MarketFriction

Ador Welding Ltd

NSE ADOR · BSE 517041 · Other Industrial Products
₹1,570.40 -1.34%
NSE close2026-10-01
52 week range848.00 - 1,766.40
Market cap₹2,812 Cr.
P/E23.5
Price band 20% Delivery 47.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales276260296268268273308251280287318309
Expenses239232263240247249277255245243271273
Operating Profit36283328212431-435444735
OPM %13%11%11%10%8%9%10%-1.8%12%15%15%11%
Other Income4576-364455-237
Interest111111111001
Depreciation444445555555
Profit before tax36283428-212330-534364537
Tax %25%28%26%25%-25%26%26%-24%25%26%26%25%
Net Profit27202521-161722-326273427
EPS in Rs19.6214.6818.7215.27-11.839.6612.64-1.9914.7215.5719.2715.72
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4074414585125264476617771,0671,1171,1351,194
Expenses3654104234684844256016889461,0111,0131,032
Operating Profit4231354542226189121105123161
OPM %10%7%8%9%8%5.0%9%11%11%9%11%14%
Other Income3910109-1914621-231113
Interest22611108646642
Depreciation121110101111111215181920
Profit before tax3227283530-16587912159111152
Tax %29%33%34%31%15%-24%23%25%26%26%26%
Net Profit2318192426-124559894383114
EPS in Rs16.6613.3213.6517.5418.84-8.8233.1143.6065.7124.9747.5865.28
Dividend Payout %30%38%37%37%34%0%38%40%37%80%48%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%20%13%9%
Compounded Profit Growth14%42%14%106%
Stock Price CAGR20%19%13%65%
Return on Equity14%17%17%16%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital141414141414141414141717
Reserves190205224234250235224268310485498546
Borrowings0035816582292174523
Other Liabilities82118107102103108108109111158180271
Total Liabilities286337380430431439375393452701698838
Fixed Assets9699101102115125116117123156196204
CWIP2141103722543
Investments71214676122020563247
Other Assets182224261322308308244248306463466584
Total Assets286337380430431439375393452701698838
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1220-37631379261458139117
Cash from Investing Activity-8-4-110-19-21-7-5-10-42-19-67
Cash from Financing Activity-9-91933-33-13-61-31-5-19-93-38
Net Cash Flow-17107-411-2212-10-1-42612
Free Cash Flow-58-16-4644-9712801610095
CFO/OP21%81%33%-78%164%58%348%67%36%75%154%122%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days7910763736090865159616375
Inventory Days595856605262707081776478
Days Payable56106858467728760514562100
Cash Conversion Cycle816034504580696189936453
Working Capital Days616864816656425465616053
ROCE %11%17%12%11%14%12%6%20%27%28%20%23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.90%56.90%56.90%56.94%56.94%53.24%53.71%53.71%53.73%53.74%53.76%53.76%
FIIs0.13%0.30%0.10%0.06%0.05%0.06%0.03%0.07%0.09%0.14%0.37%1.05%
DIIs4.02%4.43%5.74%10.21%12.00%10.31%11.00%11.85%12.44%12.56%12.63%10.47%
Public38.96%38.38%37.25%32.78%31.02%36.39%35.27%34.37%33.76%33.57%33.26%34.72%
No. of Shareholders28,05930,27432,57529,28330,66541,46840,70238,88937,94936,35635,56735,275

Fundamentals

Market Cap₹ 2,812 Cr.
Current Price₹ 1,612
Stock P/E23.5
Book Value₹ 324
ROCE22.7 %
ROE16.4 %
Dividend Yield1.43 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)106%
Standalone figures.
Valuation
Market capRs 2,733 Cr
Enterprise valueRs 2,643 Cr
P/E (TTM)24.06x
Price to book4.85x
Price to sales2.29x
EV / EBITDA15.18x
EV / EBIT17.10x
EV / sales2.21x
Price to cash flow23.41x
Earnings yield4.16%
Dividend yield1.46%
P/E, 3-year average24.27x
P/B, 3-year average3.09x
P/E, 5-year average22.54x
P/B, 5-year average3.23x
Profitability
Operating margin (excl. other income)10.82%
Operating margin (incl. other income)11.82%
EBITDA margin14.59%
Pre-tax margin12.77%
Net profit margin9.52%
Net margin, latest quarter8.86%
ROE15.34%
ROCE21.18%
ROA10.78%
ROE, 3-year average15.22%
ROCE, 3-year average20.65%
ROA, 3-year average10.83%
ROE, 5-year average16.52%
ROCE, 5-year average22.35%
ROA, 5-year average11.65%
ROIC (approx.)24.24%
Tax rate25.60%
Other income / net worth2.01%
Growth
Sales growth (latest year)1.67%
Profit growth (latest year)90.52%
Sales CAGR, 3 years13.49%
Sales CAGR, 5 years20.48%
Profit CAGR, 3 years11.78%
Sales growth QoQ-2.93%
Profit growth QoQ-18.43%
Sales growth YoY (latest quarter)23.19%
Per share
EPS (TTM)Rs 65.28
EPS (latest year)Rs 47.58
EPS (latest quarter)Rs 15.72
EPS, 3-year averageRs 46.09
EPS, 5-year averageRs 42.99
Book value per shareRs 324.01
Sales per shareRs 685.83
Cash flow per shareRs 67.08
Free cash flow per shareRs 54.59
Dividend per share (latest year)Rs 23.00
Dividend per share, 3-year averageRs 22.50
Dividend per share, 5-year averageRs 19.50
Dividends
Dividend payout48.33%
Dividend payout, 3-year average55.23%
Dividend payout, 5-year average48.72%
Efficiency
Asset turnover1.35x
Fixed asset turnover5.58x
Inventory turnover5.34x
Inventory days68 days
Debtor days75 days
Debtors turnover4.90x
Creditor days100 days
Cash conversion cycle53 days
Working capital days53 days
Leverage
Total debtRs 3 Cr
Cash and bankRs 92 Cr
Net debtRs -89 Cr
Debt to equity0.01x
Net debt / EBITDA-0.51x
Interest coverage71.23x
Current ratio (filing 2026-03-31)2.14x
Quick ratio (filing 2026-03-31)1.54x
Trade payables (filing 2026-03-31)Rs 193 Cr
Owners' fund to total sources67.28%
Debt to assets0.35%
Cash flow
Cash from Operating Activity (latest year)Rs 117 Cr
Cash from Investing Activity (latest year)Rs -67 Cr
Cash from Financing Activity (latest year)Rs -38 Cr
Net Cash Flow (latest year)Rs 12 Cr
Free cash flow (latest year)Rs 95 Cr
FCFE (approx.: FCF + change in debt)Rs 96 Cr
Cash from ops / profit, 5 years1.11x
Sales to cash flow9.73x
Statement figures
Net sales (TTM)Rs 1,194 Cr
Net sales (latest year)Rs 1,135 Cr
Sales (latest quarter)Rs 309 Cr
Operating profit excl. other income (latest year)Rs 123 Cr
Operating profit (latest quarter)Rs 35 Cr
Other income (TTM)Rs 13 Cr
EBITDA (TTM)Rs 174 Cr
PBDT (TTM)Rs 172 Cr
Profit before tax (TTM)Rs 152 Cr
Tax (latest year)Rs 28 Cr
Net profit (TTM)Rs 114 Cr
Net profit (latest year)Rs 83 Cr
Net profit (latest quarter)Rs 27 Cr
Depreciation (TTM)Rs 20 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 2 Cr
Cost of goods sold (latest year)Rs 810 Cr
Total expenditure (latest year)Rs 1,013 Cr
Total income (latest year)Rs 1,147 Cr
Share capitalRs 17 Cr
ReservesRs 546 Cr
Shareholders' fundsRs 564 Cr
Total assetsRs 838 Cr
Net blockRs 204 Cr
Capital work in progressRs 3 Cr
InvestmentsRs 47 Cr
ReceivablesRs 232 Cr
InventoryRs 152 Cr
Other liabilitiesRs 271 Cr
Shares outstanding (crore)1.74
Ownership
Promoter holding53.76% (+0.05 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 24.1 is at the 26th percentile of its own 8.4-year range (median 31.0, low 13.5, high 96.9).
P/B 4.85 is at the 67th percentile (median 3.59).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodADORNifty 50Difference
1 week-2.6%-2.8% +0.1 pts
1 month-7.7%-6.8% -0.9 pts
3 months+19.2%-7.6% +26.8 pts
6 months+78.9%+0.4% +78.5 pts
1 year+54.8%-9.9% +64.7 pts
2 years+14.7%-13.6% +28.3 pts
3 years+41.9%+14.2% +27.7 pts
5 years+131.4%+27.9% +103.5 pts
2 mutual fund schemes hold about ₹122 Cr. Over three months 2 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Quant Manufacturing Fund8.77%65 +14%
Nippon India Value Fund0.64%58 +12%

Red flags

F-score 6 of 8
explainShare dilution Share count up 0% in a year, 28% in three
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹309 Cr +23.1% vs Jun 2025. Net profit ₹27 Cr +1000.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-16Dividend - Rs 23 Per Share
2025-07-08Dividend - Rs 20 Per Share
2024-05-15Interim Dividend - Rs 18.50 Per Share
2023-08-02Annual General Meeting/Dividend - Rs 17.50 Per Share
2022-07-19Annual General Meeting/Dividend - Rs 12.50 Per Share
2020-02-27 Interim Dividend - Rs 6.50 Per Share
2019-07-18 Dividend - Rs 6.50 Per Share
2018-08-02 Dividend- Rs 5 Per Share (Date Revised)
2017-08-23 Annual General Meeting/Dividend - Rs 5/- Per Share(Purpose Revised)
2016-07-21 Dividend - Rs 5/- Per Share
2015-07-22Annual General Meeting/Dividend - Rs 5/- Per Share
2014-07-18Dividend @ Rs.5/- Per Share
2013-07-16Dividend-Rs.6/- Per Share
2012-07-12Dividend Rs. 6/- Per Share
2011-07-14Dividend-Rs.6/- Per Share
2010-07-21Dividend-Rs.6/- Per Share
2009-07-16Agm/Div-Rs.4/- Per Share
2008-07-17Dividend - 80%
2007-07-12Dividend-Rs.12/- Per Sh
2006-06-08Div Fin-50% + Spl-50%
DateTypeWhat it says
2026-09-21ESOP grantOptions to purchase securities
2026-08-27Concall / analyst meetSchedule of meet
2026-08-27General UpdatesGeneral Updates
2026-08-13Change in ManagementChange in Management
2026-07-30ResignationResignation of Director/KMP/SMP
2026-07-30Change in ManagementChange in Management
2026-07-30Board meeting outcomeOutcome of Board Meeting held on July 30, 2026.
2026-07-24Shareholder meetingVoting results.
2026-07-23General UpdatesProceedings of the Annual General Meeting
2026-07-23Shareholder meetingProceedings of Annual General Meeting held on July 23, 2026
2026-07-21UpdatesInvestor Presentation. for the quarter ended 30th June, 2026
2026-07-21Board meeting outcomeAdor Welding Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-09Change in ManagementChange in Management
2026-07-07Disclosure under SEBI TakeovTania Ajit Mirchandani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substa...
2026-07-06Record DateRecord date for the purpose of Dividend is 16-Jul-2026.
2026-07-02General UpdatesGeneral Updates
2026-06-30Shareholder meetingNotice of Annual General Meeting to be held on July 23, 2026
2026-06-22Disclosure under SEBI TakeovAditya T. Malkani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial...
2026-06-22Disclosure under SEBI TakeovDeep A. Lalvani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial A...
2026-06-19Disclosure under SEBI TakeovTanya Halina Advani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substanti...
2026-06-19Disclosure under SEBI TakeovAruna Bhagwan Advani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-06-17Disclosure under SEBI TakeovShirin Aditya Malkani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substan...
2026-06-17Disclosure under SEBI TakeovRajbir Tarachand Malkani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-06-17Disclosure under SEBI TakeovNinotchka Malkani Nagpal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-06-10General UpdatesThe communication to Shareholders about tax deduction on Dividend Updates
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-03-30NCLTAdor Welding Ltd Vs Bevcon Wayors Pvt Ltd
2020-03-03NCLTAdor Welding Ltd Vs Bevcon Wayors Pvt Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Close to Close price movement greater than 75perc in previous 6 monthsHigh low price variation greater than 100perc in previous 6 months

Quick answers

What is the market cap of Ador Welding Ltd?

Ador Welding Ltd (ADOR) has a market capitalisation of Rs 2,812 Cr. at the 2026-10-01 close.

What is the P/E ratio of Ador Welding Ltd?

Ador Welding Ltd trades at a P/E of 23.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Ador Welding Ltd's latest quarterly results?

In the Jun 2026 quarter, Ador Welding Ltd sales was Rs 309 Cr (+23.1% vs Jun 2025) and net profit was Rs 27 Cr.

What is the 52-week high and low of Ador Welding Ltd?

The 52-week high is Rs 1,766.40 and the 52-week low is Rs 848.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03