While most companies celebrated Diwali with dividend fireworks, Ador Welding showed up with something rarer — steady margins and a straight face. MD Aditya Malkani spent the call sounding like a welding monk — calm, cautious, and quietly pleased that his “discipline” finally showed up in the P&L. From automation dreams to shipbuilding hustles, Ador’s half-year story glows like fresh steel — but the sparks still need more fuel. Stick around — the fun begins when investors ask about that “₹63 crore flare-up.” 😏
2. At a Glance
Revenue up ~5% QoQ – Growth flatter than a steel plate, but hey, at least it’s polished.
Gross margin 32.7% – A slight glow-up thanks to “discipline,” not discounts.
EBITDA margin 12.5% – Finally welding profits to stability.
PBT ₹58 Cr (11%) – CFO smiling again, maybe.
ROCE back at 23% – The comeback arc, literally.
ESOP rollout – Management rewarded for surviving years of welding fumes.
3. Management’s Key Commentary
“Volumes have been fairly flat; margins improved from discipline, not steel prices.” (Translation: We didn’t sell more, we just charged smarter.)
“Our project division losses are behind us; we’re done taking slaps on the face.” (Spoken like a true veteran of CapEx PTSD.)
“We’re introducing solar welders and CHAMPTIG machines.” (Green energy, but make it molten.)
“Automation division finally turning after years of breathing problems.” (Someone give that unit an inhaler and a pat on the back.)
“Shipbuilding and defense are exciting; nuclear will take time.” (Basically, we’re flirting with the Navy, ghosting the reactors.)
“Saudi’s been odd, US tariffs suck, but Mexico’s hot.” (Ador’s geography lesson: dodge trade wars, chase tacos.)
“We took pain upfront; no more nasty surprises.” (Famous last words before next quarter’s ‘one-off.’)
