ADOR

AWL/SEC/SE/2026-27/32 21st July, 2026 BSE LTD. NATIONAL STOCK EXCHANGE OF INDIA LTD. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, 1st Floor, Dalal Street, Bandra-Kurla Complex Fort, Mumbai – 400 023 Bandra (East), Mumbai - 400 051. Company Scrip Code: 517041 Company Symbol: ADOR Dear Sir/Madam, Sub: Investor Presentation We are enclosing herewith a copy of Investor presentation on the Unaudited Financial Results (Standalone & Consolidated) for the first quarter ended 30th June, 2026. The aforesaid presentation will also be uploaded onto the website of the Company at www.adorwelding.com We hereby request you to make a note of it and acknowledge its receipt. Thanking you, Yours Sincerely, For ADOR WELDING LIMITED VINAYAK M. BHIDE COMPANY SECRETARY Encl.: As Above ADOR WELDING LIMITED Regd. & Corporate Office: Ador House, 6, K. Dubash Marg, Fort, Mumbai - 400 001 – 16, Maharashtra, India. +91 22 6623 9300 I www.adorwelding.com 1800 233 1071 I care@adorians.com I +91 20 40706000 | CIN: L70100MH1951PLC008647 Creating the Best Welding Experience Investor Presentation ADOR WELDING LIMITED July 2026 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ador Welding Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable. However, the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. Creating the Best Welding Experience 2 Ador at Glance 30,000 850+ 5 90,000 MT Welding Power Sources Capacity / Employees Manufacturing Units Consumables Capacity / Per Year Per Year R&D Centre (Recognised by Govt. of India) 15+ 31,235 • Accredited Laboratory as per ISO17025 Countries Pincodes Served in India Team of 38 researchers with 1,000+ Case studies • NPCIL (Nuclear Power Corporation of India Limited) Approvals Vision Mission Values Creating the best welding experience To be India's No. 1 welding company Customer experience, trust, performance Creating the Best Welding Experience 3 75 Years of Creating the Best Welding Experience 1951 1982 1967 JV with Oerlikon Buhrle Advani Oerlikon Govt. 1955 AG, Switzerland — Exports commence to Higher Secondary India's 1st welding Welding School set up Middle East, Africa & School set up, Birgaon, manufacturer at Bhandup Southeast Asia Raipur 1952 1962-63 1974 1986 1st electrode plant Electrode plant (Raipur) Ador Fontech Limited Listed on the Bombay established in Bhandup, & equipment plant established Stock Exchange Mumbai (Pune) begin production 1992 2003 2024 2010 Bengaluru consumables Renamed from Advani- Ador Fontech —M&R plant becomes Oerlikon to Ador In-house R&D units set Division merger operational Welding Limited up in Pune & Silvassa completed 1995 2004 2022 2026 ISO 9001 across all Consumables plant in International Business & 75 Years of Creating the plants; NSE listing; Ador Silvassa begins Tech Support relocated Best Welding Powertron demerger operations to Dubai Experience Creating the Best Welding Experience 4 Global Company with Roots in India GLOBAL FOOTPRINT 15+ Countries Served Worldwide PRESENCE ACROSS • North America • South America • Europe • Middle East & Africa • Central & South Asia Ador International • Australia Dubai, UAE (JAFZA) Ador’s international sales & distribution office, driving business across 15+ countries. • Serves Agriculture, Oil & Gas, Cross Country Pipeline, Shipyards, Structural & General Fabrication, Overlay Cladding • Team strength: 15 Creating the Best Welding Experience Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness 5 Manufacturing Units 1.2mn 5 sq. ft. Facilities MANUFACTURING FOOTPRINT ACROSS INDIA 3 Welding Consumables Facilities Raipur Silvassa Bengaluru 1 Welding Equipment & Automation Facility Pune 1 Maintenance & Repair Facility Nagpur Creating the Best Welding Experience 6 Product Range - Offerings Welding Welding & Cutting Industrial Welding & Cutting Consumables Equipment M&R Automation Stick Electrodes MMA / MIG / TIG / Wear Resistance Products Robotic Systems Submerged Arc Filler Metals Repair & Reclamation Automation Lines Advanced Synergic Services Equipment Custom Solutions Submerged Arc Thermal Spray Products & Services Plasma & Gas Cutting 90,000 MT/yr* 30,000 Units/yr* Critical Sectors Industry 4.0 Creating the Best Welding Experience *Capacity per annum 7 Welding Consumables & Equipment WELDING CONSUMABLES WELDING EQUIPMENT THE RANGE INCLUDES MAIN POWER SUPPLY OPERATED ARC WELDERS A wide range of machines for all arc welding applications including: E Welding Electrodes SMAW GTAW GMAW FCAW SAW F Filler Metals S Submerged Arc ALSO INCLUDES Welding machines range from 200 - 1200 Amp and cover various industry • Diesel Engine Operated Welding needs including light to heavy Generators (SMAW, FCAW) fabrication and cutting • Motor Generator type SMAW Welders • Battery Operated Eco-friendly SMAW Welder • Industrial Gas Equipment for Oxy-fuel Cutting and Welding • Personal Protective Equipment • Welding Accessories Creating the Best Welding Experience 8 Industrial Maintenance & Repair (Products & Services) PRODUCT PORTFOLIO INCLUDES: Complete range of products/ solutions for • Low Heat Input Welding Alloys Maintenance & Repair across industries such as Cement, Defence , Fertilizer & Chemical Industries, • Cobalt & Nickel Based Alloys Mining, Oil & Gas, Power, Railways, Steel, Sugar • Reclamation Services and Wear Parts & Components Industry and all other Engineering Industries • Flares & Process Equipment • Flux Cored Arc Welding Wires • Tubular Electrodes • Composite Wear Plates • Wear-resistant Tiles, Refractory Compounds & Solutions Creating the Best Welding Experience 9 Welding & Cutting Automation Products Design, supply and install special purpose automation systems S G N Seamless Welding Standard Products like I CNC Cutting Plasma and R Automation System Columns & Booms, Rotators, Special Purpose Machines hand-held machines E Integration and Positioners F F O Creating the Best Welding Experience 10 Multiple Collaborations Hypertherm ITW Welding India Liburdi Dimetrics Ador is the Master Distributor for Partner for Miller Key Products Strategic Partner for Orbital Welding Hypertherm Air Plasma Cutting System Technologies in India The collaboration brings Miller’s advanced welding solutions to India Hypertherm is a leading manufacturer The collaboration brings Liburdi Dimetrics of plasma cutting systems, waterjet, globally proven orbital welding technologies to and laser cutting equipment for Submerged Arc Welding India. industrial applications (Twin, Tandem & Multi-Wire Systems) This partnership introduces efficient High Amp MIG Welding Solutions Orbital Welding Systems plasma cutting solutions to India while leveraging Ador's extensive network Focused on building industry capabilities, we High-Precision Automated Welding Solutions and infrastructure for superior end- serve as a key partner to India’s Infrastructure, user support Gas Turbine Repair & Specialized Welding Shipbuilding, and Oil & Gas sectors Technologies Driving high-quality, repeatable, and automation- led welding solutions for the Power, Nuclear, Oil & Gas, and Shipbuilding industries Creating the Best Welding Experience 11 Industries We Serve Automotive Infrastructure Oil & Gas Railways Thermal Ship Building Cement Hydro Power Heavy Defence Wind Power Nuclear Power Fabrication Creating the Best Welding Experience 12 New Product Introduction EQUIPMENT EQUIPMENT AUTOMATION AUTOMATION Strategic Collaboration with Miller – Submerged Strengthening Robotic Equipment Portfolio – CNC Bevel Cutting & H2 Cutting Solutions Customised Automatic Solution – Ador Xlogic Arc Product Solutions for Power, Structural, Champ Multi 400/500R, Champ Pulse available for customer experience Welding Cell Shipbuilding etc. 400/500iR CONSUMABLES CONSUMABLES AUTOMATION AUTOMATION Strengthening product portfolio with NPCIL- Expanding High Alloy and Nickel Base Product Launched Axbot 101 as a Standard Advance Customised Laser Welding Robotics Solutions approved products for nuclear application Portfolio for Critical Welding Applications Cobotic Solution Creating the Best Welding Experience 13 Brand Initiatives Creating the Best Welding Experience 14 Approvals & Certifications • CII Industrial Innovation Award 2025 Recognised among India’s Top 100 Innovative Companies • ISO 9000 series certification for quality • Ador’s Silvassa plant has been awarded the standards for all manufacturing plants GreenCo Silver Rating by the CII–Sohrabji • India’s Best Design Project 2025 indicating consistency of manufacturing Godrej Green Business Centre For RHINO-E- India’s 1st 200A Battery processes and Quality Assurance Procedures. Operated Welding Machine • This recognition highlights our commitment • Products have approvals from reputed towards sustainable manufacturing practices, engineering consultants and are certified by energy efficiency, and environmental • Forbes Asia – “Best Under a Billion” leading international inspection agencies. responsibility Recognised among the Top 200 Small & Mid-Sized Companies in Asia 2011 & 2012 Creating the Best Welding Experience 15 Industry Structure & Growth Outlook India’s welding industry – integral to the manufacturing & infrastructure ecosystem KEY INDUSTRY TAKEAWAYS GROWTH OPPORTUNITIES Core to India's Manufacturing Ecosystem Rising Demand The welding industry remains integral to India's manufacturing Growing demand for high-performance, technology-driven base, supporting infrastructure, engineering, automotive, railways, welding solutions defence, shipbuilding, energy and construction Automation & Robotics Resilience Amid Global Headwinds Increasing adoption of smart manufacturing is driving Despite geopolitical tensions and supply chain disruptions globally, growth in automation and robotics India maintained strong growth momentum in the sector Aftermarket Services Expansion Robust Underlying Demand Opportunities are expanding across repairs, maintenance, Demand remained strong across welding consumables, equipment and spares and automation solutions Government Policy Support Shift Toward Advanced Technologies Continued policy support for domestic manufacturing and A clear shift is underway toward robotic welding, digital power BIS compliance is a tailwind for the sector sources, mechanized systems and laser applications Skilled Workforce Availability Advantage to Organized Players Availability of a skilled workforce continues to support Companies with strong technical capabilities and nationwide reach industry growth are well positioned to capture this growth opportunity Creating the Best Welding Experience 16 Board of Directors Ninotchka Malkani Dr. Deep Ashda Lalvani Navroze S. Marshall Nagpal Non-Executive Director Non-Executive & Independent Director Executive Chairman s • MBA, Manchester Business School, UK; Honorary Doctorate • B.Sc. Chemical Engg., Carnegie Mellon; MBA, IMD, Switzerland r o (2019) • Managing Director, Simmonds-Marshall Ltd. since 2003 t • 24+ yrs experience; Chairman, J B Advani & Co. Pvt. Ltd. c e • MBA (Finance), Imperial College London; B.Sc. r Business & Economics, Lehigh University, USA i D • 27+ years with Ador Group; former Chairman, Ravin Ajit Mirchandani Santosh Janakiram Iyer t Ador Fontech Ltd. and J. B. Advani & Co. Non-Executive Director Non-Executive & Independent Director n e p d n u o • MBA, Queensland University of Technology, Australia • B.A. LLB (Hons.), National Law School of India University e p r • International leader across cryogenic, defence & energy • Senior Partner, Cyril Amarchand Mangaldas since 2001 e G storage sectors d r n e I - t Aditya Tarachand n o Tanya Halina Advani Jitendra Hiru Panjabi o m Malkani Non-Executive Director Non-Executive & Independent Director N o Managing Director & Chief d r Executive Officer n P • MBA, London Business School • Engineer; MBA, Sri Sathya Sai Institute of Higher Learning a • 15+ yrs experience; formerly with IBM & Accenture in tech • 20 yrs with Capital Group; former Global Equity Strategist t n strategy e • MBA (Finance), Indian School of Business, d n Hyderabad; B.A. Economics, Oberlin College, e USA Nita Dempo Mirchandani Mihir Jayaraman p • With Ador Group since 2002; also serves on Non-Executive & Independent Director Non-Executive & Independent Director e d the Board of Batliboi Ltd. n I • M.Sc. (Econ), London School of Economics • MBA, INSEAD • Co-Founder, Kae Capital; former President, Indo Pacific • CEO, Aditya Auto; 22+ yrs in automotive & industrial Polyfibers Ltd. equipment Creating the Best Welding Experience 17 Core Management Team Aditya T. Malkani Lajpat Yadav Mustafa Faizullabhoy Suryakant Sethia Krishnamurthy Suryanarayan Managing Director & Chief Executive COO – India Welding Business Head – International Operations Chief Financial Officer Head – Corporate Strategy Officer Palli Ravi Kumar Vineet Bansal Dr. Shrikant S. Suvarna Vinit Mangrulkar Vinayak M. Bhide Head –India M & R Business & Head –India Welding Business & Head – Manufacturing & Supply VP , Sales – India Welding Business & HR, Admin, Legal & Company Customer Customer Chain (Welding Consumables) Customer Success Secretary Success Success Creating the Best Welding Experience 18 Environmental, Social & Governance Initiatives Reduction in water consumption 50% • Rainwater harvesting • Elimination of water leakages • Installation of water sensors Reduction of plastic consumption 9.6MT • Use of corrugated boxes • Use of honeycomb packaging • Eliminated use of Thermocol Reduction in carbon emissions 114 Tons • Adoption of solar energy • Reduced reliance on grid electricity Trees planted 2000+ • In partnership with local government bodies Creating the Best Welding Experience 19 Management’s Message “FY27 has begun strongly for Ador, with Q1 revenue growing 23% YoY to Rs. 309 Cr - reflecting healthy order inflow and strong momentum from FY26 across domestic and export markets. Over the past two years, the company has strengthened its leadership and talent base through focused hiring from diverse industries and multinational organizations, while retaining critical institutional expertise. Operating margins are expected to remain at similar levels, supported by an improving product mix, cost discipline, and higher capacity utilization. A near debt- free balance sheet and strong cash generation continue to fund the ongoing Rs. 80 crore modernization and expansion capex program without additional leverage over the next couple of years. Three key drivers underpin future growth: • Exports: The Middle East remains the primary export market, with continued distributor expansion expected to support further growth. • Product Mix: Increasing focus on higher-margin segments supported by manufacturing upgrades. • Customer Engagement: Deepening direct relationships with key customers to drive new business while maintaining existing distributor partnerships. Automation remains a strategic priority as rising labour costs increase demand for productivity and efficiency. Ador continues to build internal capabilities in robotics and automation while evaluating acquisition opportunities to strengthen expertise and accelerate growth in this segment.” Creating the Best Welding Experience 21 Q1 FY27 Key Performance Highlights Revenue from Operations Gross Profit Gross Profit Margin EBITDA (excl. other income) 309 113 36.5% 36 Rs. Crs. Rs. Crs. Rs. Crs. +22.9% YoY +15.2% YoY -240 bps +51.8% YoY EBITDA Margin (excl. other Profit After Tax PAT Margin Earnings Per Share income) 11.6% 28 8.9% 15.9 Rs. Crs. Rs. (Q1 FY26: -3.9 Crs.) (Q1 FY26: -1.6%) (Q1 FY26: -2.3) +220 bps Creating the Best Welding Experience All figures are presented on a consolidated basis 22 Historical Consolidated Profit & Loss Statement Particulars (Rs. Crs.) FY26 FY25 FY24 Revenue from Operations 1,140.0 1,122.7 1,073.6 Raw Material & Change in Inventory 708.7 725.3 688.5 Gross Profit 431.3 397.4 385.1 Onerous Cost & Liquidated Gross Margin % 37.8% 35.4% 35.9% Damages: A one-time provision related to a delayed turnkey Employee costs 117.6 110.6 100.1 project in the Flares & Process Other expenses 181.8 184.9 167.4 Equipment business (targeted for completion by June 2025). It EBITDA 132.0 101.9 117.6 comprises Rs. 9.8 Cr for estimated EBITDA Margin % 11.6% 9.1% 11.0% cost overruns and Rs. 15.0 Cr for potential liquidated damages Onerous Cost & Liquidated Damages 24.8 0.0 0.0 arising from the delay. Management has taken this as a Impairment (Reversal)/Loss on Trade Receivables -14.1 0.0 0.0 one-time hit to ring-fence the issue Other Income 18.2 18.8 19.4 from ongoing operations; the project itself is still being executed. Depreciation 19.5 18.2 15.8 EBIT 120.0 102.5 121.2 Impairment (Reversal): Not a charge but a one-time gain — EBIT Margin % 10.5% 9.1% 11.3% reversal of a doubtful-debt provision originally taken against Finance Cost 2.2 4.5 4.1 litigated receivables from a Kuwait Profit Before Exceptional Items 117.8 98.0 117.1 project executed in FY21. The company recovered Rs. 14.1 Cr of Exceptional Items Gain / (Loss) -2.8 -11.4 0.0 that old receivable in FY26, so the Profit before tax 115.0 86.6 117.1 earlier provision was written back. PBT Margin % 10.1% 7.7% 10.9% Tax 33.0 26.5 30.7 Profit After Tax 82.0 60.0 86.5 PAT Margin % 7.2% 5.3% 8.1% EPS (Rs) 47.1 34.5 63.6 Creating the Best Welding Experience 24 Historical Consolidated Balance Sheet Equities & Liabilities (Rs. Crs.) Mar-26 Mar-25 Mar-24 Assets (Rs. Crs.) Mar-26 Mar-25 Mar-24 Total Equity 554.5 507.1 473.0 Non-Current Assets 289.6 250.1 237.9 Equity Share Capital 17.4 17.4 13.6 Property, Plant & equipment 180.9 174.5 133.2 CWIP 3.2 4.1 25.4 Reserve & Surplus 537.1 489.7 459.4 Right of use asset 12.4 11.5 12.0 Non-Current liabilities 24.0 13.3 12.6 Investment Properties 10.7 10.3 10.8 Financial liabilities Intangible assets 0.1 0.4 1.2 (i) Borrowings 0.6 0.8 1.1 Financial Assets (ii) Lease Liabilities 1.5 0.8 0.8 Investments 16.4 8.1 3.4 Other financial liabilities 0.5 0.4 0.3 Other financial assets 34.3 8.5 6.8 Income tax assets (Net) 15.5 14.1 17.1 Provisions 20.2 9.3 7.7 Deferred tax assets (Net) 9.8 9.7 9.4 Other non-current liabilities 1.3 1.9 2.8 Other Non-Current Assets 6.5 9.0 18.8 Current Liabilities 253.4 173.5 195.3 Current Assets 542.2 443.8 443.0 Financial liabilities Inventories 151.9 126.7 145.2 (i) Borrowings 0.3 0.3 42.0 Financial assets (ii) Lease Liabilities 0.6 0.6 0.8 (i) Investments 30.9 23.8 35.8 (ii) Trade receivables 232.0 192.7 180.1 (iii) Trade Payables 193.7 124.6 85.0 (iv) Other financial liabilities 36.2 26.1 44.0 (iii) Cash and cash equivalents 42.3 30.3 4.0 (v) Other current liabilities 14.2 9.3 11.8 (iv) Bank balances other than cash 50.2 36.8 43.2 Provisions 7.7 12.8 11.7 (v) Loans 1.0 1.8 1.8 Other liabilities 0.0 0.0 0.0 Other financial assets 7.2 6.3 5.1 Income tax liabilities (net) 0.7 0.0 0.0 Current tax assets (net) Total Liabilities 277.4 186.8 207.9 Other current assets (incl. asset 26.8 25.5 27.8 Total Equity & Liabilities 831.8 693.9 680.9 classified as held for sale) Total Assets 831.8 693.9 680.9 Creating the Best Welding Experience 25 Historical Consolidated Cash Flow Statement Particulars (Rs. Crs.) Mar-26 Mar-25 Mar-24 Net Profit Before Tax 115.0 86.6 117.1 Adjustments for: Non - Cash Items / Other Investment or Financial Items 12.3 25.2 10.4 Operating profit before working capital changes 127.3 111.8 127.5 Changes in working capital 22.1 48.9 -35.4 Cash generated from Operations 149.4 160.7 92.1 Direct taxes paid (net of refund) -33.6 -23.6 -33.8 Net Cash from Operating Activities 115.9 137.1 58.3 Net Cash from Investing Activities -65.9 -17.4 -43.6 Net Cash from Financing Activities -37.9 -93.5 -19.3 Net Decrease in Cash and Cash equivalents 12.0 26.2 -4.6 Add: Cash & Cash equivalents at the beginning of the period 30.3 4.0 8.7 Cash & Cash equivalents at the end of the period 42.3 30.3 4.0 Creating the Best Welding Experience 26 THANK YOU! Company: Ador Welding Limited Investor Relations: Strategic Growth Advisors Pvt. Ltd. CIN: L70100MH1951PLC008647 CIN: U74140MH2010PTC204285 Mr Vinayak M. Bhide – Company Secretary & Compliance Mr. Deven Dhruva / Mr. Ronak Jain Officer deven.dhruva@sgapl.net / ronak.jain@sgapl.net investorservices@adorians.com Tel: +91 98333 73300 / +91 98209 50544