Ador Welding (AWL) reported healthy financial performance in Q4FY26. Adjusting for the reversals in provisions, margin came in at steady 12% which is commendable in light of the Middle East Crisis. With healthy momentum in the capex cycle, we expect steady growth for the welding segment in FY27. From FY27, Ador Welding will report no segmental information as all the segments have been merged into the core welding segment. We are sanguine on Ador's strategic collaboration with Miller as well are foray into newer areas of cobots, automation and laser cutting.FY27 should see the start of improved profitability...