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Ador Welding Ltd

ADOR

NSE

₹1,478.10-1.51%19 Oct 2026

Reports

Welding Equipment

Ador Welding Ltd

ADOR

NSE

₹1,478.10

-1.51%

19 Oct 2026

SOICxStockScans Reports

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Welding Equipment

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Ador Welding is the only Tier 1 welding company in India that isn’t part of a global multinational - a 74-year-old homegrown pioneer that supplies the consumables, equipment and know-how to join and cut metal across every major industrial sector. Originally incorporated as J.B. Advani-Oerlikon Electrodes in 1951, it became Ador Welding in 2003 and has since stitched together a full-spectrum offering by merging its training academy and, most recently, its sister company Ador Fontech, folding reclamation and repair services into the fold. The recurring logic is simple: be the one-stop shop for the welding community - sell the electrodes, build the machines, automate the process, then keep the customer’s plant running - all under a single Indian brand.

Business segments

Four engines built around a single industrial need - a high-volume consumables cash cow, an equipment-and-automation platform finding its scale, a niche project-execution unit, and a life-extension services arm absorbed through merger - each feeding the same customer base.

1. Welding consumables: the high-velocity core

Electrodes, wires and fluxes are the razor blades of the welding world - consumed by the tonne, reordered constantly, and generating the highest returns on capital in the portfolio.

Volume-led, not project-led - the business sells products that are used up in the welding process itself, so demand tracks industrial activity rather than lumpy order books, with volume growth historically moving at 10-12% alongside the market.
Approvals open doors that price can’t - the company holds nuclear-grade clearances from the Nuclear Power Corporation of India and supplies speciality nickel and high-alloy consumables for defence, refinery and naval applications, which means it competes on qualification rather than just cost.
Made-in-India regulation as a tailwind - mandatory BIS certification for government-industry products has tilted demand toward domestic manufacturers, and Ador’s products already exceed those standards without extra investment.
Six plants feeding the funnel - manufacturing is spread across Silvassa, Raipur and Chennai, plus three more plants in Bengaluru and Nagpur absorbed through the Ador Fontech merger, giving the company scale and geographic reach.
The mix keeps moving up - the company has been adding higher-grade products such as copper-free MIG wire (eliminating hazardous chemicals from production) and special electrodes that let fabricators use thinner, lighter base metal, which lifts both margins and differentiation.

2. Welding equipment and automation: the future platform

This is where the company sells the machines that do the welding - from basic power sources to robotic cells - and while it’s still building scale, it carries the “Make in India” flag in a market that is 65% imported.

A full ladder of sophistication - the range runs from inverter-based welding machines (which cut energy use by roughly 30%) through IoT-enabled sets that stream real-time arc data, all the way to cobots, laser-welding robotics and CNC bevel-cutting systems sold under the Ador Xlogic brand.
Imported competition is the problem to solve - roughly two-thirds of the Indian welding-equipment market is supplied by imports, and cheap Chinese machines squeeze margins both at home and in export markets, so the company’s response has been to push indigenously designed products at a slightly lower price point.
A global partner for the heavy end - a strategic tie-up with Miller, the US welding-equipment major, covers specific submerged-arc welding products for power, structural and shipbuilding applications, giving Ador a brand association it wouldn’t have on its own in that segment.
Automation is critical but sub-scale - management calls the automation division “very critical” and has been working to turn it profitable after a history of poor bottom-line performance; plasma cutting is flagged as a particular growth area.
Built in Chinchwad, mostly from local parts - the equipment and automation unit manufactures at the Chinchwad plant, where local procurement has been pushed to over 82% of total inputs, reducing exposure to imported raw materials.

3. Flares and process equipment: the engineered-project niche

A small, project-driven unit that designs and installs flare systems and process packages for industrial clients - lumpy by nature, and one where execution timing makes or breaks the year.

Revenue arrives when projects do - this is not a flow business; income is tied to the erection and commissioning of engineered packages, so a delay on site flows straight through to the top line.
Engineering value, not commodity fabrication - the division has been refocused on projects where it can charge for design and process know-how, with a standout order from ONGC worth about ₹150 crores illustrating the kind of work it pursues.
Overseas EPC carries scars - an international engineering, procurement and construction project ran into delays that triggered liquidated damages and cost overruns, a reminder that fixed-scope contracts far from home carry execution risk.

4. Maintenance, reclamation and life-enhancement services: the merger dividend

Absorbed from Ador Fontech in 2024, this engine repairs and reconditions worn industrial components so they last longer - a service that sits naturally alongside selling the welding products used to do the repair.

84% overlap made the merger obvious - almost all of Ador Fontech’s business involved welding-based reclamation and repair, so combining the two companies eliminated duplication and put the repair services into the same distribution channel that already sells the consumables.
Products and services under one roof - the division offers reclamation, fusion, surfacing and spraying, meaning a customer that buys welding electrodes from Ador can also buy the application service to rebuild a damaged shaft or roller, deepening the relationship.
Distribution runs both ways - Ador Fontech’s existing dealer network is now being used to push Ador’s wear-products range, while Ador’s wider sales force can offer Fontech’s M&R services to its own customers.

Training and knowledge services

A non-profit brand-builder that teaches welders how to weld - it wins awards, trains Indian Railways, and quietly feeds the ecosystem that buys the company’s products.

The division runs advanced welding training programmes, including for Indian Railways, and was recognised with the Weldfab Tech Award 2026 for “Welding Industry Training Provider” for the third time.
The erstwhile Ador Welding Academy, merged into the parent in 2023, was set up specifically to promote welding education in India and abroad, underlining that training is treated as a long-term ecosystem investment rather than a profit centre.

Group structure and partners

A promoter-led Indian company with a freshly consolidated structure, a small overseas footprint, and one notable global equipment partnership.

The holding company is J.B. Advani & Co. Private Limited, which held just over 53% of the shares as of FY25.
The merger of Ador Fontech Limited into Ador Welding became effective in September 2024, with Fontech shareholders receiving 5 Ador Welding shares for every 46 held; the scheme was approved by over 98% of Fontech’s shareholders and nearly 100% of Ador Welding’s.
The company has a strategic partnership with Miller for submerged-arc welding equipment and offers Hypertherm cutting solutions; internationally, it operates an office in the Sharjah SAIF Zone, has appointed distributors and an employee in the US, and added presence in Australia.

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Quarterly Results

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Balance Sheet

Cash Flow

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Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,576Cr

Close Price

₹1,480.00

Industry

Welding Equipment

Price To Earnings

22.69

Price To Sales

2.15

Revenue

₹1,198Cr

Rev Gr TTM

Revenue Growth TTM

8.38%

PAT Gr TTM

PAT Growth TTM

213.19%

Upcoming Results on

21 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	277	261	297	269	269	274	310	252	281	288	319	309
Growth YoY Revenue Growth YoY%	50.0	31.6			-2.9	4.8	4.3	-6.5	4.4	5.2	2.9	22.9
Expenses ExpensesCr	242	235	265	242	249	251	279	256	246	244	272	274
Operating Profit Operating ProfitCr	36	27	32	27	20	23	31	-4	35	44	47	36
OPM OPM%	12.9	10.3	10.9	10.1	7.5	8.5	10.0	-1.8	12.4	15.2	14.8	11.5
Other Income Other IncomeCr	4	5	7	5	-5	4	4	5	4	-2	9	7
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	0	0	1
Depreciation DepreciationCr	4	4	4	4	5	5	5	5	5	5	5	5
PBT PBTCr	35	26	34	27	9	21	29	-5	34	36	50	37
Tax TaxCr	9	8	8	7	3	6	11	-1	9	9	16	9
PAT PATCr	26	19	25	20	7	15	18	-4	25	27	34	28
Growth YoY PAT Growth YoY%	159.9	14.4			-74.2	-17.6	-28.7	-119.9	273.3	73.4	89.0	798.7
NPM NPM%	9.4	7.2	8.5	7.4	2.5	5.6	5.8	-1.6	8.9	9.3	10.7	8.9
EPS EPS₹	19.1	13.8	18.6	14.6	4.9	8.9	10.4	-2.3	14.4	15.3	19.6	15.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	277	261	297	269	269	274	310	252	281	288	319	309
Growth YoY Revenue Growth YoY%	50.0	31.6			-2.9	4.8	4.3	-6.5	4.4	5.2	2.9	22.9
Expenses ExpensesCr	242	235	265	242	249	251	279	256	246	244	272	274
Operating Profit Operating ProfitCr	36	27	32	27	20	23	31	-4	35	44	47	36
OPM OPM%	12.9	10.3	10.9	10.1	7.5	8.5	10.0	-1.8	12.4	15.2	14.8	11.5
Other Income Other IncomeCr	4	5	7	5	-5	4	4	5	4	-2	9	7
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	0	0	1
Depreciation DepreciationCr	4	4	4	4	5	5	5	5	5	5	5	5
PBT PBTCr	35	26	34	27	9	21	29	-5	34	36	50	37
Tax TaxCr	9	8	8	7	3	6	11	-1	9	9	16	9
PAT PATCr	26	19	25	20	7	15	18	-4	25	27	34	28
Growth YoY PAT Growth YoY%	159.9	14.4			-74.2	-17.6	-28.7	-119.9	273.3	73.4	89.0	798.7
NPM NPM%	9.4	7.2	8.5	7.4	2.5	5.6	5.8	-1.6	8.9	9.3	10.7	8.9
EPS EPS₹	19.1	13.8	18.6	14.6	4.9	8.9	10.4	-2.3	14.4	15.3	19.6	15.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	388	408	442	458	513	526	448	661	1,074	1,123	1,140	1,198
Growth Revenue Growth%	4.4	5.3	8.3	3.6	12.0	2.5	-14.9	47.8		4.6	1.5	8.4
Expenses ExpensesCr	361	367	412	424	469	486	428	603	956	1,021	1,019	1,036
Operating Profit Operating ProfitCr	27	41	30	34	44	41	20	58	118	102	121	161
OPM OPM%	7.0	10.0	6.8	7.4	8.6	7.8	4.5	8.8	10.9	9.1	10.6	13.5
Other Income Other IncomeCr	34	3	9	10	10	9	-17	14	19	7	15	17
Interest Expense Interest ExpenseCr	0	1	1	5	9	9	6	4	4	5	2	2
Depreciation DepreciationCr	13	12	11	10	10	11	11	11	16	18	19	20
PBT PBTCr	48	32	27	28	36	31	-14	58	117	87	115	157
Tax TaxCr	16	9	9	10	11	4	-4	13	31	27	33	43
PAT PATCr	32	22	18	18	25	26	-10	45	86	60	82	114
Growth PAT Growth%	723.5	-29.7	-20.3	3.1	33.3	6.4	-139.7	535.1		-30.6	36.5	213.2
NPM NPM%	8.2	5.5	4.0	4.0	4.8	5.0	-2.3	6.8	8.1	5.3	7.2	9.5
EPS EPS₹	23.4	16.5	13.1	13.5	18.0	19.2	-7.6	33.2	63.6	34.5	47.1	65.2

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	388	408	442	458	513	526	448	661	1,074	1,123	1,140	1,198
Growth Revenue Growth%	4.4	5.3	8.3	3.6	12.0	2.5	-14.9	47.8		4.6	1.5	8.4
Expenses ExpensesCr	361	367	412	424	469	486	428	603	956	1,021	1,019	1,036
Operating Profit Operating ProfitCr	27	41	30	34	44	41	20	58	118	102	121	161
OPM OPM%	7.0	10.0	6.8	7.4	8.6	7.8	4.5	8.8	10.9	9.1	10.6	13.5
Other Income Other IncomeCr	34	3	9	10	10	9	-17	14	19	7	15	17
Interest Expense Interest ExpenseCr	0	1	1	5	9	9	6	4	4	5	2	2
Depreciation DepreciationCr	13	12	11	10	10	11	11	11	16	18	19	20
PBT PBTCr	48	32	27	28	36	31	-14	58	117	87	115	157
Tax TaxCr	16	9	9	10	11	4	-4	13	31	27	33	43
PAT PATCr	32	22	18	18	25	26	-10	45	86	60	82	114
Growth PAT Growth%	723.5	-29.7	-20.3	3.1	33.3	6.4	-139.7	535.1		-30.6	36.5	213.2
NPM NPM%	8.2	5.5	4.0	4.0	4.8	5.0	-2.3	6.8	8.1	5.3	7.2	9.5
EPS EPS₹	23.4	16.5	13.1	13.5	18.0	19.2	-7.6	33.2	63.6	34.5	47.1	65.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	14	17	17
Reserves ReservesCr	189	203	221	231	248	234	224	268	459	490	537
Current Liabilities Current LiabilitiesCr	72	110	133	172	156	180	133	104	195	174	253
Non Current Liabilities Non Current LiabilitiesCr	10	9	10	11	12	10	5	7	13	13	24
Total Liabilities Total LiabilitiesCr	285	335	378	428	429	437	375	393	681	694	832
Current Assets Current AssetsCr	161	209	242	294	280	271	213	230	443	444	542
Non Current Assets Non Current AssetsCr	124	126	136	135	149	166	162	163	238	250	290
Total Assets Total AssetsCr	285	335	378	428	429	437	375	393	681	694	832

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	14	17	17
Reserves ReservesCr	189	203	221	231	248	234	224	268	459	490	537
Current Liabilities Current LiabilitiesCr	72	110	133	172	156	180	133	104	195	174	253
Non Current Liabilities Non Current LiabilitiesCr	10	9	10	11	12	10	5	7	13	13	24
Total Liabilities Total LiabilitiesCr	285	335	378	428	429	437	375	393	681	694	832
Current Assets Current AssetsCr	161	209	242	294	280	271	213	230	443	444	542
Non Current Assets Non Current AssetsCr	124	126	136	135	149	166	162	163	238	250	290
Total Assets Total AssetsCr	285	335	378	428	429	437	375	393	681	694	832

Consolidated

Standalone

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	23	0	-37	64	14	79	26	58	137	116
Investing Cash Flow Investing Cash FlowCr	-9	-4	-12	0	-19	-22	-7	-5	-44	-17	-66
Financing Cash Flow Financing Cash FlowCr	-9	-9	19	32	-33	-13	-61	-31	-19	-94	-38
Net Cash Flow Net Cash FlowCr	-17	10	7	-4	11	-22	12	-10	-5	26	12
Free Cash Flow Free Cash FlowCr	-5	8	-16	-46	45	-8	71	28	16	98	94
CFO To PAT CFO To PAT%	3.7	101.3	1.0	-200.0	259.1	52.3	-761.3	58.4	67.4	228.3	141.3
CFO To EBITDA CFO To EBITDA%	4.3	55.5	0.6	-108.3	144.8	33.4	393.1	45.2	49.6	134.5	95.5

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	23	0	-37	64	14	79	26	58	137	116
Investing Cash Flow Investing Cash FlowCr	-9	-4	-12	0	-19	-22	-7	-5	-44	-17	-66
Financing Cash Flow Financing Cash FlowCr	-9	-9	19	32	-33	-13	-61	-31	-19	-94	-38
Net Cash Flow Net Cash FlowCr	-17	10	7	-4	11	-22	12	-10	-5	26	12
Free Cash Flow Free Cash FlowCr	-5	8	-16	-46	45	-8	71	28	16	98	94
CFO To PAT CFO To PAT%	3.7	101.3	1.0	-200.0	259.1	52.3	-761.3	58.4	67.4	228.3	141.3
CFO To EBITDA CFO To EBITDA%	4.3	55.5	0.6	-108.3	144.8	33.4	393.1	45.2	49.6	134.5	95.5

Consolidated

Standalone

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	302	389	420	510	472	247	408	841	1,864	1,457	1,520	2,576
Price To Earnings Price To Earnings	9.9	18.5	25.5	27.7	19.3	9.4		18.6	21.6	24.3	18.5	22.7
Price To Sales Price To Sales	0.8	0.9	0.9	1.1	0.9	0.5	0.9	1.3	1.7	1.3	1.3	2.1
Price To Book Price To Book	1.5	1.8	1.8	2.1	1.8	1.0	1.7	3.0	3.9	2.9	2.7	4.7
EV To EBITDA EV To EBITDA	10.4	9.2	14.4	16.9	11.6	7.9	20.9	14.3	15.8	13.7	11.8	15.6
Profitability Ratios Profitability Ratios
GPM GPM%	25.4	28.1	23.5	22.9	23.7	24.2	21.3	23.0	29.3	28.9	29.0	29.0
OPM OPM%	7.0	10.0	6.8	7.4	8.6	7.8	4.5	8.8	10.9	9.1	10.6	13.5
NPM NPM%	8.2	5.5	4.0	4.0	4.8	5.0	-2.3	6.8	8.1	5.3	7.2	9.5
ROCE ROCE%	23.8	15.0	10.3	10.2	13.7	11.9	-2.9	21.8	23.4	17.9	21.0	21.0
ROE ROE%	15.7	10.3	7.6	7.5	9.4	10.6	-4.4	16.0	18.3	11.8	14.8	14.8
ROA ROA%	11.2	6.7	4.7	4.3	5.7	6.0	-2.8	11.5	12.7	8.7	9.9	9.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	302	389	420	510	472	247	408	841	1,864	1,457	1,520	2,576
Price To Earnings Price To Earnings	9.9	18.5	25.5	27.7	19.3	9.4		18.6	21.6	24.3	18.5	22.7
Price To Sales Price To Sales	0.8	0.9	0.9	1.1	0.9	0.5	0.9	1.3	1.7	1.3	1.3	2.1
Price To Book Price To Book	1.5	1.8	1.8	2.1	1.8	1.0	1.7	3.0	3.9	2.9	2.7	4.7
EV To EBITDA EV To EBITDA	10.4	9.2	14.4	16.9	11.6	7.9	20.9	14.3	15.8	13.7	11.8	15.6
Profitability Ratios Profitability Ratios
GPM GPM%	25.4	28.1	23.5	22.9	23.7	24.2	21.3	23.0	29.3	28.9	29.0	29.0
OPM OPM%	7.0	10.0	6.8	7.4	8.6	7.8	4.5	8.8	10.9	9.1	10.6	13.5
NPM NPM%	8.2	5.5	4.0	4.0	4.8	5.0	-2.3	6.8	8.1	5.3	7.2	9.5
ROCE ROCE%	23.8	15.0	10.3	10.2	13.7	11.9	-2.9	21.8	23.4	17.9	21.0	21.0
ROE ROE%	15.7	10.3	7.6	7.5	9.4	10.6	-4.4	16.0	18.3	11.8	14.8	14.8
ROA ROA%	11.2	6.7	4.7	4.3	5.7	6.0	-2.8	11.5	12.7	8.7	9.9	9.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ESABINDIA	ADOR	DIFFNKG	DENORA
Market CapitalizationMkt CapCr	8,412	2,576	1,518	379
Close PriceClose₹	5,465.00	1,480.00	405.50	714.00
IndustryIndustry	Welding Equipment	Welding Equipment	Welding Equipment	Welding Equipment
Price To EarningsPE	37.90	22.69	27.64	31.08
Price To SalesPS	5.33	2.15	3.48	3.30
RevenueRevenueCr	1,577	1,198	436	115
Revenue Growth TTMRev Gr TTM%	13.0%	8.4%	26.4%	17.5%
PAT Growth TTMPAT Gr TTM%	29.1%	213.2%	34.1%	491.8%

	ESABINDIA	ADOR	DIFFNKG	DENORA
Market CapitalizationMkt CapCr	8,412	2,576	1,518	379
Close PriceClose₹	5,465.00	1,480.00	405.50	714.00
IndustryIndustry	Welding Equipment	Welding Equipment	Welding Equipment	Welding Equipment
Price To EarningsPE	37.90	22.69	27.64	31.08
Price To SalesPS	5.33	2.15	3.48	3.30
RevenueRevenueCr	1,577	1,198	436	115
Revenue Growth TTMRev Gr TTM%	13.0%	8.4%	26.4%	17.5%
PAT Growth TTMPAT Gr TTM%	29.1%	213.2%	34.1%	491.8%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT

Transcript

Summary

Mar 26

Result PPT Transcript Summary

Dec 25