Ador Welding (AWL) reported favourable financial performance in Q3FY26. Two important points to note are that there is Rs 84.4mn of doubtful receivables from the troubled Kuwait project which has been now recovered and treated as other income and Rs 59mn of exceptional loss which has been charged due to increase in leave encashment and gratuity owing to revised wage definitions due to the new labour code. Adjusting for these items the core performance is more or less similar to the Q2FY26 performance which is still commendable in light of the weak steel prices in the quarter. FY27 should see the start of...