Ador Welding Ltd

Ador Welding Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Ador Welding Ltd

₹ 1,445 -1.43%
19 Apr 10:09 a.m.
adorwelding.com BSE: 517041 NSE : ADORWELD
About

Ador Welding Ltd is a leading player in the field of Welding Products, Technologies and Services. It is also engaged in providing customized solutions for multi-disciplinary projects and contracts related to refineries, oil and gas, petrochemicals and other sectors.[1]

Key Points

Product & Revenue Mix FY22
Welding consumables (81%)
The company is engaged in the manufacturing of welding consumables. It offers a wide variety (over 200 types) of electrodes, fluxes, and flux-cored wires.
Welding Equipments (15%)
It Includes welding and cutting equipment, gas cutting products, welding automation products and systems, personal protective equipment, and accessories.
Flares & Process Equipment (4% of Revenue)
The flares and Process Equipment business of the company is engaged in providing customized solutions for projects and contracts.[1] [2]
Out of total sales, Domestic sales are 94% & Exports are 5%. [3]

Website BSE NSE
  • Market Cap ₹ 1,965 Cr.
  • Current Price ₹ 1,445
  • High / Low ₹ 1,770 / 1,022
  • Stock P/E 39.5
  • Book Value ₹ 209
  • Dividend Yield 1.21 %
  • ROCE 20.0 %
  • ROE 14.8 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Debtor days have improved from 75.8 to 51.4 days.
  • Company's working capital requirements have reduced from 77.4 days to 54.5 days

Cons

  • Stock is trading at 7.00 times its book value
  • The company has delivered a poor sales growth of 8.38% over past five years.
  • Company has a low return on equity of 10.6% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Electrodes - Welding Equipment

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
128 140 55 96 135 162 128 160 174 200 158 185 199
116 130 52 101 128 148 117 146 158 182 142 170 174
Operating Profit 12 10 3 -5 7 14 11 13 16 18 16 15 24
OPM % 9% 7% 5% -5% 5% 8% 9% 8% 9% 9% 10% 8% 12%
2 1 2 1 2 -20 2 9 1 3 1 2 2
Interest 2 2 2 2 1 2 1 1 1 1 0 0 1
Depreciation 3 3 3 3 3 3 3 3 3 3 3 3 3
Profit before tax 9 7 -0 -9 5 -10 9 18 14 17 14 13 22
Tax % 28% 5% 17% 34% 31% 22% 26% 17% 25% 23% 25% 25% 26%
7 6 -0 -6 3 -8 7 15 11 13 10 10 16
EPS in Rs 4.85 4.57 -0.14 -4.15 2.54 -5.89 4.96 10.77 7.78 9.70 7.66 7.34 12.03
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
365 371 388 408 442 458 513 526 448 661 741
331 344 360 366 411 423 468 484 425 601 668
Operating Profit 34 27 28 42 31 35 46 42 22 61 73
OPM % 9% 7% 7% 10% 7% 8% 9% 8% 5% 9% 10%
4 -8 34 3 9 10 10 9 -17 14 7
Interest 1 2 1 2 2 6 11 10 8 6 2
Depreciation 12 12 13 12 11 10 10 11 11 11 11
Profit before tax 24 4 48 32 27 28 36 31 -14 58 66
Tax % 31% 216% 33% 29% 34% 34% 31% 14% 26% 22%
17 -5 32 22 18 18 25 26 -10 45 50
EPS in Rs 12.41 -3.76 23.43 16.47 13.13 13.54 18.05 19.21 -7.63 33.21 36.73
Dividend Payout % 48% -133% 21% 30% 38% 37% 36% 34% 0% 38%
Compounded Sales Growth
10 Years: %
5 Years: 8%
3 Years: 9%
TTM: 19%
Compounded Profit Growth
10 Years: %
5 Years: 17%
3 Years: 16%
TTM: 23%
Stock Price CAGR
10 Years: 26%
5 Years: 34%
3 Years: 61%
1 Year: 36%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 11%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
Equity Capital 14 14 14 14 14 14 14 14 14 14 14
Reserves 169 155 189 203 221 231 248 234 224 268 271
10 19 0 0 36 81 65 82 29 2 21
74 93 82 118 107 102 103 108 108 109 104
Total Liabilities 266 280 285 335 378 428 429 437 375 393 410
95 77 97 100 102 103 116 125 117 117 118
CWIP 0 2 2 1 4 1 1 0 3 7 4
Investments 27 14 6 12 11 2 4 4 11 20 20
144 188 179 222 261 322 309 308 244 248 268
Total Assets 266 280 285 335 378 428 429 437 375 393 410

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
15 21 1 23 0 -37 64 14 79 26
-4 -1 -9 -4 -12 0 -19 -22 -7 -5
-11 -3 -9 -9 19 32 -33 -13 -61 -31
Net Cash Flow -0 17 -17 10 7 -4 11 -22 12 -10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 73 77 78 107 63 73 60 90 86 51
Inventory Days 69 77 59 58 56 60 52 62 70 70
Days Payable 65 81 57 109 85 84 67 72 87 60
Cash Conversion Cycle 77 72 81 56 34 50 45 79 69 61
Working Capital Days 53 48 61 67 93 145 112 113 65 55
ROCE % 10% 10% 17% 12% 11% 14% 12% 6% 20%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
56.89% 56.90% 56.90% 56.90% 56.90% 56.90% 56.90% 56.90% 56.90% 56.90% 56.90% 56.90%
0.00% 0.00% 0.20% 0.32% 0.22% 0.20% 0.31% 0.23% 0.32% 0.22% 0.13% 0.30%
10.55% 9.85% 6.59% 6.67% 6.72% 6.70% 4.80% 4.44% 2.99% 2.79% 4.02% 4.43%
32.55% 33.25% 36.30% 36.11% 36.16% 36.19% 37.99% 38.42% 39.78% 40.08% 38.96% 38.38%
No. of Shareholders 14,47513,58514,58214,63214,54914,72717,44318,22819,30623,20928,05930,274

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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