ADOR

Ador Welding share price & financials

Price
₹1,216.4
Market cap
₹2.8k Cr
Sector
Capital Goods
Calls analysed
4
Latest concall · Q4 FY26 · call held 30 Apr 2026

Ador Welding Q4 FY26

Revenue ₹1,135 cr +2%EBITDA Margin 12% Gross Margin 38% PBT ₹130 cr

What went well

  • FY26 standalone revenue grew by 2% to INR1,135 crores.
  • FY26 standalone EBITDA margin stood at 12%, with gross margins at 38% (up 250 bps).
  • PBT for FY26 standalone was INR130 crores, excluding the onerous cost of the Uran project.

What to watch

  • Q4 FY26 revenue growth was approximately 3%, indicating a slower quarter-on-quarter growth.
  • Ongoing inflationary effects due to global and macro circumstances impacting the business environment.
Read the full call →

What Ador Welding Limited does

Ador Welding Limited manufactures and sells welding consumables (electrodes, wires, fluxes), welding equipment (power sources, cutting and automation systems), and provides welding-related maintenance & repair services, positioning itself as a complete welding-solutions provider for manufacturing, infrastructure, energy and defence customers. Incorporated in 1951, the company sells across India and exports to more than fifteen countries, describing itself as a Tier-1 welding player with Indian roots and a growing global footprint. In 2024 it completed the merger of the erstwhile Ador Fontech Limited (maintenance & repair / hardfacing consumables business) into Ador Welding, consolidating its market position, and it operates a Government of India-recognised in-house R&D centre developing new welding consumables, equipment and automation products.

Segments

  • Products (Welding Consumables & Equipment)
  • Services Business
  • Maintenance & Repair (M&R) Division
  • Flares & Process Equipment Division (FPED)
Manufacturing facilities
5
Employees
850+
Countries served (global footprint)
15+
India pin codes served
31,235
Installed capacity — welding consumables
90,000 MT/year
Installed capacity — welding power sources
30,000 units/year
Founded 1951Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 8 tracked 3 delivered 1 missed 4 open
  • Project Profitability delivered said Q4 FY25 Promised: Breakeven on ONGC Uran project in next 5-6 months Q4 FY26: The INR3 crores that you see in PE is basically a gain that has come because there was one of the reorders that came in from ONGC.
  • Revenue revised down said Q4 FY25 Promised: Double our revenue over the next 4 years Q4 FY26: Target reframed as INR 2,000 crores by FY29. Based on FY25 revenue of ~1112cr, doubling would be ~2224cr. The new target is a slight downward revision.
  • Capex open said Q4 FY26 Promised: INR 30-35 crores capex for FY27 Q4 FY26: Our capex is generally in the region of approximately INR30 crores-INR35 crores for the coming year.

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.6%, net profit up 800.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue269 274 310 252 281 +4%288 +5%319 +3%309 +23%
EBITDA20 23 31 -4 35 +75%44 +91%47 +52%36 +1000%
Net profit7 15 18 -4 25 +257%27 +80%34 +89%28 +800%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +66.7% 1Y

₹0.8k₹1.0k₹1.2k₹1.4k₹1.6k₹1.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 15 Oct 2025Q2 FY26 — 17 Oct 2025Q4 FY26 — 30 Apr 2026

1Y: ₹962.2 on 10 Sept 2025 → ₹1,603.7. High ₹1,730.3 (2 Sept 2026), low ₹851.8 (7 Apr 2026).

How the price took the results

close before → close after

Q4 FY26
−2.5%
30 Apr
Q2 FY26
+12.5%
15 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.7%.

Year endingFY23FY24FY25FY26
Revenue₹777 Cr₹1.0k Cr₹1.1k Cr₹1.1k Cr
Operating profit₹87 Cr₹111 Cr₹101 Cr₹122 Cr
Operating margin11.2%10.8%9.0%10.7%
Interest₹2 Cr₹4 Cr₹4 Cr₹2 Cr
Depreciation₹12 Cr₹15 Cr₹18 Cr₹20 Cr
Net profit₹59 Cr₹81 Cr₹60 Cr₹82 Cr
Net margin7.6%7.9%5.3%7.2%
ROCE27.0%—20.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹17 Cr₹17 Cr
Reserves₹224 Cr₹268 Cr₹310 Cr₹459 Cr₹475 Cr₹537 Cr
Borrowings₹29 Cr₹2 Cr₹17 Cr₹45 Cr₹2 Cr₹3 Cr
Other liabilities₹108 Cr₹109 Cr₹111 Cr₹163 Cr₹229 Cr₹274 Cr
Total liabilities₹375 Cr₹393 Cr₹452 Cr₹681 Cr₹724 Cr₹832 Cr
Fixed assets₹117 Cr₹117 Cr₹123 Cr₹157 Cr₹204 Cr₹204 Cr
Capital work in progress₹3 Cr₹7 Cr₹2 Cr₹25 Cr₹3 Cr₹3 Cr
Investments₹11 Cr₹20 Cr₹20 Cr₹39 Cr₹37 Cr₹47 Cr
Other assets₹244 Cr₹248 Cr₹306 Cr₹459 Cr₹480 Cr₹577 Cr
Total assets₹375 Cr₹393 Cr₹452 Cr₹681 Cr₹724 Cr₹832 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −1.38 pp while FIIs added +0.98 pp. The shareholder count shrank 9% to 35,275.

Promoters
53.8%
FIIs
1.1%
DIIs
10.5%
Public
34.7%

Since Jun 2025

  • DIIs −1.38 pp
  • FIIs +0.98 pp
  • Public +0.35 pp

How it drifted, 12 quarters

Over this window DIIs went from 4.0% to 10.5% — +6.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.9%, FIIs 0.1%, DIIs 4.0%, Public 39.0%.Dec '23: Promoters 56.9%, FIIs 0.3%, DIIs 4.4%, Public 38.4%.Mar '24: Promoters 56.9%, FIIs 0.1%, DIIs 5.7%, Public 37.3%.Jun '24: Promoters 56.9%, FIIs 0.1%, DIIs 10.2%, Public 32.8%.Sep '24: Promoters 56.9%, FIIs 0.1%, DIIs 12.0%, Public 31.0%.Dec '24: Promoters 53.2%, FIIs 0.1%, DIIs 10.3%, Public 36.4%.Mar '25: Promoters 53.7%, FIIs 0.0%, DIIs 11.0%, Public 35.3%.Jun '25: Promoters 53.7%, FIIs 0.1%, DIIs 11.8%, Public 34.4%.Sep '25: Promoters 53.7%, FIIs 0.1%, DIIs 12.4%, Public 33.8%.Dec '25: Promoters 53.7%, FIIs 0.1%, DIIs 12.6%, Public 33.6%.Mar '26: Promoters 53.8%, FIIs 0.4%, DIIs 12.6%, Public 33.3%.Jun '26: Promoters 53.8%, FIIs 1.1%, DIIs 10.5%, Public 34.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Ador Welding Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
J B Advani And Company Pvt Limited 45.23%unchanged
Clarus Capital I VC / PE6.22%+0.42 pp
Girish Gulati Huf 2.46%unchanged
Aruna Bhagwan Advani 2.26%unchanged
Quant Mutual Fund - Quant Manufacturing Fund Mutual fund2.18%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.98%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Value Fund Mutual fund1.94%unchanged
Aditya Tarachand Malkani 1.79%unchanged
Ninotchka Malkani Nagpal 1.65%unchanged
Rajbir Malkani 0.75%unchanged
Tania Ajit Mirchandani 0.56%unchanged
Michelle Gulu Malkani 0.51%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ADOR

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹58 Cr
1 schemes
Biggest holder
Nippon India Value Fund
₹58 Cr · 0.6% of that fund
SchemeHoldingLast month
Nippon India Value Fund Nippon India Mutual Fund₹58 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+209%
vs est. average cost
Held by funds
₹58 Cr
1 schemes · ≈ 1.5% of the company

Shares held by these funds 0%

Aug '23 3.38 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1604, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~12%. At that growth it is worth ₹1209 — downside of 25%.

Growth the price implies
17.0% a year
for 7 years, fading to 4%
It has actually compounded at
11.6% a year
net profit, FY23–FY26
The gap
0.1 pp
-25% downside if it only repeats history
Price today ₹1,603.7 Value at the reference growth ₹1,209.13

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Ador Welding Limited

Guides on how to read this kind of business and the numbers that matter.