Ador Welding Limited conducted its Analysts and Institutional Investors Meet on April 30, 2026, via video conferencing on the Zoom platform. The company has since made both the presentation and the official transcript of the meet available on its website, in compliance with Regulation 46(2)(oa) and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Vinayak M. Bhide communicated the availability of these materials to BSE and NSE through official notifications dated April 30, 2026 and May 4, 2026, respectively.

Meeting Overview and Management Participants

The meet was attended by key members of Ador Welding's senior management, who presented the company's financial performance and strategic direction before opening the floor for a detailed question-and-answer session.

Q4 FY26 and Full Year FY26 Financial Performance

Managing Director Aditya Malkani opened the meet by presenting the company's financial highlights. For Q4 FY26, revenue growth was approximately 3% over Q4 FY25 and 11% over Q3 FY26, with gross margins at approximately 36%. EBITDA came in at approximately ₹38 crore, an increase of 200 basis points over Q4 FY25, and PBT stood at approximately ₹39 crore, up 25% and 210 basis points over Q4 FY25. These figures exclude any recovery from the Kuwait project and exceptional items.

For the full year FY26, Ador Welding reported annual sales of ₹1135 crore, up approximately 2%. Gross margins expanded to approximately 38%, an improvement of approximately 250 basis points. The EBITDA margin stood at 12%, up 230 basis points. The company also recovered ₹14 crore from the Kuwait project — a receivable pending since 2020-2021 — reported as a separate line item. PBT for the year was approximately ₹130 crore, excluding the onerous cost of the Uran project, and Return on Capital Employed (ROCE) stood at approximately 23%.

Strategic Initiatives and Product Portfolio

Malkani highlighted several strategic developments during the meet. The company entered into a collaboration with Miller — a group company of ITW and a leading global welding equipment manufacturer — to address product gaps in the submerged arc welding space, targeting industries such as power, structural, and shipbuilding. The company has also strengthened its robotic and automation product portfolio, including the launch of the Axbot 101 Cobotic Solution, CNC Bevel Cutting, and H2 Cutting Solutions. New consumable products have received approvals from NPCIL for nuclear applications, and the company is expanding its offerings for the wind manufacturing industry and high-end nickel and special critical welding applications.

On the Flares and Process Equipment (FPD) division, Malkani confirmed that effective March 31, the division has been restructured and merged into the broader welding segment. The company no longer operates a separate Flares and Process Equipment division, choosing instead to manage it as a product line targeting approximately ₹20 crore–₹30 crore in revenue. CFO K. Suryanarayan clarified that the ₹3 crore reported in the PE segment for the March quarter represents a gain from a reorder from ONGC, not a loss, bringing the full-year net impact to approximately ₹25 crore.

Business Overview and Capacity

Ado Welding operates with over 800 employees across five manufacturing facilities spanning 1.2 million square feet, with domestic reach covering 31,000 pin codes across India and a global footprint spanning approximately 15 countries. India accounts for approximately 80% or more of total sales, with the Middle East, US, and select other markets contributing the remainder. The company's R&D centre is recognised by the Government of India, and Ador Welding was recognised by CII among the top 100 innovative companies in India for developing a battery-powered welding equipment — a first in the industry.

Key Q&A Highlights

During the Q&A session, analysts raised questions spanning operational performance, growth outlook, exports, capex, and corporate strategy. Malkani provided the following key responses:

• Volume and Revenue Growth: Volume growth for FY26 was broadly in line with revenue growth of approximately 2%, with some product lines outperforming and others experiencing softness over the last four to five months due to inflationary pressures.

• Margin Outlook: The company sees scope for an additional 100–200 basis points of EBITDA margin improvement over the coming periods, driven by internal efficiencies, though the pace will be gradual.

• Exports: Export performance was flattish in FY26 compared to targets, with Saudi Arabia being the third-largest market outside India. The company expects exports to improve, supported by a healthier order book and inquiry pipeline, particularly from December onwards.

• Capex: Planned capex for the coming year is approximately ₹30 crore–₹35 crore, primarily for new consumable lines in the welding segment. Maintenance capex is approximately ₹10 crore–₹12 crore. To double volumes over five to seven years, the company estimates a total capex requirement of approximately ₹100 crore–₹150 crore.

• Acquisitions and Adjacencies: The company is open to acquisitions, with a focus on technology and product adjacency in the fabrication, joining, or cutting of steel space, now that legacy issues including the Uran project and the merger are largely resolved.

• Uran Project: The project is approximately 96%–97% complete, with no major financial exposures remaining. Final commissioning has been slightly delayed due to a gas-related issue.

• Income Tax Demand: An appeal has been filed and the company does not see merit in the department's position.

• Shipbuilding Sector: Ador Welding holds approximately 75%–80% of the required approvals for shipbuilding customers and is actively pursuing growth in this segment across consumables, equipment, and automation.

• Revenue Target: The company continues to follow the principle of reaching ₹2000 crore in turnover by FY29, with a focus on tripling earnings over the same period. Automation, international markets, maintenance and repair (MNR), renewables, and railways were cited as key growth drivers.

Malkani concluded the meet by noting that the company is now on solid footing after resolving several legacy challenges, and remains focused on delivering the best welding experience while pursuing disciplined growth across its core and adjacent markets.

Ador Welding Limited announced its audited financial results for FY26, demonstrating exceptional performance with significant profit growth and strong operational metrics. The Board of Directors approved these results at their meeting held on April 29, 2026, alongside key corporate decisions including dividend recommendation and management re-appointment.

Outstanding Financial Performance

The company delivered remarkable growth across key financial parameters, showcasing robust operational excellence and strategic execution:

Segment-wise Business Performance

The company's diversified business portfolio showed varied performance across segments:

Welding Segment Excellence

The Welding segment continued its strong trajectory with revenue of Rs. 1,07,888 lakhs in FY26 compared to Rs. 1,03,654 lakhs in FY25. Segment results improved significantly to Rs. 16,430 lakhs from Rs. 14,050 lakhs in the previous year.

Flares & Process Equipment Challenges

The Flares & Process Equipment segment faced headwinds with revenue declining to Rs. 5,671 lakhs from Rs. 8,392 lakhs in FY25. The segment reported negative results of Rs. (2,306) lakhs compared to Rs. (1,630) lakhs in the previous year.

Corporate Governance Highlights

Dividend Recommendation

The Board recommended an attractive dividend for shareholders:

Leadership Continuity

The Board approved the re-appointment of Mr. Aditya T. Malkani as Managing Director:

Mr. Malkani brings extensive experience with a B.A. in Economics from Oberlin College and MBA from Indian School of Business. He has been associated with the company for 6 years as Managing Director and over 13 years as Non-Executive Director.

Regulatory Compliance and Public Disclosure

The company submitted copies of newspaper publications to BSE Limited and National Stock Exchange of India Limited on April 30, 2026. The audited financial results were published in Business Standard (English) and Navshakti (Marathi) newspapers, pursuant to Regulation 47(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The financial results received an unmodified audit opinion from B S R & Co. LLP, confirming compliance with Indian Accounting Standards and regulatory requirements. The results are available on the company website and stock exchange portals for public access.