Ador Welding

NSE: ADOR · Other Industrial Products

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52W Range₹848 – ₹1,766

Snapshot

Unlock Ador Welding's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Ador Welding Limited is a prominent Indian manufacturer of welding consumables, equipment, and automation solutions. The company serves a diverse range of industrial sectors including infrastructure, oil and gas, power generation, and defence through its integrated product and service offerings.

Business Model

The company generates revenue through the sale of welding electrodes, wires, fluxes, and advanced welding equipment, alongside providing specialised EPC services and maintenance solutions. It operates through three primary business segments: Products, Services, and Maintenance & Reclamation.

Growth Outlook

Growth is driven by increasing demand for automation and robotic welding systems across heavy engineering and infrastructure sectors. The company continues to leverage its expertise in process equipment and EPC contracts to capture opportunities in the power and defence industries.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of steel and other base metals directly impact the manufacturing costs and profit margins of welding consumables.
  • Cyclical Industrial Demand. The company's performance is highly sensitive to capital expenditure cycles in core sectors like infrastructure, automotive, and oil and gas.
  • Competitive Intensity. The welding industry faces significant competition from both domestic players and international manufacturers, which may exert pressure on pricing power.
  • Technological Obsolescence. Failure to keep pace with rapid advancements in welding automation and robotic technology could lead to a loss of market share.

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Key Metrics

REVENUE

₹1,261 Cr

TTM · consolidated

+12.9%YoY

NET PROFIT

₹115 Cr

TTM · consolidated

+111.7%YoY

EPS

₹66.34

TTM · consolidated

+111.5%YoY

RETURN ON EQUITY

21.7%

TTM · consolidated

+10.6 ppYoY

RETURN ON CAPITAL EMPLOYED

29.4%

TTM · consolidated

+13.2 ppYoY

P/E

20.1×

Q2 FY27 · consolidated

20.1 vs 42.4x5Y avg

EV/EBITDA

12.6x

Q2 FY27 · consolidated

12.6 vs 24.3x5Y avg

EBITDA MARGIN

14.7%

TTM · consolidated

+5.5 ppYoY

NET PROFIT MARGIN

7.8%

Q2 FY27 · consolidated

-1.1 ppYoY

DEBT TO EQUITY

0.1x

Q2 FY27 · consolidated

+0.05xYoY

Peers · Other Industrial Products

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Ador WeldingADOR
₹2,316 Cr20.1×12.5512.9%14.7%21.7%29.4%+26.8%
Harsha Engineers International LimitedHARSHA
₹3,771 Cr24.4×14.4420.2%16.6%11.6%15.6%+10.2%
Subros LimitedSUBROS
₹3,760 Cr22.6×10.4413.8%9.3%14.2%18.2%-45.1%
Kirloskar Industries LimitedKIRLOSIND
₹3,306 Cr15.2×—3.8%13.3%4.7%4.8%-14.4%
Diffusion Engineers LimitedDIFFNKG
₹1,483 Cr27.0×19.0326.5%17.0%14.2%16.9%+10.0%
MIC ElectronicsMICEL
₹1,055 Cr-70.8×41.23—12.0%-5.5%9.9%-31.4%

As of Q2 FY27

Financials