Ador Welding

₹1300.5 -20.1 | 1.5%

WEBSITE BSE:517041 NSE : ADORWELDING 10 May, 16:01

Market Cap ₹1768 Cr.

Stock P/E 28.0

P/B 4.9

Current Price ₹1300.5

Book Value ₹ 266.5

Face Value 10

52W High ₹1770

Dividend Yield 1.42%

52W Low ₹ 1022.5

Edit Ratio

Ador Welding Research see more...

Detailed research report on Ador Welding Ltd

Overview Inc. Year: 1951Industry: Electrodes & Welding Equipment

Ador Welding Ltd, previously Advani-Oerlikon Ltd, is engaged in the manufacture of manual steel arc welding/brazing electrodes, continuous welding electrodes, arc welding/braze welding fluxes, and welding and cutting system and add-ons. The Company operates via segments: Consumables, and Equipment and Project Engineering Business. The Consumables section includes services and products related to electrodes, wires, business enterprise items related to consumables from Silvassa, Raipur and Chennai Plant. The Equipment and Project Engineering Business includes gadget, spares, cutting merchandise and organisation gadgets related to equipment and cutting products; design, engineering, procurement and commissioning of flares, incinerators, furnaces from Chinchwad Plant, and sale of products and services with regards to Ador Welding Academy Pvt Ltd. Its products include CHAMP T400, CHAMPTIG 300P, CHAMPMIG 400, CHAMPMULTI 400, CHAMPCUT 100, CHAMPTIG 400P and CHAMPPULSE 500.

Ador Welding Share Price

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Price: NSE50 DMA200 DMAVolume

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Peer Comparison

Ador Welding Quarterly Results

#(Fig in Cr.)	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	171	94	122	104	145	235	190	226	222	247
Other Income	4	3	2	3	2	1	3	3	3	4
Total Income	175	97	124	106	147	237	193	229	224	251
Total Expenditure	161	94	112	97	129	204	174	199	201	221
Operating Profit	14	3	12	9	19	33	19	30	24	30
Interest	0	1	1	1	2	1	1	1	1	1
Depreciation	3	3	3	3	2	3	3	3	3	3
Exceptional Income / Expenses	0	0	0	0	0	1	0	0	0	0
Profit Before Tax	11	-0	8	6	15	30	15	26	19	25
Provision for Tax	4	-0	3	2	5	7	4	7	6	6
Profit After Tax	7	-0	5	4	9	23	11	20	14	19
Adjustments	-7	0	-5	-4	-9	0	0	0	0	0
Profit After Adjustments	0	0	0	0	0	23	11	20	14	19
Adjusted Earnings Per Share	5.5	-0.1	4	2.7	6.9	16.6	8.3	14.4	10.1	13.7

Ador Welding Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	364	368	387	407	441	458	512	526	447	661	777	885
Other Income	4	5	6	6	9	10	10	9	7	5	7	13
Total Income	368	373	392	412	451	467	523	535	455	667	783	897
Total Expenditure	328	331	359	365	410	423	468	484	426	601	688	795
Operating Profit	40	42	34	47	40	45	55	51	29	66	95	103
Interest	1	1	1	2	2	6	11	10	8	6	4	4
Depreciation	12	12	12	12	11	10	10	11	11	11	12	12
Exceptional Income / Expenses	0	-15	28	-2	0	0	0	0	-25	9	-1	0
Profit Before Tax	27	14	48	32	27	28	35	30	-16	58	79	85
Provision for Tax	8	9	16	9	9	10	11	4	-4	13	20	23
Profit After Tax	19	4	32	23	18	19	24	26	-12	45	59	64
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	19	4	32	23	18	19	24	26	-12	45	59	64
Adjusted Earnings Per Share	14	3.1	23.8	16.7	13.3	13.6	17.5	18.8	-8.8	33.1	43.6	46.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	14%	11%	8%
Operating Profit CAGR	44%	23%	16%	9%
PAT CAGR	31%	31%	25%	12%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	26%	48%	32%	25%
ROE Average	20%	11%	10%	10%
ROCE Average	27%	16%	15%	15%

Ador Welding Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	185	181	204	218	237	248	263	249	237	282	324
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	1	1	0	0	0	0	0	0	0	1	1
Other Non-Current Liabilities	20	27	10	9	47	46	49	30	34	34	48
Total Current Liabilities	67	100	79	109	133	172	156	180	147	122	142
Total Liabilities	273	308	293	337	417	466	468	459	419	439	514
Fixed Assets	81	75	96	99	92	93	106	116	116	110	113
Other Non-Current Assets	41	52	29	29	83	79	83	72	76	80	96
Total Current Assets	151	181	168	209	242	294	280	270	226	248	305
Total Assets	273	308	293	337	417	466	468	459	419	439	514

Ador Welding Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	4	2	20	3	13	20	16	27	5	17	7
Cash Flow from Operating Activities	17	30	1	22	0	-37	63	13	79	26	14
Cash Flow from Investing Activities	-9	-1	-8	-4	-11	0	-19	-21	-7	-5	-10
Cash Flow from Financing Activities	-10	-11	-9	-9	19	33	-33	-13	-61	-31	-5
Net Cash Inflow / Outflow	-2	18	-17	10	7	-4	11	-22	12	-10	-1
Closing Cash & Cash Equivalent	2	20	3	13	20	16	27	5	17	7	6

Ador Welding Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	14.03	3.11	23.8	16.65	13.32	13.65	17.54	18.84	-8.82	33.1	43.6
CEPS(Rs)	23.1	11.96	32.94	25.23	21.57	21.06	24.6	26.69	-0.65	41.12	52.13
DPS(Rs)	6	5	5	5	5	5	6.5	6.5	0	12.5	17.5
Book NAV/Share(Rs)	135.76	133.01	150.01	160.65	174.56	182.14	193.68	183.01	174.58	207.29	237.88
Core EBITDA Margin(%)	9	9.08	6.6	9.22	6.47	7.49	8.69	7.94	4.84	9.14	11.41
EBIT Margin(%)	6.83	3.73	11.61	7.43	6.09	7.41	8.85	7.63	-1.68	9.68	10.67
Pre Tax Margin(%)	6.63	3.38	11.35	7.08	5.66	6.08	6.79	5.72	-3.51	8.8	10.18
PAT Margin (%)	4.75	1.04	7.61	5.04	3.77	3.99	4.66	4.87	-2.68	6.81	7.63
Cash Profit Margin (%)	7.82	4	10.53	7.63	6.1	6.16	6.53	6.91	-0.2	8.45	9.13
ROA(%)	7.55	1.46	10.76	7.19	4.81	4.2	5.11	5.53	-2.73	10.5	12.45
ROE(%)	10.61	2.31	16.82	10.72	7.95	7.65	9.33	10	-4.93	17.34	19.59
ROCE(%)	15.14	8.21	25.55	15.79	11.91	11.45	13.8	12.17	-2.52	23.36	26.66
Receivable days	49.55	67.72	69.22	82.33	74.38	66.12	62.91	74.41	95.93	54.76	51.29
Inventory Days	43.98	42.05	39.87	34.91	34.44	39.9	37.57	39.52	50.87	42.05	48.44
Payable days	47.45	68.95	64.05	80.71	88.16	82.31	71.39	69.24	84.59	60.11	52.54
PER(x)	8.08	46.43	9.33	17.19	23.17	27.46	19.81	9.62	0	18.69	21.02
Price/Book(x)	0.83	1.09	1.48	1.78	1.77	2.06	1.79	0.99	1.72	2.98	3.85
Dividend Yield(%)	5.29	3.46	2.25	1.75	1.62	1.33	1.87	3.59	0	2.02	1.91
EV/Net Sales(x)	0.42	0.48	0.73	0.92	0.98	1.25	0.99	0.61	0.94	1.26	1.62
EV/Core EBITDA(x)	3.83	4.21	8.38	7.98	10.71	12.88	9.27	6.34	14.45	12.65	13.17
Net Sales Growth(%)	6.82	1.15	4.95	5.23	8.51	3.69	11.89	2.62	-14.89	47.89	17.43
EBIT Growth(%)	-5.31	-44.87	226.29	-32.37	-12.42	17.74	31.64	-11.55	-118.75	951.2	29.53
PAT Growth(%)	-8.67	-77.83	665.25	-30.03	-20	2.43	28.5	7.42	-146.8	475.48	31.7
EPS Growth(%)	-8.68	-77.83	665.25	-30.03	-20	2.43	28.5	7.42	-146.8	475.48	31.7
Debt/Equity(x)	0.01	0.01	0	0	0.15	0.33	0.25	0.33	0.12	0	0.05
Current Ratio(x)	2.26	1.81	2.13	1.92	1.82	1.71	1.8	1.5	1.54	2.03	2.15
Quick Ratio(x)	1.61	1.31	1.58	1.52	1.46	1.39	1.47	1.15	1.11	1.29	1.33
Interest Cover(x)	33.9	10.66	43.72	21.15	14.2	5.56	4.29	4	-0.92	11.04	21.82
Total Debt/Mcap(x)	0.01	0.01	0	0	0.08	0.16	0.14	0.33	0.07	0	0.01

Ador Welding Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	56.9	56.9	56.9	56.9	56.9	56.9	56.9	56.9	56.9	56.9
FII	0.32	0.22	0.2	0.31	0.22	0.32	0.22	0.12	0.29	0.1
DII	6.66	6.72	6.71	4.8	4.45	2.99	2.8	4.02	4.43	5.74
Public	36.11	36.16	36.19	37.99	38.43	39.79	40.08	38.95	38.38	37.26
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.77	0.77	0.77	0.77	0.77	0.77	0.77	0.77	0.77	0.77
FII	0	0	0	0	0	0	0	0	0	0
DII	0.09	0.09	0.09	0.07	0.06	0.04	0.04	0.05	0.06	0.08
Public	0.49	0.49	0.49	0.52	0.52	0.54	0.54	0.53	0.52	0.51
Others	0	0	0	0	0	0	0	0	0	0
Total	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36

Pros

Company has delivered good profit growth of 25% CAGR over last 5 years
Debtor days have improved from 60.11 to 52.54days.
Company is almost debt free.

Cons

Company has a low return on equity of 11% over the last 3 years.
Stock is trading at 4.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Ador Welding

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Ador Welding Research see more...

Overview Inc. Year: 1951Industry: Electrodes & Welding Equipment

Ador Welding Share Price

Alert Data

Quarterly Price

Peer Comparison

Ador Welding Quarterly Results

Ador Welding Profit & Loss

Growth Rates

Ador Welding Balance Sheet

Ador Welding Cash Flow

Ador Welding Ratios

Ador Welding Shareholding Pattern

Ador Welding News

IPO

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