ADORIndustrials

Ador Welding Limited

Other Industrial Products · ISIN INE045A01017 · BSE 517041 · NSE EQ · FV ₹10
Last price
₹1,564
+1.83%today
What this company does

Ador Welding Limited operates in Other Industrial Products, part of the Industrials sector. It booked ₹309 cr of revenue in its latest quarter (Q1 FY27) and kept 8.9% of sales as profit. It is the 7th largest of 9 Other Industrial Products companies we track, by market value.

In the report:
79out of 100
Equitytale Health Score
Solid

Healthier than 79% of companies in Industrials, on all six measures of filed financials. Each measure is ranked against the 166–290 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
46

At close. Not part of the score.

Profitability & returns81

How much profit it earns on the money it employs

Balance sheet87

How much it owes, and whether earnings cover the interest

Cash quality83

Whether reported profit actually arrives as cash

Growth & consistency90

Whether sales and profit have grown, and how steadily

Valuation37

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 23% vs last year
Promoters hold 54%
No promoter shares pledged
Strong 20% return on equity
Virtually debt-free
Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in ADOR?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹1,564 +1.83%
latest close · 2026-09-17
1-year return
+127.8%
52-wk low ₹58652-wk high ₹1,766
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio24.7Average
LowAverageHigh
P/B ratio4.91High
Below bookModerateHigh
EV / EBITDA15.7High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity19.9%Strong
WeakFairStrong ▸15%
Return on capital26.1%Strong
WeakFairStrong
Net margin8.9%Decent
ThinDecentStrong
EBITDA margin13.8%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Interest cover46.6×Strong
RiskyOkayStrong ▸5×
Current ratio2.14Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹2,722 cr
Book value
₹319
EPS
₹15.86
latest quarter
Net debt
₹-41 cr
more cash than debt
Enterprise value
₹2,680 cr
EBITDA
₹171 cr
annualised
EBIT
₹151 cr
annualised
Operating margin
12.2%
Return on assets
13.3%
Earnings yield
4.06%
P/S
2.20
Sales / share
₹711.4
Tax rate
25.3%
Face value
₹10
Shares
1.7 cr
Working capital
₹289 cr
Current assets
₹542 cr
Current liabilities
₹253 cr
Delivery %
50.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2026 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹297₹431, midpoint ₹364

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹309 cr
Other Income₹7 cr
Total Income₹316 cr
Cost of Materials₹200 cr
Purchases of Stock-in-Trade₹38 cr
Inventory Change (±)₹-42 cr
Employee Benefit Expense₹31 cr
Finance Costs₹81 L
Depreciation & Amortisation₹5 cr
Other Expenses₹46 cr
Total Expenses₹280 cr
Profit before Tax₹37 cr
Tax Expense₹9 cr
Net Profit₹28 cr
Net margin on total income8.7%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹197 cr62.1%
Employee benefit expense₹31 cr9.8%
Finance costs₹81 L0.3%
Depreciation & amortisation₹5 cr1.6%
Other expenses₹46 cr14.6%
Tax expense₹9 cr2.9%
Profit for the period₹28 cr8.7%
Total income ₹316 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue288 cr319 cr309 cr
Total income300 cr324 cr316 cr
Expenses258 cr277 cr280 cr
Profit before tax36 cr50 cr37 cr
Tax9 cr16 cr9 cr
Net profit (owners' share)27 cr34 cr28 cr
Net margin (owners' share, on revenue)9.3%10.7%8.9%
EPS (₹)15.3519.6515.86
YoY (latest quarter): total income +23.2% · net profit
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹832 cr
Shareholder equity
₹554 cr
parent shareholders
Total debt
₹85 L
Cash
₹42 cr
Cash flow · H1 FY26
Operating
₹42 cr
Investing
₹-8 cr
Financing
₹-37 cr
Peer comparison
Other Industrial Products · by market value
CompanyPriceMarket capP/E
HBL Engineering Limited₹757₹20,977 cr47.9
INOX India Limited₹2,015₹18,287 cr78.7
KRN Heat Exchanger and Refrigeration Limited₹1,393₹9,117 cr67.0
Esab India Limited₹5,619₹8,646 cr38.5
Subros Limited₹690₹4,500 cr27.1
Harsha Engineers International Limited₹434₹3,950 cr26.4
Ador Welding Limitedthis company₹1,564₹2,722 cr24.7
Diffusion Engineers Limited₹436₹1,631 cr24.4
MIC Electronics Limited₹34₹821 cr94.6
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
1.47%
trailing 12 months
Dividend / share (TTM)
₹23
Last dividend
₹23
ex 16 Jul 2026
ActionDetailEx-date
Dividend₹23 / share16 Jul 2026
Dividend₹20 / share8 Jul 2025
Dividend₹18.5 / share15 May 2024
Dividend₹17.5 / share2 Aug 2023
Dividend₹12.5 / share19 Jul 2022
Dividend₹6.5 / share27 Feb 2020
Who owns it · 2026-06-30
No pledge
Promoter
53.8%
FII / Foreign
1.1%
DII / Domestic
10.5%
Retail / others
34.7%
Promoter stake down 3.1% over the last 12 quarters.
Smart-money activity
Insider trades
SoldNavroze Marshall · Director10,000 · ₹1.7 cr31 Aug 26
SoldLATE PRAVENA KRISHNA MATHUR · Promoter19,232 · ₹2.8 cr24 Jul 26
BoughtDEEP ASHDA LALVANI · Director222 · ₹2.2 L6 Mar 26
Stake changes
BoughtClearEdge LLC→ 5.16% · 6,49313 May 25
BoughtClarus Capital 1→ 5.12% · 58,4199 May 25
BoughtClarus Capital I→ 5.12% · 58,4199 May 25
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 15 Jul 2025
See the official result
1
A) To consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March 2025, along with the Reports of the Board of Directors and the Auditors thereon. B) To consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March 2025, along with the Reports of the Board of Directors and the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
21.13 L votes for, 2 against · 0% of mutual funds and other big investors said no
2
To declare dividend on Equity Shares for the financial year ended 31st March, 2025
Backed by 100% of shareholders other than promotersneeded 50%
21.13 L votes for, 2 against · 0% of mutual funds and other big investors said no
3
To appoint a director in place of Dr. Deep A. Lalvani (DIN:01771000), who retires by rotation and being eligible, offers himself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
21.13 L votes for, 27 against · 0% of mutual funds and other big investors said no
4
To appoint the M/s. BSR & Co. LLP, Chartered Accountants as the Statutory Auditors and to fix their remuneration.
Backed by 100% of shareholders other than promotersneeded 50%
21.13 L votes for, 20 against · 0% of mutual funds and other big investors said no
8
Approval of "Ador Employees Stock Option Plan / Scheme 2025 ("the Plan") for the benefit of the employees of the Company (Present and Future)
⚑ Passed only because promoters voted yes
Backed by 66% of shareholders other than promotersneeded 75%
13.95 L votes for, 7.18 L against · 36% of mutual funds and other big investors said no
9
Approval of "Ador Employees Stock Option Plan / Scheme 2025 ("the Plan") for the benefit of the employees of the Subsidiary(ies) of the Company (Present and Future)
⚑ Passed only because promoters voted yes
Backed by 66% of shareholders other than promotersneeded 75%
13.95 L votes for, 7.18 L against · 36% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 16 named members
owning 53.8% between them · as of 2026-06-30
J B ADVANI AND COMPANY PVT LIMITED45.23%
ARUNA BHAGWAN ADVANI2.26%
ADITYA TARACHAND MALKANI1.79%
NINOTCHKA MALKANI NAGPAL1.65%
RAJBIR MALKANI0.75%
TANIA AJIT MIRCHANDANI0.56%
MICHELLE GULU MALKANI0.51%
SHIRIN ADITYA MALKANI0.23%
Business done with them
FY2026 · 4 of the group
The company paid ₹52 cr to companies in the promoter group last year — about 4.6% of its ₹1,140 cr revenue and received ₹7 cr back from them.
J B ADVANI AND COMPANY PRIVATE LIMITED
Bought goods from them · Sale of goods, Purchase of goods and services received, Rent received, Reimbursement of expenses,Recovery of expense,
also owns 45.23% of the company
₹31 cr
company paid
J B ADVANI AND COMPANY PRIVATE LIMITED
Other payments to them · Sale of goods, Purchase of goods and services received, Rent received, Reimbursement of expenses,Recovery of expense,
also owns 45.23% of the company
₹16 cr
company paid
J B ADVANI AND COMPANY PRIVATE LIMITED
Sold goods to them · Sale of goods, Purchase of goods and services received, Rent received, Reimbursement of expenses,Recovery of expense,
also owns 45.23% of the company
₹5 cr
company received
ADITYA TARACHAND MALKANI
Other payments to them · Short term Benefit Paid, Post Employment benefit
also owns 1.79% of the company
₹3 cr
company paid
NINOTCHKA MALKANI NAGPAL
Other payments to them · Short term Benefit Paid, Post Employment benefit
also owns 1.65% of the company
₹2 cr
company paid
J B ADVANI AND COMPANY PRIVATE LIMITED
Other income from them · Sale of goods, Purchase of goods and services received, Rent received, Reimbursement of expenses,Recovery of expense,
also owns 45.23% of the company
₹2 cr
company received
DEEP ASHDA LALVANI
Other payments to them · Short term Benefit Paid
also owns 0.13% of the company
₹15 L
company paid
J B ADVANI AND COMPANY PRIVATE LIMITED
Sold property or assets to them · Sale of goods, Purchase of goods and services received, Rent received, Reimbursement of expenses,Recovery of expense,
also owns 45.23% of the company
₹1 L
company received

The company also transacted with 13 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.