Ador Welding

Mumbai, India Founded: 1951 • Age: 75 yrs Listed
Welding equipment, consumables, and automation solutions are manufactured.
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About Ador Welding

Ador Welding is a publicly listed company based in Mumbai (India) founded in 1951. Welding equipment, consumables, and automation solutions are manufactured. The company has 1,540 employees. Its chief executive, as recorded, is Satish Bhat. Its website adorwelding.com draws about 24 thousand monthly visits. Its Indian entity Ador Welding Limited reported revenue of ₹1,158 Cr. Ador Welding offers products and services including Welding Consumables and Welding Equipment.

Company details

Manufacturer of welding equipment, consumables, and automation solutions. This includes a wide variety of electrodes for different materials (C-Mn steels, low alloy steels, stainless steels, cast iron, nickel alloys), wires and fluxes for various welding processes (Gas Metal Arc Welding, Flux Cored Arc Welding, Submerged Arc Welding, Metal-cored Arc Welding), and brazing products. The company also produces a range of welding equipment, encompassing MMA, TIG, MIG, and submerged arc welding machines, as well as plasma cutting and gas cutting equipment. Additionally, maintenance and repair services are offered, along with safety equipment.

  • Headquarters Mumbai, India
  • Employees 1,540
  • Stage Public
  • Website adorwelding.com
  • Social LinkedIn X
  • Legal Name Ador Welding Limited
Key Metrics
  • Market Cap
    ₹2,365 Cr

    ADOR · NSE

  • Share Price
    ₹1,330.90

    -2.08% today

  • Revenue
    ₹1,140 Cr

    FY 2025-26 · +1.5% YoY

  • EBITDA
    ₹120 Cr

    Margin 10.5%

  • Net Profit
    ₹83.93 Cr

    FY 2025-26 · +23.5% YoY

  • P/E (TTM)
    20.2x

    P/B 4.2x

  • ROE
    15.4%

    ROCE 21.6%

  • Debt / Equity
    0.01

    Interest cover 3.6x

  • Employee Count
    1,540

Products & Services of Ador Welding

Ador Welding offers a comprehensive portfolio of products and services, including Welding Consumables and Welding Equipment.

Welding Consumables
Industrial Products

Various electrodes and wires are manufactured for welding processes in different materials

Welding Equipment
Machinery

Equipment such as MMA and TIG welders is provided for industrial welding and cutting applications

Board of directors of Ador Welding Limited (Ador Welding)

Ador Welding Limited is the primary company behind Ador Welding. The board of Ador Welding Limited currently have 10 directors; the longest-serving is Ninotchka Malkani Nagpal, appointed in 1997. 18 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Ninotchka Malkani Nagpal
DIN 00031985
Whole-time director03 Oct 199729 yrsAdor Welding Limited
Ravin Ajit Mirchandani
DIN 00175501
Director28 Jul 200620 yrs 3 moAdor Welding Limited
Deep Ashda Lalvani
DIN 01771000
Director27 Jul 200719 yrs 3 moAdor Welding Limited
Aditya Tarachand Malkani
DIN 01585637
Managing Director27 Jul 200719 yrs 3 moAdor Welding Limited
Tanya Halina Advani
DIN 08586636
Director19 Nov 20196 yrs 11 moAdor Welding Limited
Nita Dempo Mirchandani
DIN 01103973
Director01 Apr 20206 yrs 7 moAdor Welding Limited
Navroze Shiamak Marshall
DIN 00085754
Director21 May 20224 yrs 5 moAdor Welding Limited
Jitendra Hiru Panjabi
DIN 01259252
Director28 Jul 20242 yrs 3 moAdor Welding Limited
Santosh Janakiram Iyer
DIN 06801226
Director28 Jul 20242 yrs 3 moAdor Welding Limited
Mihir Jayaraman
DIN 08000077
Director09 Nov 20241 yr 11 moAdor Welding Limited

People of Ador Welding

36 people are tracked at Ador Welding (16 in leadership, 20 in team); the tracked headcount is 1,540.

NameRoleGroup
Satish Bhat
CEO & MDLeadership
Krishnamurthy Suryanarayan
Head - Corporate StrategyLeadership
Rakesh Choudhary
General Manager - Automation BusinessLeadership
Ajay Gorasia
Business Head: Flares And Process Equipment DivisionLeadership
Suryakant Sethia
Chief Financial OfficerLeadership
Pravin Borde
Plant Head - Ador Welding Limited, Chinchwad , PuneLeadership
A.t. Malkani
Managing DirectorLeadership
Aditya Tarachand Malkani
CEOLeadership
Niki Singh
Head- Branding, Marketing & CommunicationsLeadership
Mustafa Faizullabhoy
Head – International OperationsLeadership
Dr. Deep Lalvani
Whole Time DirectorLeadership
Vineet Bansal
Head - India Welding Business & Customer SuccessLeadership
Dr. Shrikant Suvarna
Head Of Manufacturing & Supply Chain (welding Consumables)Leadership
Sujit G. Barde
Head – Welding & Cutting Automation (wca) Business DivisionLeadership
Vinayak M. Bhide
Head - Hr, Admin, Ia, Legal & Company SecretaryLeadership
Sachin H. Dobhada
Head - Research, Development & QualityLeadership
Rohit Raut
Manager Product ManagementTeam
Subrat Kumar Behera
Engineer (execution & Service)Team
Chandrakant Sahu
Dy Manager Administration EHS HR LegalTeam
Harshal Borole
Manager - Operations & MarketingTeam

16 more people are available in the full profile.

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Complete people profiles for Ador Welding

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  • Team structure
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IPO & Listings of Ador Welding

Ador Welding is a publicly listed company on the NSE with ticker symbol ADOR in India, operating in the Producer manufacturing sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date10 May 1995
  • Listed onNSE: ADORWELD · BSE: 517041
  • Listed entityAdor Welding Limited
  • Exchange sectorProducer manufacturing
  • ISININE045A01017
  • Share price₹1,557.20 (+1.84% on the day) · 2026-10-14
  • Market capitalisation₹2,664 Cr
  • Price to earnings23.9
  • EPS (diluted, trailing year)₹65.14
  • Dividend yield1.5%
  • Volume (last session)18,333

Financials of Ador Welding

Exchange-reported figures of Ador Welding Limited, the listed company behind Ador Welding (NSE: ADOR).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹1,140 Cr
+1.5% YoY
EBITDA
₹120 Cr
+30.7% YoY
Profit After Tax
₹83.93 Cr
+23.5% YoY
Net Worth
₹554 Cr
+9.3% YoY
Total Assets
₹579 Cr
+11.2% YoY
Total Debt
₹2.95 Cr
+22.4% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2021-22FY 2020-21FY 2019-20FY 2018-19
Income statement
Revenue1,1401,1231,074661448527513
Revenue growth+1.5%+4.6%-+47.8%-15.0%+2.6%-
EBITDA12091.7311960.45(2.12)44.4045.42
EBITDA margin+10.5%+8.2%+11.1%+9.1%-0.5%+8.4%+8.9%
Profit before tax11586.5811758.21(14.06)33.7235.52
Net profit83.9367.9586.1238.5315.5128.8424.60
Net profit margin+7.4%+6.1%+8.0%+5.8%+3.5%+5.5%+4.8%
EPS (₹)47.1134.5163.5733.21(7.63)21.1518.04
Balance sheet
Total assets579521528289271356329
Net worth554507473282238267261
Total debt2.952.4144.692.2129.1981.9164.99
Cash & bank92.5167.1147.207.6318.166.5628.14
Net working capital25924725510697.82201186
Cash flow
Cash from operations11613758.2926.3979.0213.6663.59
Cash from investing(65.93)(17.37)(43.60)(5.45)(6.57)(22.06)(19.48)
Cash from financing(37.90)(93.50)(19.30)(31.37)(60.59)(13.23)(33.46)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue345309319288281252310274
Revenue growth (YoY)+22.6%+22.9%+2.9%+5.2%+4.4%-6.5%--
Other income4.817.028.543.504.324.965.053.72
EBITDA37.7235.7147.1637.8434.75(4.40)29.6723.26
EBITDA margin+10.9%+11.5%+14.8%+13.1%+12.4%-1.7%+9.6%+8.5%
Depreciation4.984.994.984.964.774.764.754.63
Interest1.170.810.400.330.630.840.871.07
Profit before tax36.3836.9350.3236.0533.67(5.04)29.1021.28
Tax9.449.3316.129.338.66(1.09)11.015.87
Net profit26.9427.6034.2026.7225.01(3.95)18.0915.41
EPS (₹)15.4315.8219.6215.3314.37(2.27)10.408.86
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,1351,1171,067777661447526
Revenue growth+1.7%+4.6%+37.4%+17.4%+47.9%-14.9%-
EBITDA11561.9212187.1960.45(3.73)41.71
EBITDA margin+10.1%+5.5%+11.3%+11.2%+9.1%-0.8%+7.9%
Profit before tax11158.5412179.1158.21(15.68)30.07
Net profit88.6467.0189.0159.7938.3915.2725.69
Net profit margin+7.8%+6.0%+8.3%+7.7%+5.8%+3.4%+4.9%
EPS (₹)47.5924.9865.7043.6033.10(8.82)18.84
Balance sheet
Total assets587528551347289271336
Net worth564516498324282237249
Total debt2.952.4044.5717.282.2129.1981.91
Cash & bank92.3966.8846.686.897.6318.006.40
Net working capital25825026816210697.57169
Cash flow
Cash from operations11713957.5413.6726.3978.9812.99
Cash from investing(66.68)(19.35)(42.14)(9.66)(5.45)(6.54)(21.41)
Cash from financing(37.90)(93.36)(19.22)(4.67)(31.37)(60.58)(13.23)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue344309318287280251308273
Revenue growth (YoY)+22.9%+23.2%+3.2%+5.1%+4.6%-6.6%--
Other income4.807.025.623.924.735.375.294.14
Total expenses307273273249245255278249
EBITDA37.1735.3244.8637.7534.92(4.38)29.7324.17
EBITDA margin+10.8%+11.4%+14.1%+13.2%+12.5%-1.7%+9.7%+8.9%
Depreciation4.954.974.954.914.744.704.634.56
Interest1.170.810.400.330.630.840.861.07
Profit before tax35.8536.5645.1336.4334.28(4.55)29.5322.68
Tax9.179.2111.609.338.66(1.09)7.545.87

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 31 Oct 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue345309319288281252310274
Revenue growth (YoY)+22.6%+22.9%+2.9%+5.2%+4.4%-6.5%--
Other income4.817.028.543.504.324.965.053.72
EBITDA37.7235.7147.1637.8434.75(4.40)29.6723.26
EBITDA margin+10.9%+11.5%+14.8%+13.1%+12.4%-1.7%+9.6%+8.5%
Depreciation4.984.994.984.964.774.764.754.63
Interest1.170.810.400.330.630.840.871.07
Profit before tax36.3836.9350.3236.0533.67(5.04)29.1021.28
Tax9.449.3316.129.338.66(1.09)11.015.87
Net profit26.9427.6034.2026.7225.01(3.95)18.0915.41
EPS (₹)15.4315.8219.6215.3314.37(2.27)10.408.86
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2021-22FY 2020-21FY 2019-20FY 2018-19
Revenue1,1401,1231,074661448527513
Revenue growth+1.5%+4.6%-+47.8%-15.0%+2.6%-
Other income18.1619.2619.4014.467.3910.1110.35
Total expenses1,0201,031955601450482468
Employee cost11811110048.6637.7042.6441.20
EBITDA12091.7311960.45(2.12)44.4045.42
EBITDA margin+10.5%+8.2%+11.1%+9.1%-0.5%+8.4%+8.9%
Depreciation19.4718.2215.8210.9011.1710.759.68
Interest3.626.195.545.808.1610.0410.57
Profit before tax11586.5811758.21(14.06)33.7235.52
Tax33.0226.5330.6513.05(3.68)4.9510.98
Net profit83.9367.9586.1238.5315.5128.8424.60
Net profit margin+7.4%+6.1%+8.0%+5.8%+3.5%+5.5%+4.8%
EPS (₹)47.1134.5163.5733.21(7.63)21.1518.04
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2021-22FY 2020-21FY 2019-20FY 2018-19
Equity & liabilities
Share capital17.4017.4013.6013.6013.6013.6013.60
Reserves & surplus537490459268224254248
Shareholders' funds (net worth)554507473282238267261
Minority interest0.000.000.000.000.000.000.00
Secured loans0.851.0943.070.6028.0043.0061.50
Unsecured loans2.101.321.621.611.1938.913.49
Total debt2.952.4144.692.2129.1981.9164.99
Total liabilities579521528289271356329
Assets
Gross block446424377292286299280
Net block204197157117117125116
Capital work in progress3.164.1125.377.103.270.331.07
Investments47.3131.9339.1519.8910.683.753.71
Inventories15212714589.9762.4662.2151.59
Sundry debtors23219318093.1510513084.60
Cash & bank balances92.5167.1147.207.6318.166.5628.14
Loans & advances34.9233.4534.6819.3416.3187.38112
Total current assets511420407210202286277
Total current liabilities25217315210410585.0390.76
Net working capital25924725510697.82201186
Total assets579521528289271356329
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2021-22FY 2020-21FY 2019-20FY 2018-19
Opening cash30.284.048.6517.045.1826.8116.16
Net cash from operating activities11613758.2926.3979.0213.6663.59
Net cash from investing activities(65.93)(17.37)(43.60)(5.45)(6.57)(22.06)(19.48)
Net cash from financing activities(37.90)(93.50)(19.30)(31.37)(60.59)(13.23)(33.46)
Net change in cash12.0326.24(4.61)(10.43)11.86(21.63)10.65
Closing cash92.5167.1147.207.6318.166.5628.14
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2021-22FY 2020-21FY 2019-20FY 2018-19
Growth
Sales growth+1.5%+4.6%-+47.8%-15.0%+2.6%-
EBITDA growth+30.7%-23.0%-+2951.4%-104.8%-2.3%-
PBT growth+32.8%-26.1%+101.2%+9998.0%--5.1%+26.4%
Net income growth+23.5%-21.1%-+148.4%-46.2%+17.2%-
Revenue CAGR (3Y)+19.9%+35.9%+26.8%+8.8%-0.8%+6.0%+7.9%
EBITDA CAGR (3Y)+25.7%-+38.9%+10.0%-+12.6%+4.6%
Profitability & leverage
Net income margin+7.2%+5.4%+8.1%+6.8%-2.3%+5.5%+4.8%
Return on capital employed+21.6%+19.9%+23.2%+19.7%+6.2%+12.8%+14.0%
Return on net worth+15.5%+13.9%+18.3%+14.8%+6.4%+10.9%+9.7%
Debt / equity0.010.050.090.060.230.280.29
Long-term debt / equity0.000.000.000.010.000.000.00
Interest cover3.608.425.3711.71-61.4029.8429.57
Efficiency & per share
Fixed asset turnover2.622.802.852.291.531.821.90
Inventory turnover8.188.267.398.687.189.259.74
Debtors turnover5.376.025.966.663.814.915.81
EPS (₹)47.1134.5163.5733.21(7.63)21.1518.04
Dividend per share (₹)23.0020.0024.5012.500.006.506.50
Book value per share (₹)318.65291.43347.80207.42174.66196.60192.21
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue344309318287280251308273
Revenue growth (YoY)+22.9%+23.2%+3.2%+5.1%+4.6%-6.6%--
Other income4.807.025.623.924.735.375.294.14
Total expenses307273273249245255278249
EBITDA37.1735.3244.8637.7534.92(4.38)29.7324.17
EBITDA margin+10.8%+11.4%+14.1%+13.2%+12.5%-1.7%+9.7%+8.9%
Depreciation4.954.974.954.914.744.704.634.56
Interest1.170.810.400.330.630.840.861.07
Profit before tax35.8536.5645.1336.4334.28(4.55)29.5322.68
Tax9.179.2111.609.338.66(1.09)7.545.87
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,1351,1171,067777661447526
Revenue growth+1.7%+4.6%+37.4%+17.4%+47.9%-14.9%-
Other income19.6420.6920.687.3314.467.319.08
Total expenses1,0211,055946690601451484
Employee cost11610897.5456.8548.6637.5642.41
EBITDA11561.9212187.1960.45(3.73)41.71
EBITDA margin+10.1%+5.5%+11.3%+11.2%+9.1%-0.8%+7.9%
Depreciation19.3017.9015.4311.6110.9011.1010.68
Interest3.626.175.533.805.808.1610.04
Profit before tax11158.5412179.1158.21(15.68)30.07
Tax28.4915.0831.3419.8213.19(3.69)4.45
Net profit88.6467.0189.0159.7938.3915.2725.69
Net profit margin+7.8%+6.0%+8.3%+7.7%+5.8%+3.4%+4.9%
EPS (₹)47.5924.9865.7043.6033.10(8.82)18.84
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital17.4017.4013.6013.6013.6013.6013.60
Reserves & surplus546498485310268224235
Shareholders' funds (net worth)564516498324282237249
Secured loans0.851.0943.0715.860.6028.0043.00
Unsecured loans2.101.311.501.421.611.1938.91
Total debt2.952.4044.5717.282.2129.1981.91
Total liabilities587528551347289271336
Assets
Gross block441420372302292284298
Net block204196156123117116125
Capital work in progress3.164.1125.371.927.103.270.33
Investments47.3231.9356.2520.2819.8811.786.35
Inventories15212614511689.9762.4662.21
Sundry debtors23219217912593.15105130
Cash & bank balances92.3966.8846.686.897.6318.006.40
Loans & advances32.8934.6747.1117.8519.3416.3069.01
Total current assets509420418266210202267
Total current liabilities25117015010510410598.41
Net working capital25825026816210697.57169
Total assets587528551347289271336
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash30.113.687.506.6117.045.0226.67
Net cash from operating activities11713957.5413.6726.3978.9812.99
Net cash from investing activities(66.68)(19.35)(42.14)(9.66)(5.45)(6.54)(21.41)
Net cash from financing activities(37.90)(93.36)(19.22)(4.67)(31.37)(60.58)(13.23)
Net change in cash12.1526.43(3.82)(0.66)(10.43)11.86(21.65)
Closing cash92.3966.8846.686.897.6318.006.40
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+1.7%+4.6%+37.4%+17.4%+47.9%-14.9%-
EBITDA growth+85.0%-48.8%+38.7%+44.2%+1720.6%-108.9%-
PBT growth+90.1%-51.5%+52.6%+35.9%+9998.0%--13.5%
Net income growth+32.3%-24.7%+48.9%+55.7%+151.4%-40.6%-
Revenue CAGR (3Y)+13.5%+19.1%+33.6%+13.9%+8.9%-0.8%+6.0%
EBITDA CAGR (3Y)+9.5%+0.8%-+27.9%+10.7%-+10.3%
Profitability & leverage
Net income margin+7.3%+3.9%+8.4%+7.6%+6.8%-2.7%+4.9%
Return on capital employed+20.6%+20.0%+28.1%+26.1%+19.7%+6.1%+12.0%
Return on net worth+15.3%+13.2%+21.8%+19.6%+14.8%+6.3%+10.0%
Debt / equity0.000.050.080.030.060.230.29
Long-term debt / equity0.000.000.000.010.010.000.00
Interest cover3.8014.025.245.0311.71-55.0232.36
Efficiency & per share
Fixed asset turnover2.642.823.172.622.301.541.82
Inventory turnover8.178.248.187.538.687.189.24
Debtors turnover5.356.017.027.126.673.814.91
EPS (₹)47.5924.9865.7043.6033.10(8.82)18.84
Dividend per share (₹)23.0020.0024.5017.5012.500.006.50
Book value per share (₹)324.06296.38366.33237.88207.29174.58183.01

Web traffic of Ador Welding

The website of Ador Welding (adorwelding.com) receives about 24.1K visits a month.

  • Monthly visits
    24.1K

    ▲ 7.8% vs previous month

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ADOR: Q2 SL NET PROFIT 267M RUPEES VS 256M (YOY)
Exchange Update • 11 days ago
ADOR: Q2 EBITDA 372M RUPEES VS 349M (YOY); Q2 EBITDA MARGIN 10.8% VS 12.47% (YOY)
Exchange Update • 11 days ago
ADOR: Q2 REVENUE 3.44B RUPEES VS 2.8B (YOY)
Exchange Update • 11 days ago
Ador Welding Says Krishnamurthy Suryanarayan Appointed As CFO Effective August 15
Reuters • 3 months ago
Ador Welding Says Surya Kant Sethia Resigns As CFO Effective August 14
Reuters • 3 months ago
Ador Welding June-Quarter Consol Net Profit 276 Million Rupees
Reuters • 3 months ago
Ador Welding March-Quarter Consol Net Profit 342 Million Rupees
Reuters • 6 months ago
Ador Welding Dec-Quarter Consol Net Profit 267.2 Million Rupees
Reuters • 9 months ago
India's Ador Welding jumps on quarterly profit surge
Reuters • 1 year ago
Mr. Lajpat Yadav Appointed COO of India Welding Business at Ador
Business News This Week • 1 year ago
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Frequently Asked Questions about Ador Welding

Ador Welding was founded in 1951.

Ador Welding is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Satish Bhat is the CEO of Ador Welding, as recorded in our data.

Ador Welding has 1,540 employees.

The primary company behind Ador Welding, Ador Welding Limited, reported revenue of ₹1,158 Cr for FY 2026, up 2% year on year.

Manufacturer of welding equipment, consumables, and automation solutions. This includes a wide variety of electrodes for different materials (C-Mn steels, low alloy steels, stainless steels, cast iron, nickel alloys), wires and fluxes for various welding processes (Gas Metal Arc Welding, Flux Cored Arc Welding, Submerged Arc Welding, Metal-cored Arc Welding), and brazing products. The company also produces a range of welding equipment, encompassing MMA, TIG, MIG, and submerged arc welding machines, as well as plasma cutting and gas cutting equipment. Additionally, maintenance and repair services are offered, along with safety equipment.

Ador Welding offers Welding Consumables and Welding Equipment.

Yes, Ador Welding is publicly traded on NSE under the ticker symbol ADOR.

Ador Welding operates through Ador Welding Limited.

The legal entities of Ador Welding currently have 12 directors, including Deep Ashda Lalvani, Vinayak Manohar Bhide, Ravin Ajit Mirchandani and others.

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