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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1946 Cr.
Stock P/E
32.4
P/B
3.5
Current Price
₹1118
Book Value
₹ 318.6
Face Value
10
52W High
₹1258.9
52W Low
₹ 850
Dividend Yield
2.06%

Ador Welding Overview

Business

Ador Welding Ltd. is a prominent Indian manufacturer and seller of a comprehensive range of welding products and solutions. Its core business involves the design, development, manufacturing, and distribution of welding consumables (like electrodes, wires, and fluxes), welding equipment (including power sources, cutting machines, and automation solutions), and related accessories. The company serves diverse industries such as infrastructure, heavy engineering, automotive, power, defence, oil & gas, and fabrication, making money through the direct sale of these products and providing after-sales service and support.

Revenue Mix

While specific revenue percentages are not provided, Ador Welding's business operations typically encompass the following major segments:

Consumables: This includes a wide array of welding electrodes, wires, and fluxes, which are recurring purchases for industrial customers.

Equipment: Comprises various welding machines, power sources, cutting equipment, and integrated welding solutions.

Automation & Robotics: Focuses on advanced automated welding systems and robotic solutions for enhanced efficiency and precision.

After-Sales Service & Spares: Provides maintenance, repairs, and genuine spare parts for its equipment base, contributing to recurring revenue.

Industry

The electrodes and welding equipment industry in India is moderately consolidated, featuring a mix of established domestic players and international companies. Ador Welding Ltd. is a legacy player with a strong brand presence and a long operating history in the Indian market, positioning it as one of the leading domestic manufacturers. It competes on product breadth, quality, and an extensive distribution and service network, catering to a wide spectrum of industrial applications. The company holds a significant market share in various consumable and equipment categories, facing competition from both large global corporations and smaller specialized domestic firms.

MOAT

Ador Welding possesses several durable advantages:

Brand Reputation & Legacy: With operations dating back to 1951, Ador has built a strong, trusted brand name and reputation for quality and reliability among industrial customers in India.

Extensive Distribution & Service Network: A widespread sales, distribution, and service network across India ensures product availability and crucial after-sales support, which is vital for industrial machinery.

Product Breadth & R&D: The company offers a comprehensive portfolio from basic electrodes to advanced automation, reducing reliance on a single product line. Continuous investment in R&D helps develop specialized products and adapt to new welding technologies.

Customer Relationships: Long-standing relationships with a diverse industrial client base, built over decades.

Growth Drivers

Key factors that can drive Ador Welding's growth over the next 3-5 years include:

"Make in India" & Manufacturing Growth: Government initiatives and the expansion of India's manufacturing sector will directly drive demand for welding products and solutions.

Infrastructure Development: Continued investments in mega infrastructure projects (roads, railways, ports, power, defence) will create sustained demand for welding consumables and equipment.

Industrial Automation: Increasing adoption of automation and robotics in manufacturing across various industries to improve efficiency and reduce labor costs.

Maintenance, Repair, and Overhaul (MRO): Consistent demand for consumables and spare parts from the existing and expanding industrial installed base.

Technological Upgradation: Demand for advanced and specialized welding solutions for critical applications (e.g., nuclear, aerospace, defence sectors).

Risks

Commodity Price Volatility: Fluctuations in the prices of raw materials such as steel, copper, and various chemicals can significantly impact production costs and profit margins.

Economic Slowdown: A downturn in the broader manufacturing sector, infrastructure spending, or overall economic growth in India could lead to reduced demand for welding products.

Intense Competition: The presence of both well-established domestic and international players can lead to pricing pressures and margin erosion.

Technological Disruption: Failure to innovate or adapt quickly to emerging welding technologies (e.g., advanced laser welding, friction stir welding) could erode competitive edge.

Regulatory Environment: Changes in environmental regulations or industrial safety standards could increase operational costs.

Management & Ownership

Ador Welding Ltd. is a promoter-driven company with a long history, tracing its roots to the Advani family. The management team typically comprises experienced professionals with deep industry knowledge, often including members of the founding family, which suggests stability and a long-term strategic outlook. The ownership structure generally includes significant promoter holdings alongside institutional investors and public shareholders.

Outlook

Ador Welding is well-positioned to benefit from India's industrial growth trajectory, especially the "Make in India" impetus and significant infrastructure spending. Its strong brand, extensive network, and diversified product portfolio provide a solid foundation. However, the company operates in a competitive and raw material-intensive industry, making it susceptible to commodity price volatility and economic cycles. Sustained investment in R&D and strategic expansion into advanced solutions like automation will be crucial for maintaining its leadership and driving future growth, while effectively managing competition and cost pressures will be key to profitability.

Ador Welding Share Price

Live · BSE / NSE · Inception: 1951
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Ador Welding Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 261 297 269 269 274 310 252 281 288 319
Other Income 5 7 5 5 4 5 5 4 12 5
Total Income 266 304 275 274 278 315 257 285 300 324
Total Expenditure 235 265 242 249 251 279 256 246 253 272
Operating Profit 31 39 32 25 27 36 1 39 47 53
Interest 1 1 1 1 1 1 1 1 0 0
Depreciation 4 4 4 5 5 5 5 5 5 5
Exceptional Income / Expenses 0 0 0 -10 0 -1 0 0 -6 3
Profit Before Tax 26 34 27 9 21 29 -5 34 36 50
Provision for Tax 8 8 7 3 6 11 -1 9 9 16
Profit After Tax 19 25 20 7 15 18 -4 25 27 34
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 19 25 20 7 15 18 -4 25 27 34
Adjusted Earnings Per Share 13.8 18.7 14.6 4.9 8.9 10.4 -2.3 14.4 15.4 19.7

Ador Welding Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025 TTM
Net Sales 371 388 408 442 458 513 526 448 661 1074 1123 1140
Other Income 5 5 5 9 10 10 9 7 5 19 19 26
Total Income 376 393 414 452 468 524 535 455 667 1093 1141 1166
Total Expenditure 345 360 367 411 423 468 484 426 601 955 1019 1027
Operating Profit 32 33 47 40 44 56 51 29 66 138 122 140
Interest 2 1 2 2 6 11 10 8 6 6 6 2
Depreciation 12 13 12 11 10 10 11 11 11 16 18 20
Exceptional Income / Expenses -13 28 -2 0 0 0 0 -24 9 0 -11 -3
Profit Before Tax 4 48 32 27 28 36 31 -14 58 117 87 115
Provision for Tax 10 16 9 9 10 11 4 -4 13 31 27 33
Profit After Tax -5 32 22 18 18 25 26 -10 45 86 60 82
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -5 32 22 18 18 25 26 -10 45 86 60 82
Adjusted Earnings Per Share -3.8 23.4 16.5 13.1 13.5 18 19.2 -7.6 33.2 63.6 34.5 47.2

Ador Welding Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025
Shareholder's Funds 168 203 217 235 245 261 247 238 282 473 507
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 9 0 0 0 0 0 0 0 1 1 1
Other Non-Current Liabilities 27 10 44 47 46 49 30 35 34 112 134
Total Current Liabilities 109 79 109 133 172 156 180 147 119 195 174
Total Liabilities 314 292 370 415 463 467 457 419 435 781 816
Fixed Assets 77 97 100 94 95 108 118 117 117 146 186
Other Non-Current Assets 53 26 61 79 75 79 68 74 73 192 186
Total Current Assets 184 169 209 242 294 280 271 227 245 443 444
Total Assets 314 292 370 415 463 467 457 419 435 781 816

Ador Welding Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 3 20 3 13 20 16 27 5 17 9 4
Cash Flow from Operating Activities 21 1 23 0 -37 64 14 79 26 58 137
Cash Flow from Investing Activities 2 -9 -4 -12 0 -19 -22 -7 -5 -44 -17
Cash Flow from Financing Activities -3 -9 -9 19 32 -33 -13 -61 -31 -19 -94
Net Cash Inflow / Outflow 20 -17 10 7 -4 11 -22 12 -10 -5 26
Closing Cash & Cash Equivalent 20 3 13 20 16 27 5 17 7 4 30

Ador Welding Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025
Earnings Per Share (Rs) -3.76 23.43 16.46 13.13 13.54 18.04 19.21 -7.63 33.21 63.57 34.51
CEPS(Rs) 5.27 32.65 25.13 21.47 21.01 25.16 27.11 0.58 41.22 75.21 44.98
DPS(Rs) 5 5 5 5 5 6.5 6.5 0 12.5 18.5 20
Book NAV/Share(Rs) 123.87 148.9 159.35 172.69 180.16 192.21 181.91 174.66 207.42 345.01 291.43
Core EBITDA Margin(%) 6.54 6.53 9.23 6.46 7.5 8.85 8.03 4.88 9.14 11.06 9.2
EBIT Margin(%) 1.59 11.47 7.35 6.01 7.38 8.98 7.71 -1.32 9.68 11.39 8.24
Pre Tax Margin(%) 1.08 11.21 7 5.58 6.04 6.92 5.8 -3.14 8.8 10.88 7.69
PAT Margin (%) -1.25 7.47 4.96 3.71 3.96 4.78 4.96 -2.32 6.83 8.03 5.34
Cash Profit Margin (%) 1.75 10.41 7.58 6.06 6.14 6.67 7 0.18 8.47 9.5 6.96
ROA(%) -1.69 10.51 6.76 4.55 4.19 5.28 5.65 -2.37 10.57 14.21 7.52
ROE(%) -2.91 17.18 10.68 7.91 7.67 9.69 10.27 -4.28 17.38 23.02 12.3
ROCE(%) 3.42 25.09 15.8 11.89 11.5 14.12 12.37 -1.98 23.35 30.71 18.11
Receivable days 67.34 69.12 82.15 74.4 66.12 62.81 74.33 95.89 54.79 46.33 60.45
Inventory Days 42.92 40.48 34.8 34.37 39.85 37.49 39.46 50.82 42.05 39.87 44.1
Payable days 71.68 65.69 80.7 88.33 82.52 71.49 69.27 84.59 60.11 43.07 52.74
PER(x) 0 9.48 17.39 23.52 27.68 19.25 9.44 0 18.63 21.56 24.26
Price/Book(x) 1.17 1.49 1.8 1.79 2.08 1.81 1 1.72 2.98 3.97 2.87
Dividend Yield(%) 3.46 2.25 1.75 1.62 1.33 1.87 3.59 0 2.02 1.35 2.39
EV/Net Sales(x) 0.52 0.73 0.92 0.98 1.25 0.99 0.61 0.93 1.26 1.73 1.24
EV/Core EBITDA(x) 6.09 8.49 8 10.76 12.89 9.13 6.27 14.3 12.65 13.43 11.37
Net Sales Growth(%) 1.73 4.43 5.32 8.34 3.61 11.99 2.55 -14.95 47.76 62.31 4.57
EBIT Growth(%) -74.48 654.08 -32.2 -12.69 18.47 34.29 -11.98 -114.54 1184.92 91.61 -24.36
PAT Growth(%) -130.27 723.48 -29.72 -20.28 3.14 33.3 6.44 -139.74 535.07 91.45 -30.55
EPS Growth(%) -130.27 723.48 -29.72 -20.28 3.14 33.3 6.44 -139.74 535.06 91.45 -45.71
Debt/Equity(x) 0.11 0 0 0.15 0.33 0.25 0.33 0.12 0 0.09 0
Current Ratio(x) 1.68 2.13 1.91 1.82 1.7 1.8 1.5 1.55 2.06 2.27 2.56
Quick Ratio(x) 1.21 1.58 1.52 1.46 1.39 1.47 1.16 1.12 1.3 1.52 1.83
Interest Cover(x) 3.11 42.93 20.87 13.93 5.52 4.36 4.04 -0.72 11.04 22.14 14.99
Total Debt/Mcap(x) 0.09 0 0 0.08 0.16 0.14 0.33 0.07 0 0.02 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +5% +36% +17% +12%
Operating Profit CAGR -12% +61% +17% +14%
PAT CAGR -30% +19%
Share Price CAGR +8% -2% +13% +15%
ROE Average +12% +18% +12% +10%
ROCE Average +18% +24% +17% +15%

Ador Welding Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 53.76 %
FII 0.37 %
DII (MF + Insurance) 12.63 %
Public (retail) 46.24 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 56.956.956.9456.9453.2453.753.753.7253.7353.76
FII 0.290.10.050.040.060.030.070.090.140.37
DII 4.435.7410.221210.311111.8512.4412.5712.63
Public 43.143.143.0643.0646.7646.346.346.2846.2746.24
Others 0000000000
Total 100100100100100100100100100100

Ador Welding Peer Comparison

Electrodes & Welding Equipment Edit Columns

Ador Welding Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Ador Welding Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Debtor days have increased from 43.07 to 52.74days.
  • Stock is trading at 3.5 times its book value.
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