# Welding Equipments — company-by-company sector analysis

> Welding Equipments: Esab India Ltd owns the largest revenue base; Diffusion Engineers Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Esab India Ltd leads with revenue of ₹1,509 crore, based on 3 of 3 comparable companies through Mar 2026. Diffusion Engineers Ltd has the fastest current revenue growth at 21.8%, across 3 of 3 comparable companies.

### Is the Welding Equipments sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Welding Equipments company is largest by revenue?

Esab India Ltd leads with revenue of ₹1,509 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Welding Equipments company is growing fastest?

Diffusion Engineers Ltd has the fastest current revenue growth at 21.8%, across 3 of 3 comparable companies.

### Which Welding Equipments company has the strongest 4-Factor Sector Score?

Ador Welding Ltd ranks first at 74/100 with 71.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Welding Equipments company reports the most CAPEX?

Diffusion Engineers Ltd reports the largest latest CAPEX at ₹22 crore, with 1 of 3 companies comparable.

### Which Welding Equipments company has the least gross debt?

Ador Welding Ltd has the lowest comparable gross debt at ₹3 crore. Diffusion Engineers Ltd has the highest at ₹29 crore.

### Which Welding Equipments company has the lowest comparable PEG?

Esab India Ltd has the lowest comparable Guarded PEG at 2.96, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Welding Equipments comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Welding Equipments against NIFTY 500 is not available from the current market series. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Ador Welding Ltd is the strongest against the sector itself at +12.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹12.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Ador Welding Ltd (ADOR): 74/100 — Favorable setup; evidence 72%
   - Growth & earnings 24.4/35 | Capital efficiency 20.6/25 | Valuation 9.0/20 | Relative strength 20.0/20
   - Exact sum: 24.4 + 20.6 + 9 + 20 = 74
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Diffusion Engineers Ltd (DIFFNKG): 60/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 26.2/35 | Capital efficiency 16.0/25 | Valuation 10.0/20 | Relative strength 8.0/20
   - Exact sum: 26.2 + 16 + 10 + 8 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Esab India Ltd (ESABINDIA): 42/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 12.8/35 | Capital efficiency 21.8/25 | Valuation 4.6/20 | Relative strength 2.5/20
   - Exact sum: 12.8 + 21.8 + 4.6 + 2.5 = 41.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

## Revenue Scale & Growth Durability

What the numbers say: Esab India Ltd is the scale leader at ₹1,509 crore, 26.1% ahead of Ador Welding Ltd. Diffusion Engineers Ltd's growth is 21.8% from a ₹408 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Esab India Ltd is the scale benchmark; Diffusion Engineers Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Esab India Ltd's growth falls below Diffusion Engineers Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Esab India Ltd · ₹1,509 crore | 26.1% versus #2 · Ador Welding Ltd | 8/8 recent comparable periods | 3/3 companies · 43 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Esab India Ltd (ESABINDIA): ₹1.5K Cr
2. Ador Welding Ltd (ADOR): ₹1.2K Cr
3. Diffusion Engineers Ltd (DIFFNKG): ₹408 Cr

### Revenue growth — fastest growers
1. Diffusion Engineers Ltd (DIFFNKG): 22%
2. Esab India Ltd (ESABINDIA): 9.8%
3. Ador Welding Ltd (ADOR): 8.3%

### 20-quarter Revenue history
- ESABINDIA: Sep 2021 ₹221 Cr | Dec 2021 ₹226 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹243 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹298 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹301 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹330 Cr | Sep 2024 ₹339 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹379 Cr | Mar 2026 ₹396 Cr | Jun 2026 —
- ADOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹158 Cr | Sep 2022 ₹185 Cr | Dec 2022 ₹199 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹277 Cr | Dec 2023 ₹261 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹269 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹310 Cr | Jun 2025 ₹252 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹319 Cr | Jun 2026 ₹309 Cr
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹74 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹142 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ESABINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 25% | Dec 2022 18% | Mar 2023 13% | Jun 2023 23% | Sep 2023 9.4% | Dec 2023 13% | Mar 2024 13% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 7.9% | Jun 2025 6.7% | Sep 2025 13% | Dec 2025 12% | Mar 2026 7.6% | Jun 2026 —
- ADOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 50% | Dec 2023 31% | Mar 2024 — | Jun 2024 — | Sep 2024 -2.9% | Dec 2024 5.0% | Mar 2025 4.4% | Jun 2025 -6.3% | Sep 2025 4.5% | Dec 2025 5.1% | Mar 2026 2.9% | Jun 2026 23%
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 39% | Jun 2025 14% | Sep 2025 2.4% | Dec 2025 28% | Mar 2026 38% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Esab India Ltd leads opm at 16%; Ador Welding Ltd leads margin change at +14 percentage points.

Investor read: Esab India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Esab India Ltd · 16% | 6.7% versus #2 · Diffusion Engineers Ltd | 2/8 recent comparable periods | 3/3 companies · 47 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Esab India Ltd (ESABINDIA): 16%
2. Diffusion Engineers Ltd (DIFFNKG): 15%
3. Ador Welding Ltd (ADOR): 12%

### Margin change — fastest expanders
1. Ador Welding Ltd (ADOR): +14.0 pp
2. Diffusion Engineers Ltd (DIFFNKG): +1.0 pp
3. Esab India Ltd (ESABINDIA): −2.0 pp

### 20-quarter OPM history
- ESABINDIA: Sep 2021 15% | Dec 2021 12% | Mar 2022 11% | Jun 2022 15% | Sep 2022 16% | Dec 2022 18% | Mar 2023 19% | Jun 2023 19% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 19% | Sep 2024 18% | Dec 2024 16% | Mar 2025 18% | Jun 2025 17% | Sep 2025 19% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- ADOR: Sep 2021 8.2% | Dec 2021 9.4% | Mar 2022 8.8% | Jun 2022 10% | Sep 2022 8.0% | Dec 2022 12% | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 10% | Mar 2024 11% | Jun 2024 10% | Sep 2024 7.0% | Dec 2024 8.0% | Mar 2025 10% | Jun 2025 -2.0% | Sep 2025 12% | Dec 2025 15% | Mar 2026 15% | Jun 2026 12%
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 — | Mar 2024 11% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 14% | Jun 2025 13% | Sep 2025 14% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —

### 20-quarter Margin change history
- ESABINDIA: Sep 2021 +0.5 pp | Dec 2021 +1.3 pp | Mar 2022 −2.4 pp | Jun 2022 −0.8 pp | Sep 2022 +1.5 pp | Dec 2022 +6.0 pp | Mar 2023 +7.5 pp | Jun 2023 +4.3 pp | Sep 2023 +2.0 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- ADOR: Sep 2021 +13.2 pp | Dec 2021 +4.1 pp | Mar 2022 +0.4 pp | Jun 2022 +1.3 pp | Sep 2022 −0.2 pp | Dec 2022 +2.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +5.0 pp | Dec 2023 −2.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −12.0 pp | Sep 2025 +5.0 pp | Dec 2025 +7.0 pp | Mar 2026 +5.0 pp | Jun 2026 +14.0 pp
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Esab India Ltd leads with ₹207 crore of TTM profit, 81.6% above Ador Welding Ltd. Diffusion Engineers Ltd shows 38.9% growth from a ₹50 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Esab India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Esab India Ltd · ₹207 crore | 81.6% versus #2 · Ador Welding Ltd | 6/8 recent comparable periods | 3/3 companies · 43 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Esab India Ltd (ESABINDIA): ₹207 Cr
2. Ador Welding Ltd (ADOR): ₹114 Cr
3. Diffusion Engineers Ltd (DIFFNKG): ₹50 Cr

### Profit growth — fastest growers
1. Diffusion Engineers Ltd (DIFFNKG): 39%
2. Esab India Ltd (ESABINDIA): 19%

### 20-quarter Net profit history
- ESABINDIA: Sep 2021 ₹24 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- ADOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹16 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹26 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹34 Cr | Jun 2026 ₹28 Cr
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹16 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ESABINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 33% | Dec 2022 89% | Mar 2023 100% | Jun 2023 62% | Sep 2023 19% | Dec 2023 5.6% | Mar 2024 4.8% | Jun 2024 4.8% | Sep 2024 13% | Dec 2024 5.3% | Mar 2025 6.8% | Jun 2025 -6.8% | Sep 2025 84% | Dec 2025 7.5% | Mar 2026 -6.4% | Jun 2026 —
- ADOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 160% | Dec 2023 19% | Mar 2024 — | Jun 2024 — | Sep 2024 -73% | Dec 2024 -21% | Mar 2025 -28% | Jun 2025 -120% | Sep 2025 257% | Dec 2025 80% | Mar 2026 89% | Jun 2026 —
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 44% | Jun 2025 71% | Sep 2025 11% | Dec 2025 71% | Mar 2026 23% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Diffusion Engineers Ltd reports ₹22 crore of CAPEX; Diffusion Engineers Ltd has the highest covered intensity at 29.7%. Coverage is only 1 of 3 companies and 2 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Diffusion Engineers Ltd · ₹22 crore | Not enough peers | 1/1 recent comparable periods | 1/3 companies · 2 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Diffusion Engineers Ltd (DIFFNKG): ₹22 Cr

### CAPEX intensity — highest reinvestment intensity
1. Diffusion Engineers Ltd (DIFFNKG): 30%

### 20-quarter CAPEX history
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹22 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Esab India Ltd has the clearest covered balance-sheet capacity with ₹101 crore net cash and gross debt of ₹3 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Ador Welding Ltd · ₹3 crore | 0% versus #2 · Esab India Ltd | Not enough history | 3/3 companies · 36 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Ador Welding Ltd (ADOR): ₹3 Cr
2. Esab India Ltd (ESABINDIA): ₹3 Cr
3. Diffusion Engineers Ltd (DIFFNKG): ₹29 Cr

### Net debt — lowest net debt
1. Esab India Ltd (ESABINDIA): ₹-101 Cr
2. Diffusion Engineers Ltd (DIFFNKG): ₹-69 Cr

### 20-quarter Gross debt history
- ESABINDIA: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- ADOR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹45 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹3 Cr | Jun 2026 —
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹25 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹48 Cr | Jun 2023 ₹39 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹29 Cr | Jun 2026 —

### 20-quarter Net debt history
- ESABINDIA: Sep 2021 ₹-71 Cr | Dec 2021 ₹-71 Cr | Mar 2022 ₹-64 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-85 Cr | Dec 2022 ₹-85 Cr | Mar 2023 ₹-46 Cr | Jun 2023 ₹-44 Cr | Sep 2023 ₹-60 Cr | Dec 2023 ₹-60 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-56 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-88 Cr | Jun 2025 ₹-88 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-69 Cr | Mar 2026 ₹-101 Cr | Jun 2026 —
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹36 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹-104 Cr | Jun 2025 ₹-104 Cr | Sep 2025 ₹-93 Cr | Dec 2025 ₹-93 Cr | Mar 2026 ₹-69 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Esab India Ltd leads ROCE at 64.7%, 41.9 percentage points above Ador Welding Ltd. Ador Welding Ltd has the strongest latest improvement at +3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Esab India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Esab India Ltd · 64.7% | 183.8% versus #2 · Ador Welding Ltd | 1/8 recent comparable periods | 3/3 companies · 25 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Esab India Ltd (ESABINDIA): 65%
2. Ador Welding Ltd (ADOR): 23%
3. Diffusion Engineers Ltd (DIFFNKG): 16%

### ROCE change — fastest improvers
1. Ador Welding Ltd (ADOR): +3.0 pp
2. Diffusion Engineers Ltd (DIFFNKG): +0.7 pp
3. Esab India Ltd (ESABINDIA): −6.4 pp

### 20-quarter ROCE history
- ESABINDIA: Sep 2021 37% | Dec 2021 — | Mar 2022 44% | Jun 2022 — | Sep 2022 47% | Dec 2022 — | Mar 2023 66% | Jun 2023 79% | Sep 2023 66% | Dec 2023 72% | Mar 2024 68% | Jun 2024 76% | Sep 2024 63% | Dec 2024 69% | Mar 2025 62% | Jun 2025 68% | Sep 2025 56% | Dec 2025 71% | Mar 2026 56% | Jun 2026 —
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.5% | Sep 2023 — | Dec 2023 — | Mar 2024 8.4% | Jun 2024 — | Sep 2024 13% | Dec 2024 15% | Mar 2025 12% | Jun 2025 19% | Sep 2025 11% | Dec 2025 19% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- ESABINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.9 pp | Dec 2022 — | Mar 2023 +22.3 pp | Jun 2023 — | Sep 2023 +19.0 pp | Dec 2023 — | Mar 2024 +2.2 pp | Jun 2024 −2.7 pp | Sep 2024 −3.8 pp | Dec 2024 −3.4 pp | Mar 2025 −6.2 pp | Jun 2025 −8.2 pp | Sep 2025 −6.8 pp | Dec 2025 +2.4 pp | Mar 2026 −6.4 pp | Jun 2026 —
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +3.1 pp | Jun 2025 — | Sep 2025 −1.4 pp | Dec 2025 +4.1 pp | Mar 2026 +0.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Esab India Ltd has the lowest comparable Guarded PEG at 2.96×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Esab India Ltd · 2.96× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 13 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Esab India Ltd (ESABINDIA): 3.0

### P/E — lowest P/E
1. Ador Welding Ltd (ADOR): 22.5
2. Diffusion Engineers Ltd (DIFFNKG): 29.1
3. Esab India Ltd (ESABINDIA): 45.1

### 20-quarter Guarded PEG history
- ESABINDIA: Sep 2021 2.7 | Dec 2021 2.3 | Mar 2022 1.3 | Jun 2022 2.5 | Sep 2022 4.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 8.7 | Jun 2024 2.9 | Sep 2024 7.0 | Dec 2024 8.4 | Mar 2025 5.6 | Jun 2025 5.9 | Sep 2025 — | Dec 2025 7.9 | Mar 2026 3.0 | Jun 2026 —

### 20-quarter P/E history
- ESABINDIA: Sep 2021 46.2 | Dec 2021 65.8 | Mar 2022 57.4 | Jun 2022 63.8 | Sep 2022 62.8 | Dec 2022 65.2 | Mar 2023 47.2 | Jun 2023 45.1 | Sep 2023 51.1 | Dec 2023 57.0 | Mar 2024 50.3 | Jun 2024 57.4 | Sep 2024 57.6 | Dec 2024 53.9 | Mar 2025 40.5 | Jun 2025 45.0 | Sep 2025 44.7 | Dec 2025 51.1 | Mar 2026 40.3 | Jun 2026 —
- ADOR: Sep 2021 49.0 | Dec 2021 28.7 | Mar 2022 21.3 | Jun 2022 22.5 | Sep 2022 29.1 | Dec 2022 26.4 | Mar 2023 — | Jun 2023 — | Sep 2023 30.2 | Dec 2023 53.4 | Mar 2024 48.4 | Jun 2024 49.8 | Sep 2024 21.0 | Dec 2024 20.0 | Mar 2025 16.2 | Jun 2025 26.2 | Sep 2025 36.4 | Dec 2025 32.4 | Mar 2026 22.3 | Jun 2026 25.4
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 31.5 | Mar 2025 24.2 | Jun 2025 28.3 | Sep 2025 30.0 | Dec 2025 29.4 | Mar 2026 20.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Diffusion Engineers Ltd leads both ev/ebitda at 12.5× and p/bv at 3.66×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Diffusion Engineers Ltd · 12.5× | 16.1% versus #2 · Ador Welding Ltd | 0/6 recent comparable periods | 3/3 companies · 43 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Diffusion Engineers Ltd (DIFFNKG): 12.5
2. Ador Welding Ltd (ADOR): 14.9
3. Esab India Ltd (ESABINDIA): 28.1

### P/BV — lowest P/BV
1. Diffusion Engineers Ltd (DIFFNKG): 3.7
2. Ador Welding Ltd (ADOR): 4.7
3. Esab India Ltd (ESABINDIA): 20.3

### 20-quarter EV/EBITDA history
- ESABINDIA: Sep 2021 30.1 | Dec 2021 43.4 | Mar 2022 38.0 | Jun 2022 42.6 | Sep 2022 42.0 | Dec 2022 44.0 | Mar 2023 32.5 | Jun 2023 31.3 | Sep 2023 35.6 | Dec 2023 39.6 | Mar 2024 34.9 | Jun 2024 39.7 | Sep 2024 39.8 | Dec 2024 37.2 | Mar 2025 27.9 | Jun 2025 31.0 | Sep 2025 30.6 | Dec 2025 35.8 | Mar 2026 28.1 | Jun 2026 —
- ADOR: Sep 2021 26.4 | Dec 2021 18.2 | Mar 2022 14.1 | Jun 2022 13.6 | Sep 2022 18.2 | Dec 2022 16.3 | Mar 2023 — | Jun 2023 — | Sep 2023 19.0 | Dec 2023 31.1 | Mar 2024 28.2 | Jun 2024 25.7 | Sep 2024 13.2 | Dec 2024 15.3 | Mar 2025 11.7 | Jun 2025 14.0 | Sep 2025 18.5 | Dec 2025 17.1 | Mar 2026 12.5 | Jun 2026 14.9
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 26.1 | Mar 2025 19.6 | Jun 2025 21.9 | Sep 2025 20.1 | Dec 2025 18.6 | Mar 2026 12.5 | Jun 2026 —

### 20-quarter P/BV history
- ESABINDIA: Sep 2021 12.9 | Dec 2021 19.5 | Mar 2022 17.9 | Jun 2022 20.7 | Sep 2022 20.8 | Dec 2022 23.5 | Mar 2023 22.3 | Jun 2023 25.1 | Sep 2023 29.9 | Dec 2023 29.2 | Mar 2024 26.1 | Jun 2024 35.9 | Sep 2024 31.1 | Dec 2024 26.3 | Mar 2025 20.1 | Jun 2025 25.8 | Sep 2025 21.3 | Dec 2025 22.5 | Mar 2026 18.9 | Jun 2026 —
- ADOR: Sep 2021 3.9 | Dec 2021 3.7 | Mar 2022 3.3 | Jun 2022 3.6 | Sep 2022 4.4 | Dec 2022 4.0 | Mar 2023 — | Jun 2023 — | Sep 2023 5.3 | Dec 2023 7.3 | Mar 2024 6.6 | Jun 2024 6.8 | Sep 2024 6.7 | Dec 2024 3.2 | Mar 2025 3.1 | Jun 2025 3.5 | Sep 2025 3.4 | Dec 2025 3.6 | Mar 2026 3.2 | Jun 2026 4.2
- DIFFNKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 6.0 | Mar 2025 3.5 | Jun 2025 3.2 | Sep 2025 3.6 | Dec 2025 3.2 | Mar 2026 2.5 | Jun 2026 —

## Market action

Ador Welding Ltd has the strongest one-year price move in Welding Equipments at +24.5%. It also leads on Mansfield relative strength against NIFTY at +30%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Ador Welding Ltd (ADOR): 25%
2. Diffusion Engineers Ltd (DIFFNKG): 6.1%
3. Esab India Ltd (ESABINDIA): 1.6%

### Strongest relative strength versus NIFTY 500
1. Ador Welding Ltd (ADOR): 30%
2. Diffusion Engineers Ltd (DIFFNKG): 16%
3. Esab India Ltd (ESABINDIA): 0.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Esab India Ltd (ESABINDIA) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- Ador Welding Ltd (ADOR) — market value ₹2.6K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Diffusion Engineers Ltd (DIFFNKG) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 1. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Ador Welding Ltd (ADOR) — its two data sources disagree by up to 66% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ADOR | Ador Welding Ltd | diff_gt_2pct | disagreement up to 65.76% over 14 comparable periods

- UNVERIFIED | DIFFNKG | Diffusion Engineers Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Welding Equipments index?

The Nifty Welding Equipments index tracks India's listed Welding Equipments companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Welding Equipments sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Welding Equipments stocks in India?

Ranked by this page's four-factor score, Ador Welding Ltd places first among 3 listed Welding Equipments companies, followed by Diffusion Engineers Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Welding Equipments stocks are listed in India?

This comparison covers 3 listed Welding Equipments companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Welding Equipments company is the biggest?

Esab India Ltd is the largest, with trailing-twelve-month revenue of ₹1,509 crore, ahead of Ador Welding Ltd at ₹1,197 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Welding Equipments company is growing fastest?

Diffusion Engineers Ltd has the fastest revenue growth at 21.8% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Welding Equipments company has the best profit margins?

Esab India Ltd has the highest operating margin at 16%, from 3 of 3 comparable companies. Ador Welding Ltd shows the biggest recent improvement, at +14 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Welding Equipments company makes the most profit?

Esab India Ltd earns the most, at ₹207 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Diffusion Engineers Ltd has the fastest profit growth at 38.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Welding Equipments company earns the highest return on capital?

Esab India Ltd leads on return on capital employed at 64.7%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Welding Equipments stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Esab India Ltd screens cheapest at 2.96×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Welding Equipments company has the strongest balance sheet?

Ador Welding Ltd carries the lowest comparable gross debt at ₹3 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Welding Equipments stock has the strongest price momentum?

Ador Welding Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Welding Equipments company scores highest for research priority?

Ador Welding Ltd scores 74 out of 100 with 71.7% evidence confidence, from 24.4 points on growth and earnings, 20.6 on capital efficiency, 9 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Welding Equipments companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Welding Equipments sector?

The 3 Welding Equipments companies on this page carry ₹12,776 crore of combined market value. Esab India Ltd is the largest at ₹8,696 crore, about 68% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Welding Equipments sector performing?

3 of the 3 covered Welding Equipments companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/welding-equipments