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Ador Welding Q2 FY27 results: net profit up 7.7% to ₹26.94 crore, revenue up 22.6%
Ador Welding Limited reported consolidated Q2 FY27 revenue of ₹344.74 crore, up 22.6% from a year ago, while net profit rose 7.7% to ₹26.94 crore. EBITDA increased 8.5% to ₹37.72 crore, but the margin fell 1.5 percentage points to 10.9%; on a standalone basis, revenue was ₹344.2 crore and profit was ₹26.68 crore.
Key points
- Consolidated revenue rose 22.6% year on year to ₹344.74 crore and increased 11.4% from Q1 FY27.
- EBITDA was ₹37.72 crore, up 8.5% from Q2 FY26, while the EBITDA margin fell 1.5 percentage points to 10.9%.
- Net profit rose 7.7% year on year to ₹26.94 crore but fell 2.4% from ₹27.60 crore in Q1 FY27; basic EPS was ₹15.48.
- For H1 FY27, revenue increased 22.8% to ₹654.2 crore and net profit rose 159.0% to ₹54.54 crore.
- The board declared an interim dividend of ₹7.50 per equity share for FY27, with 30 October 2026 as the record date.
How did Ador Welding perform in Q2 FY27?
Ador Welding’s consolidated revenue for the July–September 2026 quarter was ₹344.74 crore, up ₹63.65 crore or 22.6% from ₹281.09 crore in Q2 FY26 and up ₹35.28 crore or 11.4% from ₹309.46 crore in Q1 FY27. EBITDA rose to ₹37.72 crore from ₹34.75 crore a year earlier and ₹35.71 crore in the previous quarter, while its margin declined 1.5 percentage points year on year to 10.9%.
Profit before tax was ₹36.38 crore, up 8.0% from ₹33.67 crore in Q2 FY26 but down 1.5% from ₹36.93 crore in Q1 FY27. Net profit was ₹26.94 crore, up 7.7% from ₹25.01 crore a year earlier and down 2.4% from ₹27.60 crore in the previous quarter. Basic EPS was ₹15.48, compared with ₹14.37 in Q2 FY26 and ₹15.86 in Q1 FY27.
On a standalone basis, the quarter’s revenue was ₹344.2 crore, up 22.9% year on year, and profit was ₹26.68 crore, compared with ₹25.62 crore in the year-ago period. The board also approved the consolidated and standalone unaudited results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 344.74 | 309.46 | 281.09 | +22.6% | +11.4% |
| Other income | 4.81 | 7.02 | 4.32 | +11.3% | −31.5% |
| Total expenses | 313.17 | 279.55 | 251.74 | +24.4% | +12.0% |
| EBITDA | 37.72 | 35.71 | 34.75 | +8.5% | +5.6% |
| EBITDA margin | 10.9% | 11.5% | 12.4% | −1.5 pp | −0.6 pp |
| Profit before tax | 36.38 | 36.93 | 33.67 | +8.0% | −1.5% |
| Tax | 9.44 | 9.33 | 8.66 | +9.0% | +1.2% |
| Net profit | 26.94 | 27.60 | 25.01 | +7.7% | −2.4% |
| EPS (₹) | 15.48 | 15.86 | 14.37 | +7.7% | −2.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ador Welding's costs and profit?
Total expenses increased ₹61.43 crore or 24.4% year on year to ₹313.17 crore, outpacing the 22.6% rise in revenue. Cost of materials was the largest increase, rising ₹61.60 crore or 44.7% to ₹199.37 crore, while employee cost rose ₹3.73 crore or 12.9% to ₹32.73 crore.
Other expenses increased ₹2.68 crore or 6.0% to ₹47.33 crore, finance costs rose ₹0.54 crore or 85.7% to ₹1.17 crore, and depreciation rose ₹0.21 crore or 4.4% to ₹4.98 crore. Other income increased ₹0.49 crore or 11.3% to ₹4.81 crore, and there was no exceptional item.
Tax expense rose ₹0.78 crore or 9.0% to ₹9.44 crore. EBITDA margin fell 1.5 percentage points to 10.9%, while profit after tax margin fell 1.1 percentage points to 7.8% from a year earlier. Management attributed the gross-margin pressure to inflation across input costs, including steel and other raw materials.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 199.37 | 137.77 | +61.60 | +44.7% |
| Employee cost | 32.73 | 29 | +3.73 | +12.9% |
| Finance costs | 1.17 | 0.63 | +0.54 | +85.7% |
| Depreciation | 4.98 | 4.77 | +0.21 | +4.4% |
| Other expenses | 47.33 | 44.65 | +2.68 | +6.0% |
| Total expenses | 313.17 | 251.74 | +61.43 | +24.4% |
| Other income | 4.81 | 4.32 | +0.49 | +11.3% |
| Tax | 9.44 | 8.66 | +0.78 | +9.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹654.2 crore, up ₹121.27 crore or 22.8% from ₹532.93 crore in H1 FY26. Total income rose 22.8% to ₹666.03 crore from ₹542.21 crore, while profit before tax increased 156.1% to ₹73.31 crore from ₹28.63 crore.
Net profit for H1 FY27 was ₹54.54 crore, up ₹33.48 crore or 159.0% from ₹21.06 crore in H1 FY26. Basic EPS increased 159.0% to ₹31.34 from ₹12.10, while the company’s investor presentation reported an H1 FY27 EBITDA margin of 11.2%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 654.20 | 532.93 | +22.8% |
| Profit before tax | 73.31 | 28.63 | +156.1% |
| Net profit | 54.54 | 21.06 | +159.0% |
| EPS (₹) | 31.34 | 12.10 | +159.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹821.57 crore, compared with ₹831.83 crore at 31 March 2026, and total equity was ₹569.62 crore against ₹554.45 crore. Borrowings increased to ₹27.71 crore from ₹0.85 crore, while cash declined to ₹20.37 crore from ₹42.31 crore.
Inventories rose to ₹177.12 crore from ₹151.87 crore, trade receivables fell to ₹204.79 crore from ₹231.97 crore, and trade payables decreased to ₹145.47 crore from ₹193.73 crore. The H1 FY27 operating cash flow was negative ₹8.45 crore, compared with ₹42.07 crore in H1 FY26.
Investing cash flow was ₹2.01 crore in H1 FY27 against negative ₹7.57 crore a year earlier, while financing cash flow was negative ₹15.5 crore against negative ₹36.72 crore. Capital expenditure was ₹16.15 crore, compared with ₹15.67 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 821.57 | 831.83 |
| Total equity | 569.62 | 554.45 |
| Borrowings | 27.71 | 0.85 |
| Cash and equivalents | 20.37 | 42.31 |
| Inventories | 177.12 | 151.87 |
| Trade receivables | 204.79 | 231.97 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −8.45 | 42.07 |
| Cash from investing | 2.01 | −7.57 |
| Cash from financing | −15.50 | −36.72 |
| Capital expenditure | 16.15 | 15.67 |
Source: Company's results filing (XBRL).
How has Ador Welding done over the last 8 quarters?
Revenue has risen year on year in each of the last five quarters. It reached ₹344.74 crore in Q2 FY27, the highest level in the reported sequence, after rising from ₹309.46 crore in Q1 FY27 and ₹318.97 crore in Q4 FY26. The lowest quarterly revenue was ₹251.84 crore in Q1 FY26.
Net profit reached its highest reported level of ₹34.22 crore in Q4 FY26, but eased to ₹27.60 crore in Q1 FY27 and ₹26.94 crore in Q2 FY27. The lowest point was a loss of ₹3.95 crore in Q1 FY26, while the EBITDA margin peaked at 14.8% in Q4 FY26 before falling to 11.5% in Q1 FY27 and 10.9% in Q2 FY27.
What else did the company announce?
The board approved the unaudited consolidated and standalone results for the second quarter and half year ended 30 September 2026, along with the limited review report from BSR & Co. LLP. It declared an interim dividend of ₹7.50 per equity share for FY27, set 30 October 2026 as the record date and stated that payment would be made on or before 20 November 2026.
The company also filed an investor presentation on 22 October 2026 covering the Q2 and H1 FY27 results. The same-day filings did not announce a fund raise or any appointment.
What did Ador Welding's management say?
Management maintained a 12%-13% EBITDA-margin objective over the next 3-4 years and described approximately 36%-38% as the ideal gross-margin level. It expected gross margin to improve in Q3 FY27 as price increases and input-cost pass-through catch up. The CEO said, “Approximately 80% of the reason that you're seeing a gross margin dip has to do with quite severe inflation in costs across the board.”
Management said Q2 volume growth was approximately mid-teens and expected teen-level growth to continue in H2 FY27, while retaining its aggressive sales targets. It described the FY29 revenue aspiration of INR2,000 crore as broadly on track, subject to execution of the global strategy and automation initiatives.
Management stated that current-year capex was approximately INR30-35 crore, normal annual capex was INR35-40 crore, and INR60-70 crore could be spent for one or two years. It expected no major debt requirement or equity dilution. Exports represented 15%-20% of H1 revenue, while the Middle East contributed 80%-85% of exports.
Management identified steel, chemicals, electronics and logistics inflation, product-mix changes, growth spending, Middle East concentration and working-capital requirements as risks. It cited key-account penetration, a richer product mix, export diversification and automation-led growth as priorities, including robotics, cobots and Industry 4.0 capabilities.
How did Ador Welding shares react?
The stock was down 0.3% five minutes after the filing appeared in the market. On the reaction day, it fell 5.8% from the previous close of ₹1,480.0; by the next day's close, the cumulative decline from that pre-results close was 8.8%, and by five sessions it was 8.0%.
The Other Industrial Products sector's median stock fell 3.3% on the reaction day, 2.7% by the next day and 1.4% by five days. Ador Welding underperformed the sector median by 2.5 percentage points on the reaction day, 6.1 percentage points by the next day and 6.5 percentage points by five days.
Earlier reaction-day moves were mixed: Ador Welding rose 7.3% on 21 July 2026, fell 2.7% on 29 April 2026, rose 3.8% on 16 January 2026 and rose 12.4% on 15 October 2025. Earlier declines included 6.4% on 13 August 2025 and 9.6% on 24 January 2025.
| After the filing | Stock | Other Industrial Products median |
|---|---|---|
| 5 minutes | −0.3% | |
| Reaction day | −5.8% | −3.3% |
| Next day | −8.8% | −2.7% |
| 5 days | −8.0% | −1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 July 2026 | +7.3% |
| 29 April 2026 | −2.7% |
| 16 January 2026 | +3.8% |
| 15 October 2025 | +12.4% |
| 13 August 2025 | −6.4% |
| 6 May 2025 | +1.9% |
| 24 January 2025 | −9.6% |
| 5 November 2024 | −0.7% |
Source: MarketPing price-reaction measurement.
How did other Other Industrial Products companies do?
Twelve Other Industrial Products companies were compared for the quarter as of 4 November 2026. Their median revenue growth was 12.4%, below Ador Welding’s 22.6% growth. Seven peers grew more slowly than the company, while five grew faster.
Among the eight peers for which profit was compared, five reported higher profit. The comparison covered revenue growth across 12 peers and profit direction across eight peers.
| Ador Welding revenue growth (YoY) | +22.6% |
|---|---|
| Median of 12 other Other Industrial Products companies | +12.4% |
| Companies with slower revenue growth than Ador Welding | 7 of 12 |
| Companies with faster revenue growth than Ador Welding | 5 of 12 |
| Companies whose net profit rose | 5 of 8 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ador Welding's revenue in Q2 FY27?
Revenue from operations was ₹344.74 crore, up 22.6% from ₹281.09 crore in Q2 FY26 (consolidated).
Did Ador Welding make a profit in Q2 FY27?
Yes. Net profit was ₹26.94 crore, against a net profit of ₹25.01 crore in Q2 FY26.
What was Ador Welding's EPS in Q2 FY27?
Basic earnings per share were ₹15.48, against ₹14.37 in Q2 FY26.
How did Ador Welding shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.8% from the previous close; the median Other Industrial Products stock moved −3.3%.
When did Ador Welding announce its Q2 FY27 results?
On 21 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for The Board Meeting Of (BSE, 12 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 21 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 21 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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