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/E0.0

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%

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

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

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	190	276	260	296	268	268	273	308	251	280	287	318	309
	174	239	232	263	240	247	249	277	255	245	252	271	279
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	3	4	5	7	6	5	4	5	5	5	12	6	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
	15	36	28	34	28	-21	23	30	-5	34	36	45	37
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 Profit	11	27	20	25	21	-16	17	22	-3	26	27	34	27
	8	20	15	19	15	-12	10	13	-2	15	16	19	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%

Jun 2023

: 190
: 174
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 1
Depreciation: 3
: 15
Tax %: 25.27%
Net Profit: 11
: 8
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 276
: 239
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 4
: 36
Tax %: 25.12%
Net Profit: 27
: 20
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 260
: 232
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 4
: 28
Tax %: 27.73%
Net Profit: 20
: 15
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 296
: 263
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 4
: 34
Tax %: 25.82%
Net Profit: 25
: 19
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 268
: 240
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 1
Depreciation: 4
: 28
Tax %: 25.21%
Net Profit: 21
: 15
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 268
: 247
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 4
: -21
Tax %: 24.92%
Net Profit: -16
: -12
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 14
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 273
: 249
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 5
: 23
Tax %: 25.88%
Net Profit: 17
: 10
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 308
: 277
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 5
: 30
Tax %: 25.53%
Net Profit: 22
: 13
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 251
: 255
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 5
: -5
Tax %: 23.96%
Net Profit: -3
: -2
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 280
: 245
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 5
: 34
Tax %: 25.26%
Net Profit: 26
: 15
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 287
: 252
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 0
Depreciation: 5
: 36
Tax %: 25.61%
Net Profit: 27
: 16
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 318
: 271
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 0
Depreciation: 5
: 45
Tax %: 25.70%
Net Profit: 34
: 19
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 309
: 279
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 5
: 37
Tax %: 25.19%
Net Profit: 27
: 2
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	441	458	512	526	447	661	777	1,067	1,117	1,135	1,194
	410	423	468	484	426	601	688	946	1,011	1,027	1,047
Operating Profit	40	45	55	51	29	66	95	142	126	143	—
OPM %	9	10	11	10	6	10	12	13	11	13	—
Other Income	9	10	10	9	7	5	7	21	20	34	30
Interest	2	6	11	10	8	6	4	6	6	4	2
Depreciation	11	10	10	11	11	11	12	15	18	19	20
	27	28	35	30	-16	58	79	121	59	111	152
Tax %	33	34	31	15	24	23	25	26	26	26	25
Net Profit	18	19	24	26	-12	45	59	89	43	83	114
EPS	0	0	0	0	-9	33	44	66	25	48	—
Dividend Payout %	38	37	37	35	0	38	40	28	80	48	—
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	13	14	18	19	-9	33	44	66	25	48	—
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	13	14	18	19	-9	33	44	66	25	48	—

Mar 2017

: 441
: 410
Operating Profit: 40
OPM %: 9
Other Income: 9
Interest: 2
Depreciation: 11
: 27
Tax %: 33
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: 45
OPM %: 10
Other Income: 10
Interest: 6
Depreciation: 10
: 28
Tax %: 34
Net Profit: 19
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

: 512
: 468
Operating Profit: 55
OPM %: 11
Other Income: 10
Interest: 11
Depreciation: 10
: 35
Tax %: 31
Net Profit: 24
EPS: 0
Dividend Payout %: 37
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
: 30
Tax %: 15
Net Profit: 26
EPS: 0
Dividend Payout %: 35
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19

Mar 2021

: 447
: 426
Operating Profit: 29
OPM %: 6
Other Income: 7
Interest: 8
Depreciation: 11
: -16
Tax %: 24
Net Profit: -12
EPS: -9
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -9

Mar 2022

: 661
: 601
Operating Profit: 66
OPM %: 10
Other Income: 5
Interest: 6
Depreciation: 11
: 58
Tax %: 23
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 2023

: 777
: 688
Operating Profit: 95
OPM %: 12
Other Income: 7
Interest: 4
Depreciation: 12
: 79
Tax %: 25
Net Profit: 59
EPS: 44
Dividend Payout %: 40
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 44
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 44

Mar 2024

: 1,067
: 946
Operating Profit: 142
OPM %: 13
Other Income: 21
Interest: 6
Depreciation: 15
: 121
Tax %: 26
Net Profit: 89
EPS: 66
Dividend Payout %: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 66
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 66

Mar 2025

: 1,117
: 1,011
Operating Profit: 126
OPM %: 11
Other Income: 20
Interest: 6
Depreciation: 18
: 59
Tax %: 26
Net Profit: 43
EPS: 25
Dividend Payout %: 80
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25

Mar 2026

: 1,135
: 1,027
Operating Profit: 143
OPM %: 13
Other Income: 34
Interest: 4
Depreciation: 19
: 111
Tax %: 26
Net Profit: 83
EPS: 48
Dividend Payout %: 48
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 48
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 48

TTM

: 1,194
: 1,047
Operating Profit: —
OPM %: —
Other Income: 30
Interest: 2
Depreciation: 20
: 152
Tax %: 25
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:: 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:: 82%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	14	14	14	14	14	14	14	14	17	17
	224	234	250	235	224	268	310	481	498	546
	35	81	65	82	28	0	15	42	0	0
Trade Payables	73	75	67	73	77	78	73	84	124	193
	71	62	73	55	76	79	35	188	176	244
Total Liabilities	417	466	468	459	419	439	447	808	815	1,000
ASSETS	-	-	-	-	-	-	-	-	-	-
	92	93	106	116	116	110	113	145	186	193
Capital Work in Progress	4	1	1	0	3	7	2	25	4	3
	24	15	16	14	12	20	20	56	32	47
	48	54	52	62	62	90	116	145	126	152
	0	0	0	0	0	0	0	179	192	232
Cash & Bank	22	17	28	6	18	8	7	47	67	92
	229	286	266	259	207	204	189	211	208	281
Total Assets	417	466	468	459	419	439	447	808	815	1,000
Total Debt	35	81	65	82	28	1	16	43	1	1
Net Working Capital	109	122	124	90	79	126	163	260	273	288
Contingent Liabilities	46	69	66	63	45	52	49	50	76	36
Book Value per Share	174.56	182.14	193.68	183.01	174.58	207.29	237.88	363.54	296.38	323.64
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	35	81	65	82	28	1	16	43	1	1
Net Working Capital	109	122	124	90	79	126	163	260	273	288
Contingent Liabilities	46	69	66	63	45	52	49	50	76	36
Book Value per Share	174.56	182.14	193.68	183.01	174.58	207.29	237.88	363.54	296.38	323.64
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 14
: 224
: 35
Trade Payables: 73
: 71
Total Liabilities: 417
: 92
Capital Work in Progress: 4
: 24
: 48
: 0
Cash & Bank: 22
: 229
Total Assets: 417
Total Debt: 35
Net Working Capital: 109
Contingent Liabilities: 46
Book Value per Share: 174.56
Face Value: 10.00
Total Debt: 35
Net Working Capital: 109
Contingent Liabilities: 46
Book Value per Share: 174.56
Face Value: 10.00

Mar 2018

Equity Capital: 14
: 234
: 81
Trade Payables: 75
: 62
Total Liabilities: 466
: 93
Capital Work in Progress: 1
: 15
: 54
: 0
Cash & Bank: 17
: 286
Total Assets: 466
Total Debt: 81
Net Working Capital: 122
Contingent Liabilities: 69
Book Value per Share: 182.14
Face Value: 10.00
Total Debt: 81
Net Working Capital: 122
Contingent Liabilities: 69
Book Value per Share: 182.14
Face Value: 10.00

Mar 2019

Equity Capital: 14
: 250
: 65
Trade Payables: 67
: 73
Total Liabilities: 468
: 106
Capital Work in Progress: 1
: 16
: 52
: 0
Cash & Bank: 28
: 266
Total Assets: 468
Total Debt: 65
Net Working Capital: 124
Contingent Liabilities: 66
Book Value per Share: 193.68
Face Value: 10.00
Total Debt: 65
Net Working Capital: 124
Contingent Liabilities: 66
Book Value per Share: 193.68
Face Value: 10.00

Mar 2020

Equity Capital: 14
: 235
: 82
Trade Payables: 73
: 55
Total Liabilities: 459
: 116
Capital Work in Progress: 0
: 14
: 62
: 0
Cash & Bank: 6
: 259
Total Assets: 459
Total Debt: 82
Net Working Capital: 90
Contingent Liabilities: 63
Book Value per Share: 183.01
Face Value: 10.00
Total Debt: 82
Net Working Capital: 90
Contingent Liabilities: 63
Book Value per Share: 183.01
Face Value: 10.00

Mar 2021

Equity Capital: 14
: 224
: 28
Trade Payables: 77
: 76
Total Liabilities: 419
: 116
Capital Work in Progress: 3
: 12
: 62
: 0
Cash & Bank: 18
: 207
Total Assets: 419
Total Debt: 28
Net Working Capital: 79
Contingent Liabilities: 45
Book Value per Share: 174.58
Face Value: 10.00
Total Debt: 28
Net Working Capital: 79
Contingent Liabilities: 45
Book Value per Share: 174.58
Face Value: 10.00

Mar 2022

Equity Capital: 14
: 268
: 0
Trade Payables: 78
: 79
Total Liabilities: 439
: 110
Capital Work in Progress: 7
: 20
: 90
: 0
Cash & Bank: 8
: 204
Total Assets: 439
Total Debt: 1
Net Working Capital: 126
Contingent Liabilities: 52
Book Value per Share: 207.29
Face Value: 10.00
Total Debt: 1
Net Working Capital: 126
Contingent Liabilities: 52
Book Value per Share: 207.29
Face Value: 10.00

Mar 2023

Equity Capital: 14
: 310
: 15
Trade Payables: 73
: 35
Total Liabilities: 447
: 113
Capital Work in Progress: 2
: 20
: 116
: 0
Cash & Bank: 7
: 189
Total Assets: 447
Total Debt: 16
Net Working Capital: 163
Contingent Liabilities: 49
Book Value per Share: 237.88
Face Value: 10.00
Total Debt: 16
Net Working Capital: 163
Contingent Liabilities: 49
Book Value per Share: 237.88
Face Value: 10.00

Mar 2024

Equity Capital: 14
: 481
: 42
Trade Payables: 84
: 188
Total Liabilities: 808
: 145
Capital Work in Progress: 25
: 56
: 145
: 179
Cash & Bank: 47
: 211
Total Assets: 808
Total Debt: 43
Net Working Capital: 260
Contingent Liabilities: 50
Book Value per Share: 363.54
Face Value: 10.00
Total Debt: 43
Net Working Capital: 260
Contingent Liabilities: 50
Book Value per Share: 363.54
Face Value: 10.00

Mar 2025

Equity Capital: 17
: 498
: 0
Trade Payables: 124
: 176
Total Liabilities: 815
: 186
Capital Work in Progress: 4
: 32
: 126
: 192
Cash & Bank: 67
: 208
Total Assets: 815
Total Debt: 1
Net Working Capital: 273
Contingent Liabilities: 76
Book Value per Share: 296.38
Face Value: 10.00
Total Debt: 1
Net Working Capital: 273
Contingent Liabilities: 76
Book Value per Share: 296.38
Face Value: 10.00

Mar 2026

Equity Capital: 17
: 546
: 0
Trade Payables: 193
: 244
Total Liabilities: 1,000
: 193
Capital Work in Progress: 3
: 47
: 152
: 232
Cash & Bank: 92
: 281
Total Assets: 1,000
Total Debt: 1
Net Working Capital: 288
Contingent Liabilities: 36
Book Value per Share: 323.64
Face Value: 10.00
Total Debt: 1
Net Working Capital: 288
Contingent Liabilities: 36
Book Value per Share: 323.64
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	-37	63	13	79	26	14	58	139	117
Cash from Investing	-11	0	-19	-21	-7	-5	-10	-42	-19	-67
Cash from Financing	19	33	-33	-13	-61	-31	-5	-19	-93	-38
	7	-4	11	-22	12	-10	-1	-4	26	12
Free Cash Flow	0	-44	43	-6	79	25	14	-36	113	97
OCF / Net Profit	0.01	-1.99	2.64	0.51	-6.59	0.59	0.23	0.64	3.20	1.41
Cumulative 5-Year FCF	0	0	0	0	72	97	155	76	194	212
OCF / Net Profit	0.01	-1.99	2.64	0.51	-6.59	0.59	0.23	0.64	3.20	1.41
Cumulative 5-Year FCF	0	0	0	0	72	97	155	76	194	212

Mar 2017

: 0
Cash from Investing: -11
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: 33
: -4
Free Cash Flow: -44
OCF / Net Profit: -1.99
Cumulative 5-Year FCF: 0
OCF / Net Profit: -1.99
Cumulative 5-Year FCF: 0

Mar 2019

: 63
Cash from Investing: -19
Cash from Financing: -33
: 11
Free Cash Flow: 43
OCF / Net Profit: 2.64
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.64
Cumulative 5-Year FCF: 0

Mar 2020

: 13
Cash from Investing: -21
Cash from Financing: -13
: -22
Free Cash Flow: -6
OCF / Net Profit: 0.51
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.51
Cumulative 5-Year FCF: 0

Mar 2021

: 79
Cash from Investing: -7
Cash from Financing: -61
: 12
Free Cash Flow: 79
OCF / Net Profit: -6.59
Cumulative 5-Year FCF: 72
OCF / Net Profit: -6.59
Cumulative 5-Year FCF: 72

Mar 2022

: 26
Cash from Investing: -5
Cash from Financing: -31
: -10
Free Cash Flow: 25
OCF / Net Profit: 0.59
Cumulative 5-Year FCF: 97
OCF / Net Profit: 0.59
Cumulative 5-Year FCF: 97

Mar 2023

: 14
Cash from Investing: -10
Cash from Financing: -5
: -1
Free Cash Flow: 14
OCF / Net Profit: 0.23
Cumulative 5-Year FCF: 155
OCF / Net Profit: 0.23
Cumulative 5-Year FCF: 155

Mar 2024

: 58
Cash from Investing: -42
Cash from Financing: -19
: -4
Free Cash Flow: -36
OCF / Net Profit: 0.64
Cumulative 5-Year FCF: 76
OCF / Net Profit: 0.64
Cumulative 5-Year FCF: 76

Mar 2025

: 139
Cash from Investing: -19
Cash from Financing: -93
: 26
Free Cash Flow: 113
OCF / Net Profit: 3.20
Cumulative 5-Year FCF: 194
OCF / Net Profit: 3.20
Cumulative 5-Year FCF: 194

Mar 2026

: 117
Cash from Investing: -67
Cash from Financing: -38
: 12
Free Cash Flow: 97
OCF / Net Profit: 1.41
Cumulative 5-Year FCF: 212
OCF / Net Profit: 1.41
Cumulative 5-Year FCF: 212

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	13.32	13.65	17.54	18.84	-8.82	33.10	43.60	65.70	24.98	47.59
Book Value (₹)	174.56	182.14	193.68	183.01	174.58	207.29	237.88	363.54	296.38	323.64
Dividend per Share (₹)	5.00	5.00	6.50	6.50	0.00	12.50	17.50	18.50	20.00	23.00
Cash EPS (₹)	21.57	21.06	24.60	26.69	-0.65	41.12	52.13	77.04	35.26	58.68
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	8.42%	9.58%	10.73%	9.66%	6.47%	9.97%	12.27%	11.30%	9.42%	9.55%
Net Margin %	3.77%	3.99%	4.66%	4.87%	-2.68%	6.81%	7.63%	8.35%	3.88%	7.27%
ROE %	7.95%	7.65%	9.33%	10.00%	-4.93%	17.34%	19.59%	21.85%	8.61%	15.35%
ROCE %	11.91%	11.45%	13.80%	12.17%	-2.52%	23.36%	26.66%	28.67%	12.23%	21.25%
	4.81%	4.20%	5.11%	5.53%	-2.73%	10.50%	13.39%	14.24%	5.36%	9.12%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	74	66	63	74	96	55	51	52	61	68
Inventory Days	34	40	38	40	51	42	48	44	44	45
Payable Days	88	82	71	69	85	60	53	42	52	82
	21	24	29	45	62	37	47	55	52	31
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.15x	0.33x	0.25x	0.33x	0.12x	0.00x	0.05x	0.09x	0.00x	0.00x
Interest Coverage (x)	14.20x	5.56x	4.29x	4.00x	-0.92x	11.04x	21.82x	22.82x	10.49x	31.74x
	1.82x	1.71x	1.80x	1.50x	1.54x	2.03x	2.35x	2.35x	2.59x	2.01x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	8.51%	3.69%	11.89%	2.62%	-14.89%	47.89%	17.43%	37.40%	4.64%	1.67%
Operating Profit Growth %	-13.91%	10.00%	23.40%	-7.57%	-43.00%	127.74%	44.58%	48.60%	-11.25%	13.37%
Net Profit Growth %	-20.00%	2.43%	28.50%	7.42%	-146.80%	475.48%	31.70%	50.70%	-51.36%	90.52%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	50.70%	-61.98%	90.52%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	20.86x	33.53x	18.36x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.77x	2.83x	2.70x
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	13.13x	11.07x	10.02x

Mar 2017

EPS (₹): 13.32
Book Value (₹): 174.56
Dividend per Share (₹): 5.00
Cash EPS (₹): 21.57
Operating Margin %: 8.42%
Net Margin %: 3.77%
ROE %: 7.95%
ROCE %: 11.91%
: 4.81%
Debtor Days: 74
Inventory Days: 34
Payable Days: 88
: 21
Debt to Equity (x): 0.15x
Interest Coverage (x): 14.20x
: 1.82x
Revenue Growth %: 8.51%
Operating Profit Growth %: -13.91%
Net Profit Growth %: -20.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 13.65
Book Value (₹): 182.14
Dividend per Share (₹): 5.00
Cash EPS (₹): 21.06
Operating Margin %: 9.58%
Net Margin %: 3.99%
ROE %: 7.65%
ROCE %: 11.45%
: 4.20%
Debtor Days: 66
Inventory Days: 40
Payable Days: 82
: 24
Debt to Equity (x): 0.33x
Interest Coverage (x): 5.56x
: 1.71x
Revenue Growth %: 3.69%
Operating Profit Growth %: 10.00%
Net Profit Growth %: 2.43%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 17.54
Book Value (₹): 193.68
Dividend per Share (₹): 6.50
Cash EPS (₹): 24.60
Operating Margin %: 10.73%
Net Margin %: 4.66%
ROE %: 9.33%
ROCE %: 13.80%
: 5.11%
Debtor Days: 63
Inventory Days: 38
Payable Days: 71
: 29
Debt to Equity (x): 0.25x
Interest Coverage (x): 4.29x
: 1.80x
Revenue Growth %: 11.89%
Operating Profit Growth %: 23.40%
Net Profit Growth %: 28.50%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 18.84
Book Value (₹): 183.01
Dividend per Share (₹): 6.50
Cash EPS (₹): 26.69
Operating Margin %: 9.66%
Net Margin %: 4.87%
ROE %: 10.00%
ROCE %: 12.17%
: 5.53%
Debtor Days: 74
Inventory Days: 40
Payable Days: 69
: 45
Debt to Equity (x): 0.33x
Interest Coverage (x): 4.00x
: 1.50x
Revenue Growth %: 2.62%
Operating Profit Growth %: -7.57%
Net Profit Growth %: 7.42%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): -8.82
Book Value (₹): 174.58
Dividend per Share (₹): 0.00
Cash EPS (₹): -0.65
Operating Margin %: 6.47%
Net Margin %: -2.68%
ROE %: -4.93%
ROCE %: -2.52%
: -2.73%
Debtor Days: 96
Inventory Days: 51
Payable Days: 85
: 62
Debt to Equity (x): 0.12x
Interest Coverage (x): -0.92x
: 1.54x
Revenue Growth %: -14.89%
Operating Profit Growth %: -43.00%
Net Profit Growth %: -146.80%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 33.10
Book Value (₹): 207.29
Dividend per Share (₹): 12.50
Cash EPS (₹): 41.12
Operating Margin %: 9.97%
Net Margin %: 6.81%
ROE %: 17.34%
ROCE %: 23.36%
: 10.50%
Debtor Days: 55
Inventory Days: 42
Payable Days: 60
: 37
Debt to Equity (x): 0.00x
Interest Coverage (x): 11.04x
: 2.03x
Revenue Growth %: 47.89%
Operating Profit Growth %: 127.74%
Net Profit Growth %: 475.48%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 43.60
Book Value (₹): 237.88
Dividend per Share (₹): 17.50
Cash EPS (₹): 52.13
Operating Margin %: 12.27%
Net Margin %: 7.63%
ROE %: 19.59%
ROCE %: 26.66%
: 13.39%
Debtor Days: 51
Inventory Days: 48
Payable Days: 53
: 47
Debt to Equity (x): 0.05x
Interest Coverage (x): 21.82x
: 2.35x
Revenue Growth %: 17.43%
Operating Profit Growth %: 44.58%
Net Profit Growth %: 31.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 65.70
Book Value (₹): 363.54
Dividend per Share (₹): 18.50
Cash EPS (₹): 77.04
Operating Margin %: 11.30%
Net Margin %: 8.35%
ROE %: 21.85%
ROCE %: 28.67%
: 14.24%
Debtor Days: 52
Inventory Days: 44
Payable Days: 42
: 55
Debt to Equity (x): 0.09x
Interest Coverage (x): 22.82x
: 2.35x
Revenue Growth %: 37.40%
Operating Profit Growth %: 48.60%
Net Profit Growth %: 50.70%
: 50.70%
P/E (x): 20.86x
P/B (x): 3.77x
Dividend Yield %: 1.35%
: 13.13x

Mar 2025

EPS (₹): 24.98
Book Value (₹): 296.38
Dividend per Share (₹): 20.00
Cash EPS (₹): 35.26
Operating Margin %: 9.42%
Net Margin %: 3.88%
ROE %: 8.61%
ROCE %: 12.23%
: 5.36%
Debtor Days: 61
Inventory Days: 44
Payable Days: 52
: 52
Debt to Equity (x): 0.00x
Interest Coverage (x): 10.49x
: 2.59x
Revenue Growth %: 4.64%
Operating Profit Growth %: -11.25%
Net Profit Growth %: -51.36%
: -61.98%
P/E (x): 33.53x
P/B (x): 2.83x
Dividend Yield %: 2.39%
: 11.07x

Mar 2026

EPS (₹): 47.59
Book Value (₹): 323.64
Dividend per Share (₹): 23.00
Cash EPS (₹): 58.68
Operating Margin %: 9.55%
Net Margin %: 7.27%
ROE %: 15.35%
ROCE %: 21.25%
: 9.12%
Debtor Days: 68
Inventory Days: 45
Payable Days: 82
: 31
Debt to Equity (x): 0.00x
Interest Coverage (x): 31.74x
: 2.01x
Revenue Growth %: 1.67%
Operating Profit Growth %: 13.37%
Net Profit Growth %: 90.52%
: 90.52%
P/E (x): 18.36x
P/B (x): 2.70x
Dividend Yield %: 2.63%
: 10.02x

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