ADOR

Current scenario - Revenue grew ~23% YoY to ₹345 crores in Q2 FY27, with H1 revenue also up 23% at ₹654 crores, supported by demand across infrastructure, power, oil & gas, and defense. - Gross margins dipped to 34.2% primarily due to severe input cost inflation (higher steel and raw materials) and product mix. - EBITDA grew 9% YoY for the quarter, and H1 EBITDA margin stood at 11.2%. Changes in trends - Steel prices saw ~7-8% increase QoQ, causing temporary margin pressure and a lag in price pass-throughs during Q2. - Exports remain strong, contributing 15-20% to H1 revenue, led primarily by the Middle East while evaluating European markets. Management Guidance & Outlook - Management aims to bring EBITDA margins back to the 12-13% level going forward through effective price pass-throughs. - The company remains on track toward its aspiration of reaching ₹2,000 crores in revenue by FY29. - Double-digit volume growth (+10%) is expected to continue into H2. Capex - Normal annual capex is ₹35-40 crores, but is expected to jump to ₹60-70 crores for FY27 and FY28 to support growth aspirations, funded internally without debt dilution.

- Ador Welding Limited has declared an interim dividend of Rs. 7.5 per equity share (75%) for the financial year 2026-27. - The record date for the interim dividend is Friday, 30th October, 2026. - The company issued communication to shareholders regarding Tax Deduction at Source (TDS) and withholding tax provisions on dividends. - Shareholders are required to submit relevant tax documents, declarations, or lower withholding certificates by 29th October, 2026.

- Ador Welding Limited informed the exchanges about the audio recording of the Analysts / Institutional Investors Meet held on 23rd October 2026. - The audio recording has been made available on the company website.

- Q2 FY27 Consolidated Revenue grew 22.6% YoY to ₹345 Cr; PAT rose 7.7% YoY to ₹27 Cr. - EBITDA increased 8.6% YoY to ₹38 Cr with EBITDA margin at 10.9%. - Declared an interim dividend of ₹7.50 per equity share. - Driving growth through exports, automation solutions, and specialized high-value products.

- Ador Welding Limited has fixed Friday, 30th October, 2026 as the Record Date for the purpose of determining the eligibility of members entitled to receive the declared Interim Dividend. - The declared Interim Dividend is Rs. 7.50/- per Equity Share for the financial year 2026-27.

- Ador Welding Limited announced that its Board of Directors at the meeting held on October 21, 2026, declared an interim dividend of Rs. 7.5 per equity share.

- Ador Welding Limited submitted financial results for the period ended September 30, 2026. - Detailed financial tables and performance numbers were not provided in the announcement text.

Concall Schedule Concall Date: 23 October 2026 Concall Time: 11:30 a.m. IST

- Ador Welding Limited informed about an order passed by the Hon'ble Bhiwandi Court on 13th October, 2026 in the BIS matter. - A fine of ₹34 lakhs was imposed under Section 357 of the Code of Criminal Procedure for contravention of Section 17(3) of the BIS Act, 2016. - The fine amount was paid on 13th October, 2026, and the order copy was received on 14th October, 2026. - The company stated there is no material impact on financials or operations.

- On September 21, 2026, the Nomination & Remuneration Committee approved the vesting of 6,625 Employee Stock Options under the 'Ador Employee Stock Option Plan 2025'. - The options vest on September 22, 2026, with an exercise price of ₹10 per share. - The first exercise window for these options is from October 26, 2026, to November 24, 2026. - Additionally, 3,000 options lapsed due to employee resignations, and an amendment to Clause 3.3 of the plan was approved.

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- Mr. Vinayak M. Bhide has been redesignated as Chief Compliance Officer and Company Secretary due to internal restructuring. - Ms. Pradnya Nitin Iyer has been appointed as the Head - HR, effective August 13, 2026. She brings 26 years of experience across various HR functions.

- Mr. Surya Kant Sethia resigned from the position of Chief Financial Officer (KMP), effective August 14, 2026. - The Board approved the appointment of Mr. Krishnamurthy Suryanarayan as the new Chief Financial Officer (CFO) & Head - Strategy, effective August 15, 2026.

- Mr. Surya Kant Sethia resigned as CFO and KMP, effective August 14, 2026. - Mr. Krishnamurthy Suryanarayan was appointed as the new CFO & Head - Strategy and KMP, effective August 15, 2026.

- All 8 resolutions at the 73rd Annual General Meeting held on July 23, 2026, were passed by shareholders with requisite majority. - Key resolutions included the adoption of Audited Financial Statements, declaration of dividend for FY2026, re-appointment of directors, and approval of remuneration for the Cost Auditor, Executive Director, and Non-Executive Directors.

- 73rd Annual General Meeting (AGM) held on July 23, 2026 for FY 2025-26. - Adopted Audited Financial Statements (Standalone & Consolidated) for FY 2025-26. - Board recommended a dividend of ₹23 per equity share (230%) for FY 2025-26. - Re-appointed Mr. Ravin A. Mirchandani as Director and Mr. Aditya T. Malkani as Managing Director. - FY26 saw improved profitability with EBITDA over ₹133 Cr, PBT nearly ₹111 Cr, and PAT ₹83 Cr. Outlook for FY27 is optimistic.

- The 73rd AGM for FY 2025-26 was held on July 23, 2026.- Shareholders adopted financial statements and approved a record dividend of ₹23 per equity share (230%).- The company reported improved profitability for FY26 and expressed an optimistic outlook for FY27.

- Consolidated Revenue ₹30,946 lakhs vs ₹25,184 lakhs (▲22.80% YoY) - EBITDA ₹3,571 lakhs vs ₹(440) lakhs (turned positive from negative YoY) - PAT ₹2,760 lakhs vs ₹(395) lakhs (turned positive from negative YoY) - EBITDA Margin 11.54% vs -1.75% (significant expansion) - Ongoing regulatory issue with Bureau of Indian Standards (BIS) regarding an alleged offense, involving a potential compounding amount of ₹3,643 lakhs, currently under re-assessment by the Appellate Authority. - Noted past project delays and provisions for cost overruns in a turnkey project due to operational and external challenges, with efforts to optimize costs and timelines ongoing.

- Mr. Vinit Mangrulkar has been appointed as the VP – Sales, effective July 9, 2026. - He brings over 30 years of experience in industrial bearings and power transmission, with a proven track record of driving business growth.

- Board recommended a final dividend of 230% (Rs. 23 per equity share of face value Rs. 10) for FY 2025-26. - The Record Date for determining eligibility for the final dividend is Thursday, 16th July, 2026.

- 73rd Annual General Meeting (AGM) of Ador Welding Limited is scheduled for Thursday, July 23, 2026, at 11:30 AM (IST) via Video Conferencing. - The web-link for the Annual Report for FY 2025-26 has been provided to shareholders. - Shareholders are reminded to update their KYC details as per SEBI regulations.

- Notice of 73rd Annual General Meeting (AGM) for FY 2025-26 to be held on Thursday, 23rd July, 2026 at 11:30 AM (IST) via Video Conference. - Board recommended a dividend of ₹23/- per equity share, subject to shareholder approval. - Re-appointment of Mr. Aditya T. Malkani as Managing Director for 3 more years. - Re-appointment of Mr. Ravin A. Mirchandani as Director and ratification of Cost Auditor for FY 2026-27.

- Board recommended a dividend of Rs. 23.00 per equity share (230%) for FY 2025-26, pending AGM approval on July 23, 2026. - Record date for dividend is July 16, 2026. - Tax (TDS) will be deducted; shareholders must submit relevant documents by July 03, 2026.