Ador Welding Limited — Investor Meet, 04-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:**

Ador Welding reported full-year sales of INR 1,135 Cr, marking a 2% increase. Q4 revenue grew by 3%. Full-year gross margins expanded to 38% (up 250 basis points), with an EBITDA margin of 12%. Q4 EBITDA was INR 38 Cr, showing a 200 basis point increase. Full-year PBT stood at INR 130 Cr, excluding costs related to the Uran project, which is now 96-97% complete with no significant further exposures. The company also recovered INR 14 Cr from an old Kuwait project.

**Management Commentary & Outlook:**

Management anticipates a 100-200 basis point improvement in EBITDA margins over the coming quarters. While not issuing formal guidance, the company aims to outperform IIP/GDP growth rates (6-8%). The Flares & Process Equipment division has been restructured into a product line, aiming for profitability from its INR 20-30 Cr revenue segment. Ador Welding is focused on R&D, new product introductions, including a partnership with Miller for high-end welding equipment, and strengthening its 'Made in India' robotics line.

**Operational Updates & Growth Drivers:**

The company is aggressively pursuing automation, securing new orders, and expanding its presence in industries like shipbuilding, defense, renewables, and railways. Export markets, especially the Middle East (where Saudi Arabia is a key market), show a better outlook with healthy inquiries. Current capacity utilization is around 70%. Capex for FY27 is projected at INR 30-35 Cr, primarily for welding consumables. Ador Welding is also exploring targeted acquisitions focused on technology or market share in steel fabrication, joining, or cutting. The company's market share is estimated at approximately 17-18%.

**Investor Angle:**

Management expressed confidence, stating that significant past issues like the Uran project and merger challenges are largely resolved, positioning the company for future growth. The focus is on leveraging organic growth drivers and potential inorganic opportunities.