Ador Welding Ltd

NSE: ADOR BSE: 517041Energy

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]

₹1,059

52W: ₹848 — ₹1260

PE 20.8 · Book ₹324 · +227% vs book

Market Cap₹1,843 Cr

Stock P/E20.8Price to Earnings

ROCE22.4%Return on Capital

ROE16.4%Return on Equity

Div. Yield1.9%Face Value ₹10

Strengths

+Company is almost debt free.
+Company has been maintaining a healthy dividend payout of 55.2%

Weaknesses

−Promoter holding has decreased over last 3 years: -3.14%

Shareholding Pattern

Promoters53.76%

FIIs0.37%

DIIs12.63%

Public33.26%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	56.94%	56.94%	53.24%▼3.7	53.71%▲0.5	53.71%	53.73%▲0.0	53.74%▲0.0	53.76%▲0.0
FIIs	0.06%	0.05%▼0.0	0.06%▲0.0	0.03%▼0.0	0.07%▲0.0	0.09%▲0.0	0.14%▲0.1	0.37%▲0.2
DIIs	10.21%	12%▲1.8	10.31%▼1.7	11%▲0.7	11.85%▲0.8	12.44%▲0.6	12.56%▲0.1	12.63%▲0.1
Public	32.78%	31.02%▼1.8	36.39%▲5.4	35.27%▼1.1	34.37%▼0.9	33.76%▼0.6	33.57%▼0.2	33.26%▼0.3

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	260	296	268	268	273	308	251	280	287	318
Expenses	232	263	240	247	249	277	255	245	243	271
Operating Profit	28	33	28	21	24	31	-4	35	44	47
OPM %	11%	11%	10%	8%	9%	10%	-2%	12%	15%	15%
Net Profit	20	25	21	-16	17	22	-3	26	27	34
EPS ₹	14.68	18.72	15.27	-11.83	9.66	12.64	-1.99	14.72	15.57	19.27

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,135Cr, up 1.6% YoY. OPM at 11%.

Debt Position

Borrowings at ₹3Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹3Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.63% (+9.84pp change). FIIs: 0.37% (+0.15pp change). Promoters hold 53.76%.

Margin & Efficiency

ROCE improving from 11% (Mar 2015) to 22% (Mar 2026). Working capital days: 63.

Valuation

PE 20.8x with 22.4% ROCE. Price is 227% above book value of ₹324. Dividend yield: 1.9%.