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Ador Welding (ADOR) had a P/E of 21.4× on 6 Nov 2026, below the industry P/E of 33.8×, and the shares are 20% below their 52-week high. It earns ROCE of 20% and ROE of 22%, and sales and net profit grew 14% and 11% a year over 3 years. It has almost no debt, and its dividend yield is 2.2%. It is a small-cap company with a market cap of ₹2,461 Cr, ranked 46th of 138 Specialty Industrial Machinery companies by market cap; the shares rose 33% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹1,434.70
Day high
₹1,434.80
Day low
₹1,397.00
Prev. close
₹1,434.70
Volume
12.3K

Health check

4 good · 2 fair
  • ReturnsAhead

    +32.9% over a year, better than 6 of 7 peers.

  • Price tagCheaper

    P/E 21.4 vs industry 33.8.

  • GrowthSteady

    Sales +13.7%, profit +11.4% a year over 3 years.

  • ProfitabilityAverage

    ROCE 20.3% vs peer median 24.8%.

  • Balance sheetSolid

    Debt 0.05× equity, interest covered 54.0×, Piotroski 7 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Specialty Industrial Machinery

137 listed peers. Screen the industry

Small cap

₹2,461 Cr, #46 of 138 in its industry by size.

Defensive

Beta 0.63 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹1,261 Cr · profit ₹115 Cr
Market cap
₹2,461 Cr
Small cap
P/E
21.4
Industry 33.8
Price to book
4.32
Peers 9.16
Dividend yield
2.16%
ROE
21.7%
Peers 19.1%
ROCE
20.3%
Peers 24.8%
Debt to equity
0.05
Debt ₹30 Cr
EPS (TTM)
₹66.20
Face value ₹10
OPM (TTM)
11.7%
Net margin 9.2%
Sales growth
+22.6%
Latest quarter vs a year ago
Profit growth
+7.4%
Latest quarter vs a year ago
Price to sales
1.95
EV/EBITDA 14.5

Strengths and risks

Strengths

  • Return on equity of 21.7%.
  • Return on capital employed of 20.3%.
  • Practically debt-free.
  • Dividend yield of 2.16%.
  • Quarterly sales up 22.6% on a year ago.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Ador Welding

Ador Welding Limited manufactures and supplies welding equipment, consumables, and automation solutions in India and internationally. The company operates in two segments, Welding, and Flares & Process Equipment. It provides welding electrodes, including C-Mn steel, low alloy and stainless steel, cellulosic, hardfacing, gouging and cutting, cast iron, and nickel and nickel alloys; and wires and fluxes comprising submerged, metal-cored, gas metal, gas…

Headquarters
Mumbai
Employees
839
Sector
Industrials
ISIN
INE045A01017
Website
adorwelding.com

Price range

52 weeks

₹848.00₹1,766.40

Today

₹1,397.00₹1,434.80
Avg volume (3M)
42.8K
1-year return
plus 32.9%
From 52-week high
minus 19.9%

Peers · Specialty Industrial Machinery

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
BHELBharat Heavy Electricals418.80plus 0.17%1,45,82950.674.66.6%10.1%0.2213.5%plus 56.4%
ABBABB India6,774.00plus 2.20%1,43,54792.368.228.5%13.8%0.0215.4%plus 26.4%
SIEMENSSiemens3,560.00plus 3.73%1,26,77986.159.316.5%10.4%0.023.0%plus 10.0%
CUMMINSINDCummins India4,048.80minus 0.25%1,12,23349.841.735.0%19.1%0.0016.1%minus 6.0%
GVT&DGE Vernova T&D India4,018.00minus 3.06%1,02,87971.356.658.5%26.5%0.0131.1%plus 31.7%
SUZLONSuzlon Energy38.80plus 0.54%53,33723.717.324.8%16.7%0.0741.4%minus 35.7%
AIAENGAIA Engineering3,113.60minus 2.77%29,05623.519.619.9%27.4%0.00−3.4%minus 3.9%
ADORAdor Welding1,414.40minus 1.41%2,46121.417.420.3%11.7%0.0513.7%plus 32.9%
Median of 7 peers–0.17%1,12,23350.656.624.8%16.7%0.0215.4%10.0%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
252288319309345
256253281274307
−4.435.338.435.737.7
−1.7%12.3%12.0%11.5%10.9%
511.95.474.8
0.80.30.40.81.2
4.85555
–−5.911.9––
−536.150.336.936.4
21.6%25.9%32.0%25.3%25.9%
−426.734.227.626.9
-2.2715.3319.6215.8215.43

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+13.7%
Profit CAGR 3Y
+11.4%
EPS CAGR 3Y
+2.6%
ROE
21.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
7711,0681,1181,132
–+38.5%+4.7%+1.3%
6809421,008997
91.1126110135
11.8%11.8%9.9%11.9%
2.8811.215.3
2.44.14.42.2
11.615.818.219.5
−0.83.2−12.2−13.6
79.111786.6115
25.1%26.2%30.6%28.7%
59.386.560.182
–+45.8%minus 30.5%+36.5%
43.6049.6934.5147.06

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
13.613.617.417.4
310459490537
17.344.72.43
111163184274
452681694832
116175194198
13.440.98.34.8
2.73.48.141.7
23.681.188.3120
296380395467
452681694832

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
13.758.3137116
−9.7−43.6−17.4−65.9
−4.7−19.3−93.5−37.9
−0.7−4.626.212
−14.8−43.3−41.3−22.2
−1.11595.893.7
−17−41.3−46.2−34.8

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 11.2% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you