(AWL) is India’s leader in the field of Welding Products, Technologies & Services. Over the last 50 years, company is supplying its products for many sectors continuously. Ador Welding Ltd, formerly known as Advani-Oerlikon Limited (AOL) was incorporated in the year 1951 by JV Advani & Company in collaboration with Welding Industries Oerlikon-Buhrie Ltd, Switzerland. Ador Welding has ISO-14001:2004 certification for all consumable plants. It has also received the ISO-9002 certification for its 100% EOU. In India's welding history, Ador Welding Ltd. holds a unique position as a pioneer and leader having grown both in strength and technology to be able to cater to complex requirements in welding projects not only in India but the world over. Ador Welding Ltd's leadership in the welding industry stems from prudent investments that have been made over the years in setting-up and consolidating multiple centers for varied activities - research & development, manufacturing, quality assurance, technology up-gradation, marketing and distribution. Every center of activity is reviewed from time to time not only for expansion plans to meet growing demands but more importantly, for investments in modernization programs covering state-of-the-art-machinery and the latest processes. It’s 26 sales offices and 8 field offices supported with superior technical & service expertise, along with well established Authorized Distributors and Authorized E-Dealers, enables the company to have a wide reach besides ensuring good delivery schedules and customer services. Company’s Center for Welding Excellence at Mumbai, serves the entire welding fraternity in terms of knowledge, technology up-gradation & hands-on skill training. Company has successfully built a brand that is recognized for Quality & Services in over 40 Countries today. Company has a strong market presence in areas like the Middle East, South East Asia & Africa.

Products & Services—

Ador Welding Limited is in the business of welding consumables, welding and cutting related products and services. With six manufacturing plants, a comprehensive distribution & highly acclaimed Center for Welding Excellence CWE, AWL continues to provide the highest level of Customer Satisfaction. The Project Engineering Division (PED) is also gaining strong repute in providing world class Environmental Engineering products & Welding Automation Systems. Company offers a welding package, which includes a wide variety (over 200 types) of electrodes, fluxes, flux-cored wires and special customized electrodes. Company also has two R&D centers at Bhandup and Chinchwad. An effective & efficient team of professionals whose experience in manufacturing processes is among the finest in the industry coordinates the production activities of company plants spread across the country.

Ador Welding Limited is India's leading manufacturer of welding consumables. It cover the need of a whole range of industries such as: Steel industry, petro chemicals, fertilizer plants, hydro electric and thermal power plants, nuclear power plants, ship building and heavy machinery, steel, ship-building, defense, power, automobile, general fabrication and engineering industries etc. Company manufactures welding consumables like stick electrodes, wires, fluxes, customized consumables of different grades and specifications. In Welding equipment it manufactures— AC arc welders, welding rectifier sets, welding motor generator, MIG/MAG welding outfits, TIG welding outfits, submerged arc welding outfits, diesel engine welding sets etc. In cutting products it have right cut, cutting accessories and plasma cutting outfit. It also manufactures welding accessories and spares like wire feeders, torches etc. Company has international technology and marketing alliances with companies like Andon international, GBA flare systems (US/UK), H. A. Schlatter AG (Switzerland), Jetline engineering inc. (USA), Koike sansc kogyo co. ltd. (Japan), Optrel AG (Switzerland), Polysoude (France), Railtech Schlatter systems (France), Translas Tipworks (Holland) etc.

Valuation—

With Strong GDP growth and revival in the engineering sector, company is poised to do well in the quarters to come. At CMP, Stock is trading at 9.47 P/E multiple of its FY2011 estimated earnings. We recommend investors to “BUY” “Ador Welding Limited” for medium to long-term investment horizon.