Ador Welding Limited (ADOR)

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Ador Welding Limited (ADOR) · mywealthgrid

About

Ador Welding Limited operates in other industrial products within the industrials sector, with a market cap of ₹2,676.99 Cr and recent quarterly revenues between ₹280–320 Cr. The company maintains consistent profitability with operating margins in the 10–15% range and zero debt on its balance sheet.

Face value: ₹10

Market cap

₹2,732 Cr

P/E

24.1×

P/B

4.9×

Dividend yield

1.5%

ROE

15.4%

ROCE

21.8%

Debt / equity

OPM

10.6%

EPS (TTM)

₹65.3

Book value

₹318.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE multiple of 23.58 is elevated; verify if valuation is justified by growth prospects and whether upside is limited
Operating margin volatility across recent quarters (12.25%–14.87%) suggests operational inconsistency or demand cyclicality; verify underlying drivers
Institutional investor base is thin (FII 1.06%, DII 10.47% as of Jun 2026); verify level of analyst coverage and institutional validation
Small market cap of ₹2,677 Cr; verify competitive positioning against larger industrial products peers and presence in key end-markets

Generated analysis · source review pending

Growth drivers

Mar 2026 quarter delivered peak operating margins of 14.8–14.9% and profit of ₹34 Cr; verify if sustainable or seasonal and what operational factors enabled improvement
Zero debt (D/E 0) enables capex investment; verify capital deployment strategy and planned growth capex
Six dividend payouts over three years signal stable cash generation; verify payout ratio and whether dividends constrain reinvestment
Quarterly revenues of ₹280–320 Cr remain stable; verify if sector tailwinds or organic share gains could drive acceleration

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,570.4-2.6%1Y

Quick read

rule-based

Pros

+High return on capital employed of 24.5%
+Profit CAGR of 23.3% over the last 5 years
+Revenue CAGR of 16.7% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 54.5×
+Dividend payout of 35.2% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality: 63
Growth: 82
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hbl Engineering LimitedHBLENGINEHBLENGINE	₹21,604 Cr	₹21,648 Cr	₹2,718 Cr	₹716 Cr	33.7%	₹537 Cr	24.7%	57.1%	44.1%	171
Inox India LimitedINOXINDIAINOXINDIA	₹19,688 Cr	₹19,758 Cr	₹1,618 Cr	₹343 Cr	21.6%	₹255 Cr	16.3%	34.7%	25.9%	241
Krn Heat Exchanger And Refrigeration LimitedKRNKRN	₹9,266 Cr	₹9,454 Cr	₹737 Cr	₹144 Cr	18.7%	₹97 Cr	12.7%	19.2%	14.3%	208
Esab India LimitedESABINDIAESABINDIA	₹8,471 Cr	₹8,471 Cr	₹1,577 Cr	₹290 Cr	17.9%	₹222 Cr	13.7%	62.6%	52.3%	34
Subros LimitedSUBROSSUBROS	₹4,466 Cr	₹4,495 Cr	₹3,909 Cr	₹323 Cr	8.6%	₹166 Cr	4.4%	18.8%	14.2%	34
Harsha Engineers International LimitedHARSHAHARSHA	₹4,318 Cr	₹4,689 Cr	₹1,719 Cr	₹252 Cr	14.7%	₹155 Cr	9.5%	15.4%	11.7%	171
Ador Welding LimitedADORADOR	₹2,732 Cr	₹2,733 Cr	₹1,198 Cr	₹153 Cr	10.6%	₹114 Cr	7.2%	21.8%	15.4%	53
Diffusion Engineers LimitedDIFFNKGDIFFNKG	₹1,737 Cr	₹1,765 Cr	₹436 Cr	₹61 Cr	14.1%	₹55 Cr	12.4%	16.6%	13%	159
Mic Electronics LimitedMICELMICEL	₹868 Cr	₹912 Cr	₹223 Cr	₹25 Cr	13.3%	₹-12 Cr	-6.6%	9.8%	-5.8%	278
Technocrats Plasma Systems LtdTECHNOCRATTECHNOCRAT	₹716 Cr	—	—	—	—	—	—	—	—	—
Hy-Tech Engineers LimitedHTELHTEL	₹692 Cr	₹721 Cr	₹189 Cr	₹42 Cr	22%	₹23 Cr	11.9%	23.1%	20.2%	—
Mallcom (India) LimitedMALLCOMMALLCOM	₹580 Cr	₹700 Cr	₹527 Cr	₹56 Cr	11.2%	₹27 Cr	5.6%	15.4%	9.7%	159

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
	465	513	527	448	661	1,074	1,123	1,140
COGS	6	11	366	324	470	689	725	709
Gross profit	460	502	160	124	192	385	397	431
	426	458	117	104	133	267	295	310
	34	44	43	20	58	118	102	121
OPM %	7.3%	8.6%	8.2%	4.5%	8.8%	11%	9.1%	10.6%
Depreciation	10	10	11	11	11	16	18	19
Interest	5	9	9	6	4	4	5	2
	10	10	10	-17	14	19	7	15
Profit before tax	28	36	34	-14	58	117	87	115
Tax	10	11	5	-4	13	31	27	33
Tax %	34.5%	30.9%	14.7%	-26.2%	22.4%	26.2%	30.6%	28.7%
	18	25	29	-10	45	86	60	82
PAT margin %	4%	4.8%	5.5%	-2.3%	6.8%	8.1%	5.4%	7.2%
EPS (₹)	—	—	21.2	-7.6	33.2	—	34.5	47.1
EPS adjusted (₹)	13.5	18	21.2	-7.6	33.2	63.6	34.5	47.1
	—	—	30.7%	—	37.6%	—	111.6%	48.8%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	—	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	14	14	14	14	14	17	17
Reserves	203	222	231	248	230	224	268	—	459	490	537
	0	28	81	65	65	28	1	—	43	1	1
	118	115	102	103	112	110	110	—	165	186	277
Total equity & liabilities	335	378	428	429	421	375	393	—	681	694	832
	100	102	95	108	108	110	110	143	146	186	193
CWIP	1	4	1	1	1	3	7	—	25	4	3
Investments	12	11	2	4	4	18	27	—	50	42	58
	222	261	330	317	309	244	248	—	459	461	577
Total assets	335	378	428	429	421	375	393	—	681	694	832

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Welding	1,078.88	162.23	569.88	207.53	362.35	44.77
Flares and Process equipment	56.71	-23.29

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	98.8%	97.8%	30.4%	27.7%	29%	35.9%	35.4%	37.8%
EBITDA margin %	7.3%	8.6%	8.2%	4.5%	8.8%	11%	9.1%	10.6%
EBIT margin %	5.1%	6.7%	6.1%	2%	7.2%	9.5%	7.5%	8.9%
PAT margin %	4%	4.8%	5.5%	-2.3%	6.8%	8.1%	5.4%	7.2%
Working capital
Receivable days	72	60	59	86	51	61	63	74
Inventory days	3,528	1,653	51	70	70	77	64	78
Payable days	—	—	—	87	60	45	63	100
NWC days	—	—	—	69	61	93	64	53
Leverage
Current ratio	1.7	1.8	1.58	1.6	2.21	2.27	2.56	2.14
Debt to EBITDA	2.39	1.48	1.51	1.39	0.01	0.37	0.01	0.01
Debt to equity	0.33	0.25	0.27	0.12	0	0.09	0	0
Interest coverage	6.3	4.9	4.9	2.5	14.2	29.7	22.6	54.5
Asset turnover	1.09	1.2	1.25	1.19	1.68	1.58	1.62	1.37
Return ratios
Return on assets %	4.3%	5.7%	6.8%	-2.8%	11.5%	12.7%	8.7%	9.9%
Return on capital employed %	13.1%	16.8%	16%	6.6%	19.9%	31.3%	20.4%	21.8%
Return on equity %	7.5%	9.4%	11.8%	-4.4%	16%	18.3%	11.8%	14.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.9%	56.9%	56.9%	56.94%	56.94%	53.24%	53.7%	53.7%	53.72%	53.73%	53.76%	53.76%
	0.12%	0.29%	0.1%	0.05%	0.04%	0.06%	0.03%	0.07%	0.09%	0.14%	0.37%	1.06%
	4.02%	4.43%	5.74%	10.22%	12%	10.31%	11%	11.85%	12.44%	12.57%	12.63%	10.47%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	38.96%	38.38%	37.26%	32.79%	31.02%	36.39%	35.27%	34.38%	33.75%	33.56%	33.24%	34.71%
No. of shareholders	—	—	—	—	—	—	—	—	37,949	36,356	35,567	35,275

Promoter holding down 3.14 percentage points since Sep 2023.

4 disclosures

Person	Deal	Shares	Value	Holding	Filed
DEEP ASHDA LALVANIPromoters	BuyMarket Purchase	1,039	₹12.1 L	0.09% → 0.10%	27 Oct 20257(2)
DEEP ASHDA LALVANIPromoters	BuyMarket Purchase	1,991	₹19.46 L

Mrs. Malkani Ninotchka NagpalExecutive Director-Chairperson related to Promoter
Mr. Aditya MalkaniExecutive Director-MD
Mr. Deep Ashda LalvaniNon-Executive - Non Independent Director
Mr. Ravin Ajit MirchandaniNon-Executive - Non Independent Director
Ms. Tanya Halina AdvaniNon-Executive - Non Independent Director
Mr. Santosh Janakiram IyerNon-Executive - Independent Director
Mr. Jitendra H PanjabiNon-Executive - Independent Director
Mrs. Nita Dempo MirchandaniNon-Executive - Independent Director
Mr. Navroze Shiamak MarshallNon-Executive - Independent Director
Mr. Mihir JayaramanNon-Executive - Independent Director
Mr. Suryakant SethiaChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

1.94%

of the company's equity

All mutual funds

4.12%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
VALUE FUND	Nippon India Mutual Fund	3.38 L	57.7	0.64%	1.945%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Apr 2026Transcript AI Summary PPT REC
Oct 2025Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

28 Sept 2026, 3:48 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 2:45 pmCompany Update

Annoucement Under Regulation 30 Of SEBI(LODR) Regulations, 2015

General PDF

27 Aug 2026, 5:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

27 Aug 2026, 5:12 pmCompany Update

Intimation To The Holders Of Physical Shares To Furnish KYC Details

General PDF

7 Aug 2026, 2:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

30 Jul 2026, 1:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Jul 2026, 1:10 pmOthers

Board Meeting Outcome for Outcome Of The Board Meeting Held On 30Th July, 2026

Outcome without intimation PDF

24 Jul 2026, 7:04 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

Date	Category	Subject	Filing
28 Sept 2026, 3:48 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 2:45 pm	Company Update General	Annoucement Under Regulation 30 Of SEBI(LODR) Regulations, 2015

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Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	98.8%	97.8%	30.4%	27.7%	29%	35.9%	35.4%	37.8%
EBITDA margin %	7.3%	8.6%	8.2%	4.5%	8.8%	11%	9.1%	10.6%
EBIT margin %	5.1%	6.7%	6.1%	2%	7.2%	9.5%	7.5%	8.9%
PAT margin %	4%	4.8%	5.5%	-2.3%	6.8%	8.1%	5.4%	7.2%
Working capital
Receivable days	72	60	59	86	51	61	63	74
Inventory days	3,528	1,653	51	70	70	77	64	78
Payable days	—	—	—	87	60	45	63	100
NWC days	—	—	—	69	61	93	64	53
Leverage
Current ratio	1.7	1.8	1.58	1.6	2.21	2.27	2.56	2.14
Debt to EBITDA	2.39	1.48	1.51	1.39	0.01	0.37	0.01	0.01
Debt to equity	0.33	0.25	0.27	0.12	0	0.09	0	0
Interest coverage	6.3	4.9	4.9	2.5	14.2	29.7	22.6	54.5
Asset turnover	1.09	1.2	1.25	1.19	1.68	1.58	1.62	1.37
Return ratios
Return on assets %	4.3%	5.7%	6.8%	-2.8%	11.5%	12.7%	8.7%	9.9%
Return on capital employed %	13.1%	16.8%	16%	6.6%	19.9%	31.3%	20.4%	21.8%
Return on equity %	7.5%	9.4%	11.8%	-4.4%	16%	18.3%	11.8%	14.8%

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
	23	0	64	14	79	26	58	137	116
	-4	-12	-19	-22	-7	-5	-44	-17	-66
	-9	19	-33	-13	-61	-31	-19	-94	-38
Net cash flow	10	7	—	—	12	-10	-5	26	12
Free cash flow	8	-16	—	—	70	9	15	96	94
CFO / Operating profit %	—	—	144.9%	31.8%	393.1%	45.2%	49.6%	134.5%	95.6%

Ador Welding Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

19

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Consumables · revenue

Ador Welding Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Dividends19

Board meetings1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Insider dealing

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Consumables · revenue

19

1