1. At a Glance – The Welder That’s Sparking Everything
Ador Welding Ltd just posted Q2 FY25 numbers hot enough to melt mild steel.
Revenue: ₹281 crore (+4 % YoY). PAT: ₹25 crore (+95 % YoY, +1500 % QoQ because last quarter was a circus).
Current price ₹1,169; market cap ₹2,034 crore.
ROCE 20 %, ROE 14 %, Debt ≈ ₹2 crore — basically pocket change for the CFO.
Stock’s up +27 % in 6 months, but down 15 % in a year — like a welder’s spark: short, bright, and slightly unpredictable.
Dividend yield 1.7 %. P/E 36.7 — a bit “heated,” but still cooler than PTC Industries’ 400× madness.
2. Introduction – From Sparks to Start-ups
Once famous for producing rods that joined India’s pipelines, Ador Welding is now fusing old-school metallurgy with modern R&D swagger.
While your neighborhood startup sells “AI-powered” Excel sheets, these folks literally make fire-powered technology that holds bridges, railways, and refineries together.
The company’s history dates back over 70 years; it has seen governments change, oil prices flip, and still managed to keep its arc steady.
The market ignores such “boring” industrials until they start showing 95 % profit growth. Suddenly every analyst who once called them “slow cyclical” now calls them “strategic infrastructure play.”
3. Business Model – WTF Do They Even Do?
Ador is basically the guy who sells tools to everyone building the economy.
- Welding Consumables (~77 %) — 200 + types of electrodes, fluxes, and wires. It’s like the Amazon Basics of industrial flames.
- Welding Equipment (~19 %) — machines, cutters, plasma systems, and personal protective gear. Margins hotter than the machines themselves.
- Flares & Process Equipment (~4 %) — design and commissioning of industrial plants for ONGC & friends. This segment once had a ₹128 cr order book including an ₹114 cr ONGC project — basically their golden ticket.
They sell to everything
