ADOR

Ador Welding Limited

Tier-1 Indian welding equipment and consumables company

Industrials›Capital Goods›Industrial Products›Other Industrial Products

adorwelding.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1500.80
Market cap
2,612 Cr
Stock P/E
23.0
P/B
4.71
Dividend yield
1.3%
ROE (FY26)
14.8%
ROCE (FY26)
21.1%
Operating margin (FY26)
8.9%
Debt / equity (FY26)
0.0015
OCF / EBITDA (FY26)
95.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ador Welding makes welding consumables, welding and cutting equipment, and welding automation for industrial customers in India and abroad.

Company snapshot

7thBy market cap

Ranked among 13 companies in Other Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 80.7% of revenue

SegmentRevenue shareRevenuePBTAssets
M&R division
14.7%
119 Cr14 Cr—
Products
80.7%
653 Cr80 Cr—
Services
6.9%
56 Cr-11 Cr—

Shares add up to 102% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2022Jun 2022Sept 2022Dec 2022Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales200 Cr158 Cr185 Cr199 Cr269 Cr274 Cr310 Cr252 Cr281 Cr288 Cr319 Cr309 Cr
Operating expenses (approx.)182 Cr142 Cr170 Cr175 Cr249 Cr251 Cr279 Cr256 Cr246 Cr253 Cr272 Cr274 Cr
EBITDA18 Cr16 Cr15 Cr24 Cr20 Cr23 Cr31 Cr-4 Cr35 Cr35 Cr47 Cr36 Cr
OPM %8.8%10.3%8.2%12.1%7.5%8.5%10.0%-1.7%12.4%12.3%14.8%11.5%
Other income1 Cr2 Cr2 Cr2 Cr5 Cr4 Cr5 Cr5 Cr4 Cr12 Cr5 Cr7 Cr
Interest0.74 Cr0.41 Cr0.50 Cr0.76 Cr1 Cr1 Cr0.87 Cr0.84 Cr0.63 Cr0.33 Cr0.40 Cr0.81 Cr
Depreciation3 Cr3 Cr3 Cr3 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr
Profit before tax17 Cr14 Cr13 Cr22 Cr9 Cr21 Cr29 Cr-5 Cr34 Cr36 Cr50 Cr37 Cr
Tax %23.4%24.8%25.2%25.6%28.3%27.6%37.8%21.6%25.7%25.9%32.0%25.3%
Net profit13 Cr10 Cr10 Cr16 Cr7 Cr15 Cr18 Cr-4 Cr25 Cr27 Cr34 Cr28 Cr
EPS (₹)₹9.70₹7.65₹7.34₹12.03₹4.92₹8.86₹10.40₹-2.27₹14.37₹15.35₹19.65₹15.86

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026TTM
Sales482 Cr465 Cr513 Cr527 Cr448 Cr661 Cr1,123 Cr1,140 CrSign in free for the trailing twelve months
Operating expenses (approx.)452 Cr431 Cr469 Cr484 Cr428 Cr603 Cr1,021 Cr1,019 CrSign in free for the trailing twelve months
EBITDA30 Cr34 Cr44 Cr43 Cr20 Cr58 Cr102 Cr121 CrSign in free for the trailing twelve months
OPM %6.2%7.3%8.6%8.2%4.5%8.8%9.1%10.6%Sign in free for the trailing twelve months
Other income9 Cr10 Cr10 Cr10 Cr7 Cr5 Cr19 Cr18 CrSign in free for the trailing twelve months
Interest1 Cr5 Cr9 Cr9 Cr6 Cr4 Cr5 Cr2 CrSign in free for the trailing twelve months
Depreciation11 Cr10 Cr10 Cr11 Cr11 Cr11 Cr18 Cr19 CrSign in free for the trailing twelve months
Profit before tax27 Cr28 Cr36 Cr34 Cr-14 Cr58 Cr87 Cr115 CrSign in free for the trailing twelve months
Tax %33.6%34.5%30.9%14.7%26.2%22.4%30.6%28.7%Sign in free for the trailing twelve months
Net profit18 Cr18 Cr25 Cr29 Cr-10 Cr45 Cr60 Cr82 CrSign in free for the trailing twelve months
EPS (₹)₹13.13₹13.54₹18.04₹21.15₹-7.63₹33.21₹34.51₹47.11Sign in free for the trailing twelve months
Dividend payout %—————0.0%76.9%42.5%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026
Equity capital14 Cr14 Cr14 Cr14 Cr14 Cr14 Cr17 Cr17 Cr
Reserves221 Cr231 Cr248 Cr254 Cr224 Cr268 Cr490 Cr537 Cr
Borrowings36 Cr81 Cr65 Cr82 Cr28 Cr0.68 Cr1 Cr0.85 Cr
Other liabilities107 Cr102 Cr103 Cr96 Cr110 Cr110 Cr186 Cr277 Cr
Total liabilities378 Cr428 Cr429 Cr445 Cr375 Cr393 Cr694 Cr832 Cr
Fixed assets (net)93 Cr94 Cr106 Cr117 Cr109 Cr110 Cr186 Cr193 Cr
CWIP4 Cr0.75 Cr1 Cr0.28 Cr3 Cr7 Cr4 Cr3 Cr
Investments11 Cr2 Cr12 Cr11 Cr18 Cr27 Cr42 Cr58 Cr
Loans & advances——2 Cr2 Cr1 Cr0.41 Cr2 Cr1 Cr
Inventories48 Cr54 Cr52 Cr62 Cr62 Cr90 Cr127 Cr152 Cr
Trade receivables77 Cr92 Cr85 Cr130 Cr105 Cr93 Cr193 Cr232 Cr
Cash & bank20 Cr16 Cr27 Cr5 Cr17 Cr7 Cr30 Cr42 Cr
Other assets126 Cr169 Cr145 Cr118 Cr59 Cr59 Cr110 Cr150 Cr
Total assets378 Cr428 Cr429 Cr445 Cr375 Cr393 Cr694 Cr832 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026
Cash from operating activity0.18 Cr-37 Cr64 Cr14 Cr79 Cr26 Cr137 Cr116 Cr
Cash from investing-12 Cr0.28 Cr-19 Cr-22 Cr-7 Cr-5 Cr-17 Cr-66 Cr
Cash from financing19 Cr32 Cr-33 Cr-13 Cr-61 Cr-31 Cr-93 Cr-38 Cr
Net cash flow7 Cr-4 Cr11 Cr-22 Cr12 Cr-10 Cr26 Cr12 Cr
Free cash flow (OCF − Capex)-16 Cr-46 Cr44 Cr-8 Cr70 Cr9 Cr96 Cr94 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026
ROCE %10.3%10.2%13.7%12.1%-2.9%21.9%17.9%21.1%
ROE %7.6%7.5%9.4%10.8%-4.4%16.0%11.8%14.8%
Debtor days5872609086516274
Inventory days5761546370787089
Days payable87856962836168114
Cash conversion cycle2848449173686449
OCF / EBITDA %0.6%-108.3%144.9%31.8%393.1%45.2%134.5%95.6%
OCF / EBITDA % (3 years)——25.0%33.4%146.1%98.0%——
Debt / equity0.150.330.250.310.120.00240.00220.0015
Current ratio1.821.701.801.741.602.212.562.14
Net debt / EBITDA0.51—0.871.790.55-0.10-0.29-0.34