# Ador Welding share price today (Ador Welding Ltd, NSE: ADOR)

> Ador Welding share price today: ₹1,414.20 at the NSE close on 4 November 2026, up 37.5% in a year. Ador Welding (NSE: ADOR) is worth ₹2,461 crore, trades at a P/E of 20.9 and has closed between ₹868.75 and ₹1,674.40 over the past 52 weeks. > Ador Welding Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 26% of past readings. ADOR · Welding Equipments · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/ador-welding-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹1,414.20 (+37.5% in a year)
- P/E: 20.9× (lower than 74% of the last 11 years)
- Revenue (Sep 2026): ₹345 Cr (+22.8% on a year ago)
- Profit (Sep 2026): ₹27.0 Cr (+8.0% on a year ago)
- Operating margin: 11.0% (−1.0 points on a year ago)
- ROCE: 23%, FY26
- ROIC: 22.8%, against a 12.0% cost of capital: +10.8 points

The main question: promoters moved −3.3 percentage points over 8 quarters while the business went the other way. ## What is the Ador Welding share price today? Ador Welding Ltd's share price was ₹1,414.20 at the close on 4 November 2026. It has been rising for 21 weeks. That is 7.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹869 and ₹1,674, and at that close it sat 68% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running. Over the last 11 years the share price moved +430% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Ador Welding this quarter? Three changes stood out: foreign funds (FIIs) raised their stake for 6 quarters in a row, revenue up on a year earlier for 5 quarters in a row and profit up on a year earlier for 5 quarters in a row. 1. Foreign funds (FIIs) raised their stake for 6 quarters in a row From 0% to 1.1% of the company by the September 2026 quarter. 2. Revenue up on a year earlier for 5 quarters in a row In the September 2026 quarter revenue was ₹345 crore, +22.8% on a year earlier. Why: Revenue rose because the company sold more in volume, up in the mid to high teens, and demand was healthy across infrastructure, power, oil and gas, railways, shipbuilding, defence and heavy fabrication. Next results: check whether export sales keep growing and whether the Middle East share of exports changes. From the earnings call on 23 Oct 2026. 3. Profit up on a year earlier for 5 quarters in a row In the September 2026 quarter profit was ₹27 crore, +8% on a year earlier. Why: Profit rose because the company sold more in volume, up in the mid to high teens, even though steel and raw material costs rose and price increases came late in the quarter. Next results: check whether price increases now lift the share of sales left after costs from the low point and how quickly they show up. From the earnings call on 23 Oct 2026. ## What are Ador Welding's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Ador Welding reported revenue of ₹345 crore, up 22.8% from ₹281 crore a year earlier, and a profit of ₹27.0 crore, up 8.0% from ₹25.0 crore. ### Ador Welding results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹345 crore | ₹281 crore | +22.8% |
| Profit | ₹27.0 crore | ₹25.0 crore | +8.0% |
| Earnings per share | ₹15.48 | ₹14.37 | +7.7% |
| Operating margin | 11.0% | 12.0% | −1.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Ador Welding's management discussed these results on a call held on 23 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Ador Welding share price history? Ador Welding closed at ₹1,414.20 on 4 November 2026, up 37.5% from ₹1,028.70 a year earlier (7 November 2025) and up 102.6% over five years. Its highest weekly close since March 2016 was ₹1,674.40 on 4 September 2026. ### Ador Welding share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,335.55 | +5.9% |
| 1 month ago · 1 Oct 2026 | ₹1,570.40 | −9.9% |
| 6 months ago · 8 May 2026 | ₹1,078.00 | +31.2% |
| 1 year ago · 7 Nov 2025 | ₹1,028.70 | +37.5% |
| 3 years ago · 3 Nov 2023 | ₹1,213.05 | +16.6% |
| 5 years ago · 4 Nov 2021 | ₹698.15 | +102.6% |
| 10 years ago · 4 Nov 2016 | ₹294.30 | +380.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹266.85 | +430.0% |
| Highest weekly close since March 2016, also the 52-week high · 4 Sep 2026 | ₹1,674.40 | −15.5% |
| Lowest weekly close since March 2016 · 3 Apr 2020 | ₹188.60 | +649.8% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹868.75 | +62.8% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Ador Welding? 4 Nov 2026: Ador Welding closed at ₹1,414.20, up 5.9% on the week and down 9.9% on the month. 30 Oct 2026: ex-date for an interim dividend of ₹7.50 a share. ### Earlier

- 23 Oct 2026: Ador Welding held its results call for July to September 2026. Management guided: Sustainable operating profit in 12-13% band then push higher. - Results for July to September 2026: Revenue up 22.8% and profit up 8.0% on a year earlier. - 16 Jul 2026: ex-date for a dividend of ₹23 a share. ## What dividend does Ador Welding pay? Ador Welding paid ₹30.50 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 2.16% at the ₹1,414.20 close on 4 November 2026. The last was an interim dividend of ₹7.50 a share, ex-date 30 October 2026. ### Ador Welding dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 30 Oct 2026 | ₹7.50 | Interim |
| 16 Jul 2026 | ₹23 | Dividend |
| 8 Jul 2025 | ₹20 | Dividend |
| 15 May 2024 | ₹18.50 | Interim |
| 2 Aug 2023 | ₹17.50 | Dividend |
| 19 Jul 2022 | ₹12.50 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 4 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Ador Welding Ltd paid out 49% of its profit as dividends in FY26, and it paid a dividend in 11 of its last 13 reported years. One of those years shows a negative figure because profit itself was negative. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Ador Welding management say on the latest results call? On the call for July to September 2026, held on 23 October 2026, Ador Welding's management guided: Sustainable operating profit in 12-13% band then push higher. > “Automation remains a strategic priority as rising labor costs and shortages of skilled welders drive customers-large, midsize, and small-to invest in productivity. - Aditya Malkani”
> MD and CEO, on the call for July to September 2026

### What management guided

- Gross margin recovery toward 37-38% ideal band. - Incremental growth 60-70% from product mix and 20-25% from equipment innovation, partnerships and automation. - Capital spending ₹30-35 crore this year and ₹60-70 crore annually for next two years via internal accruals with no debt or equity. - Double-digit volume seen sustainable with aggressive second-half goals. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/1898/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 23 October 2026.)

## What is Ador Welding's order book? Management stated 'best order book ever' on automation offerings; automation/robotics/cobot/laser product suite now commercial with early-stage orders received. ✓ fact

(Our read after the latest results, written 14 June 2026.)

## What could change the Ador Welding story? What are the risks? Three documented say-do gaps across consecutive calls limit confidence in forward guidance on margins and growth trajectory. ### The main risks

- Management Consistency Failures: Three documented say-do gaps across consecutive calls limit confidence in forward guidance on margins and growth trajectory. ✓ fact
- IIP / Macro Sensitivity: Business tracks IIP at ~0.9x elasticity, secular growth is IIP-plus until new verticals (automation, shipbuilding) scale. ✓ fact

(Our read after the latest results, written 14 June 2026.)

## What to watch in Ador Welding's next results? When Ador Welding reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Gross recovery from Q2 trough toward flagged ideal band - check Q3 print for pass-through lift and pace. - What to check (from the call)
- Gross recovery from Q2 trough toward flagged ideal band - check Q3 print for pass-through lift and pace. - Export momentum and new-geo pull sustaining aggressive stance - check H2 share and Middle East concentration shift. - Working capital normalization through year from first-half strain - check inventories, payables and short-term borrowings trend. - Second-half aggressive goals converting to industry outperformance - check volume traction and direct-push progress. ## Which stock lists is Ador Welding on? Ador Welding is on one of our India lists: Dividend stocks. [Dividend stocks Regular dividend yield (%): 2.16](https://www.sectoralpha.in/dividend-stocks-india)

## Is Ador Welding profitable? Ador Welding Ltd earned ₹27.0 Cr of net profit in the Sep 2026 quarter, +8.0% on the same quarter a year earlier. Full-year FY26 profit was ₹82.0 Cr. Over 11 years profit has grown 8.9% a year on average. That is 7.8% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr. 1 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was ₹82.0 Cr (+36.7% on the year before). Why profit moved: revenue changed +22.8% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +59.0% and revenue +13.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY27-Q1. revenue ₹309 Cr and profit ₹28 Cr as reported. FY27-Q2. revenue ₹345 Cr and profit ₹27 Cr as reported. Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters. ## How much revenue does Ador Welding make, and is it growing? Ador Welding Ltd reported ₹345 Cr of revenue in the Sep 2026 quarter, +22.8% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 11 years it has grown 10.3% a year on average. The last full year, FY26, came in at ₹1,140 Cr. Why this happened. Management noted per 'best order book ever on automation offerings'. New product launches include Miller (ITW) partnership for advanced submerged arc welding equipment, nuclear consumable approvals, wind-application fluxes, and battery-powered welding equipment. Automation/cobot/laser suite generating first orders. Revenue contribution currently small but order momentum accelerating from a near-zero base. The last four reported quarters add to ₹1,261 Cr. FY26 revenue was ₹1,140 Cr, +1.5% on the year before. Recent pace: the last four quarters grew +13.4% on average, against 10.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +12.9%, against +7.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +114.8%, against +27.8% a year (accelerating). FY27-Q1. revenue ₹309 Cr and profit ₹28 Cr as reported. FY27-Q2. revenue ₹345 Cr and profit ₹27 Cr as reported. Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Ador Welding keep? Ador Welding Ltd's operating margin was 11.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 5.0% and 11.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −1.4 percentage points on the year while gross margin changed −4.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. FY27-Q1. revenue ₹309 Cr and profit ₹28 Cr as reported. FY27-Q2. revenue ₹345 Cr and profit ₹27 Cr as reported. Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters. ## Is Ador Welding's profit turning into cash? Over the last 3 years, 136% of Ador Welding Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹116 Cr of operating cash against ₹82.0 Cr of profit. After ₹25.0 Cr of spending on assets, ₹91.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 136% of profit came in as cash: the cash cycle got 26 days shorter between FY20 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 1.6× depreciation over three years. The next section checks what that spending is building. ## Where does Ador Welding's cash go? Ador Welding Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 53 days in FY26, down from 79 days in FY20. It spent ₹77.0 Cr on assets over the last 3 years. Customers take 74 days to pay, and stock sits for 78 days on average. At FY26 sales of ₹1,140 Cr, each day of that cycle ties up about ₹3.1 Cr, so roughly ₹166 Cr is tied up in the business at any time. FY26: customers took 74 days to pay and stock sat for 78 days, about 2.6 months of sales sitting as stock, for a full cycle of 53 days, shorter than FY20's 79. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 78 days. Customers pay about 74 days after that. Suppliers are paid at 100 days. Together that makes the 53-day cycle. Spending on assets: ₹77.0 Cr over the last 3 years, against ₹48.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹3.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Ador Welding's P/E ratio, and how does it compare with its own history? Ador Welding Ltd's P/E is 20.9×, near the low end of its own history: it has been lower only 26% of the time. Its usual P/E (the middle reading) is 25.6×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹66.34. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +36.5% while the price moved +37.5%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +15.2% a year; about +37.1% a year came from earnings growth and about −21.9 percentage points from the multiple (the market paying less); over 10 years the price moved +17.0% a year; about +14.4% a year came from earnings growth and about +2.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Ador Welding share price assume? Worked out from its price on 27 August 2026, Ador Welding Ltd's share price assumed profit growth of about 14.1% a year. Over the past 11 years its profit actually grew 8.9% a year. Today its P/E is 20.9×, lower than 74% of its own last 11 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Ador Welding business getting better or worse? Ador Welding Ltd's business is turning around. Profit growth has swung from −30.2% at its low to +114.8%, rising from a low 5 quarters ago, with ROCE rising at 29.2%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the Ador Welding story, and has it been checked? Ador Welding Ltd's story is not scored yet against the checks our research set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. What is proven. See the research file

What is not proven yet. What the surface reading misses. The surface reading is: OPM rising rapidly to 15%, margin expansion in progress The research reads it further: OPM at 14.8% is at the 95th percentile of 9.8-year history per (normalized OPM 8.5%), this is near-peak operating leverage, not early-stage margin expansion

What the surface reading misses. Sources: our stock research file (14 June 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Ador Welding management deliver what it promised? What Ador Welding Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Capex Plan Increased Without Explanation · 23 October 2026. Both Apr 2026 and Oct 2025 anchored the coming-year capex at INR30-35 crores. The Oct 2026 call instead described Rs 60-70 crores for the next two financial years and designated FY27 and FY28 as step-up years, materially changing the capital-intensity and free-cash-flow assumptions without explaining what changed. Orbital Welding Strategy Shift · 23 October 2026. In Oct 2025, management said Ador did not have orbital welding and that it was not a focus area. In Oct 2026, management presented a Liburdi partnership that brings orbital welding into the power, nuclear, oil and gas, and shipbuilding sectors, but did not explain when or why this previously deprioritized area became part of the strategy. Process Equipment Division Breakeven Revenue - Unexplained 3x Reduction · 30 April 2026. Management stated in May 2025 that Rs. 50-60 crores in annual revenue was required for the process equipment division to reach breakeven. By Oct 2025 this threshold had been silently revised to Rs. 15-20 crores, and the Apr 2026 call confirmed approximately Rs. 20 crores as sufficient for breakeven - a greater than 2x reduction from the May 2025 figure with no explicit explanation of what changed in the division's fixed cost structure. Analysts who modeled the segment's path to profitability using the original Rs. 50-60 crore breakeven as a key input would face a materially different picture of the division's viability and the management bandwidth required to sustain it. ONGC Uran Project Completion - Sequential Timeline Misses Across Two Prior Calls · 30 April 2026. Management in May 2025 committed to clearing the ONGC Uran project within 5-6 months, implying completion by Oct-Nov 2025. The Oct 2025 call reaffirmed the project was on track for completion that very quarter (by Dec 2025). Yet the Apr 2026 call reveals the project remains at approximately 96-97% complete and not yet fully commissioned, with management citing only a vague gas issue as explanation - a minimum 4-6 month overshoot past the most recent firm commitment with no substantive accountability for yet another missed timeline on a project that has now slipped past multiple stated deadlines. Every quote above is taken word for word from the company’s own earnings calls. ## What is Ador Welding management's track record? The cleanup and balance-sheet discipline were sound, but delivery against project and growth promises was inconsistent. ### Regulatory and governance record

The sweep found routine filings and disclosures, not a company-specific enforcement action or fraud allegation. 0% Promoter shares pledged

Sources:

- [trendlyne.com](https://trendlyne.com/research-reports/stock/31/ADOR/ador-welding-ltd/)
- [bseindia.com](https://www.bseindia.com/xml-data/corpfiling/AttachHis/12a925f9-2b8e-44e9-9717-a6856512f640.pdf)
- [scanx.trade](https://scanx.trade/stock-market-news/companies/ador-welding-promoter-confirms-no-encumbrance-on-shares-in-fy26/43269848)

(Checked 30 August 2026.)

## How much does Ador Welding earn on its capital? Ador Welding Ltd earned a ROCE of 23% in FY26. That is up from a low of 6% in FY21. Its return on capital used (ROIC) is 10.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.2% net margin and 1.37× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 7.2% net margin × 1.37× asset turnover × 1.50× leverage (assets divided by equity) ≈ 14.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 22.8% − 12.0% = +10.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 22.8% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 21.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Ador Welding have too much debt? Ador Welding Ltd has total debt of ₹30.0 Cr against shareholder equity of ₹570 Cr as of Sep 2026, so its debt is 0.05× its equity, which is very little. Year by year, that ratio went from 0.01 in FY22 to 0.01 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Ador Welding shareholding pattern? Promoters cut their stake in Ador Welding Ltd by 3.3 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 53.6% of the company. Foreign institutions moved +1.0 points over the same period, to 1.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −3.3 points over 8 quarters, to 53.6%; Foreign institutions: +1.0 points over 8 quarters, to 1.1%; Domestic institutions: −0.8 points over 8 quarters, to 11.2%. Why the owners changed: promoters drove it (−3.3 points), with the other side taken by foreign institutions (+1.0 points). They reduced their stake. ## How far is Ador Welding from balance-sheet trouble? For Ador Welding Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Ador Welding rank in its industry? 74.1 out of 100, rank 1 of 3 in Welding Equipments, with 97% of the evidence available. Ador Welding Ltd scores 74.1 out of 100 against the 3 companies it is compared with in Welding Equipments, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 26.6 + 19.2 + 14.8 + 13.5 = 74.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Ador Welding compared with? Ador Welding ranks 1 of 3 Welding Equipments companies on the 4-Factor Sector Score, with 74.1 out of 100. 1. Ador Welding Ltd this page ADOR · losing its lead · Most evidence points up · 97% evidence 74.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Revenue 12.9% · Profit 100% · Operating margin change -1 points · 100% evidence Capital efficiency 19.2/25 · ROCE 22.8% · Operating margin 11% · 100% evidence Valuation 14.8/20 · P/E 19.7× · PEG 1.06 · 85% evidence Relative strength 13.5/20 · Lead over its industry 4.5% · Lead over NIFTY 500 16.4% · 1 year 24.6% · 100% evidence · 10 of 12 weeks ahead Exact sum: 26.6 + 19.2 + 14.8 + 13.5 = 74.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Esab India Ltd](https://www.sectoralpha.in/stocks/esab-india-ltd) ESABINDIA · turning · Evidence leans up · 93% evidence 60.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.2/35 · Revenue 13% · Profit 29.8% · Operating margin change 2 points · 88% evidence Capital efficiency 22.7/25 · ROCE 64.7% · Operating margin 19% · 100% evidence Valuation 5.3/20 · P/E 39.1× · PEG 4.94 · 85% evidence Relative strength 2.8/20 · Lead over its industry -15.7% · Lead over NIFTY 500 -4.1% · 1 year 7.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 29.2 + 22.7 + 5.3 + 2.8 = 60 · What this means: Earnings are strong; relative strength in its sector is -15.7% and the one-year return is 7.2%. 3. [Diffusion Engineers Ltd](https://www.sectoralpha.in/stocks/diffusion-engineers-ltd) DIFFNKG · leader · Evidence leans up · 71% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 16.9% · Profit -2.3% · Operating margin change 0.9 points · 88% evidence Capital efficiency 11.7/25 · ROCE 14.6% · Operating margin 12.7% · 100% evidence Valuation 15.0/20 · P/E 36.3× · PEG 0.59 · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 21.2% · 1 year 6.8% · 25% evidence · 12 of 12 weeks ahead Exact sum: 13.5 + 11.7 + 15 + 12.5 = 52.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Welding Equipments](https://www.sectoralpha.in/sectors/welding-equipments), all 3 compared on one page. ## Which companies are close to Ador Welding in size? Ador Welding is the 2nd largest of 3 Welding Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Esab India. Just below it: Diffusion Engineers. ### Welding Equipments companies close in size

1. [Esab India Ltd](https://www.sectoralpha.in/stocks/esab-india-ltd) ₹8,094 crore
2. Ador Welding Ltd ₹2,316 crore
3. [Diffusion Engineers Ltd](https://www.sectoralpha.in/stocks/diffusion-engineers-ltd) ₹1,483 crore

[All 3 Welding Equipments companies, largest first](https://www.sectoralpha.in/sectors/welding-equipments#all-companies)

### Companies close in size in other industries

1. [Veedol Corporation Ltd](https://www.sectoralpha.in/stocks/veedol-corporation-ltd) ₹2,328 crore · Lubricants
2. [Automotive Axles Ltd](https://www.sectoralpha.in/stocks/automotive-axles-ltd) ₹2,327 crore · Auto & Auto Ancl - CV
3. Ador Welding Ltd ₹2,316 crore
4. [Orient Cement Ltd](https://www.sectoralpha.in/stocks/orient-cement-ltd) ₹2,316 crore · Cement
5. [Apollo Pipes Ltd](https://www.sectoralpha.in/stocks/apollo-pipes-ltd) ₹2,311 crore · Building Materials - Plastic Pipes

## What else do people ask about Ador Welding? ### What is Ador Welding's share price today? Ador Welding Ltd's share price is ₹1,414.20, +37.5% over the past year. The whole company is worth ₹2,461 Cr on the market. In the last 52 weeks it traded between ₹869 to ₹1,674; today it is 68% of the way up from the low, 7.5% above its 200-day average (as of 4 November 2026). ### What were Ador Welding's latest quarterly results? Ador Welding Ltd reported revenue of ₹345 Cr and net profit of ₹27.0 Cr for the Sep 2026 quarter. Revenue rose 22.8% and profit rose 8.0% compared with a year earlier. Earnings per share were ₹15.48. The operating margin was 11.0%, 1.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Ador Welding's market cap? Ador Welding Ltd's market capitalisation is ₹2,461 Cr at a share price of ₹1,414.20. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Ador Welding performing? Ador Welding Ltd's share price has been rising for 21 weeks. In its latest quarter, revenue rose 22.8% and profit rose 8.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 4 November 2026). ### Will Ador Welding's share price go up? This page does not forecast Ador Welding Ltd's share price. What it shows instead: the share price is ₹1,414.20, and it has been rising for 21 weeks. Its P/E of 20.9× is higher than 26% of its own last 11 years (as of 4 November 2026). ### Who owns Ador Welding? Promoters own 53.6% of Ador Welding Ltd, foreign institutions 1.1%, domestic institutions 11.2% and the public 34.1% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 3.3 percentage points over 8 quarters (as of 4 November 2026). ### Does Ador Welding have too much debt? No, Ador Welding Ltd has little debt: its debt is 0.01× its equity, and its operating profit is 31 times its interest bill. FY26 borrowings were ₹3.0 Cr against equity of ₹554 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Ador Welding in its business cycle? Ador Welding Ltd's FY26 operating margin was 11.0%, against a 13-year range of 5.0% to 11.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Ador Welding story? The main question: promoters moved −3.3 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Ador Welding a stock worth studying right now? What the numbers show: Ador Welding Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 26% of past readings. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Ador Welding share price forecast for 2026? What management itself guided: Sustainable operating profit in 12-13% band then push higher. What would change the story: Three documented say-do gaps across consecutive calls limit confidence in forward guidance on margins and growth trajectory. ### Where does this page get Ador Welding's management information? From Ador Welding's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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