Ador Welding accepts Surya Kant Sethia's resignation as CFO

Ador Welding has accepted the resignation of Surya Kant Sethia as Chief Financial Officer (CFO), effective August 14, 2026. The company simultaneously appointed Krishnamurthy Suryanarayan as the new CFO and Head – Strategy, who assumes the role with immediate effect on August 15, 2026. This leadership transition ensures continuity in financial management as Sethia departs to pursue opportunities outside the organization.

The Board of Directors approved these changes during a meeting held on July 30, 2026. The intimation was filed with the stock exchanges pursuant to Regulation 30 read with Para A(7) of Part A of Schedule III and other applicable provisions of the SEBI (LODR) Regulations, 2015. The disclosure also references SEBI Circular No SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Resignation of Outgoing CFO

Surya Kant Sethia tendered his resignation on July 30, 2026, citing personal reasons and a decision to pursue better professional opportunities. He will be relieved from his duties at the close of business hours on Friday, August 14, 2026. In his resignation letter, Sethia expressed gratitude for the trust and support received during his 11-year tenure with the company. He committed to ensuring a smooth transition and extending full support during the handover process.

Appointment of New CFO

Krishnamurthy Suryanarayan, a Chartered Accountant with over 25 years of experience, joins Ador Welding as a Key Managerial Personnel (KMP). His extensive background includes roles in business accounting, financial planning, treasury, forex management, mergers and acquisitions, and investor relations.

Suryanarayan’s career highlights include:

RPG Life Sciences: Started as an Audit Manager in 1996; later headed finance for the Agro Chemical division until 2001.
Godrej Consumer Products Ltd (GCPL): Headed Commercial and Logistics for the Western Region; served as CFO for the Africa business, which contributed over ₹2500 crore annually to GCPL.
CEAT Ltd: Joined in July 2020 to head Business Partnering, working closely with Manufacturing and Commercial finance teams to improve productivity and margins.
Astec Lifesciences Ltd: Served as CFO prior to joining Ador Welding.

Transition Details

The change in Key Managerial Personnel is detailed below:

Parameter	Surya Kant Sethia	Krishnamurthy Suryanarayan
Reason for Change	Resignation	Appointment
Effective Date	August 14, 2026	August 15, 2026
Tenure at Company	11 years	New Appointment
Role	CFO	CFO & Head – Strategy

The company acknowledged Sethia’s valuable contributions during his tenure. Suryanarayan’s immediate induction aims to maintain stability in the financial leadership team.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.89%	+1.02%	+19.33%	+45.54%	+49.49%	+102.47%

Ador Welding shareholders approved a record dividend of ₹23 per equity share at its 73rd Annual General Meeting (AGM) held on July 23, 2026, marking the highest payout in the company’s 75-year history. The resolution passed with overwhelming support, reflecting investor confidence in the company’s resilient FY26 performance, where Profit After Tax (PAT) reached ₹83 crore and EBITDA exceeded ₹133 crore despite global macroeconomic headwinds. This capital return underscores a strategic shift towards rewarding shareholders while maintaining a virtually debt-free balance sheet.

The AGM, chaired by Executive Chairman Ninotchka Malkani Nagpal, was conducted via video conferencing in compliance with Ministry of Corporate Affairs (MCA) and Securities & Exchange Board of India (SEBI) circulars. Ninety-two members attended virtually, representing 78,71,370 shares from the promoter group and 3,240 shares from public shareholders. The meeting commenced at 11:30 AM IST and concluded at 12:31 PM IST. Vinayak Manohar Bhide, Company Secretary, confirmed that remote e-voting facilities were provided through National Securities Depositories Limited (NSDL), with Hemanshu Kapadia of M/s. Hemanshu Kapadia & Associates appointed as Scrutinizer to ensure a fair voting process. The proceedings were recorded and live-streamed on NSDL’s website.

Key Resolutions Passed

Shareholders approved eight resolutions, including ordinary business items and special resolutions regarding director appointments and remuneration. The key outcomes included:

Resolution Type	Description	Outcome
Ordinary	Adoption of Audited Standalone Financial Statements for FY26	Passed
Ordinary	Adoption of Audited Consolidated Financial Statements for FY26	Passed
Ordinary	Declaration of Dividend on Equity Shares for FY26	Passed
Ordinary	Re-appointment of Ravin A. Mirchandani as Director	Passed
Ordinary	Ratification of Remuneration for Cost Auditor Kishore Bhatia & Associates	Passed
Special	Re-appointment of Aditya T. Malkani as Managing Director	Passed
Special	Approval of Remuneration for Executive Director (Promoter Group)	Passed
Special	Approval of Commission for Non-Executive Directors	Passed

The financial statements for the fiscal year ended March 31, 2026, were adopted without qualification. The Statutory Auditors and Secretarial Auditors were present during the proceedings to address any queries. The Company Secretary informed members that the consolidated voting results and scrutinizer's report would be submitted to stock exchanges within two working days.

What the Numbers Show

The approval of the record dividend highlights a significant improvement in operational efficiency rather than top-line growth. While revenue growth remained modest due to global uncertainties including conflicts in West Asia and Russia-Ukraine, the company prioritized product mix discipline and cost controls. This strategic focus resulted in a disproportionate rise in profitability metrics, with PAT reaching ₹83 crore against an EBITDA of over ₹133 crore and Profit Before Tax nearing ₹111 crore. The company remains virtually debt-free, providing substantial liquidity to fund future investments in automation and new product lines such as the Flux Cored Wire facility.

Strategic Outlook and Innovation

Executive Chairman Ninotchka Malkani Nagpal highlighted that the Automation business segment emerged as a key growth pillar, expanding into Robotic Automation with positive market response in automotive and infrastructure sectors. The company also announced a structural change effective April 1, 2026, aligning its Services segment with the Maintenance & Reclamation division to report under a single segment starting from the quarter ending June 2026.

Innovation remains central to Ador’s strategy, evidenced by the launch of a robotic power source and the solar-powered RHINO-E battery welder, which has been granted a patent with 20 claims of novelty. The company also received the CII Industrial Innovation Award. Looking ahead to FY27, management cited India’s projected GDP growth of 6.5–6.8% and steel industry growth of 8–10% as tailwinds for welding demand, supported by infrastructure initiatives like PM Gati Shakti. Corporate Social Responsibility contributions totaled ₹219.89 lakh through the Ador Foundation, focusing on women’s empowerment and education.