Waya initiates coverage on Ador Welding Ltd. with a BUY recommendation. Waya expects an upside of 42% in 1 year and sets a target price of ₹1,532

Ador Welding is one of India’s leading welding companies, making welding electrodes, wires, fluxes and welding machines used across infrastructure, railways, oil & gas, shipbuilding, defence and manufacturing. With a legacy of over 70 years, Ador is a trusted brand in the organised welding market and serves customers across India and 40+ export countries.

The company is showing a clear turnaround with improving profitability and cash flows. FY25 operating cash flow rose sharply to ₹137 crore, margins improved in H2, and the balance sheet remains largely debt-free. Ador is shifting its focus toward higher-margin consumables, automation solutions and exports, which should support better earnings stability.

Waya believes Ador Welding is well-placed for long-term growth, driven by India’s infrastructure and defence capex cycle, rising automation in manufacturing and gradual margin recovery over the next few years.