Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.</li>
<li>October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.</li>
<li>Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.
October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.
Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.


Insider Activity: Who Bought Their Own Stock in October?

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.


Insider Activity: Who Bought Their Own Stock in September?

Thematic (Sector/Industry)

<ul>
<li>Given the sharp decline in mid and small-cap Indian listed stocks, there has been a notable increase in insider buying activity in recent weeks.</li>
<li>Following our mid-month insider-buying report from last week, number of buying transactions has increased further. </li>
<li>This is Part-4 of the series, providing an update on insider-buying activity from just last week.</li>
</ul>


Given the sharp decline in mid and small-cap Indian listed stocks, there has been a notable increase in insider buying activity in recent weeks.
Following our mid-month insider-buying report from last week, number of buying transactions has increased further. 
This is Part-4 of the series, providing an update on insider-buying activity from just last week.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 4

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ador-welding-ltd" target="_blank" data-smartkarma-citation="entities:16231:1" rel="noopener">Ador Welding (AWL IN)</a> is a renowned player in the business of manufacturing and trading of welding and related products.  </li>
<li>The company sells welding consumables, equipments and also does preoject-engineering. While the company has seen recent growth in topline, there are few forensic checks that one must be cautious about.</li>
<li>This relates to accounting policy relating to Flares segment, lack of conservatism relating to ECL provisioning and depreciation, troubles in generating cash, etc.</li>
</ul>



Ador Welding (AWL IN) is a renowned player in the business of manufacturing and trading of welding and related products.  
The company sells welding consumables, equipments and also does preoject-engineering. While the company has seen recent growth in topline, there are few forensic checks that one must be cautious about.
This relates to accounting policy relating to Flares segment, lack of conservatism relating to ECL provisioning and depreciation, troubles in generating cash, etc.


External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects business</li><li>Going forward, better consumables volumes, rebound in equipment sales and projects business turnaround to drive growth, profitability</li><li>Considering strong growth outlook, margin revival, we maintain BUY rating. We value AWL at Rs 945 i.e. 23x P/E on FY23E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects businessGoing forward, better consumables volumes, rebound in equipment sales and projects business turnaround to drive growth, profitabilityConsidering strong growth outlook, margin revival, we maintain BUY rating. We value AWL at Rs 945 i.e. 23x P/E on FY23E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ador Welding: Focused on Core Business to Regain Growth

India

Ador Welding Limited manufactures metal working machinery. The Company offers a wide range of products and services which includes welding electrodes, wires and fluxes, brazing rods, and welding and cutting equipments. Ador Welding serves customers worldwide.

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Ador Welding (ADOR IN)

Insider Activity: Who Bought Their Own Stock in October?

October 2025 saw limited insider buying activity in large and small cap companies, with some purchases made by promoters in September but reported...

Sreemant Dudhoria,CFA

Insider Activity: Who Bought Their Own Stock in September?

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 4

Insider buying activity in Indian stocks has increased, with 50 companies reporting transactions last week. This is last & Part-4 of the series...

Sreemant Dudhoria,CFA

Ador Weldings Ltd- Forensic Analysis

Renowned player Ador Welding (AWL IN) sees growth in sales of welding products, but has concerns over cash output, receivable provisioning and few...

Nitin Mangal

Ador Welding: Focused on Core Business to Regain Growth

Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects business

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Bought Their Own Stock in October?

​October 2025 saw limited insider buying activity in large and small cap companies, with some purchases made by promoters in September but reported...

Sreemant Dudhoria,CFA

Insider Activity: Who Bought Their Own Stock in September?

​September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 4

​Insider buying activity in Indian stocks has increased, with 50 companies reporting transactions last week. This is last & Part-4 of the series...

Sreemant Dudhoria,CFA

Ador Weldings Ltd- Forensic Analysis

​Renowned player Ador Welding (AWL IN) sees growth in sales of welding products, but has concerns over cash output, receivable provisioning and few...

Nitin Mangal

Ador Welding: Focused on Core Business to Regain Growth

Ador Welding (AWL) is a leading player in the welding consumables (~19% market share), welding equipment, automation and projects business

ICICI Securities Limited

October 2025 saw limited insider buying activity in large and small cap companies, with some purchases made by promoters in September but reported...

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Insider buying activity in Indian stocks has increased, with 50 companies reporting transactions last week. This is last & Part-4 of the series...

Renowned player Ador Welding (AWL IN) sees growth in sales of welding products, but has concerns over cash output, receivable provisioning and few...