Company Overview

Ador Welding Limited is a 75-year-old company with a global footprint serving 15+ countries across North America, South America, Europe, Middle East & Africa, Central & South Asia, and Australia.

Manufacturing Facilities:

  • Total manufacturing footprint: 1.2 million sq. ft. across India
  • 3 Welding Consumables Facilities: Raipur, Silvassa, Bengaluru
  • 1 Welding Equipment & Automation Facility: Pune
  • 1 Maintenance & Repair Facility: Nagpur

Product Portfolio:

  • Welding Consumables: Includes submerged arc welding consumables
  • Welding Equipment: Main power supply operated arc welders (200-1200 Amp range) for SMAW, GTAW, GMAW, FCAW, SAW applications; Diesel engine operated welding generators; Motor generator type SMAW welders; Battery operated eco-friendly SMAW welder; Industrial gas equipment; Personal protective equipment; Welding accessories
  • Industrial Maintenance & Repair: Low heat input welding alloys, Cobalt & Nickel based alloys, Reclamation services, Wear parts & components, Flares & process equipment, Flux cored arc welding wires, Tubular electrodes, Composite wear plates, Wear-resistant tiles, Refractory compounds & solutions
  • Design, supply and install special purpose automation systems

Strategic Collaborations:

  • Master Distributor for Hypertherm Air Plasma Cutting System in India
  • Partner for Miller Key Products (Submerged Arc Welding systems, High Amp MIG welding solutions)
  • Strategic Partner for Liburdi Dimetrics Orbital Welding Technologies

Recent Product Introductions:

  • Equipment: Collaboration with Miller for Submerged Arc solutions; Strengthened Robotic Equipment Portfolio (Champ Multi 400/500R, Champ Pulse 400/500iR); CNC Bevel Cutting & H2 Cutting Solutions; Customised Automatic Solution (Ador Xlogic Welding Cell)
  • Automation: Launched Axbot 101 as Standard Advance Cobotic Solution; Customised Laser Welding Robotics Solutions
  • Consumables: Strengthening portfolio with NPCIL-approved products for nuclear application; Expanding High Alloy and Nickel Base Product Portfolio

Certifications & Awards:

  • ISO 9000 series certification for all manufacturing plants
  • Silvassa plant awarded GreenCo Silver Rating by CII–Sohrabji Godrej Green Business Centre
  • CII Industrial Innovation Award 2025 (Top 100 Innovative Companies)
  • India's Best Design Project 2025 for RHINO-E (India's 1st 200A Battery Operated Welding Machine)
  • Forbes Asia "Best Under a Billion" (2011 & 2012)

ESG Initiatives

  • 50% reduction in water consumption through rainwater harvesting, elimination of leakages, water sensors
  • 9.6MT reduction in plastic consumption through use of corrugated boxes, honeycomb packaging, eliminated Thermocol
  • Reduction in carbon emissions through adoption of solar energy, reduced grid electricity reliance
  • 114 tons of trees planted in partnership with local government bodies

Q1 FY27 Financial Performance

Revenue: ₹309 crore, representing 23% year-on-year growth

Management Commentary:

FY27 began strongly with healthy order inflow and strong momentum from FY26 across domestic and export markets. The company has strengthened its leadership and talent base through focused hiring over the past two years.

Margin Outlook: Operating margins expected to remain at similar levels, supported by improving product mix, cost discipline, and higher capacity utilization.

Balance Sheet & Capex: Near debt-free balance sheet and strong cash generation funding ongoing ₹80 crore modernization and expansion capex program without additional leverage over next couple of years.

Growth Drivers:

1. Exports: Middle East remains primary export market with continued distributor expansion

2. Product Mix: Increasing focus on higher-margin segments supported by manufacturing upgrades

3. Customer Engagement: Deepening direct relationships with key customers while maintaining distributor partnerships

Strategic Priority: Automation remains key focus as rising labor costs increase demand for productivity and efficiency. Building internal capabilities in robotics and automation while evaluating acquisition opportunities.

Historical Financial Performance (Consolidated)

Profit & Loss Statement (₹ Crores):

| Metric | FY26 | FY25 | FY24 |

| Revenue | 1,140.2 | 1,123.8 | 1,071.8 |

| Gross Margin % | 37.8% | 35.4% | 35.9% |

| Employee Costs | 117.6 | 110.6 | 100.1 |

| Other Expenses | 181.8 | 184.9 | 167.4 |

| EBITDA | 132.0 | 101.9 | 117.6 |

| EBITDA Margin % | 11.6% | 9.1% | 11.0% |

| Onerous Cost & Liquidated Damages | 24.8 | 0.0 | 0.0 |

| Impairment (Reversal) | -14.1 | 0.0 | 0.0 |

| Other Income | 18.2 | 18.8 | 19.4 |

| Depreciation | 19.5 | 18.2 | 15.8 |

| EBIT | 120.0 | 102.5 | 121.2 |

| EBIT Margin % | 10.5% | 9.1% | 11.3% |

| Finance Cost | 2.2 | 4.5 | 4.1 |

| Profit Before Exceptional Items | 117.8 | 98.0 | 117.1 |

| Exceptional Items | -2.8 | -11.4 | 0.0 |

| Profit Before Tax | 115.0 | 86.6 | 117.1 |

| PBT Margin % | 10.1% | 7.7% | 10.9% |

| Tax | 33.0 | 26.5 | 30.7 |

| Profit After Tax | 82.0 | 60.0 | 86.5 |

| PAT Margin % | 7.2% | 5.3% | 8.1% |

| EPS (₹) | 47.1 | 34.5 | 63.6 |

One-time Items Explanation:

  • Onerous Cost & Liquidated Damages (₹24.8 Cr): One-time provision related to delayed turnkey project in Flares & Process Equipment business (targeted completion June 2025), comprising ₹9.8 Cr for estimated cost overruns and ₹15.0 Cr for potential liquidated damages
  • Impairment Reversal (₹14.1 Cr): One-time gain reversal of doubtful-debt provision against litigated receivables from Kuwait project (FY21) that was recovered in FY26

Balance Sheet (₹ Crores):

| Metric | Mar-26 | Mar-25 | Mar-24 |

| Total Equity | 554.5 | 507.1 | 473.0 |

| Equity Share Capital | 17.4 | 17.4 | 13.6 |

| Reserve & Surplus | 537.1 | 489.7 | 459.4 |

| Total Borrowings | 0.9 | 1.1 | 43.1 |

| Total Liabilities | 277.4 | 186.8 | 207.9 |

| Total Assets | 831.8 | 693.9 | 680.9 |

| Property, Plant & Equipment | 180.9 | 174.5 | 133.2 |

| CWIP | 3.2 | 4.1 | 25.4 |

| Inventories | 151.9 | 126.7 | 145.2 |

| Trade Receivables | 232.0 | 192.7 | 180.1 |

| Cash & Cash Equivalents | 42.3 | 30.3 | 4.0 |

| Bank Balances (other) | 50.2 | 36.8 | 43.2 |

Cash Flow Statement (₹ Crores):

| Metric | FY26 | FY25 | FY24 |

| Cash from Operating Activities | 115.9 | 137.1 | 58.3 |

| Cash from Investing Activities | -65.9 | -17.4 | -43.6 |

| Cash from Financing Activities | -37.9 | -93.5 | -19.3 |

| Net Change in Cash | 12.0 | 26.2 | -4.6 |

Board of Directors

  • Ninotchka Malkani: Executive Chairman (27+ years with Ador Group, former Chairman of Ador Fontech Ltd. and J. B. Advani & Co.)
  • Aditya Tarachand Malkani: Managing Director & CEO (with Ador Group since 2002, also on Board of Batliboi Ltd.)
  • Dr. Deep Ashda Lalvani: Non-Executive Director (Chairman, J B Advani & Co. Pvt. Ltd.)
  • Ravin Ajit Mirchandani: Non-Executive Director
  • Tanya Halina Advani: Non-Executive Director
  • Nita Dempo Mirchandani: Non-Executive & Independent Director
  • Navroze S. Marshall: Non-Executive & Independent Director
  • Santosh Janakiram Iyer: Non-Executive & Independent Director
  • Jitendra Hiru Panjabi: Non-Executive & Independent Director
  • Mihir Jayaraman: Non-Executive & Independent Director

Investor Contact

Company Secretary & Compliance Officer: Mr. Vinayak M. Bhide (investorservices@adorians.com)

Investor Relations: Strategic Growth Advisors Pvt. Ltd. - Mr. Deven Dhruva / Mr. Ronak Jain