Ador Welding Ltd. Share Price

Ador Welding has informed that the meeting of the Board of Directors of the Company was held today on Tuesday, 21st July, 2026, which commenced at 12:00 Noon and concluded at 3:00 PM. In the said meeting, the Unaudited Financial Results (Standalone & Consolidated) of the Company for the first quarter ended 30th June, 2026 were approved, amongst other things. The company has enclosed the following: a. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a copy of Unaudited Financial Results (Standalone & Consolidated) for the first quarter ended 30th June, 2026. b. Copy of the Limited Review Report received from the Statutory Auditors, BSR & Co. LLP, Chartered Accountants, in respect of the said Unaudited Financial Results (Standalone & Consolidated) for the first quarter ended 30th June, 2026. The aforesaid results shall be uploaded onto the website of the Company at www.adorwelding.com & extract of the same shall be published in the Newspapers as well.

The above information is a part of company’s filings submitted to BSE.

Zetwerk Manufacturing Businesses

• Zetwerk Manufacturing Businesses is coming out with a 100% book building; initial public offering (IPO) of 34,24,95,665 shares of face value Rs 1 each in a price band Rs 143 - 151 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on October 15, 2026 and will close on October 19, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 143 times of its face value on the lower side and 151 on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financia, HSBC Securities and Capital Markets (India) and Pantomath Capital Advisors. 
• Compliance officer for the issue is Mania Sarkar. 

Profile of the company

Zetwerk Manufacturing Businesses is a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally. It aggregates manufacturing capacity across a network of third-party suppliers and its own facilities into a ‘universal factory’, unified through Zetwerk OS, its proprietary technology backbone. Its customers range across sizes, from innovative startups to mature companies, and across industries, including utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas, and industrial automation.

Some of its customers include Siemens Gamesa, Acer India, boAt, NextPower (formerly Nextracker), CG Power and Industrial Solutions, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO (Electronics & Radar Development Establishment (LRDE)), National Aluminium Company, Indian Oil Corporation, Mortenson, Nordex Acciona, Indian Air Force, and Numaligarh Refinery. Third-party suppliers with whom it works have capabilities in manufacturing processes, including sheet metal stamping, metal fabrication, injection moulding, extrusions, assembly, die casting, forging, grinding and machining, and span several countries, including industrial geographies such as India, Vietnam, Thailand, Taiwan, Germany, Spain, Eastern Europe, Mexico and the USA. 

Proceed is being used for: 

• Repayment/prepayment, in part or full, of certain of or all of borrowings availed by: (a) the company and (b) certain of its subsidiaries through investments in such subsidiaries, namely; Sharp Tanks and Structurals Private Limited; Terra91 International Private Limited; Smile Electronics Limited; Kryfs Power Components Limited; Kryfs Transformers Private Limited; Unimacts Global LLC; Zetwerk Manufacturing SG Pte. Ltd.; Zap91 Solar India Private Limited; and Zet Town India Private Limited
• Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes

Industry overview

India’s manufacturing sector has expanded over the past decade. As of CY2024, India’s manufacturing GVA stood at Rs 41.68 trillion ($490.40 billion), compared to Rs 26.11 trillion ($307.21 billion) in CY2014, reflecting a CAGR of around 4.79% over the period. During the same timeframe, global manufacturing GVA grew at a CAGR of around 2.86%, indicating a comparatively higher growth rate (around 1.7 times) for India relative to the global average. India’s manufacturing profile has expanded beyond assembly-led activities toward greater domestic production of components and intermediate goods, supported by policy initiatives such as the Phased Manufacturing Programme (PMP) and the Production Linked Incentive (PLI) scheme, which have increased domestic value addition. In addition, global firms are diversifying their production bases as part of broader supply-chain strategies, with India emerging as one of the destinations across sectors such as electronics, automotive, and renewables.

Government push and favourable policy environment - A multi-year policy-led capital-expenditure cycle is driving renewed manufacturing activity across industries. PLI schemes covering 14 industries including electronics, automotive, and renewables have attracted cumulative commitments exceeding Rs 1.97 trillion ($26.00 billion) as of CY2025, with over Rs 1.88 trillion ($22.50 billion) in realised investments and 2.10 million jobs created. The National Infrastructure Pipeline (NIP) has attracted investments worth Rs 31.10 trillion ($365.88 billion) during CY2020-CY2025 across energy, transport, and industrial parks. Thermal power installed capacity in India expanded at a CAGR of around 1% between FY2021 and FY2026, growing from 234.73 GW in FY2021 to 249.27 GW in FY2026 and estimated to grow further to 315.91 GW in FY2033. Industry average lead times for power transformer manufacturing range from 30-36 months in India to 36-42 months in the United States, reflecting the extended procurement cycles associated with energy infrastructure expansion in both markets. Make in India and Atmanirbhar Bharat initiatives have driven localisation and MSME participation, with electronics manufacturing growing from Rs 5.47 trillion ($64.30 billion) in FY2020 to Rs 11.30 trillion ($132.94 billion) in FY2025. India also implemented over 3,000 regulatory reforms from FY2015 to FY2020, improving its World Bank Ease of Doing Business ranking from 142nd in CY2014 to 63rd in CY2020.

Pros and strengths 

Unique business model enables to serve multiple demand pools and makes resilient across economic cycles: Its end-to-end manufacturing platform, powered by its proprietary Zetwerk OS, transforms fragmented capacity across 6,979 third-party suppliers in 26 countries, including India, and its 26 manufacturing facilities across four countries, including India, in Fiscal 2026, into a unified network that allows it to serve multiple industries, manufacture diverse product types, and operate across geographies reliably and at scale. Its platform initially relied on India-based demand and supply, capex-related products, third-party suppliers, and build-to-print manufacturing with less industry focus. It has since broadened its capabilities to include revenue from both Indian and international markets; revenue linked to both customers’ capex and opex budgets; and both build-to-print and ODM manufacturing, while adding geographic breadth by diversifying its supplier base to include countries such as the USA, Mexico and Vietnam, to increase its ability to hedge against geopolitical risks. 

Deep relationships with customers driving higher revenue visibility and stickiness: Many of its customer relationships evolve from single order engagements to multi year contracts. This is demonstrated by the Revenue from Repeat Customers in its Manufacturing Business which was 89.26% in the three months period ended June 30, 2026, 95.36% in the three months period ended June 30, 2025, 80.15% in Fiscal 2026, 84.80% in Fiscal 2025 and 78.11% in Fiscal 2024. Its customer retention is reflected in its Fiscal 2023 to Fiscal 2026 median NRR of 128.85% (NRR stood at 175.49% in Fiscal 2023, 137.46% in Fiscal 2024, 87.13% in Fiscal 2025 and 120.24% in Fiscal 2026). 

Ability to add value-additive ecosystem services to its manufacturing platform: The unified, technology-first design of its manufacturing platform supports the addition of new value added services on top of its core manufacturing capabilities. This ecosystem of services strengthens its customer proposition by addressing structural gaps in the manufacturing ecosystem, unlocking capabilities that individual customers cannot access on their own. Through its Ecosystem Business segment, under the Terra91 brand, it consolidates material demand across customers and suppliers to negotiate directly with raw material suppliers. This aggregated buying power enables more efficient procurement, better pricing and higher input quality in ways not typically available to individual suppliers or customers. Bulk purchase arrangements and pre negotiated terms also reduce sourcing time. Furthermore, direct relationships with material producers allow it to specify material requirements, conduct quality checks, and prevent defects later in the manufacturing process.

Comprehensive and institutionalised risk management framework with protection against external risks: It has established a comprehensive and institutionalised risk management framework to mitigate key business risks, including raw material price volatility, foreign exchange exposure, counterparty risk, and supplier-related risks. Its diversified business model spanning multiple geographies and industries acts as a natural hedge against sector-specific downturns. It proactively hedges key raw materials such as aluminium, zinc, copper, lead and other inputs where it has direct purchase exposure and exchange-traded hedging instruments are available, limiting the impact of adverse commodity price movements on its cost base. As its scale has increased, it has negotiated more favourable terms with key suppliers, several of whom now assume responsibility for their underlying raw material price risks. This enhances the predictability of input costs, strengthens supplier partnerships, and reduces its need for direct hedging in certain categories. In addition, its contracts typically include price variation clauses that allow tariff and material cost changes to be passed through to customers.

Risks and concerns

Dependence on key suppliers and supply chain risks: Its arrangements with its suppliers are primarily based on purchase orders, which are typically short-term in nature, without fixed long-term commitments. It selects suppliers based on factors including technical capability and certifications, historical quality, on-time performance, cost competitiveness, geographic considerations and risk factors such as concentration, tariffs, and logistics exposure. Its top 10 suppliers contributed 40.71%, 37.59%, 38.18%, 39.59% and 36.87% of its total expenses for continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. Any disruption in the supply or quality from these suppliers could adversely affect its business, results of operations, financial condition, cash flows, and reputation.

Revenue depends on retaining customers and securing repeat orders: Its growth depends on expanding and retaining its network of customers. Its agreements with Manufacturing Business customers include orders spanning multiple years with volume and price commitments; individual purchase orders; and recurring orders based on annual forecasts. It typically contracts with customers through short-term purchase orders, which set out standard terms of sale, specification requirements, and pricing policies. Its top 10 customers accounted for 29.39%, 34.26%, 35.90%, 26.89% and 22.37% of its revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. If it fails to retain or expand its network of customers its business, financial condition, cash flows and results of operations may be adversely affected.

Dependence on third-party logistics providers: The company relies on external logistics contractors to deliver its raw materials and products. In many of its arrangements, its customer or supplier is responsible for the delivery and logistics for its products, although in certain cases, it is responsible for arranging delivery. As it does not control its third-party freight and transportation providers, it could be subject to transportation strikes that could disrupt supplies and deliveries to and from its customers and suppliers. Delays in the delivery of raw materials and products or a failure to deliver its products efficiently and reliably could adversely impact its customer relationships. Any compensation received from insurers or third-party transportation providers may be insufficient to cover the cost of delays and may not be able to repair the damage to its relationships with affected customers. Disruptions could adversely affect its business, results of operations, financial condition and cash flows.

Revenue is concentrated in India and the United States: The company derives a significant portion of its revenue from operations from India and the USA. Its revenue from operations - continuing operations from India accounted for 83.53%, 77.29%, 82.54%, 79.41% and 75.43% and its revenue from operations - continuing operations from the USA accounted for 12.77%, 20.44%, 14.33%, 19.09% and 21.54% of its revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, Any adverse economic or regulatory changes that negatively affect the demand for its products in India and the USA could adversely affect its business, financial condition, cash flows and results of operations.

Outlook

Zetwerk Manufacturing Businesses and its subsidiaries are engaged in manufacturing of different industrial goods and consumer goods like fabricated steel structures, precision components, electronics products, defence products etc. Its manufacturing capabilities help customers reduce costs of existing and new production parts, optimize the number of suppliers and execute high-quality production faster. On the concern side, it competes with many providers of manufacturing services and raw materials procurement and trading. Some of its competitors have greater financial, manufacturing, trading, and marketing resources, and many have broader international footprints. It may also face competition from large manufacturers and commodity traders that currently sell, or may begin to sell, their manufacturing or raw materials procurement and trading services. Further, it also faces competition from the manufacturing operations of its current and future customers, who are continually evaluating the merits of manufacturing products internally against the advantages of outsourcing to third-party providers

The issue has been offering 34,24,95,665 shares in a price band of Rs 143-151 per equity share. The aggregate size of the offer is around Rs 4,897.69 crore to Rs 5,171.68 crore based on lower and upper price band respectively. Minimum application is to be made for 99 shares and in multiples thereof thereafter. On performance front, its total income increased by 40.10% to Rs 161,006.32 million in Fiscal 2026 from Rs 114,922.28 million in Fiscal 2025. The company reported a net loss of Rs 16,061.71 million in Fiscal 2026, compared with net loss of Rs 3,707.08 million in Fiscal 2025.

Going forward, it intends to continue onboarding new suppliers to broaden its manufacturing capabilities and expand its geographic footprint. In parallel, it will deepen relationships with high-performing suppliers by increasing order allocations and integrating them further into Zetwerk OS. This strategy aims to enhance the capabilities and digital integration of its supplier base, improving quality, pricing, and delivery timelines for customers. This expansion will enable it to enter new industries, increase its resilience across economic cycles and strengthen its multi-country blending approach to optimise for speed, tariffs, logistics costs and customer proximity.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, Sigma Advanced Systems has informed that it enclosed the Press Note with the title: ‘Sigma Advanced Systems and Munitions India Limited Join Hands to Advance Indigenous Course-Correction Technology for 155 mm Artillery Ammunition’.

The above information is a part of company’s filings submitted to BSE.