65	38.05	13656.05	0.48	122.34	16.70	680.79	10.35	8.34	26.60
3.	ESABINDIA	6050.15	173.63	9313.01	1.24	56.14	37.13	421.12	19.63	69.97	18.80
4.	ADOR	1631.65	25.01	2839.53	1.41	27.60	798.73	309.46	22.88	22.31	11.54
5.	DIFFNKG	406.30	27.78	1520.63	0.37	16.68	35.97	110.11	36.49	16.27	16.90
6.	DENORA	844.95	0.00	448.55	0.47	6.39	96.62	35.27	-15.96	2.42	16.14
7.	PANCARBON	433.30	0.00	207.98	2.77	42.57	575.93	111.01	599.06	16.80	23.34

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	2	4	5	7	5	5	4	5	5	4	12	5	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
	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	19	14	19	15	5	9	10	-2	14	15	20	2
Equity Capital	14	14	14	14	14	14	17	17	17	17	17	17	17
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	14	14	14	14	14	14	17	17	17	17	17	17	17
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Dec 2022

: 199
: 174
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 3
: 22
Tax %: 25.60%
Net Profit: 0
: 12
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 277
: 242
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 4
: 35
Tax %: 25.65%
Net Profit: 0
: 19
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 261
: 235
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 4
: 26
Tax %: 29.05%
Net Profit: 0
: 14
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 297
: 265
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 4
: 34
Tax %: 24.36%
Net Profit: 0
: 19
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 269
: 242
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 4
: 27
Tax %: 26.06%
Net Profit: 0
: 15
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 269
: 249
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 4
: 9
Tax %: 28.27%
Net Profit: 7
: 5
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 274
: 251
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 5
: 21
Tax %: 27.58%
Net Profit: 15
: 9
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 310
: 279
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 5
: 29
Tax %: 37.84%
Net Profit: 18
: 10
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 252
: 256
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 5
: -5
Tax %: 21.63%
Net Profit: -4
: -2
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 281
: 246
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 5
: 34
Tax %: 25.72%
Net Profit: 25
: 14
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 288
: 253
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 0
Depreciation: 5
: 36
Tax %: 25.88%
Net Profit: 27
: 15
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 319
: 272
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 5
: 50
Tax %: 32.03%
Net Profit: 34
: 20
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 309
: 280
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 5
: 37
Tax %: 25.26%
Net Profit: 28
: 2
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

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	47	40	44	56	51	29	66	138	122	141	—
OPM %	11	9	10	11	10	7	10	13	11	12	—
Other Income	5	9	10	10	9	7	5	19	19	32	29
Interest	2	2	6	11	10	8	6	6	6	4	2
Depreciation	12	11	10	10	11	11	11	16	18	19	20
	32	27	28	36	31	-14	58	117	87	115	157
Tax %	29	34	34	31	14	26	22	26	31	29	28
Net Profit	22	18	18	25	26	-10	45	86	60	82	114
EPS	0	0	0	0	0	-8	33	64	35	47	—
Dividend Payout %	30	38	37	36	34	0	38	29	58	49	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	16	13	14	18	19	-8	33	64	35	47	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	16	13	14	18	19	-8	33	64	35	47	—

Mar 2016

: 408
: 367
Operating Profit: 47
OPM %: 11
Other Income: 5
Interest: 2
Depreciation: 12
: 32
Tax %: 29
Net Profit: 22
EPS: 0
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16

Mar 2017

: 442
: 411
Operating Profit: 40
OPM %: 9
Other Income: 9
Interest: 2
Depreciation: 11
: 27
Tax %: 34
Net Profit: 18
EPS: 0
Dividend Payout %: 38
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2018

: 458
: 423
Operating Profit: 44
OPM %: 10
Other Income: 10
Interest: 6
Depreciation: 10
: 28
Tax %: 34
Net Profit: 18
EPS: 0
Dividend Payout %: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2019

: 513
: 468
Operating Profit: 56
OPM %: 11
Other Income: 10
Interest: 11
Depreciation: 10
: 36
Tax %: 31
Net Profit: 25
EPS: 0
Dividend Payout %: 36
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 18

Mar 2020

: 526
: 484
Operating Profit: 51
OPM %: 10
Other Income: 9
Interest: 10
Depreciation: 11
: 31
Tax %: 14
Net Profit: 26
EPS: 0
Dividend Payout %: 34
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19

Mar 2021

: 448
: 426
Operating Profit: 29
OPM %: 7
Other Income: 7
Interest: 8
Depreciation: 11
: -14
Tax %: 26
Net Profit: -10
EPS: -8
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -8

Mar 2022

: 661
: 601
Operating Profit: 66
OPM %: 10
Other Income: 5
Interest: 6
Depreciation: 11
: 58
Tax %: 22
Net Profit: 45
EPS: 33
Dividend Payout %: 38
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33

Mar 2024

: 1,074
: 955
Operating Profit: 138
OPM %: 13
Other Income: 19
Interest: 6
Depreciation: 16
: 117
Tax %: 26
Net Profit: 86
EPS: 64
Dividend Payout %: 29
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 64
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 64

Mar 2025

: 1,123
: 1,019
Operating Profit: 122
OPM %: 11
Other Income: 19
Interest: 6
Depreciation: 18
: 87
Tax %: 31
Net Profit: 60
EPS: 35
Dividend Payout %: 58
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 35
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 35

Mar 2026

: 1,140
: 1,031
Operating Profit: 141
OPM %: 12
Other Income: 32
Interest: 4
Depreciation: 19
: 115
Tax %: 29
Net Profit: 82
EPS: 47
Dividend Payout %: 49
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 47
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 47

TTM

: 1,198
: 1,051
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 2
Depreciation: 20
: 157
Tax %: 28
Net Profit: 114
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 82%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	14	14	14	14	14	14	14	14	17	17
	203	221	231	248	234	224	268	456	490	536
	0	36	81	65	82	28	0	42	0	0
Trade Payables	78	73	75	67	73	77	78	85	125	194
	75	72	62	73	55	76	76	186	184	256
Total Liabilities	370	415	463	467	457	419	435	781	816	1,003
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	36	81	65	82	28	1	43	1	1
Net Working Capital	100	109	121	125	91	80	126	247	270	289
Contingent Liabilities	61	46	69	66	63	45	52	46	76	36
Book Value per Share	159.35	172.69	180.16	192.21	181.91	174.66	207.42	345.01	291.43	318.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	0	36	81	65	82	28	1	43	1	1
Net Working Capital	100	109	121	125	91	80	126	247	270	289
Contingent Liabilities	61	46	69	66	63	45	52	46	76	36
Book Value per Share	159.35	172.69	180.16	192.21	181.91	174.66	207.42	345.01	291.43	318.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2016

Equity Capital: 14
: 203
: 0
Trade Payables: 78
: 75
Total Liabilities: 370
: 100
Capital Work in Progress: 1
: 12
: 43
: 0
Cash & Bank: 14
: 199
Total Assets: 370
Total Debt: 0
Net Working Capital: 100
Contingent Liabilities: 61
Book Value per Share: 159.35
Face Value: 10.00
Total Debt: 0
Net Working Capital: 100
Contingent Liabilities: 61
Book Value per Share: 159.35
Face Value: 10.00

Mar 2017

Equity Capital: 14
: 221
: 36
Trade Payables: 73
: 72
Total Liabilities: 415
: 94
Capital Work in Progress: 4
: 19
: 48
: 0
Cash & Bank: 22
: 229
Total Assets: 415
Total Debt: 36
Net Working Capital: 109
Contingent Liabilities: 46
Book Value per Share: 172.69
Face Value: 10.00
Total Debt: 36
Net Working Capital: 109
Contingent Liabilities: 46
Book Value per Share: 172.69
Face Value: 10.00

Mar 2018

Equity Capital: 14
: 231
: 81
Trade Payables: 75
: 62
Total Liabilities: 463
: 95
Capital Work in Progress: 1
: 11
: 54
: 0
Cash & Bank: 17
: 286
Total Assets: 463
Total Debt: 81
Net Working Capital: 121
Contingent Liabilities: 69
Book Value per Share: 180.16
Face Value: 10.00
Total Debt: 81
Net Working Capital: 121
Contingent Liabilities: 69
Book Value per Share: 180.16
Face Value: 10.00

Mar 2019

Equity Capital: 14
: 248
: 65
Trade Payables: 67
: 73
Total Liabilities: 467
: 108
Capital Work in Progress: 1
: 12
: 52
: 0
Cash & Bank: 28
: 266
Total Assets: 467
Total Debt: 65
Net Working Capital: 125
Contingent Liabilities: 66
Book Value per Share: 192.21
Face Value: 10.00
Total Debt: 65
Net Working Capital: 125
Contingent Liabilities: 66
Book Value per Share: 192.21
Face Value: 10.00

Mar 2020

Equity Capital: 14
: 234
: 82
Trade Payables: 73
: 55
Total Liabilities: 457
: 118
Capital Work in Progress: 0
: 11
: 62
: 0
Cash & Bank: 7
: 259
Total Assets: 457
Total Debt: 82
Net Working Capital: 91
Contingent Liabilities: 63
Book Value per Share: 181.91
Face Value: 10.00
Total Debt: 82
Net Working Capital: 91
Contingent Liabilities: 63
Book Value per Share: 181.91
Face Value: 10.00

Mar 2021

Equity Capital: 14
: 224
: 28
Trade Payables: 77
: 76
Total Liabilities: 419
: 117
Capital Work in Progress: 3
: 11
: 62
: 0
Cash & Bank: 18
: 207
Total Assets: 419
Total Debt: 28
Net Working Capital: 80
Contingent Liabilities: 45
Book Value per Share: 174.66
Face Value: 10.00
Total Debt: 28
Net Working Capital: 80
Contingent Liabilities: 45
Book Value per Share: 174.66
Face Value: 10.00

Mar 2022

Equity Capital: 14
: 268
: 0
Trade Payables: 78
: 76
Total Liabilities: 435
: 117
Capital Work in Progress: 7
: 20
: 90
: 0
Cash & Bank: 8
: 193
Total Assets: 435
Total Debt: 1
Net Working Capital: 126
Contingent Liabilities: 52
Book Value per Share: 207.42
Face Value: 10.00
Total Debt: 1
Net Working Capital: 126
Contingent Liabilities: 52
Book Value per Share: 207.42
Face Value: 10.00

Mar 2024

Equity Capital: 14
: 456
: 42
Trade Payables: 85
: 186
Total Liabilities: 781
: 146
Capital Work in Progress: 25
: 39
: 145
: 180
Cash & Bank: 47
: 198
Total Assets: 781
Total Debt: 43
Net Working Capital: 247
Contingent Liabilities: 46
Book Value per Share: 345.01
Face Value: 10.00
Total Debt: 43
Net Working Capital: 247
Contingent Liabilities: 46
Book Value per Share: 345.01
Face Value: 10.00

Mar 2025

Equity Capital: 17
: 490
: 0
Trade Payables: 125
: 184
Total Liabilities: 816
: 186
Capital Work in Progress: 4
: 32
: 127
: 193
Cash & Bank: 67
: 207
Total Assets: 816
Total Debt: 1
Net Working Capital: 270
Contingent Liabilities: 76
Book Value per Share: 291.43
Face Value: 10.00
Total Debt: 1
Net Working Capital: 270
Contingent Liabilities: 76
Book Value per Share: 291.43
Face Value: 10.00

Mar 2026

Equity Capital: 17
: 536
: 0
Trade Payables: 194
: 256
Total Liabilities: 1,003
: 193
Capital Work in Progress: 3
: 47
: 152
: 232
Cash & Bank: 93
: 283
Total Assets: 1,003
Total Debt: 1
Net Working Capital: 289
Contingent Liabilities: 36
Book Value per Share: 318.22
Face Value: 10.00
Total Debt: 1
Net Working Capital: 289
Contingent Liabilities: 36
Book Value per Share: 318.22
Face Value: 10.00

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
	23	0	-37	64	14	79	26	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
Free Cash Flow	12	-0	-44	44	-5	79	16	-28	111	96
OCF / Net Profit	1.01	0.01	-2.00	2.59	0.52	-7.61	0.58	0.67	2.28	1.41
Cumulative 5-Year FCF	0	0	0	0	6	73	90	106	173	274
OCF / Net Profit	1.01	0.01	-2.00	2.59	0.52	-7.61	0.58	0.67	2.28	1.41
Cumulative 5-Year FCF	0	0	0	0	6	73	90	106	173	274

Mar 2016

: 23
Cash from Investing: -4
Cash from Financing: -9
: 10
Free Cash Flow: 12
OCF / Net Profit: 1.01
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.01
Cumulative 5-Year FCF: 0

Mar 2017

: 0
Cash from Investing: -12
Cash from Financing: 19
: 7
Free Cash Flow: -0
OCF / Net Profit: 0.01
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.01
Cumulative 5-Year FCF: 0

Mar 2018

: -37
Cash from Investing: 0
Cash from Financing: 32
: -4
Free Cash Flow: -44
OCF / Net Profit: -2.00
Cumulative 5-Year FCF: 0
OCF / Net Profit: -2.00
Cumulative 5-Year FCF: 0

Mar 2019

: 64
Cash from Investing: -19
Cash from Financing: -33
: 11
Free Cash Flow: 44
OCF / Net Profit: 2.59
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.59
Cumulative 5-Year FCF: 0

Mar 2020

: 14
Cash from Investing: -22
Cash from Financing: -13
: -22
Free Cash Flow: -5
OCF / Net Profit: 0.52
Cumulative 5-Year FCF: 6
OCF / Net Profit: 0.52
Cumulative 5-Year FCF: 6

Mar 2021

: 79
Cash from Investing: -7
Cash from Financing: -61
: 12
Free Cash Flow: 79
OCF / Net Profit: -7.61
Cumulative 5-Year FCF: 73
OCF / Net Profit: -7.61
Cumulative 5-Year FCF: 73

Mar 2022

: 26
Cash from Investing: -5
Cash from Financing: -31
: -10
Free Cash Flow: 16
OCF / Net Profit: 0.58
Cumulative 5-Year FCF: 90
OCF / Net Profit: 0.58
Cumulative 5-Year FCF: 90

Mar 2024

: 58
Cash from Investing: -44
Cash from Financing: -19
: -5
Free Cash Flow: -28
OCF / Net Profit: 0.67
Cumulative 5-Year FCF: 106
OCF / Net Profit: 0.67
Cumulative 5-Year FCF: 106

Mar 2025

: 137
Cash from Investing: -17
Cash from Financing: -94
: 26
Free Cash Flow: 111
OCF / Net Profit: 2.28
Cumulative 5-Year FCF: 173
OCF / Net Profit: 2.28
Cumulative 5-Year FCF: 173

Mar 2026

: 116
Cash from Investing: -66
Cash from Financing: -38
: 12
Free Cash Flow: 96
OCF / Net Profit: 1.41
Cumulative 5-Year FCF: 274
OCF / Net Profit: 1.41
Cumulative 5-Year FCF: 274

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	16.46	13.12	13.54	18.04	19.21	-7.63	33.21	63.57	34.51	47.11
Book Value (₹)	159.35	172.69	180.16	192.21	181.91	174.66	207.42	345.01	291.43	318.22
Dividend per Share (₹)	5.00	5.00	5.00	6.50	6.50	0.00	12.50	18.50	20.00	23.00
Cash EPS (₹)	25.13	21.47	21.01	25.16	27.11	0.58	41.22	75.21	44.98	58.30
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	10.40%	8.37%	9.56%	10.87%	9.75%	6.53%	9.97%	11.06%	9.20%	9.49%
Net Margin %	4.96%	3.71%	3.96%	4.78%	4.96%	-2.32%	6.83%	8.03%	5.34%	7.17%
ROE %	10.68%	7.91%	7.67%	9.69%	10.27%	-4.28%	17.38%	23.02%	12.30%	15.46%
ROCE %	15.80%	11.89%	11.50%	14.12%	12.37%	-1.98%	23.35%	30.71%	18.11%	22.31%
	6.76%	4.55%	4.19%	5.28%	5.65%	-2.37%	10.57%	14.21%	7.52%	9.01%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	82	74	66	63	74	96	55	46	60	68
Inventory Days	35	34	40	37	39	51	42	40	44	44
Payable Days	81	88	83	71	69	85	60	43	53	82
	36	20	23	29	45	62	37	43	52	30
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.15x	0.33x	0.25x	0.33x	0.12x	0.00x	0.09x	0.00x	0.00x
Interest Coverage (x)	20.87x	13.93x	5.52x	4.36x	4.04x	-0.72x	11.04x	22.14x	14.99x	32.77x
	1.91x	1.82x	1.70x	1.80x	1.50x	1.55x	2.06x	2.27x	2.56x	2.01x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	5.32%	8.34%	3.61%	11.99%	2.55%	-14.95%	47.76%	62.31%	4.57%	1.54%
Operating Profit Growth %	40.86%	-14.07%	10.34%	25.35%	-7.98%	-43.02%	125.48%	110.03%	-11.62%	15.08%
Net Profit Growth %	-29.72%	-20.28%	3.14%	33.30%	6.44%	-139.74%	535.07%	91.45%	-30.55%	36.52%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	91.45%	-45.71%	36.52%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	21.56x	24.26x	18.54x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.97x	2.87x	2.75x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.35%	2.39%	2.63%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	13.43x	11.37x	10.14x

Mar 2016

EPS (₹): 16.46
Book Value (₹): 159.35
Dividend per Share (₹): 5.00
Cash EPS (₹): 25.13
Operating Margin %: 10.40%
Net Margin %: 4.96%
ROE %: 10.68%
ROCE %: 15.80%
: 6.76%
Debtor Days: 82
Inventory Days: 35
Payable Days: 81
: 36
Debt to Equity (x): 0.00x
Interest Coverage (x): 20.87x
: 1.91x
Revenue Growth %: 5.32%
Operating Profit Growth %: 40.86%
Net Profit Growth %: -29.72%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 13.12
Book Value (₹): 172.69
Dividend per Share (₹): 5.00
Cash EPS (₹): 21.47
Operating Margin %: 8.37%
Net Margin %: 3.71%
ROE %: 7.91%
ROCE %: 11.89%
: 4.55%
Debtor Days: 74
Inventory Days: 34
Payable Days: 88
: 20
Debt to Equity (x): 0.15x
Interest Coverage (x): 13.93x
: 1.82x
Revenue Growth %: 8.34%
Operating Profit Growth %: -14.07%
Net Profit Growth %: -20.28%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 13.54
Book Value (₹): 180.16
Dividend per Share (₹): 5.00
Cash EPS (₹): 21.01
Operating Margin %: 9.56%
Net Margin %: 3.96%
ROE %: 7.67%
ROCE %: 11.50%
: 4.19%
Debtor Days: 66
Inventory Days: 40
Payable Days: 83
: 23
Debt to Equity (x): 0.33x
Interest Coverage (x): 5.52x
: 1.70x
Revenue Growth %: 3.61%
Operating Profit Growth %: 10.34%
Net Profit Growth %: 3.14%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 18.04
Book Value (₹): 192.21
Dividend per Share (₹): 6.50
Cash EPS (₹): 25.16
Operating Margin %: 10.87%
Net Margin %: 4.78%
ROE %: 9.69%
ROCE %: 14.12%
: 5.28%
Debtor Days: 63
Inventory Days: 37
Payable Days: 71
: 29
Debt to Equity (x): 0.25x
Interest Coverage (x): 4.36x
: 1.80x
Revenue Growth %: 11.99%
Operating Profit Growth %: 25.35%
Net Profit Growth %: 33.30%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 19.21
Book Value (₹): 181.91
Dividend per Share (₹): 6.50
Cash EPS (₹): 27.11
Operating Margin %: 9.75%
Net Margin %: 4.96%
ROE %: 10.27%
ROCE %: 12.37%
: 5.65%
Debtor Days: 74
Inventory Days: 39
Payable Days: 69
: 45
Debt to Equity (x): 0.33x
Interest Coverage (x): 4.04x
: 1.50x
Revenue Growth %: 2.55%
Operating Profit Growth %: -7.98%
Net Profit Growth %: 6.44%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): -7.63
Book Value (₹): 174.66
Dividend per Share (₹): 0.00
Cash EPS (₹): 0.58
Operating Margin %: 6.53%
Net Margin %: -2.32%
ROE %: -4.28%
ROCE %: -1.98%
: -2.37%
Debtor Days: 96
Inventory Days: 51
Payable Days: 85
: 62
Debt to Equity (x): 0.12x
Interest Coverage (x): -0.72x
: 1.55x
Revenue Growth %: -14.95%
Operating Profit Growth %: -43.02%
Net Profit Growth %: -139.74%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 33.21
Book Value (₹): 207.42
Dividend per Share (₹): 12.50
Cash EPS (₹): 41.22
Operating Margin %: 9.97%
Net Margin %: 6.83%
ROE %: 17.38%
ROCE %: 23.35%
: 10.57%
Debtor Days: 55
Inventory Days: 42
Payable Days: 60
: 37
Debt to Equity (x): 0.00x
Interest Coverage (x): 11.04x
: 2.06x
Revenue Growth %: 47.76%
Operating Profit Growth %: 125.48%
Net Profit Growth %: 535.07%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 63.57
Book Value (₹): 345.01
Dividend per Share (₹): 18.50
Cash EPS (₹): 75.21
Operating Margin %: 11.06%
Net Margin %: 8.03%
ROE %: 23.02%
ROCE %: 30.71%
: 14.21%
Debtor Days: 46
Inventory Days: 40
Payable Days: 43
: 43
Debt to Equity (x): 0.09x
Interest Coverage (x): 22.14x
: 2.27x
Revenue Growth %: 62.31%
Operating Profit Growth %: 110.03%
Net Profit Growth %: 91.45%
: 91.45%
P/E (x): 21.56x
P/B (x): 3.97x
Dividend Yield %: 1.35%
: 13.43x

Mar 2025

EPS (₹): 34.51
Book Value (₹): 291.43
Dividend per Share (₹): 20.00
Cash EPS (₹): 44.98
Operating Margin %: 9.20%
Net Margin %: 5.34%
ROE %: 12.30%
ROCE %: 18.11%
: 7.52%
Debtor Days: 60
Inventory Days: 44
Payable Days: 53
: 52
Debt to Equity (x): 0.00x
Interest Coverage (x): 14.99x
: 2.56x
Revenue Growth %: 4.57%
Operating Profit Growth %: -11.62%
Net Profit Growth %: -30.55%
: -45.71%
P/E (x): 24.26x
P/B (x): 2.87x
Dividend Yield %: 2.39%
: 11.37x

Mar 2026

EPS (₹): 47.11
Book Value (₹): 318.22
Dividend per Share (₹): 23.00
Cash EPS (₹): 58.30
Operating Margin %: 9.49%
Net Margin %: 7.17%
ROE %: 15.46%
ROCE %: 22.31%
: 9.01%
Debtor Days: 68
Inventory Days: 44
Payable Days: 82
: 30
Debt to Equity (x): 0.00x
Interest Coverage (x): 32.77x
: 2.01x
Revenue Growth %: 1.54%
Operating Profit Growth %: 15.08%
Net Profit Growth %: 36.52%
: 36.52%
P/E (x): 18.54x
P/B (x): 2.75x
Dividend Yield %: 2.63%
: 10.14x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.94	56.94	53.24	53.70	53.70	53.72	53.73	53.76	53.76
	0.06	0.05	0.06	0.03	0.07	0.09	0.14	0.37	1.05
	10.21	12.00	10.31	11.00	11.85	12.44	12.56	12.63	10.47
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.79	31.01	36.39	35.26	34.37	33.74	33.56	33.24	34.71

Jun 2024

: 56.94
: 0.06
: 10.21
Government: 0.00
: 32.79

Sep 2024

: 56.94
: 0.05
: 12.00
Government: 0.00
: 31.01

Dec 2024

: 53.24
: 0.06
: 10.31
Government: 0.00
: 36.39

Mar 2025

: 53.70
: 0.03
: 11.00
Government: 0.00
: 35.26

Jun 2025

: 53.70
: 0.07
: 11.85
Government: 0.00
: 34.37

Sep 2025

: 53.72
: 0.09
: 12.44
Government: 0.00
: 33.74

Dec 2025

: 53.73
: 0.14
: 12.56
Government: 0.00
: 33.56

Mar 2026

: 53.76
: 0.37
: 12.63
Government: 0.00
: 33.24

Jun 2026

: 53.76
: 1.05
: 10.47
Government: 0.00
: 34.71

Documents

Announcements

Change in Management
2026-08-13 - Ador Welding Limited has informed the Exchange about change in Management
Copy of Newspaper Publication
2026-08-07 - Ador Welding Limited has informed the Exchange about Copy of Newspaper Publication

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Jul 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Oct 2025
Transcript PPTREC