Ador Welding Limited (ADOR) share price

₹1674.40 on NSE as of 2026-09-04. -2.34% on the day. market cap ₹2,914 Cr. P/E 25.7. 52-week range ₹851.80 to ₹1730.30. Capital Goods.

What the company does

AWL (formerly known as Advani Oerlikon Limited), incorporated on October 22, 1951 by 1.8. Advani & 7 company Private Limited (IBPL) and the Oerlikon-Buhrle Group, Switzerland. 'During FY03, IBPL acquired shareholding of Oerlikon Group in AWL and became majority shareholder in the company. The company is engaged in the manufacturing of welding consumables & equipments and also has a project engineering division. AWL offers a complete welding package which includes a wide variety (over 200 types) of electrodes, fluxes, flux—cored wires and specially customized electrodes. Projectengineering division of AWL is currently engaged in providing customized solutions for multi-disci'plinary projects and contracts related to refineries, oil & gas, petrochemicals, fertilizers, steel plants, pharmaceuticals, water and other chemical complexes and process industries. I I ‘FY17 7 " FY18 Total income 446.34 471.23 PBILDT . v - 38.82 ‘ 44.07 PAT 18.12 18.56 Overall eari times . , . . 0.15 - 0.33 Interest e times I 18.84 7.

Filed by CARE Ratings, page 7.

Ador Welding Q1 FY27: Revenue Up 23% YoY, ₹27 Cr Profit After a Year-Ago Loss

At a glance

Ador Welding closed the June 2026 quarter with standalone revenue of ₹309 crore, up 23% over the ₹251 crore of a year earlier and down about 3% from the ₹318 crore of the March quarter. Operating profit came in at ₹35 crore against an operating loss of ₹4 crore in the same quarter last year — a swing that turned a ₹3 crore net loss then into a ₹27 crore net profit now, with EPS of ₹15.72 versus a negative ₹1.99.

The year-ago loss carried the weight of the company's Uran turnkey project for ONGC: per the results notes, ₹27.92 crore of cost-overrun and liquidated-damages provisions landed in that June 2025 quarter. This June's number carries none of that. The statutory auditors, BSR & Co LLP, issued an unmodified limited-review conclusion on the quarter.

Sequentially, operating profit is down about 25% from March and PAT down about 18%, with other income of ₹7 crore sitting alongside the ₹35 crore of operating profit. CARE reaffirmed the long-term rating at A+ (Stable) in January 2026, calling liquidity strong on cash of about ₹86 crore as of September 2025.

A ₹2,572 crore welding-consumables maker that spent last year clearing a project it now says is behind it. What the numbers looked like before that clean-up is the rest of this entry.

Introduction

Ador Welding, formerly Advani Oerlikon, was incorporated in 1951 and is the flagship of the Ador Group, promoted by J. B. Advani and Company. It makes welding consumables, welding and cutting equipment, and — until recently — ran a Flux & Process (F&P) business handling turnkey projects for refineries, oil and gas, and petrochemicals.

The company has spent the last two years reshaping itself. The scheme of amalgamation of Ador Fontech Limited into Ador Welding, approved by the NCLT Mumbai bench in August 2024, became effective on 25 September 2024 from an appointed date of 1 April 2022. That merger issued fresh shares, lifting the equity base from 1.36 crore to 1.74 crore shares — a detail that matters when reading per-share numbers across years.

Management has since folded the Flares & Process Equipment division into a single welding segment. Per the results notes, the company now determines it operates in one segment: Welding & Related Products and Services. Recent moves on record include a strategic collaboration with Miller (ITW group) for submerged-arc applications aimed at power, structural and shipbuilding, and the addition of nuclear-approved consumables. Exports stood at ₹153 crore in FY25 per CARE, with the company selling across 15-plus countries.

Business model

They sell the stuff that holds India's steel together. Electrodes — over 200 types of them, per CARE — plus fluxes, flux-cored wires, and specially customised consumables that go into automobiles, construction, pipelines, and oil and gas. Consumables are the bread; equipment is the butter; and until this year, project work was the mystery casserole nobody in the family wanted to claim.

The consumables business is the quiet engine: CARE puts annual production at roughly 90,000 metric tonnes of consumables and 30,000 units of equipment, sold through a distribution network of over 400 distributors reaching, by the company's own investor material, 31,000 pincodes. Steel is the key raw material, procured domestically. Per CARE, price volatility is passed on to customers only to some extent, with a time lag — which is a polite way of saying margins breathe in and out with steel.

Then there's the F&P chapter, now closed. The company took a turnkey ONGC project worth ₹123 crore signed in July 2022 and discovered, as many have before, that fixed-price project work and a consumables mindset are different sports. Per CARE, the division was loss-making from FY23 with cumulative losses of ₹61.26 crore up to H1FY26. Management's stated conclusion, per the concall, is blunt: they do not see themselves succeeding in large-scale projects and will stick to smaller product-line orders around ₹20–30 crore where profitability is visible. A company that spent decades selling the welding rod deciding it would rather not weld the whole platform.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ador Welding Limited.

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