Ador Welding Ltd
NSE: ADOR · Other Industrial Products · sector
₹1,305.70NSE close 2026-10-26
Key numbers
Market cap₹2,272 cr
Price₹1,305.70
52w high / low₹1,766 / ₹848
P/E19.7xSector median 23.1x
P/B4.0xSector median 3.1x
Book value₹327.4
Dividend yield1.53%Sector median 0.43%
ROE21.7%Sector median 9.8%
ROCE27.2%Sector median 13.0%
OPM12.1%Sector median 10.1%
Debt / equity0.05xSector median 0.23x
EV/EBITDA14.2xSector median 14.2x
Interest cover59.9x
Current ratio2.43x
Sales growth 3y+13.6%Sector median +13.6%
Profit growth 3y+11.4%Sector median +11.4%
PEG7.52x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 29 companies in Other Industrial Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹123 cr vs borrowings ₹1 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 59.9x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY24, FY23, FY22).
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 25% of net profit in the last 12 months.
- Debtor days went from 62 (FY24) to 74 (FY26).
- Dividend paid in 4 of the last 5 financial years.
- Price ₹1,305.70 on 2026-10-26: -26.1% from the 52-week high, +54.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,730.30 · low ₹852.45
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 274 | 310 | 252 | 281 | 288 | 319 | 309 | 345 |
| EBITDA | 23 | 30 | -4 | 35 | 29 | 50 | 36 | 38 |
| OPM % | 8.5% | 9.6% | -1.7% | 12.4% | 10.2% | 15.8% | 11.5% | 10.9% |
| Other income | 4 | 5 | 5 | 4 | 12 | 5 | 7 | 5 |
| Net profit | 15 | 18 | -4 | 25 | 27 | 34 | 28 | 27 |
| EPS (₹) | 8.86 | 10.40 | -2.27 | 14.37 | 15.35 | 19.65 | 15.86 | 15.48 |
| Revenue YoY | +5.2% | +2.9% | +22.9% | +22.6% | ||||
| Profit YoY | +73.4% | +89.2% | – | +7.7% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 661 | 777 | 884 | 1,123 | 1,140 | 1,261 |
| EBITDA | 67 | 86 | 90 | 91 | 119 | 153 |
| Net profit | 45 | 59 | 63 | 60 | 82 | 115 |
| EPS (₹) | 33.21 | 43.60 | 46.46 | 34.51 | 47.11 | 66.34 |
| Revenue growth | +17.4% | +13.8% | +27.0% | +1.5% | +12.9% | |
| Profit growth | +31.3% | +6.6% | -5.0% | +36.5% | +111.7% | |
| Dividend / share (₹) | – | 12.50 | 17.50 | 18.50 | 20.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +13.6% | +20.6% | +12.9% |
| Net profit | +11.4% | – | +111.7% |
| EPS | +2.6% | – | – |
| Share price | – | – (2y) | +23.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 324 | 362 | 507 | 554 |
| Borrowings | – | 16 | 43 | 1 | 1 |
| Cash & equivalents | – | 24 | 23 | 91 | 123 |
| Total assets | – | 452 | 521 | 694 | 832 |
| Fixed assets | – | 112 | 116 | 186 | 193 |
| Capital work in progress | – | 2 | 25 | 4 | 3 |
| Investments | – | 3 | 3 | 8 | 16 |
| Receivables | – | 125 | 150 | 193 | 232 |
| Inventory | – | 116 | 122 | 127 | 152 |
| Payables | – | 73 | 70 | 125 | 194 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 26 | 14 | 34 | 137 | 116 |
| Cash from investing | -5 | -10 | -37 | -17 | -66 |
| Cash from financing | -31 | -5 | -2 | -94 | -38 |
| Capex | 17 | 15 | 42 | 41 | 22 |
| Free cash flow | 9 | -1 | -7 | 96 | 94 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 18.3% | 17.4% | 11.8% | 14.8% |
| ROCE % | – | 24.0% | 22.1% | 17.9% | 21.1% |
| Debtor days | – | 59 | 62 | 63 | 74 |
| Inventory days | – | 81 | 75 | 64 | 78 |
| Payable days | – | 51 | 43 | 63 | 100 |
| Cash conversion cycle (days) | – | 89 | 94 | 64 | 52 |
| Working capital days | – | 76 | 72 | 88 | 92 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 53.65% |
| FIIs | 1.06% |
| DIIs | 11.17% |
| of which Mutual funds | 4.12% |
| Public (non-institutions) | 34.12% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 53.24% | 53.70% | 53.70% | 53.72% | 53.73% | 53.76% | 53.76% | 53.65% |
| Promoter group | % |
|---|---|
| J B Advani and Company PVT Limited | 45.23% |
| Aruna Bhagwan Advani | 2.26% |
| Aditya Tarachand Malkani | 1.79% |
| Ninotchka Malkani Nagpal | 1.65% |
| Rajbir Malkani | 0.75% |
| Tania Ajit Mirchandani | 0.56% |
| Michelle Gulu Malkani | 0.51% |
| Shirin Aditya Malkani | 0.23% |
| Priya Darshini Lambert | 0.20% |
| Vimla A Lalvani | 0.18% |
| Deep Ashda Lalvani | 0.13% |
| Reshma Ashda Lalvani | 0.10% |
| Ravin Mirchandani | 0.05% |
| Tanya Halina Advani | 0.01% |
| Late Pravena Krishna Mathur | 0.01% |
| Public holders above 1% | % |
|---|---|
| Clarus Capital I | 6.83% |
| Girish Gulati (HUF) | 2.46% |
| Quant Mutual Fund - Quant Manufacturing Fund | 2.18% |
| Investor Education and Protection Fund Authority Ministry of Corporate Affairs | 1.96% |
| Nippon Life India Trustee Ltd-a/c Nippon India Value Fund | 1.94% |
| Catamaran Ventures LLP | 1.05% |
34,050 shareholders. Pledged: 0.00% of promoter shares.
Peers in Other Industrial Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HBLENGINE | ₹21,089 cr | 22.8x | 9.5x | 50.0% | 55.1% | 31.2% | +34.1% | – |
| INOXINDIA | ₹17,251 cr | 67.7x | 15.4x | 25.8% | 29.2% | 21.0% | – | 0.10% |
| ESABINDIA | ₹8,178 cr | 36.9x | 19.1x | 56.1% | 69.1% | 19.5% | +11.4% | 1.73% |
| KRN | ₹7,000 cr | 69.0x | 12.2x | 18.1% | 17.1% | 19.6% | – | – |
| SUBROS | ₹3,885 cr | 23.4x | 3.1x | 14.2% | 18.1% | 8.1% | +10.2% | 0.43% |
| HARSHA | ₹3,716 cr | 24.0x | 2.6x | 11.7% | 13.2% | 14.6% | +6.0% | 0.25% |
| ADOR | ₹2,272 cr | 19.7x | 4.0x | 21.7% | 27.2% | 12.1% | +13.6% | 1.53% |
| DIFFNKG | ₹1,495 cr | 27.2x | 3.7x | 14.1% | 15.3% | 13.8% | – | 0.38% |
| MICEL | ₹865 cr | – | 4.0x | -5.5% | 8.8% | 11.4% | +102.6% | – |
| HTEL | ₹645 cr | – | – | – | – | – | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Welding | ₹1,079 cr | 95.0% | ₹162 cr | 15.0% |
| Flares and Process equipment | ₹57 cr | 5.0% | ₹-23 cr | -41.1% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-16 | Dividend | Dividend - Rs 23 Per Share |
| 2025-07-08 | Dividend | Dividend - Rs 20 Per Share |
| 2024-05-15 | Dividend | Interim Dividend - Rs 18.50 Per Share |
| 2023-08-02 | Dividend | Annual General Meeting/Dividend - Rs 17.50 Per Share |
| 2022-07-19 | Dividend | Annual General Meeting/Dividend - Rs 12.50 Per Share |
| 2020-02-27 | Dividend | Interim Dividend - Rs 6.50 Per Share |
| 2019-07-18 | Dividend | Dividend - Rs 6.50 Per Share |
| 2018-08-02 | Dividend | Dividend- Rs 5 Per Share (Date Revised) |
| 2017-08-23 | Dividend | Annual General Meeting/Dividend - Rs 5/- Per Share(Purpose Revised) |
| 2016-07-21 | Dividend | Dividend - Rs 5/- Per Share |
| 2015-07-22 | Dividend | Annual General Meeting/Dividend - Rs 5/- Per Share |
| 2014-07-18 | Dividend | Dividend @ Rs.5/- Per Share |
| 2013-07-16 | Dividend | Dividend-Rs.6/- Per Share |
| 2012-07-12 | Dividend | Dividend Rs. 6/- Per Share |
| 2011-07-14 | Dividend | Dividend-Rs.6/- Per Share |
| 2010-07-21 | Dividend | Dividend-Rs.6/- Per Share |
| 2009-07-16 | Other | Agm/Div-Rs.4/- Per Share |
| 2008-07-17 | Dividend | Dividend - 80% |
| 2007-07-12 | Dividend | Dividend-Rs.12/- Per Sh |
| 2006-06-08 | Other | Div Fin-50% + Spl-50% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Electrode, wires, equipment, spares, cutting products & alloys
- Manufacturing: Flares & process equipment
| Sector | Industrials |
| Industry | Other Industrial Products |
| Sub-industry | Other Industrial Products |
| Symbol | ADOR |
| BSE code | 517041 |
| ISIN | INE045A01017 |
| Face value | ₹10.0 |
| Incorporated | 1951-10-22 |
| Website | www.adorwelding.com |
| Plants (India / abroad) | 6 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.