Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct
Source: Bse
Ador Welding Limited (ADOR)
Small CapIndustrials stocks · Small cap · NSE
Ador Welding Limited is an Indian manufacturer of welding consumables, equipment, and automation solutions. With 5 manufacturing units, 850+ employees, and an R&D center, it serves 15+ countries and 31,235 pincodes in India, offering products for critical sectors like infrastructure, oil & gas, and defense.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result21 Oct, 03:27 pm IST
Score21 Oct, 04:35 pm IST · v4.3-official-result-overlay
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -4.4% / mo · MACD −
Stock trend: 44
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ADORD candles · FIT view+41.4%Latest close ₹1441.00 on 2026-10-21
Bar
-2.5%
RSI
36
MACD hist
-9.93
52W pos
65%
2026-10-21O ₹1478.10H ₹1529.80L ₹1367.30C ₹1441.00Vol 90,275 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ADORNifty India ManufacturingNifty 500
- ADOR
- -4.4%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +2.1 pp
Chart stats
21 Oct 2026- From 52W high
- -18.4%
- 52W range position
- 65%
- ATR (14)
- 4.8%
- Volume vs 20D
- 3.06x
- Avg traded value
- ₹5.1 Cr
- 20D price channel
- ₹1,367.3 - ₹1,656.9
₹1,766.4
₹848 - ₹1,766.4
₹68.5
Latest completed session
20-session average
32.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +22.7% · PAT +7.8% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 42/100margin compression · Rev +23% YoY · PAT +8% YoY · +11% QoQ
Filed 21 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹344.7 Cr | +22.7% | +11.4% |
| EBITDA | ₹37.7 Cr | +7.8% | +5.6% |
| Operating margin | 10.9% | -106 bps | -60 bps |
| PAT | ₹26.9 Cr | +7.8% | -2.4% |
| PAT margin | 7.8% | -109 bps | -111 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.25
- P/B
- 4.74
- EV/EBITDA
- 14.55
- Market Cap
- 2507.34Cr
Profitability
- ROE
- 15.80%
- ROCE
- 22.80%
- ROA
- 13.70%
- Dividend Y
- 1.52%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 80.50×
- Altman Z
- 8.90
- Book Value
- 319.00
Cash Flow
- FCF Yield
- 1.90%
- FCF Positive Y
- 8/5
- OCF
- 116.00 Cr
- EPS TTM
- 51.01
Shareholding
- Promoter Hold
- 53.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 345+11.4% vs prev
Net Profit
₹ CrLatest: 26.9-2.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 70% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
84
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.6%
3M return
-4.4%
6M return
+40.7%
1Y return
+26.8%
RS 1D
0
RS 20D
-6
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is 11.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.9%.
50-DMA
price below
200-DMA
price above
S2 entered
16 Jun 2026
S2 age
89 trading sessions
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 153.19-1.61%
RS vs Nifty 500153
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth18/25
Quality13/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.1%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
28.3
PB
4.7
EV/EBITDA
14.6
ROE
15.8%
ROCE
22.8%
FCF Yield
1.9%
Debt/Equity
0.0
MoS
+28.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-official-result-overlay
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+28.1%
Previous: +28.1%
Score history
12 stored score snapshots. Latest stored move: -4 points.
21 Oct 2026
v4.3-official-result-overlay
63
63
60
60
60
63
63
63
63
63
63
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹605.08
-138.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹2,004.69
+28.1% MoS
PEG
0.99
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ESABINDIA
Small
Esab India Limited
Industrial Machinery
match 72
53
158.0
59.3%
-296%
FAIR VALUE
MACPOWER
Small
Macpower CNC Machines Limited
Industrial Machinery
match 60
53
55.2
21.3%
-19%
FAIR VALUE
JNKINDIA
Small
JNK India Limited
Industrial Machinery
match 60
35
32.2
12.1%
+22%
WATCHLIST
MENONBE
Small
Menon Bearings Limited
Industrial Machinery
match 58
57
36.5
22.3%
+12%
FAIR VALUE
DISAQ
Small
Disa India Limited
Industrial Machinery
match 58
54
30.9
19.7%
+16%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-07T07:46:07.785Z
Management commentary snapshot
Q1 FY27 revenue grew 22.9% YoY to Rs. 309 Cr, driven by healthy order inflow and strong momentum. EBITDA increased 51.8% YoY to Rs. 36 Cr, with margin expanding 220 bps to 11.6%. PAT turned positive at Rs. 28 Cr (8.9% margin) from a loss in Q1 FY26.
The company delivered strong Q1 FY27 results with robust revenue growth and significant margin expansion, reversing prior year's loss. Management's focus on exports, product mix, and automation, supported by a debt-free balance sheet and ongoing capex, suggests continued positive momentum. However, past project execution issues warrant monitoring.
Growth engines
Exports
The Middle East remains the primary export market, with continued distributor expansion expected to support further growth.
Product Mix Improvement
Increasing focus on higher-margin segments supported by manufacturing upgrades.
Customer Engagement
Deepening direct relationships with key customers to drive new business while maintaining existing distributor partnerships.
Automation
Automation remains a strategic priority as rising labour costs increase demand for productivity and efficiency. Evaluating acquisition opportunities.
Capacity and execution
Modernization and Expansion Capex
An ongoing Rs. 80 crore modernization and expansion capex program is being funded by a near debt-free balance sheet and strong cash generation over the next couple of years.
Tailwinds
Rising Demand for Advanced Welding Solutions
Growing demand for high-performance, technology-driven welding solutions.
Automation & Robotics Adoption
Increasing adoption of smart manufacturing is driving growth in automation and robotics.
Government Policy Support
Continued policy support for domestic manufacturing and BIS compliance is a tailwind for the sector.
Skilled Workforce Availability
Availability of a skilled workforce continues to support industry growth.
Risk radar
Project Execution Delays
FY26 included Rs. 24.8 Cr in 'Onerous Cost & Liquidated Damages' for a delayed turnkey project in Flares & Process Equipment, targeted for completion by June 2025.
Gross Margin Pressure
Q1 FY27 Gross Profit Margin declined 240 bps YoY to 36.5%, despite overall EBITDA margin expansion.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Q1 results are typically compared year-over-year for seasonal businesses like industrials, providing a clearer picture of underlying growth trends and operational performance against a comparable period.
Sector KPIs management disclosed
Revenue from Operations
Rs. 309 Crs, +22.9% YoY
EBITDA (excl. other income)
Rs. 36 Crs, +51.8% YoY
EBITDA Margin (excl. other income)
11.6%, +220 bps YoY
Profit After Tax
Rs. 28 Crs (Q1 FY26: -3.9 Crs)
Management forward view
Strong Start to FY27
FY27 has begun strongly for Ador, with Q1 revenue growing 23% YoY, reflecting healthy order inflow and strong momentum.
Operating Margin Outlook
Operating margins are expected to remain at similar levels, supported by an improving product mix, cost discipline, and higher capacity utilization.
Capex Funding
A near debt-free balance sheet and strong cash generation continue to fund the ongoing Rs. 80 crore modernization and expansion capex program without additional leverage.
Automation Strategy
Ador continues to build internal capabilities in robotics and automation while evaluating acquisition opportunities to strengthen expertise and accelerate growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating Margins | 11.6% (Q1 FY27 EBITDA) | Sustained margin levels, impact of product mix and cost discipline. |
| Capex Execution | Rs. 80 Cr modernization and expansion program ongoing. | Timely completion of modernization/expansion, impact on capacity utilization. |
| Export Growth | Middle East is the primary export market. | Progress in distributor expansion and growth in international sales. |
| Automation Strategy | Building internal capabilities, evaluating acquisition opportunities. | Progress in robotics/automation segment, potential M&A activity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
69 docs text-extracted · 21 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Small: 95th pctile, median 66
Evidence depth
Financial-only
69 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
70
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 16.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ador Welding Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug - Ador Welding schedules analyst/investor group meetings on 2 September 2026 in Mumbai.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 13 Aug - Vinayak M. Bhide redesignated Chief Compliance Officer and Company Secretary; Pradnya Nitin Iyer appointed Head-HR, effective 13 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jul - Surya Kant Sethia resigns as CFO effective 14 Aug 2026; Krishnamurthy Suryanarayan appointed CFO from 15 Aug 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 9 Jul - Mr. Vinit Mangrulkar appointed VP–Sales effective 9 July 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Newspaper Publication of Notice of 73rd Annual General Meeting scheduled to be held on 23rd July, 2026
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 30 Jun - Ador Welding filed its 73rd Annual Report for FY2025-26; sales ₹1,15,509 lakh, PAT ₹8,280 lakh, dividend ₹23.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.