Ador Welding Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,488 Cr
- P/E
- 20.76
- ROE
- 16.42%
- PEG
- 1.46
- Price to sales
- 2.10
- Debt to equity
- 0.01
- 52W high / low
- ₹1,730 / ₹852
- Sales growth (5Y)
- 20.48%
- EBITDA margin
- 13.50%
- Net profit margin
- 7.81%
- Promoter holding
- 53.65%
- Sales (last year)
- ₹1,194 Cr
Ador Welding Ltd is a leading player in the field of Welding Products, Technologies and Services. It is also engaged in providing customized solutions for multi-disciplinary projects and contracts related to refineries, oil and gas, petrochemicals and other sectors.[1]
Guidance scorecard · Q2 FY27 call
What Ador Welding Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
20–40%- Target to double volume and turnover by FY29, implying a ~25% CAGR over three years.
- Expect to achieve INR2,000 crore turnover by FY29, focusing on tripling earnings alongside revenue growth.
- Growth driven primarily by heavy engineering, structural fabrication, and emerging sectors like shipbuilding, defense, railways, and renewable energy.
- Organic growth from existing customers plus expansion into new pockets and product approvals in industries like shipbuilding and automotive.
- New product introductions in automation, robotics, laser cutting expected to unlock additional growth opportunities.
- Export markets like Saudi Arabia and Middle East remain strong with stable demand.
- Welding division capacity utilized about 70%, indicating room for volume growth.
2 more points from Ador Welding Ltd's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what Ador Welding Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- For FY27, Ador Welding expects capex in the range of INR 30-35 crores, primarily for welding consumables lines.
- Maintenance capex is projected around INR 10-12 crores.
- Two-three new production lines are planned for the current and next year, mostly in welding consumables, not equipment.
- Over the next two years, annual capex could stretch to INR 40 crores at most.
- Regarding potential future strategic investments or acquisitions, the company is open but focused more on technology-driven acquisitions rather than market-share-only deals.
2 more points from Ador Welding Ltd's call on capex
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FundraisingQ4 FY26 call
See what Ador Welding Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- Ador Welding's business operates primarily through a distribution system with quick turnover; they do not maintain long order book periods.
- Current order book size is in line with the last three to four months' sales and inquiries, indicating stable demand.
- Exports, especially in the Middle East, have shown good demand with approvals and inquiries improving.
2 more points from Ador Welding Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Ador Welding Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Ador Welding Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 56.90% | 56.90% | 56.94% | 56.94% | 53.24% | 53.71% | 53.71% | 53.73% | 53.74% | 53.76% | 53.76% | 53.65% |
| FIIs + | 0.30% | 0.10% | 0.06% | 0.05% | 0.06% | 0.03% | 0.07% | 0.09% | 0.14% | 0.37% | 1.05% | 1.07% |
| DIIs + | 4.43% | 5.74% | 10.21% | 12.00% | 10.31% | 11.00% | 11.85% | 12.44% | 12.56% | 12.63% | 10.47% | 11.16% |
| Public + | 38.38% | 37.25% | 32.78% | 31.02% | 36.39% | 35.27% | 34.37% | 33.76% | 33.57% | 33.26% | 34.72% | 34.12% |
| No. of Shareholders | 30,274 | 32,575 | 29,283 | 30,665 | 41,468 | 40,702 | 38,889 | 37,949 | 36,356 | 35,567 | 35,275 | 34,050 |
Financials of Ador Welding Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 276 | 260 | 296 | 268 | 268 | 273 | 308 | 251 | 280 | 287 | 318 | 309 | 344 |
| Expenses + | 239 | 232 | 263 | 240 | 247 | 249 | 277 | 255 | 245 | 243 | 271 | 273 | 307 |
| Operating Profit | 36 | 28 | 33 | 28 | 21 | 24 | 31 | -4 | 35 | 44 | 47 | 35 | 37 |
| OPM % | 13% | 11% | 11% | 10% | 8% | 9% | 10% | -1.8% | 12% | 15% | 15% | 11% | 11% |
| Other Income + | 4 | 5 | 7 | 6 | -36 | 4 | 4 | 5 | 5 | -2 | 3 | 7 | 5 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | 36 | 28 | 34 | 28 | -21 | 23 | 30 | -5 | 34 | 36 | 45 | 37 | 36 |
| Tax % | 25% | 28% | 26% | 25% | -25% | 26% | 26% | -24% | 25% | 26% | 26% | 25% | 26% |
| Net Profit + | 27 | 20 | 25 | 21 | -16 | 17 | 22 | -3 | 26 | 27 | 34 | 27 | 27 |
| EPS in Rs | 19.62 | 14.68 | 18.72 | 15.27 | -11.83 | 9.66 | 12.64 | -1.99 | 14.72 | 15.57 | 19.27 | 15.72 | 15.33 |
Financials of Ador Welding Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 387 | 407 | 441 | 458 | 512 | 526 | 447 | 661 | 777 | 1,067 | 1,117 | 1,135 | 1,258 |
| Expenses + | 358 | 365 | 410 | 423 | 468 | 484 | 425 | 601 | 688 | 946 | 1,011 | 1,013 | 1,094 |
| Operating Profit | 28 | 42 | 31 | 35 | 45 | 42 | 22 | 61 | 89 | 121 | 105 | 123 | 163 |
| OPM % | 7% | 10% | 7% | 8% | 9% | 8% | 5.0% | 9% | 11% | 11% | 9% | 11% | 13% |
| Other Income + | 34 | 3 | 9 | 10 | 10 | 9 | -19 | 14 | 6 | 21 | -23 | 11 | 13 |
| Interest | 1 | 2 | 2 | 6 | 11 | 10 | 8 | 6 | 4 | 6 | 6 | 4 | 3 |
| Depreciation | 12 | 12 | 11 | 10 | 10 | 11 | 11 | 11 | 12 | 15 | 18 | 19 | 20 |
| Profit before tax | 48 | 32 | 27 | 28 | 35 | 30 | -16 | 58 | 79 | 121 | 59 | 111 | 154 |
| Tax % | 33% | 29% | 33% | 34% | 31% | 15% | -24% | 23% | 25% | 26% | 26% | 26% | |
| Net Profit + | 32 | 23 | 18 | 19 | 24 | 26 | -12 | 45 | 59 | 89 | 43 | 83 | 115 |
| EPS in Rs | 23.80 | 16.66 | 13.32 | 13.65 | 17.54 | 18.84 | -8.82 | 33.11 | 43.60 | 65.71 | 24.97 | 47.58 | 65.89 |
| Dividend Payout % | 21% | 30% | 38% | 37% | 37% | 34% | 0% | 38% | 40% | 37% | 80% | 48% |
Financials of Ador Welding Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 17 | 17 | 17 |
| Reserves | 190 | 205 | 224 | 234 | 250 | 235 | 224 | 268 | 310 | 485 | 498 | 546 | 561 |
| Borrowings + | 0 | 0 | 35 | 81 | 65 | 82 | 29 | 2 | 17 | 45 | 2 | 3 | 30 |
| Other Liabilities + | 82 | 118 | 107 | 102 | 103 | 108 | 108 | 109 | 111 | 158 | 180 | 271 | 220 |
| Total Liabilities | 286 | 337 | 380 | 430 | 431 | 439 | 375 | 393 | 452 | 701 | 698 | 838 | 828 |
| Fixed Assets + | 96 | 99 | 101 | 102 | 115 | 125 | 116 | 117 | 123 | 156 | 196 | 204 | 202 |
| CWIP | 2 | 1 | 4 | 1 | 1 | 0 | 3 | 7 | 2 | 25 | 4 | 3 | 10 |
| Investments | 7 | 12 | 14 | 6 | 7 | 6 | 12 | 20 | 20 | 56 | 32 | 47 | 56 |
| Other Assets + | 182 | 224 | 261 | 322 | 308 | 308 | 244 | 248 | 306 | 463 | 466 | 584 | 560 |
| Total Assets | 286 | 337 | 380 | 430 | 431 | 439 | 375 | 393 | 452 | 701 | 698 | 838 | 828 |
Financials of Ador Welding Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 1 | 22 | 0 | -37 | 63 | 13 | 79 | 26 | 14 | 58 | 139 | 117 |
| Cash from Investing Activity + | -8 | -4 | -11 | 0 | -19 | -21 | -7 | -5 | -10 | -42 | -19 | -67 |
| Cash from Financing Activity + | -9 | -9 | 19 | 33 | -33 | -13 | -61 | -31 | -5 | -19 | -93 | -38 |
| Net Cash Flow | -17 | 10 | 7 | -4 | 11 | -22 | 12 | -10 | -1 | -4 | 26 | 12 |
| Free Cash Flow | -5 | 8 | -16 | -46 | 44 | -9 | 71 | 28 | 0 | 16 | 100 | 95 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 21% | 81% | 33% | -78% | 164% | 58% | 348% | 67% | 36% | 75% | 154% | 122% |
Financials of Ador Welding Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 79 | 107 | 63 | 73 | 60 | 90 | 86 | 51 | 59 | 61 | 63 | 75 |
| Inventory Days | 59 | 58 | 56 | 60 | 52 | 62 | 70 | 70 | 81 | 77 | 64 | 78 |
| Days Payable | 56 | 106 | 85 | 84 | 67 | 72 | 87 | 60 | 51 | 45 | 62 | 100 |
| Cash Conversion Cycle | 81 | 60 | 34 | 50 | 45 | 80 | 69 | 61 | 89 | 93 | 64 | 53 |
| Working Capital Days | 61 | 68 | 64 | 81 | 66 | 56 | 42 | 54 | 65 | 61 | 60 | 53 |
| ROCE % | 11% | 17% | 12% | 11% | 14% | 12% | 6% | 20% | 27% | 28% | 20% | 23% |
Guidance history
How Ador Welding Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
| Q2 FY26 call → | 0–10% | Flat | — | — | — |
| Q4 FY25 call → | 10–20% | Flat | Planned | — | Flat |
| Q2 FY25 call → | 0–10% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
35 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +18.1% | 74% |
| Last 6 months | +23.4% | 78% |
| Last 3 months | −7.9% | 50% |
The price is 23.1% below its all-time high of ₹1,730.3 (2 Sept 2026). Stocks more than 20% below their peak have their score halved, so 71 became 35.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ador Welding Ltd: 0.4 × 74 + 0.4 × 78 + 0.2 × 50 = 71, halved to 35 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ador Welding Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q2 FY25 earnings call →
- Q4 FY24 earnings call →
- Q2 FY24 earnings call →
- Q4 FY23 earnings call →
- Q3 FY23 earnings call →
- Q2 FY23 earnings call →
- Q4 FY22 earnings call →
- Q4 FY21 earnings call →
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