Ador Welding Q2 FY27: net profit up 7.7% to ₹27 crore, income up 22.5%
Earnings
Capital Goods
Blacklitt Research5 min read
Ador Welding (NSE: ADOR) reported consolidated net profit of ₹26.94 crore for the quarter ended 30 Sep 2026, up 7.7% from ₹25.01 crore a year earlier, on total income of ₹349.55 crore, up 22.5%. Standalone net profit was ₹26.68 crore, up 4.1%, on total income of ₹349.00 crore, up 22.6%.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹349.55 crore, up 22.5% from ₹285.41 crore in Q2 FY26.
Net profit: ₹26.94 crore, up 7.7% from ₹25.01 crore; down 2.4% from ₹27.60 crore in Q1 FY27.
EPS: ₹15.48 basic, against ₹14.37 a year earlier.
Tax as a share of profit before tax: 25.9%, against 25.7%.
Standalone
The company on its own, without its subsidiaries
Total income: ₹349.00 crore, up 22.6% from ₹284.73 crore.
Net profit: ₹26.68 crore, up 4.1% from ₹25.62 crore.
EPS: ₹15.33 against ₹14.72.
Interim dividend: ₹7.50 a share, record date 30 Oct 2026.
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
349.55
285.41
+22.5%
316.48
+10.4%
Revenue from operations
344.74
281.09
+22.6%
309.46
+11.4%
Other income
4.81
4.32
+11.3%
7.02
-31.5%
26.94
25.01
+7.7%
27.60
-2.4%
Finance costs
1.17
0.63
+85.7%
0.81
+44.4%
Depreciation
4.98
4.77
+4.4%
4.99
-0.2%
Tax expense
9.44
8.66
+9.0%
9.33
+1.2%
Net profit margin
7.71%
8.76%
-1.06 pp
8.72%
-1.01 pp
Tax as share of profit before tax
25.95%
25.72%
+0.23 pp
25.26%
+0.68 pp
EPS (₹)
15.48
14.37
+7.7%
15.86
-2.4%
Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.
Costs grew faster than income. Total expenses rose 24.4% to ₹313.17 crore, against total income growth of 22.5%, so profit before tax rose only 8.0% to ₹36.38 crore. The filing does not explain the cost growth.
Trade receivables fell to ₹204.79 crore at 30 Sep 2026 from ₹231.97 crore at 31 Mar 2026, while inventories rose to ₹177.12 crore from ₹151.87 crore. Consolidated cash and cash equivalents were ₹20.37 crore, against ₹42.31 crore at the March year-end. Current borrowings rose to ₹27.71 crore from ₹0.27 crore, and finance costs for the quarter were ₹1.17 crore, against ₹0.63 crore a year earlier.
Operations used cash in the half year. Net cash used in operating activities was ₹8.45 crore, against ₹42.07 crore generated a year earlier, as trade payables fell ₹47.38 crore. Capital spending on property, plant and equipment was ₹16.15 crore. The company paid ₹40.03 crore of dividends and drew ₹27.00 crore of new borrowings, and cash fell ₹21.94 crore over the half year.
The quarter and the half year show no exceptional items. The year to 31 Mar 2026 carried ₹2.75 crore of consolidated exceptional cost from the new Labour Codes and, on a standalone basis, ₹8.31 crore, including a ₹5.56 crore impairment of an inter-corporate deposit given to a wholly owned subsidiary. BSR & Co. LLP gave an unmodified review conclusion on the consolidated results. The auditor relied on another firm's review of one subsidiary, and its conclusion is not modified on that point. The filing does not mention a change of auditor.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
349.00
284.73
+22.6%
315.65
+10.6%
Revenue from operations
344.20
280.00
+22.9%
308.63
+11.5%
Other income
4.80
4.73
+1.5%
7.02
-31.6%
26.68
25.62
+4.1%
27.35
-2.4%
Finance costs
1.17
0.63
+85.7%
0.81
+44.4%
Depreciation
4.95
4.74
+4.4%
4.97
-0.4%
Tax expense
9.17
8.66
+5.9%
9.21
-0.4%
Net profit margin
7.64%
9.00%
-1.35 pp
8.66%
-1.02 pp
Tax as share of profit before tax
25.58%
25.26%
+0.32 pp
25.19%
+0.39 pp
EPS (₹)
15.33
14.72
+4.1%
15.72
-2.5%
Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.
Standalone net profit was ₹26.68 crore, ₹0.26 crore below the consolidated figure. The filing does not explain that gap.
The board declared a special interim dividend of ₹7.50 a share (75% of the ₹10 face value) for FY27, to mark the 75th anniversary of the company's incorporation. The record date is 30 Oct 2026 and payment is due on or before 20 Nov 2026. The filing does not state the total cash outlay.
Consolidated basic EPS was ₹15.48 for the quarter, against ₹14.37 a year earlier, while the quarter's cost growth was faster than income growth. The special interim dividend of ₹7.50 a share is payable to shareholders on the 30 Oct 2026 record date.
The filing does not say whether the cost growth will continue, and it gives no outlook for the second half. The next dated steps are the record date on 30 Oct 2026 and the payment date of 20 Nov 2026.
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