ESAB India Ltd: ₹7,961 Cr Market Cap, 70% ROCE – Welding Profits Like a Pro

1. At a Glance

ESAB India is the welding world’s Bollywood superstar — glamorous margins, market dominance, and a dividend payout that looks like charity on steroids (79% in FY25). With ₹1,396 Cr in TTM revenue and ₹172 Cr PAT, this company isn’t just selling welding consumables, it’s welding shareholder wallets shut with cash inflows.

2. Introduction

If welding were cricket, ESAB India would be Virat Kohli in peak form — disciplined, consistent, and occasionally hitting sixes (dividends) out of the park. A subsidiary of the global ESAB Group (via Colfax Corporation lineage), it brings in every welding product you can imagine: consumables, arc equipment, plasma cutters, welding automation, robotics, PPE… basically everything short of welding your broken toaster.

With a 70% ROCE and 52% ROE, ESAB doesn’t just run a business — it runs a financial treadmill at full incline without breaking a sweat. The catch? This perfection costs you — the stock trades at 46x earnings and 22x book value.

3. Business Model (WTF Do They Even Do?)

Here’s the toolkit:

• Welding Consumables – Electrodes, wires, fluxes — the bread and butter of welding shops across India.
• Welding Equipment – Arc, MIG, TIG, Plasma — you name it, they’ve sold it.
• Cutting Automation & Robotics – Industrial-scale robots and CNC plasma machines, reducing