Ador Welding Ltd.

ADORNSECapital GoodsElectrodes & Welding EquipmentSmall Cap

₹1,216.4

▲ 3.54%

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Composite

Ador Welding (AWL) was incorporated in 1951 with an objective to offer finest range of welding consumables and equipment. AWL has also made large investments in project engineering and manufacturing of power generators and alternators.

www.adorwelding.comSector: Capital GoodsIndustry: Electrodes & Welding Equipment

Q-DITS fundamental score

54Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹2.1K Cr

TTM PE

25.8x

Industry PE

39.6x

TTM EPS

₹47.11

Book Value

₹318.6

Face Value

₹10

Div Yield

1.89%

PEG

2.17x

2.9x

ROE

12.3%

ROCE

18.1%

EBITDA mgn

10.9%

D/E

Int. Cover

15x

Curr. Ratio

2.56x

EPS

₹34.51

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	1.5%	—	20.6%	10.8%
EBITDA	19%	—	43.3%	11.5%
Net Profit	23.5%	—	62.9%	13.5%

Score snapshot

Piotroski

5/9

Altman Z

2.77

Quality

64.5

Growth

27.9

Valuation

Earn. Qual

98.2

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2015	2016	2017	2018	2019	2020	2021	2022	2024	2025
›RevenueCr	388	408	442	458	513	526	448	661	1,074	1,123
›EBITDACr	61	45	40	44	56	51	5	75	138	111
›EBITDA margin	7.8%	10.4%	8.4%	9.6%	10.9%	9.8%	6.5%	10%	12.9%	10.9%
›Net profitCr	32	22	18	18	25	26	-10	45	86	60
›PAT margin	7.5%	5%	3.7%	4%	4.8%	5%	-2.3%	6.8%	8%	5.3%
›EPS₹	₹23.43	₹16.46	₹13.13	₹13.54	₹18.04	₹19.21	₹-7.63	₹33.21	₹63.57	₹34.51
›Revenue growth	4.4%	5.3%	8.3%	3.6%	12%	2.5%	-14.9%	47.8%	62.3%	4.6%
›PAT growth	723.5%	-29.7%	-20.3%	3.1%	33.3%	6.4%	-139.7%	535.1%	91.5%	-30.5%
›ROE	17.2%	10.7%	7.9%	7.7%	9.7%	10.3%	-4.3%	17.4%	23%	12.3%
›ROCE	25.1%	15.8%	11.9%	11.5%	14.1%	12.4%	-2%	23.3%	30.7%	18.1%
›ROA	10.5%	6.8%	4.5%	4.2%	5.3%	5.7%	-2.4%	10.6%	14.2%	7.5%
›P/E	9.5x	17.4x	23.5x	27.7x	19.3x	9.4x	0x	18.6x	21.6x	24.3x
›P/B	1.5x	1.8x	1.8x	2.1x	1.8x	1x	1.7x	3x	4x	2.9x
›D/E	0	0	0.2	0.3	0.2	0.3	0.1	0	0.1	0
›Current ratio	2.1x	1.9x	1.8x	1.7x	1.8x	1.5x	1.5x	2.1x	2.3x	2.6x
›Interest cover	42.9x	20.9x	13.9x	5.5x	4.4x	4x	-0.7x	11x	22.1x	15x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	261	297	269	269	274	310	252	281	288	319
›Rev growth YoY	31.6%	—	—	-2.9%	4.8%	4.3%	-6.5%	4.4%	5.2%	2.9%
›EBITDACr	27	32	27	20	23	31	-4	35	35	47
›EBITDA margin	10.3%	10.9%	10.1%	7.5%	8.5%	10%	-1.7%	12.4%	12.3%	14.8%
›Net profitCr	19	25	20	7	15	18	-4	25	27	34
›PAT growth YoY	14.4%	—	—	-74.2%	-17.6%	-28.7%	-119.9%	273.3%	73.4%	89.1%
›EPS₹	₹13.76	₹18.65	₹14.6	₹4.93	₹8.86	₹10.4	₹-2.27	₹14.37	₹15.36	₹19.66

Balance sheet — last 10 years (₹ Cr)

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Metric	2016	2017	2018	2019	2020	2021	2022	2024	2025	2026
›Shareholders' equityCr	217	235	245	261	247	238	282	473	507	554
›ReservesCr	203	221	231	248	234	224	268	456	490	537
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	70	86	77	81	71	82	86	192	195	0
›Total assetsCr	254	274	283	302	273	273	319	596	652	832
›Current assetsCr	209	242	294	280	271	227	245	443	444	542
›Current liabilitiesCr	109	133	172	156	180	147	119	195	174	253
›Trade payablesCr	78	73	75	67	73	77	78	85	125	194
›Gross blockCr	242	240	250	270	290	286	292	360	407	181

Cash flow statement (₹ Cr)

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Metric	2016	2017	2018	2019	2020	2021	2022	2024	2025	2026
›Operating CF (CFO)Cr	23	0	-37	64	14	79	26	58	137	116
›Investing CF (CFI)Cr	-4	-12	0	-19	-22	-7	-5	-44	-17	-66
›Financing CF (CFF)Cr	-9	19	32	-33	-13	-61	-31	-19	-93	-38
›Net cash changeCr	10	7	-4	11	-22	12	-10	-5	26	12
›Closing cashCr	13	20	16	27	5	17	7	4	30	42

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)64.5

Growth (25%)27.9

Valuation (20%)51

Piotroski (15%)56

Earnings Quality (10%)98.2

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

5/9

✓ROA positiveROA 7.52%

✓CFO positiveCFO ₹115.87 Cr

✗ROA improving14.21% → 7.52%

✓CFO > PAT (low accruals)CFO 115.87 vs PAT 60.05

✓Leverage decreasedD/E 0.09 → 0.0

✓Liquidity improvedCR 2.27 → 2.56

✗No share dilutionEPS 63.57 → 34.51

✗Margin improvedEBITDA mgn 12.86% → 10.88%

✗Asset turnover upAsset TO 1.77 → 1.41

Altman Z-Scoregrey

2.77

0.347

0.646

0.112

0.667

1.35

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

64.5/100

ROE

12.3%

ROCE

18.1%

Margin

5.3%

Debt

Int. cover

15x

Growth

27.9/100

Revenue 3Y

1.5%

Profit 3Y

23.5%

EPS

-45.7%

Valuation

51/100

24.3x

2.9x

EV/EBITDA

12.5x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

98.2/100

CFO₹116 Cr

PAT₹60 Cr

Accrual ratio-0.067

CFO/PAT1.93x

PEAD · SURGE

0 / 0

Revenue SUE-0.26

EPS SUE1.44

Latest quarter2026-03

Rev growth YoY2.9%

Shareholding pattern

Promoter53.8%

FII/FPI0.4%

DII12.6%

Public46.2%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	56.9%	56.9%	56.9%	53.2%	53.7%	53.7%	53.7%	53.7%	53.8%
›FII / FPI	0.1%	0.1%	0.1%	0.1%	0%	0.1%	0.1%	0.1%	0.4%
›DII	5.7%	10.2%	12%	10.3%	11%	11.9%	12.4%	12.6%	12.6%
›Public / Retail	43.1%	43.1%	43.1%	46.8%	46.3%	46.3%	46.3%	46.3%	46.2%
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Graphite India Ltd.	12,486	2,852	171	71.4x	2.1x	8	10.2	0.03
HEG Ltd.	10,261	2,576	221	30.1x	2.2x	2.6	4	0.13
Esab India Ltd.	8,990	1,508	207	43.5x	20.9x	52.6	71.3	0
Diffusion Engineers Ltd.	1,410	407	48	28x	3.5x	12.9	15.9	0.06
GEE Ltd.	454	369	13	35x	3.1x	-7.3	-1.5	0.67
De Nora India Ltd.	454	122	9	50.1x	3.5x	1.4	2.4	0
D&H India Ltd.	271	253	8	32.4x	3.5x	11.6	13.6	1.11