Overview

Detailed Summary

Ador Welding Limited specializes in welding products, technologies, and services, servicing industries like steel, ship-building, defense, and automotive. It holds a dominant position in the Indian welding market, leveraging decades-old expertise and partnerships to innovate and sustain growth.
The company has strategically expanded its capacity by opening a new state-of-the-art facility in Silvassa to manufacture Flux Cored Welding Wires, aiming at operational efficiency and scalability in production.
Recent results indicate a slow but steady improvement in financial metrics, with a 5% quarterly sales growth, improved EBITDA margins of 12.5%, and a return to target ROCE of 23%, reflecting robust management strategies and operational execution.
Ador remains committed to strategic product development, recently launching several advanced welding equipment and consumables tailored for high-efficiency uses, indicating a push towards innovation and modernization of their product portfolio.
The integration of Ador Fontech Limited through a merger is expected to enhance the company's market reach and operational capabilities, creating cost synergies and strengthening its position in the welding and allied sectors.

Sector: Capital Goods-Non Electrical Equipment
Industry: Electrodes - Welding Equipment
Market Cap: 1,742 Cr
Volatility: Low Risk
P/E Ratio: 26.3
Industry P/E: 33.4
PEG Ratio: 0.9
P/B Ratio: 3.5
52W High: 1,258.85
52W Low: 790.00

Sales CAGR

1Y: 4.57%
3Y: 19.28%
5Y: 16.36%
10Y: 10.66%

Profit CAGR

1Y: -30.55%
3Y: 9.96%
5Y: 18.12%
10Y: 11.59%

ROE

TTM: 11.08%
3Y: 14.36%
5Y: 12.13%
10Y: 10.87%

ROCE

TTM: 16.60%
3Y: 19.71%
5Y: 16.97%
10Y: 15.77%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ADOR	994.00	1,742 Cr	26.26	3.54	2.00	11.08	16.60	9.10
DIFFNKG	258.20	967 Cr	20.39	2.51	0.58	10.99	13.74	10.19
GEE	65.01	338 Cr	-197.00	2.78	0.00	-4.35	-0.65	-1.78
ROYALARC	157.00	174 Cr	12.25	2.43	0.00	13.38	16.92	10.91
DHINDIA	148.60	152 Cr	21.42	2.05	0.00	13.28	11.68	5.01
RASIELEC	12.53	39 Cr	11.71	1.04	0.00	7.67	10.85	8.44
AUROIMPEX	31.45	38 Cr	8.30	0.81	0.00	7.81	9.92	3.09

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	277	261	297	269	269	274	310	252	281	288
Expenses	242	235	265	242	249	251	279	256	246	253
Operating Profit	36	27	32	27	20	23	31	-4.40	35	35
OPM %	12.88	10.27	10.86	10.11	7.47	8.49	10.02	-1.75	12.36	12.25
Other Income	3.96	4.60	6.64	5.18	-4.91	3.72	3.67	4.96	4.32	6.04
Interest	0.89	1.12	1.33	1.23	1.37	1.07	0.87	0.84	0.63	0.33
Depreciation	3.90	3.95	4.05	4.34	4.50	4.63	4.75	4.76	4.77	4.96
Profit Before Tax	35	26	34	27	9.34	21	29	-5.04	34	36
Tax %	25.65	29.05	24.36	26.06	28.27	27.58	37.84	21.63	25.72	25.88
Net Profit	26	19	25	20	6.70	15	18	-3.95	25	27
EPS in Rs	11.65	8.41	11.39	8.92	3.01	8.86	10.40	-2.27	14.37	15.35

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	TTM
Sales	451	482	465	513	526	448	661	1,074	1,123	1,105
Expenses	367	412	424	469	486	428	603	956	1,021	1,035
Operating Profit	84	69	41	44	41	20	58	118	102	70
OPM %	18.57	14.42	8.81	8.55	7.76	4.49	8.82	10.95	9.08	6.34
Other Income	3.34	9.20	9.58	10	9.03	-17	14	19	7.41	7.44
Interest	0.87	1.06	5.32	9.05	8.61	6.41	3.72	4.08	4.54	4.15
Depreciation	12	11	10	9.68	11	11	11	16	18	19
Profit Before Tax	32	27	28	36	31	-14	58	117	87	55
Tax %	29.12	33.62	34.48	30.91	14.44	26.17	22.42	26.17	30.64	33.71
Net Profit	22	18	18	25	26	-10	45	86	60	36
EPS in Rs	—	—	—	14.09	15.37	-5.97	25.94	—	31.18	37.85
Dividend Payout %	30.38	38.08	36.93	36.01	33.85	0.00	37.64	49.31	57.95	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	17
Reserves	189	203	221	231	248	234	224	268	459	490
Borrowings	0.19	0.03	36	81	65	82	29	2.21	45	2.41
Other Liabilities	82	118	107	102	103	108	108	109	163	184
Total Liabilities	285	335	378	428	429	437	375	393	681	694
Fixed Assets	97	100	94	95	108	118	110	110	146	186
CWIP	1.60	1.36	4.02	0.77	1.07	0.33	3.27	7.10	25	4.11
Investments	6.45	12	19	11	12	11	18	27	50	42
Other Assets	179	222	261	322	309	308	244	248	459	461
Total Assets	285	335	378	428	429	437	375	393	681	694

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025
Cash from Operating Activity	1.17	23	0.18	-37	64	14	79	26	58	137
Cash from Investing Activity	-8.51	-3.84	-12	0.28	-19	-22	-6.57	-5.45	-44	-17
Cash from Financing Activity	-9.25	-9.35	19	32	-33	-13	-61	-31	-19	-94
Net Cash Flow	-17	9.50	7.34	-4.09	11	-22	12	-10	-4.61	26

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Oct 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	56.90%	56.90%	56.90%	56.90%	56.94%	56.94%	53.18%	53.24%	53.70%	53.70%	53.72%	53.73%
FIIs	0.22%	0.12%	0.29%	0.10%	0.05%	0.04%	0.08%	0.06%	0.03%	0.07%	0.09%	0.14%
DIIs	2.80%	4.02%	4.43%	5.74%	10.22%	12.00%	9.39%	10.31%	11.00%	11.85%	12.44%	12.57%
Public	40.08%	38.95%	38.38%	37.26%	32.79%	31.01%	37.35%	36.39%	35.26%	34.37%	33.74%	33.56%
Total Shareholders	23,209	28,059	30,274	32,575	29,283	30,665	43,111	41,468	40,702	38,889	37,949	36,356

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