Transcript of Invest Meet held on 30th April, 2026

Ador Welding held its investor meet covering FY26 results — standalone revenue ~INR1,135 crores (up ~2% YoY), EBITDA margin at 12% with gross margins at 38%. Q4 standalone showed ~3% revenue growth, EBITDA ~INR38 crores (up 200 bps), gross margin 36%. The company recorded INR14 crore recovery from the old Kuwait project and reported PBT of ~INR130 crore excluding Uran project onerous costs. Key new initiatives include a partnership with Miller for submerged arc welding (power, structural, shipbuilding), Made-in-India robotic products, nuclear-approved consumables, and automation (laser, cobots, robotics). The Flares/Process Equipment division has been restructured — no longer a separate division — with a focus on small product lines (INR20-30 crores) targeting breakeven. Shipbuilding is a major focus area with ~75-80% approvals in place. Capex guidance for FY27 is INR30-35 crores (maintenance ~INR10-12 crores plus new lines); overall INR120 crore estimated capex to double volumes over 5-7 years. Exports were flat YoY with Saudi Arabia now the third-largest export market. Management explicitly declined to share revenue guidance or order book figures, stating the business operates on a quick-cycle distribution model.