Ador Welding Limited (formerly known as Advani–Oerlikon Limited) is an industrial manufacturing company headquartered in Mumbai, India. Established in 1951, it is the flagship company of the Ador Group and one of the leading welding companies in India. Ador Welding specializes in producing a variety of welding products, industry applications, and technology services, including high-quality welding equipment, consumables (electrodes, wires, and fluxes), and welding automation solutions.
Ador has played a significant role in India's post-independence industrialization and holds over 30% market share in the organized welding market, making it a major player in the Indian welding industry. With a strong focus on "Make in India," the company produces world-class products across six manufacturing facilities nationwide.
Ador Welding Ltd has a market capitalization of ₹1,964 crore (as of May 2025). The company reported mixed financial results for the fiscal year 2025. For the full year, net profit declined 30.55% to ₹60.05 crore in the year ended March 2025, compared to ₹86.46 crore in the previous year ended March 2024. Sales, however, rose 4.57% to ₹1122.68 crore in the year ended March 2025, from ₹1073.62 crore in the previous year.
The company's performance for the quarter ended March 2025 also showed continued pressure. Net profit declined 28.70% to ₹18.09 crore, against ₹25.37 crore in the previous quarter ended March 2024. Sales for the quarter rose 4.26% to ₹310.02 crore, compared to ₹297.34 crore in the previous quarter.
The company's recent financial metrics indicate a PE ratio of 20.70 and a PB ratio of 3.19 as of May 02, 2025. Ador Welding also announced a final dividend of ₹20 per share (200%) on May 06, 2025, subject to shareholder approval.
• Q4 FY2024-25 Performance: Net Sales of ₹310.02 crore, Net Profit of ₹18.09 crore
• FY2024-25 Performance: Net Sales of ₹1122.68 crore, Net Profit of ₹60.05 crore
• Market Capitalization: ₹1,964 crore (as of May 2025)
• PE Ratio: 20.70 (as of May 02, 2025)
• PB Ratio: 3.19 (as of May 02, 2025)
• Dividend Recommended: ₹20 per share (200%) for FY2024-25
Ador Welding operates through three primary business segments: Consumables, Equipment and Automation, and Flares & Process Equipment Division. The Consumables segment, which generates the maximum revenue, includes electrodes, wires, fluxes, and agency items from plants in Silvassa, Raipur, and Chennai.
The company's extensive product portfolio encompasses:
- Welding Electrodes: Mild steel general purpose, special mild steel, low alloy high tensile, cellulosic, hardfacing, stainless steel, gouging and cutting, cast iron, and non-ferrous electrodes.
- Wires and Fluxes: Submerged arc welding fluxes and wires, flux cored arc welding products, metal cored arc wire, Gas Metal Arc Welding (GMAW), Gas Tungsten Arc Welding (GTAW) products, and brazing rods and fluxes.
- Equipment and Automation: Welding equipment, spares, cutting products, and agency items related to equipment and cutting products, robotic systems, columns, booms, positioners, rotators, and special purpose machines.
- Flares & Process Equipment: Design, engineering, procurement, and commissioning of flares, incinerators, furnaces, process packages, process equipment, and flare system components.
Ador Welding provides customized solutions for projects and contracts across a wide range of industries including refineries, oil and gas, petrochemicals, fertilizers, steel plants, pharma, water, and other chemical process industries. Its services extend to the pipeline, oil and gas, power, heavy engineering, shipbuilding, railway, automotive, infrastructure, transportation, and mobility sectors.
Beyond manufacturing, the company also undertakes various EPC (Engineering, Procurement, and Construction) contracts, covering mechanical, electrical, and instrumentation aspects of process packages and flare systems. Furthermore, Ador offers skill development services, contributing to the industry's human capital.
Geographically, Ador Welding generates the majority of its revenue from within India, with the rest coming from international markets. The company maintains a robust sales and distribution network across the globe, with a presence in over 15 countries across the Middle East, Africa, North America, South America, Australia, and Southeast Asia. It provides solutions to a wide spectrum of international industries, including shipbuilding and oil and gas sectors.
The company has been actively expanding its international footprint, which has yielded positive results, including a 19% growth in overseas business. Ador maintains optimistic projections for export growth and new market entries, despite current challenges.
Ador Welding is currently navigating challenges related to declining profitability, evidenced by a drop in Profit Before Tax and pressure on margins due to rising input costs and exceptional charges from a subsidiary. Management is focused on enhancing operational efficiency and margin improvement through strategic shifts towards smaller, high-margin projects, while also addressing the impact of recent write-offs on financial health.
Key recent developments include:
- In 2024, Ador unveiled a new state-of-the-art facility in Silvassa to expand its capacity for Flux Cored Welding Wires.
- The Raipur team transitioned to a new office space, enhancing operational efficiency.
- The launch of Rhino E – India's first battery-operated welder – has garnered significant industry and academic attention.
- In 2024-25, Ador Fontech Limited (AFL) merged with the company, strengthening its capital structure. As part of the merger, 38,04,348 equity shares were allotted to AFL shareholders in a 5:46 ratio.
Ador Welding has received reaffirmation in its credit ratings from CARE Ratings, reflecting its strong financial position:
- Long term bank facilities (₹62.50 crore) - CARE A+; Stable
- Long term / short term bank facilities (₹113 crore) - CARE A+; Stable/ CARE A1+
- Short term bank facilities (₹56 crore) - CARE A1+
The company is almost debt-free and has actively reduced its debt, providing it with significant financial flexibility for future investments and growth initiatives.
Ador Welding continues to focus on innovation and operational excellence while navigating current market challenges. With its established market position, diversified product portfolio, and strong brand recognition in the Indian welding industry, the company remains well-positioned to capitalize on India's industrial growth and infrastructure development initiatives.
