Ador Welding Limited (ADOR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-31.9%

₹978.56

vs ₹1,436.20 price

Levered DCF

₹1,028.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.51

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.96×	24.63×	22.04×	21.11×	18.78×	-39.41×	9.65×	19.32×
P/B	2.8×	2.92×	5.26×	3.87×	3×	1.72×	1.02×	1.81×
P/S	1.36×	1.32×	1.77×	1.61×	1.28×	0.92×	0.48×	0.93×
EV / EBITDA	11.06×	13.27×	16.06×	14.05×	11.26×	111.98×	7.55×	11.16×
Gross margin	37.8%	28.5%	14.4%	18.2%	14.4%	10.9%	25.6%	23.6%
Operating margin	9.9%	8.2%	9.8%	10.1%	7.7%	2.5%	6.3%	7.1%
Net margin	7.2%	5.4%	8.1%	7.6%	6.8%	-2.3%	5.0%	4.8%
Current ratio	2.14×	2.56×	2.16×	2.36×	2.21×	1.61×	1.5×	1.8×
Debt / equity	0.01×	0×	0.12×	0.05×	0.01×	0.12×	0.34×	0.25×
Interest coverage	51.13×	20.2×	19.67×	20.61×	8.73×	1.63×	3.71×	3.43×
Dividend yield	2.2%	3.1%	1.2%	1.4%	0.0%	0.0%	8.5%	1.4%
Payout ratio	42.5%	76.9%	27.5%	28.7%	0.0%	0.0%	81.6%	27.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.8%	11.8%	23.9%	18.3%	16.0%	-4.4%	10.6%	9.4%
Return on invested capital	13.8%	12.2%	18.8%	16.9%	13.5%	3.0%	8.3%	7.4%
Return on assets	9.9%	8.7%	16.6%	13.1%	11.5%	-2.8%	6.0%	5.7%
Free cash flow yield	6.0%	6.5%	-0.4%	-0.1%	1.1%	17.1%	-3.3%	9.4%
Earnings yield	5.3%	4.1%	4.5%	4.7%	5.3%	-2.5%	10.4%	5.2%
Enterprise value	₹15.1B	₹14.5B	₹19.5B	₹12.6B	₹8.4B	₹4.2B	₹3.3B	₹5.1B
Net debt / EBITDA	-0.31×	-0.25×	0.35×	0.13×	-0.06×	3.23×	1.78×	0.83×
Cash conversion cycle (days)	53	65	82	84	60	82	116	119