Ador Welding
- Market cap
- ₹ 2,272 Cr.
- P/E
- 19.2x
- P/B
- 4.22x
- 52-week range
- 848 – 1,766.4
- ROE
- 16%
- ROCE
- 23%
- Dividend yield
- 2.3%
- Debt / equity
- 0.01
- Sector
- Industrial Products
- Industry
- Other Industrial Products
- Listed on
- NSE, BSE
About
Ador Welding Limited is an India-based welding company. The Company is engaged in manufacturing in the field of welding products, technologies, and services. The Company is also engaged in providing customized solutions for multidisciplinary projects and contracts related to refineries, oil and gas, petrochemicals, fertilizers, steel plants, pharma, water and other chemical process industries. Its segments include Product, Services, and Maintenance & Reclamation (M&R). Its Product segment includes electrodes, wires, equipment, spares, cutting products, alloys and agency items related to products. Its Services segment provides services like design, manufacture, erection & commissioning, mechanical, electrical and instrumentation of process packages, process equipment and flare systems and components from Chinchwad plant. The M&R segment focuses on delivering value-added solutions in reclamation, fusion, surfacing, spraying, and environmental applications.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Other Industrial Products: 57 companies →Ador Welding against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)19.2 against a typical 22.5: cheaper than most peers (1st = cheapest).23rd of 56
- Sales growth+22.9% against a typical +17.6% from a year earlier.17th of 42
- Profit growth+3.8% against a typical −2.6% from a year earlier.17th of 41
- Share price, 3 months−3.5% against a typical −4.6%.24th of 49
- Size₹ 2,272.1 Cr. market value against a typical ₹ 127.7 Cr. (1st = largest).7th of 54
Latest announcements
Exchange filings and their impact on the company.
- 27 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactPositivePrice −0.8% so far today23% revenue growth with temporary steel-led margin dip, targeting recovery to 12-13% EBITDA.
Ador Welding held its Q2 FY27 earnings call after reporting quarterly revenue of about Rs 345 crores, up 23% year-on-year, and first-half revenue of Rs 654 crores, also up 23%. EBITDA grew 9% but gross margin fell to 34.2% due to sharp steel and raw material inflation, with price increases taken late in the quarter. Management said pass-through is now catching up, targeting 36-38% gross margin and 12-13% EBITDA margin, with mid-teens volume growth, 15-20% exports, Rs 60-70 crores annual capex for two years, and an interim dividend of Rs 7.5 per share.
- Ador Welding declared a Rs 7.5 interim dividend, a ~Rs 13cr shareholder payout.
Ador Welding's board on October 21, 2026 declared an interim dividend of Rs 7.5 per equity share. At about 1.74 crore shares outstanding, this implies a total payout of about Rs 13 crore. The payout is modest against profits and net worth and signals continued cash generation, with no change to the business outlook.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Adequate safety
Rated A+ by CARE- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CARE | CARE A+ / CARE A1+ | Stable | 2 Jan 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 2 Jan 2026 | Reaffirmed | CARE A+ / CARE A1+ | — | CARE | ₹ 231.5 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 21 Oct 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended September 30, 2026 and dividend |
| 21 Jul 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2026 and other business matters |
| 29 Apr 2026 | Financial Results/Dividend/Other business matters | To consider and approve the financial results for the period ended March 31, 2026, dividend and other business matters |
| 16 Jan 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 15 Oct 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2025 and other business matters |
| 13 Aug 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 260 | 296 | 268 | 268 | 273 | 308 | 251 | 280 | 287 | 318 | 309 | 344 |
| Expenses | 232 | 263 | 240 | 247 | 249 | 277 | 255 | 245 | 243 | 271 | 273 | 307 |
| Operating Profit | 28 | 33 | 28 | 21 | 24 | 31 | −4 | 35 | 44 | 47 | 35 | 37 |
| OPM % | 11% | 11% | 10% | 8% | 9% | 10% | −1.8% | 12% | 15% | 15% | 11% | 11% |
| Other Income | 5 | 7 | 6 | −36 | 4 | 4 | 5 | 5 | −2 | 3 | 7 | 5 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | 28 | 34 | 28 | −21 | 23 | 30 | −5 | 34 | 36 | 45 | 37 | 36 |
| Tax % | 28% | 26% | 25% | −25% | 26% | 26% | −24% | 25% | 26% | 26% | 25% | 26% |
| Net Profit | 20 | 25 | 21 | −16 | 17 | 22 | −3 | 26 | 27 | 34 | 27 | 27 |
| EPS in Rs | 14.68 | 18.72 | 15.27 | −11.83 | 9.66 | 12.64 | −1.99 | 14.72 | 15.57 | 19.27 | 15.72 | 15.33 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 11%
- 5 Years
- 20%
- 3 Years
- 13%
- TTM
- 13%
- 10 Years
- 14%
- 5 Years
- 42%
- 3 Years
- 14%
- TTM
- 95%
- 10 Years
- 15%
- 5 Years
- 15%
- 3 Years
- 3%
- TTM
- —
- 10 Years
- 14%
- 5 Years
- 17%
- 3 Years
- 17%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Ador Welding | ₹ 1,362.30 | ₹ 2,272 Cr. | 19.2x | 4.2x | 16% | — |
| Escorts Kubota | ₹ 2,626.00 | ₹ 29,420 Cr. | 24x | 2.6x | 12% | 11.8% |
| Action Construction Equipment | ₹ 1,000.15 | ₹ 11,954 Cr. | 27.8x | 5.8x | 22.9% | 12.7% |
| ESAB India | ₹ 5,289.90 | ₹ 8,143 Cr. | 44.5x | 20.3x | 52.3% | 13.7% |
| AJAX Engineering | ₹ 552.60 | ₹ 6,324 Cr. | 30.1x | 4.9x | 17.7% | 10.7% |
| Texmaco Rail & Engineering | ₹ 99.20 | ₹ 4,034 Cr. | 23.6x | 2x | 7.6% | 3.9% |
Management
- Ninotchka Malkani Nagpal
- Executive Chairman of the Board
- Suryakant Sethia
- Chief Financial Officer
- Vinayak Manohar Bhide
- Compliance Officer, Company Secretary, Head - Corporate Administration, legal
- Aditya Tarachand Malkani
- Managing Director, Executive Director
- Vineet H. Bansal
- Sales Head - Domestic Welding
- Rakesh R. Choudhary
- Head - WAPS SBU
- Sachin H. Dobhada
- Head - TDC and Equipment Quality
- Sanjay Jain
- Head - Consumables Quality
Prices are delayed and for information only. Nothing on this page is investment advice.