Ador Welding Limited
NSE: ADOROther Industrial Products
Share price
₹1,479.60
-0.44% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
67
out of 100 · worked out 9 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹2,515 Cr
P/E ratio
21.7
P/B ratio
4.6
ROCE
22.8%
ROE
15.8%
Dividend yield
1.5%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 8.4% over the past year, and 7.9% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 9.2% to 13.5% over the last four years.
Whether it grew faster than its sector
It grew 7.9% a year against a sector median of 10.6% — 2.8 percentage points slower.
Room to re-rate, or risk of de-rating
At 21.7× earnings against a market that pays 24.1× across 2199 companies we can price. Its own industry sits at 36.4×, across 5 companies. It is against its own five-year median of 31.1×, the 7th percentile of its own range.
Whether growth justifies the valuation
It has no steady three-year profit record yet, so growth cannot be weighed against the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Ador Welding Limited — this one | — | 21.7× | — |
| HBL Engineering Limited | 105%/yr | 25.1× | — |
| INOX India Limited | 19%/yr | 72.0× | ₹3.8 |
| KRN Heat Exchanger and Refrigeration Limited | — | 88.6× | — |
| Esab India Limited | 13%/yr | 36.4× | ₹2.8 |
| Subros Limited | 53%/yr | 25.6× | ₹0.48 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Other Industrial Products), it ranks 5 of 15 on returns, 11 of 15 on growth, 11 of 15 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 22.8% on capital, ahead of 67% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹416 crore of cash from the business, spent ₹108 crore on plant and equipment, and returned ₹243 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 126 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 42 days for its cash to waiting 53 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
9 of 10 checks clear · 90%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹2,515 Cr
- Prev close
- ₹1,479.60
- 52w High
- ₹1,766
- 52w Low
- ₹848
- Enterprise value
- ₹2,394 Cr
- Beta
- 1.0
- Price CAGR 1y
- 54.0%
- Price CAGR 3y
- 12.0%
- Price CAGR 5y
- 17.0%
- Price CAGR 10y
- 19.0%
Ratios
- Return on assets
- 9.9%
- PEG ratio
- —
- P/E ratio
- 21.7
- P/B ratio
- 4.6
- EV / EBITDA
- 14.8
- Industry P/E
- 25.7
- ROCE
- 22.8%
- ROCE 5y average
- 17.3%
- ROE
- 15.8%
- Debt / Equity
- 0.0
- Interest coverage
- 29.8
- Dividend yield
- 1.5%
- ROE 3y average
- 16.0%
- ROE last year
- 16.0%
Annual P&L
- Annual revenue
- ₹1,140 Cr
- Annual profit
- ₹82 Cr
- Operating margin
- 11.0%
- Net profit margin
- 7.2%
- EBITDA margin
- 10.8%
- Sales growth 3y
- 19.9%
- Sales growth 5y
- 16.7%
- Profit growth 3y
- —
- Profit growth 5y
- 40.0%
- EPS
- ₹47.1
- Sales growth TTM
- 8.0%
- Profit growth TTM
- 168.0%
- Dividend payout
- 49.0%
Quarter P&L
- Sales latest quarter
- ₹309 Cr
- Profit latest quarter
- ₹28 Cr
- YoY quarterly sales growth
- 22.9%
- YoY quarterly profit growth
- —
- OPM latest quarter
- 11.5%
Balance Sheet
- Book Value
- ₹326
- Face Value
- ₹10.0
- Total debt
- ₹3 Cr
- Total cash
- ₹93 Cr
- Borrowings
- ₹3 Cr
- Reserves / Equity
- 31.6
Cash Flow
- Operating cash flow
- ₹116 Cr
- Free cash flow
- ₹94 Cr
- FCF yield
- 3.6%
- Net cash flow
- ₹12 Cr
Shareholding
- Promoter holding
- 53.8%
- FII holding
- 1.1%
- DII holding
- 10.5%
- Public holding
- 34.7%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| HBL Engineering | 762.45 | 26.4 | 21,140 | 0.39 | 109.1 | -25.1 | 638.0 | 6.0 | 59.3 |
| Inox India | 2,082.00 | 73.5 | 18,893 | 0.10 | 58.1 | -5.0 | 370.8 | 9.2 | 33.5 |
| KRN Heat Exchan | 1,484.20 | 100.0 | 9,694 | 0.00 | 32.9 | 164.9 | 252.3 | 118.9 | 16.0 |
| Esab India | 5,627.00 | 41.8 | 8,662 | 1.33 | 56.1 | 37.1 | 421.1 | 19.6 | 64.7 |
| Subros | 675.50 | 25.7 | 4,417 | 0.44 | 41.5 | 1.7 | 1,032.1 | 17.5 | 19.2 |
| Harsha Engg Intl | 460.40 | 27.1 | 4,194 | 0.33 | 37.4 | -1.4 | 457.4 | 25.2 | 13.0 |
| Ador Welding | 1,552.10 | 23.4 | 2,704 | 1.48 | 27.6 | 798.7 | 309.5 | 22.9 | 22.8 |
| Diffusion Eng | 452.85 | 30.7 | 1,700 | 0.33 | 16.7 | 36.3 | 110.1 | 36.5 | 15.8 |
| Median | 342.55 | 26.2 | 561 | 0.00 | 6.2 | 10.2 | 69.5 | 16.7 | 16.2 |
Competes with: Beardsell Limited, Delta Manufacturing Limited, Diffusion Engineers Limited, Esab India Limited, HBL Engineering Limited, Harsha Engineers International Limited, Hy-Tech Engineers Limited, INOX India Limited, KRN Heat Exchanger and Refrigeration Limited, MIC Electronics Limited, Mallcom (India) Limited, Oriental Rail Infrastructure Limited, PTC Industries Limited, Subros Limited, WH Brady & Company Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Dec 2022 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 199 | 277 | 261 | 297 | 269 | 269 | 274 | 310 | 252 | 281 | 288 | 319 | 309 |
| Expenses | 174 | 242 | 235 | 265 | 242 | 249 | 251 | 279 | 256 | 246 | 244 | 272 | 274 |
| Material Cost | 173 | 151 | 138 | 150 | 181 | 200 | |||||||
| Change in Inventories | 9.03 | -36 | 21 | 6.07 | 1.93 | -42 | |||||||
| Purchases of Stock-in-Trade | 22 | 39 | 14 | 23 | 21 | 38 | |||||||
| Employee Cost | 26 | 29 | 29 | 30 | 29 | 31 | |||||||
| Other Expenses | 50 | 73 | 45 | 44 | 39 | 46 | |||||||
| Operating Profit | 24 | 36 | 27 | 32 | 27 | 20 | 23 | 31 | -4 | 35 | 44 | 47 | 36 |
| OPM % | 12 | 13 | 10 | 11 | 10 | 7.47 | 8.49 | 10 | -1.75 | 12 | 15 | 15 | 12 |
| Other Income | 2 | 4 | 5 | 7 | 5 | -5 | 4 | 4 | 5 | 4 | -2 | 9 | 7 |
| Exceptional items (within Other Income) | -1.38 | 0 | 0 | -5.90 | 3.15 | 0 | |||||||
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Depreciation | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | 22 | 35 | 26 | 34 | 27 | 9 | 21 | 29 | -5 | 34 | 36 | 50 | 37 |
| Tax % | 26 | 26 | 29 | 24 | 26 | 28 | 28 | 38 | -22 | 26 | 26 | 32 | 25 |
| Net Profit | 16 | 26 | 19 | 25 | 20 | 7 | 15 | 18 | -4 | 25 | 27 | 34 | 28 |
| EPS in Rs | 12 | 19 | 14 | 19 | 15 | 4.93 | 8.85 | 10 | -2.27 | 14 | 15 | 20 | 16 |
| Diluted EPS in Rs | 10 | -2.27 | 14 | 15 | 20 | 16 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 371 | 388 | 408 | 442 | 458 | 513 | 526 | 448 | 661 | 1,074 | 1,123 | 1,140 | 1,198 |
| Expenses | 344 | 360 | 366 | 411 | 423 | 468 | 484 | 425 | 601 | 955 | 1,019 | 1,017 | 1,036 |
| Material Cost | 663 | 619 | |||||||||||
| Change in Inventories | -9.31 | -6.40 | |||||||||||
| Purchases of Stock-in-Trade | 72 | 96 | |||||||||||
| Employee Cost | 111 | 118 | |||||||||||
| Other Expenses | 185 | 192 | |||||||||||
| Operating Profit | 27 | 28 | 42 | 31 | 35 | 46 | 42 | 22 | 61 | 119 | 104 | 123 | 161 |
| OPM % | 7 | 7 | 10 | 7 | 8 | 9 | 8 | 5 | 9 | 11 | 9 | 11 | 13 |
| Other Income | -8 | 34 | 3 | 9 | 10 | 10 | 9 | -17 | 14 | 19 | 7 | 15 | 17 |
| Exceptional items (within Other Income) | -11 | -2.75 | |||||||||||
| Interest | 2 | 1 | 2 | 2 | 6 | 11 | 10 | 8 | 6 | 6 | 6 | 4 | 2 |
| Depreciation | 12 | 13 | 12 | 11 | 10 | 10 | 11 | 11 | 11 | 16 | 18 | 19 | 20 |
| Profit before tax | 4 | 48 | 32 | 27 | 28 | 36 | 31 | -14 | 58 | 117 | 87 | 115 | 157 |
| Tax % | 216 | 33 | 29 | 34 | 34 | 31 | 14 | -26 | 22 | 26 | 31 | 29 | |
| Net Profit | -5 | 32 | 22 | 18 | 18 | 25 | 26 | -10 | 45 | 86 | 60 | 82 | 114 |
| EPS in Rs | -3.76 | 23 | 16 | 13 | 14 | 18 | 19 | -7.63 | 33 | 64 | 35 | 47 | 65 |
| Diluted EPS in Rs | 35 | 47 | |||||||||||
| Dividend Payout % | -133 | 21 | 30 | 38 | 37 | 36 | 34 | 0 | 38 | 39 | 58 | 49 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 11%
- 5 years
- 17%
- 3 years
- 20%
- TTM
- 8%
Compounded profit growth
- 10 years
- 13%
- 5 years
- 40%
- 3 years
- —
- TTM
- 168%
Stock price CAGR
- 10 years
- 19%
- 5 years
- 17%
- 3 years
- 12%
- 1 year
- 54%
Return on equity
- 10 years
- —
- 5 years
- —
- 3 years
- 16%
- Last year
- 16%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 17 | 17 |
| Reserves | 155 | 189 | 203 | 221 | 231 | 248 | 234 | 224 | 268 | 459 | 490 | 537 |
| Borrowings | 19 | 0 | 0 | 36 | 81 | 65 | 82 | 29 | 2 | 45 | 2 | 3 |
| Other Liabilities | 93 | 82 | 118 | 107 | 102 | 103 | 108 | 108 | 109 | 163 | 184 | 274 |
| Minority Interest | 0 | 0 | ||||||||||
| Total Liabilities | 280 | 285 | 335 | 378 | 428 | 429 | 437 | 375 | 393 | 681 | 694 | 832 |
| Fixed Assets | 77 | 97 | 100 | 102 | 103 | 116 | 125 | 117 | 117 | 157 | 197 | 204 |
| CWIP | 2 | 2 | 1 | 4 | 1 | 1 | 0 | 3 | 7 | 25 | 4 | 3 |
| Investments | 14 | 6 | 12 | 11 | 2 | 4 | 4 | 11 | 20 | 39 | 32 | 47 |
| Other Assets | 188 | 179 | 222 | 261 | 322 | 309 | 308 | 244 | 248 | 459 | 461 | 577 |
| Total Assets | 280 | 285 | 335 | 378 | 428 | 429 | 437 | 375 | 393 | 681 | 694 | 832 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 21 | 1 | 23 | 0 | -37 | 64 | 14 | 79 | 26 | 58 | 137 | 116 |
| Cash from Investing Activity | -1 | -9 | -4 | -12 | 0 | -19 | -22 | -7 | -5 | -44 | -17 | -66 |
| Cash from Financing Activity | -3 | -9 | -9 | 19 | 32 | -33 | -13 | -61 | -31 | -19 | -94 | -38 |
| Net Cash Flow | 17 | -17 | 10 | 7 | -4 | 11 | -22 | 12 | -10 | -5 | 26 | 12 |
| Free Cash Flow | 8 | -5 | 8 | -16 | -46 | 45 | -8 | 71 | 28 | 16 | 98 | 95 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 77 | 78 | 107 | 63 | 73 | 60 | 90 | 86 | 51 | 61 | 63 | 74 |
| Inventory Days | 77 | 59 | 58 | 56 | 60 | 52 | 62 | 70 | 70 | 77 | 64 | 78 |
| Days Payable | 81 | 57 | 109 | 85 | 84 | 67 | 72 | 87 | 60 | 45 | 63 | 100 |
| Cash Conversion Cycle | 72 | 81 | 56 | 34 | 50 | 45 | 79 | 69 | 61 | 93 | 64 | 53 |
| Working Capital Days | 40 | 61 | 67 | 63 | 81 | 66 | 56 | 42 | 54 | 56 | 58 | 53 |
| ROCE % | 10 | 10 | 17 | 12 | 11 | 14 | 12 | 6 | 20 | 20 | 23 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-121inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
20.01cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.03cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
1,35,33,373inr
2026-03-31
News
News and filings about Ador Welding Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Beardsell Limited
- Delta Manufacturing Limited
- Diffusion Engineers Limited
- Esab India Limited
- HBL Engineering Limited
- Harsha Engineers International Limited
- Hy-Tech Engineers Limited
- INOX India Limited
- KRN Heat Exchanger and Refrigeration Limited
- MIC Electronics Limited
- Mallcom (India) Limited
- Oriental Rail Infrastructure Limited
- PTC Industries Limited
- Subros Limited
- WH Brady & Company Limited
Uses as raw material
- Flux and coating chemicals
- Imported welding components
- Steel wire rod / mild steel wire
Depends on the price of
- aluminium
- steel
Sells to
- Bharat Heavy Electricals · welding electrodes/wires, consumables & equipment
- Bharat Petroleum Corporation · welding electrodes/wires, consumables & equipment
- Coal India · welding electrodes/wires, consumables & equipment
- GAIL India · welding electrodes/wires, consumables & equipment
- KIOCL Limited · welding electrodes/wires, consumables & equipment
- NLC India Limited · welding electrodes/wires, consumables & equipment
- NTPC Limited · welding electrodes/wires, consumables & equipment
- National Aluminium Company · welding electrodes/wires, consumables & equipment
- Oil & Natural Gas Corporation · welding electrodes/wires, consumables & equipment
- Suzlon Energy Limited · welding electrodes/wires, consumables & equipment
Buys from
- Shree Vasu Logistics Limited · CFA, warehousing & 3PL logistics services
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Other Industrial Products
- Classification
- Capital Goods › Other Industrial Products
- ISIN
- INE045A01017
Business segments
- Welding · 95%
- Flares and Process equipment · 5%
Plants
- Bengaluru Plant 1 · Bengaluru, Karnataka
- Bengaluru Plant 2 · Bengaluru, Karnataka
- Chennai Plant · Chennai, Tamil Nadu
- Chinchwad Plant, Pune · Pune / Chinchwad, Maharashtra
- Nagpur Plant · Nagpur, Maharashtra
- Raipur Plant · Raipur / Birgaon, Chhattisgarh
- Silvassa Plant · Silvassa, Dadra & Nagar Haveli
News impact
Big market events that reach Ador Welding Limited, and how the effect spreads.
No recent market events reach this company.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 16 Jul 2026 | unspecified | ₹23 |
|---|---|---|
| 8 Jul 2025 | unspecified | ₹20 |
| 15 May 2024 | interim | ₹18.5 |
| 2 Aug 2023 | unspecified | ₹17.5 |
| 19 Jul 2022 | unspecified | ₹12.5 |
| 27 Feb 2020 | interim | ₹6.5 |
| 18 Jul 2019 | unspecified | ₹6.5 |
| 2 Aug 2018 | unspecified | ₹5 |
Splits, bonuses & buybacks
- daily-prices repair: 7 rows from NSE's archive (replace 0, delete 0, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 1 Sep 2026 | Navroze Marshall · Director | SELL | 10,000 | 1.72 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Results presentation30 Jun 2026
- Annual report · 2025-2630 Jun 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.