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Ador Welding Limited (ADOR)

₹1,500.80 -1.32% last close, 16 Oct

📊 NSE: ADOR 🏢 Other Industrial Products 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 21 Oct 2026 (board meeting)

Ador Welding Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Ador Welding's revenue was ₹309 Cr (+22.9% year on year, -3.0% on the previous quarter), and net profit ₹27.6 Cr (against a loss a year earlier); the operating margin was 11.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹309	+22.9%	-3.0%
Operating profit	₹35.7	from loss	-24.0%
Net profit	₹27.6	from loss	-18.8%
EPS (₹)	15.86	from loss	-19.3%
Operating margin	11.5%	—	—

Full quarterly financials → Results calendar →

ADOR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 49.08% of the ADOR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.76%. That is close to its usual level.

49.08%Delivery, 16 Oct

48.76%Own 20-session average

1.0×Volume vs its average

₹1,500.80NSE close · -1.32%

Delivery in the last 5 sessions: 47.9% · 39.8% · 44.9% · 59.7% · 49.1%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Ador Welding Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 12:11 PM

Ador Welding Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The confirmation was issued by its Registrar & Share Transfer Agent, MUFG Intime India Pvt Ltd, on 3rd October, 2026. The certificate confirms that all securities received for dematerialisation during the period from 1st July, 2026 to 30th September, 2026 were processed, confirmed or rejected, and mutilated/cancelled within prescribed timelines. This is a purely procedural regulatory filing with no financial or operational impact.

Covers the quarterly period from 01st July, 2026 to 30th September, 2026
RTA confirmation letter issued on 03rd October, 2026
Filing made under Regulation 74(5) of SEBI Depositories and Participants Regulations 2018

💡 No action required. Investors should track upcoming Q2 FY27 financial results for operational updates.

Ador Welding Schedules Institutional Investor Group Meeting on September 2, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 05:24 PM

Ador Welding Limited has announced an in-person meeting with a group of analysts and institutional investors scheduled for September 2, 2026. The interaction will take place in two sessions from 2:00 PM to 3:00 PM and 3:30 PM to 4:30 PM at the company's registered office in Mumbai. The stated purpose of the interaction is to share general business updates, with no unpublished price sensitive information (UPSI) to be discussed.

In-person group meeting scheduled for Wednesday, September 2, 2026
Two sessions planned: 02:00 PM to 03:00 PM and 03:30 PM to 04:30 PM
Venue set at Ador House, Fort, Mumbai for general business updates
Company confirmed that no unpublished price sensitive information (UPSI) will be shared

💡 Track post-meet investor presentations or transcript disclosures on the exchange for any qualitative commentary on export growth and automation product rollouts.

Ador Welding Issues KYC Updation Reminder to Physical Shareholders Under SEBI Norms

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 27 Aug 2026, 05:08 PM

Ador Welding Limited has submitted a sample reminder letter sent to physical security holders regarding mandatory KYC updation pursuant to SEBI circulars. The notice urges physical shareholders to link their PAN, bank details, contact info, and specimen signatures to receive dividends electronically. The circular mandates that failure to update details restricts dividend payouts strictly to electronic mode once furnished. This is an administrative compliance requirement and has zero financial or operational impact on the company.

Reminder issued pursuant to SEBI circular dated February 06, 2026 and June 10, 2024
Mandates updation of PAN, bank details, contact details, and specimen signature for physical folios
Electronic payment of dividend/interest enforced for physical folios with effect from 01st April, 2024 upon KYC completion
Physical shareholders urged to dematerialize their shareholdings

💡 Physical shareholders of the company should complete mandatory KYC submissions via Forms ISR-1/ISR-2 to prevent disruption in dividend disbursements. No action is required for demat investors.

Ador Welding Appoints New Head of HR and Redesignates Company Secretary

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 04:33 PM

Ador Welding Limited has announced a restructuring of its senior management team effective August 13, 2026. Mr. Vinayak M. Bhide, formerly the Head of HR, has been redesignated as the Chief Compliance Officer and Company Secretary. To lead the HR function, the company has appointed Ms. Pradnya Nitin Iyer, who brings over 26 years of experience from industrial and chemical firms. This move follows the company's recent merger with Ador Fontech and aims to rationalize internal portfolios.

Ms. Pradnya Nitin Iyer appointed as Head - HR effective August 13, 2026, bringing 26 years of industry experience.
Mr. Vinayak M. Bhide transitioned from Head - HR to Chief Compliance Officer and Company Secretary.
The new HR Head has prior experience at major organizations including Sandvik, Deepak Fertilisers, and Sulzer.
The changes are part of an internal restructuring and rationalization of portfolios following recent corporate integrations.

💡 Investors should monitor the company's progress in integrating Ador Fontech and its expansion into robotic solutions, which will require effective talent management under the new HR leadership.

Ador Welding Appoints Krishnamurthy Suryanarayan as CFO & Head - Strategy; Outgoing CFO Resigns

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 30 Jul 2026, 01:30 PM

Ador Welding has announced a transition in its top leadership, with CFO Surya Kant Sethia resigning after an 11-year tenure to pursue outside opportunities. He will be replaced by Krishnamurthy Suryanarayan, effective August 15, 2026, who will also take on the role of Head - Strategy. Mr. Suryanarayan brings over 25 years of experience, including managing a Rs 2,500 crore annual business segment at Godrej Consumer Products. This change comes as the company, with a TTM revenue of Rs 1,131 crore, looks to scale its robotic solutions and export business.

Surya Kant Sethia resigns as CFO after an 11-year tenure with the organization
Krishnamurthy Suryanarayan appointed as CFO & Head - Strategy effective August 15, 2026
Incoming CFO previously managed a Rs 2,500 crore annual business for GCPL Africa
Outgoing CFO to be relieved from duties by close of business on August 14, 2026
New CFO brings 25+ years of experience across finance, M&A, and supply chain

💡 Monitor the transition period for any shifts in capital allocation or strategic priorities, particularly given the new CFO's dual mandate as Head of Strategy.

Ador Welding Appoints Krishnamurthy Suryanarayan as CFO & Head - Strategy; Outgoing CFO Resigns

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 30 Jul 2026, 01:13 PM

Ador Welding has announced a transition in its top financial leadership. Mr. Surya Kant Sethia has resigned as CFO after an 11-year tenure to pursue outside opportunities, effective August 14, 2026. He will be succeeded by Mr. Krishnamurthy Suryanarayan on August 15, 2026, who brings over 25 years of experience from major firms like Godrej Consumer Products and CEAT. Notably, the new CFO will also serve as 'Head - Strategy', aligning with the company's goal to expand into robotic solutions and exports.

Mr. Surya Kant Sethia resigns as CFO after an 11-year journey with the company.
Mr. Krishnamurthy Suryanarayan appointed as CFO & Head - Strategy effective August 15, 2026.
New CFO brings 25+ years of experience, including managing a Rs 2,500 Cr annual business at Godrej Consumer Products.
The transition includes a handover period ending August 14, 2026.
The appointment comes as the company targets a 10% growth rate and expansion into high-tech industrial segments.

💡 Investors should monitor if the new CFO's dual role as 'Head - Strategy' leads to accelerated execution of the company's robotic solutions and export expansion plans.

8 Resolutions Passed at Ador Welding AGM; 20.45% Institutional Dissent on MD Re-appointment

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Jul 2026, 07:00 PM

Ador Welding Limited has concluded its 73rd Annual General Meeting (AGM) with shareholders approving all eight proposed resolutions, including the adoption of FY26 financials and dividend declaration. While the resolutions passed with a requisite majority, there was notable institutional dissent regarding the re-appointment of Managing Director Aditya T. Malkani, with 20.45% of institutional votes cast against the proposal. A similar level of dissent (20.38%) was recorded for the resolution concerning remuneration for executive directors from the promoter group. Total voter turnout represented 63.97% of the company's outstanding shares.

8 resolutions passed by shareholders with requisite majority at the AGM held on July 23, 2026
20.45% of institutional votes were cast against the re-appointment of MD Aditya T. Malkani
63.97% of total outstanding shares were polled during the e-voting process
36,778 shareholders were on record as of the July 16, 2026 record date
99.99% overall approval for the adoption of FY26 standalone and consolidated financial statements

💡 Investors should monitor the company's governance and performance metrics to understand the basis of institutional dissent regarding management re-appointment and remuneration.

₹23 Record Dividend Declared; Ador Welding Reports ₹83 Cr PAT in 73rd AGM

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 23 Jul 2026, 06:01 PM

Ador Welding's 73rd AGM confirmed a record dividend of ₹23 per share (230%), the highest in its history. For FY26, the company reported a PAT of ₹83 crore and EBITDA exceeding ₹133 crore, reflecting improved profitability despite global headwinds. A significant structural change was announced, merging the Services segment with the Maintenance & Reclamation division for reporting starting June 2026. The company is also pivoting towards high-tech segments with the launch of robotic automation solutions and a patented battery-powered welder.

Recommended a record-high dividend of ₹23 per equity share (230% payout) for FY26.
Reported FY26 Profit After Tax (PAT) of ₹83 crore and EBITDA of over ₹133 crore.
Restructured reporting segments by merging Services with Maintenance & Reclamation effective April 1, 2026.
Secured a patent for RHINO-E, India's first battery-powered welder, with 20 claims of novelty.
Contributed ₹219.89 lakh towards CSR activities through the Ador Foundation.

💡 Investors should monitor the Q1 FY27 results to evaluate the impact of segment consolidation on operational margins. Watch for the revenue contribution from the new robotic automation and Flux Cored Wire lines as key growth drivers.

Rs 23 Record Dividend and Rs 83 Cr FY26 PAT Highlighted at Ador Welding's 73rd AGM

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 23 Jul 2026, 05:32 PM

Ador Welding concluded its 73rd AGM, confirming a record dividend of Rs 23 per share (230%), the highest in its 75-year history. The company reported a strong FY26 Profit After Tax (PAT) of Rs 83 Cr and EBITDA of Rs 133 Cr, reflecting improved profitability over the previous TTM PAT of Rs 66 Cr. A structural change was announced to merge the Services segment with the Maintenance & Reclamation division starting June 2026. Management is focusing on robotic automation and expanding exports beyond the current Rs 120 Cr level to drive future growth.

Declared a record dividend of Rs 23 per equity share (230%), the highest in the company's history
Reported FY26 Profit After Tax (PAT) of Rs 83 Cr, a significant improvement over the TTM PAT of Rs 66 Cr
Achieved FY26 EBITDA of Rs 133 Cr and Profit Before Tax (PBT) of nearly Rs 111 Cr
Consolidated the Services segment into the Maintenance & Reclamation division effective April 1, 2026
RHINO-E battery-powered welder granted a patent with 20 claims of novelty

💡 Monitor the impact of segment consolidation on operating margins in the upcoming June 2026 quarter results and track the adoption rate of new robotic automation products.

Ador Welding Q1 FY27: PAT Margin Recovers to 8.9%; Rs 14.1 Cr Recovered from Litigated Project

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 05:02 PM

Ador Welding reported a significant operational turnaround in Q1 FY27 (ended June 2026), with PAT margins reaching 8.9% compared to -1.6% in the same quarter last year. For the full year FY26, the company achieved a revenue of Rs 1,140 crore, a modest growth over FY25's Rs 1,122.7 crore. Financials were impacted by two major one-offs: a Rs 14.1 crore gain from recovering old receivables in Kuwait and a Rs 24.8 crore provision for cost overruns and liquidated damages in its Flares & Process Equipment business. The company maintains a strong consumables capacity of 90,000 MT per year.

PAT margin improved to 8.9% in Q1 FY27 from -1.6% in the year-ago period.
Full-year FY26 revenue reached Rs 1,140 crore, representing a 1.5% YoY growth.
Recovered Rs 14.1 crore in FY26 from a previously litigated project in Kuwait dating back to FY21.
Recognized a one-time provision of Rs 24.8 crore for liquidated damages and cost overruns in the project business.
Maintained a total manufacturing footprint of 1.2 million sq. ft. across 5 facilities in India.

💡 Investors should monitor the final closure of the delayed turnkey project in the Flares & Process Equipment business to ensure no further provisions are required. Additionally, track the progress of the robotic and automation segment, which is key to the company's strategy for improving blended margins.

Ador Welding Q1 PAT Turns Around to ₹27.35 Cr; Revenue Grows 23% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 03:17 PM

Ador Welding reported a significant turnaround in Q1 FY27, posting a net profit of ₹27.35 cr compared to a loss of ₹3.46 cr in the year-ago period. Revenue from operations grew 23.2% YoY to ₹308.63 cr, representing approximately 27% of its TTM revenue. The profitability was aided by the absence of heavy liquidated damages and onerous costs that impacted the previous year's results. However, a contingent liability of ₹36.43 cr regarding a BIS compounding order remains a key monitorable as it is currently under litigation.

Revenue from operations increased 23.2% YoY to ₹308.63 cr from ₹250.54 cr.
Net profit turned positive at ₹27.35 cr vs a loss of ₹3.46 cr in Q1 FY26.
Exceptional items for the quarter stood at ₹2.41 cr, including subsidiary impairment provisions.
The company is contesting a ₹36.43 cr compounding order from BIS in the Bombay High Court.
Granted 36,800 stock options to employees at an exercise price of ₹10 per share.

💡 Investors should monitor the outcome of the ₹36.43 cr BIS litigation and the company's ability to maintain margins in the consumables segment despite steel price volatility.

Ador Welding Appoints Vinit Mangrulkar as VP – Sales to Drive Industrial Growth

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jul 2026, 06:42 PM

Ador Welding Limited has appointed Mr. Vinit Mangrulkar as Vice President – Sales, effective July 9, 2026. Mr. Mangrulkar brings over 30 years of leadership experience in the Industrial Bearings and Power Transmission sectors, having held senior roles at Timken India and Grindwell Norton. This appointment is strategic as the company aims to grow its export revenue beyond the current Rs 120 Cr and expand its 300+ distributor network. With a TTM revenue of Rs 1,131 Cr, the addition of a veteran sales leader is intended to support the company's 10% growth target and its push into robotic solutions.

Appointment of Mr. Vinit Mangrulkar as VP – Sales effective July 9, 2026
Over 30 years of leadership experience across India and the ASEAN region
Previous leadership experience at NSK Bearings, Timken India, and Grindwell Norton (Saint-Gobain)
Educational background includes B.E. (Production) and an Executive Programme from IIM Calcutta

💡 Watch for improvements in sales execution and export growth in upcoming quarterly results to see if the new leadership impacts the company's target of expanding beyond Rs 120 Cr in exports.

Ador Welding Submits Quarterly Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 12:59 PM

Ador Welding Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, provided by Registrar MUFG Intime India Pvt Ltd, confirms that all share certificates received for dematerialization between April 1, 2026, and June 30, 2026, were processed within prescribed timelines. This includes the mutilation and cancellation of physical certificates and updating the register of members. As a routine administrative filing, it has no material impact on the company's ₹1,131 Cr TTM revenue or its operational outlook.

Covers the three-month period from 01st April, 2026 to 30th June, 2026
Confirmation received from RTA MUFG Intime India Pvt Ltd on 01st July, 2026
Confirms that dematerialized securities are listed on the stock exchanges where earlier shares were listed
Physical certificates were mutilated and cancelled after due verification within prescribed timelines

💡 This is a routine regulatory filing with no impact on business fundamentals. Investors should instead monitor the integration of Ador Fontech and the expansion into robotic solutions for future growth.

Rs 23 Dividend: Ador Welding Sets July 16, 2026, as Record Date

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 06 Jul 2026, 12:28 PM

Ador Welding has finalized July 16, 2026, as the record date for its FY 2025-26 final dividend of Rs 23 per share (230% of face value). At the current market price of Rs 1319.8, this translates to a dividend yield of approximately 1.74%. The payout is substantial, representing roughly 60.7% of the company's TTM EPS of Rs 37.85. This follows the board's recommendation initially made on April 29, 2026.

Final dividend recommended at Rs 23 per equity share of Rs 10 face value
Record date for determining shareholder eligibility is fixed for July 16, 2026
Dividend payout represents approximately 60.7% of the TTM EPS of Rs 37.85
The dividend recommendation was originally made by the Board on April 29, 2026

💡 Investors seeking the dividend must hold the shares before the ex-dividend date (typically one business day prior to the record date). Watch for the stock price adjustment on the ex-dividend date.

Ador Welding to Hold 73rd AGM on July 23, 2026; Annual Report Released

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jul 2026, 03:02 PM

Ador Welding Limited has scheduled its 73rd Annual General Meeting (AGM) for July 23, 2026, at 11:30 AM IST via video conferencing. The company has released its Annual Report for FY 2025-26 and has sent physical letters with web-links to shareholders who have not registered their email addresses. This is a procedural filing in compliance with SEBI (LODR) Regulations, 2015. The cut-off date for identifying shareholders for this communication was June 26, 2026.

73rd Annual General Meeting scheduled for July 23, 2026, at 11:30 AM IST
Cut-off date for identifying shareholders without registered emails was June 26, 2026
Annual Report for FY 2025-26 made available on the company's website
Compliance with SEBI mandate regarding electronic payments for physical folios effective from April 01, 2024

💡 Investors should review the FY 2025-26 Annual Report for detailed management commentary on the integration of Ador Fontech and the progress of robotic solution launches.

View All ADOR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In FY24, the Consumables division grew 10% YoY, while the Equipment division saw a significant 52% increase to INR 175.21 Cr. Conversely, the Services/Flares & Process Equipment division declined 26.5% from INR 47.23 Cr to INR 34.72 Cr due to execution delays. For Q2 FY26, overall sales grew 5% YoY to INR 280 Cr.

Geographic Revenue Split

India and the Middle East represent 97-98% of the total market. Export sales grew by 69% in FY24, reaching INR 120 Cr compared to INR 71 Cr in the previous year, driven by expansion into new international markets.

Profitability Margins

Gross margins improved to 32.7% in Q2 FY26 from 27.8% in Q2 FY25. PBT margins for Q2 FY26 stood at 12.2%, up from 7.6% YoY. The improvement is attributed to a better product mix and a correction in steel prices which reduced input costs.

EBITDA Margin

EBITDA margin for Q2 FY26 was 12.5%, representing a 500bps increase from 7.7% in Q2 FY25. This was driven by higher operational efficiencies and the stabilization of the welding business following the merger.

Capital Expenditure

While specific future INR figures are not disclosed, the company recently integrated three manufacturing plants (two in Bengaluru, one in Nagpur) following the Ador Fontech merger, bringing the total to five major facilities with a capacity of 90,000 MT for consumables.

Credit Rating & Borrowing

The company maintains a CARE A+ (Stable) rating for long-term facilities and CARE A1+ for short-term facilities. Interest coverage is exceptionally strong at 29 times as of FY24, with a low overall gearing of 0.09x.

⚙️ Operational Drivers

Raw Materials

Steel is the primary raw material, accounting for a significant portion of the cost of goods sold. Other materials include components for welding equipment and power sources.

Import Sources

Not specifically disclosed, though the company operates five manufacturing facilities across India and serves the Middle East market.

Capacity Expansion

Current installed capacity stands at 90,000 metric tons for welding consumables and 30,000 units for welding equipment and power sources. The merger with Ador Fontech added three manufacturing units to the operational footprint.

Raw Material Costs

Raw material costs are highly sensitive to steel prices. A correction in steel prices in Q2 FY26 directly contributed to the gross margin expansion to 32.7%. Procurement is managed to maintain a 47-day inventory cycle.

Manufacturing Efficiency

The company is consolidating manufacturing units following the merger to achieve cost efficiencies and operational synergies in the maintenance and reclamation (M&R) business.

Logistics & Distribution

The company utilizes a comprehensive network of over 300 distributors to sell products across multiple countries, ensuring deep market penetration in the organized welding segment.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be achieved through the integration of Ador Fontech Limited to capture M&R market share, expanding the product portfolio into robotic solutions and cobots, and increasing export presence beyond the current INR 120 Cr level.

Products & Services

Welding consumables (electrodes, wires), welding and cutting equipment, gas cutting products, welding automation systems (WAPS), personal protective equipment (PPE), and flares/process equipment.

Brand Portfolio

Ador, Ador Welding.

New Products/Services

The company is launching robotic solutions and cobots to modernize its portfolio, targeting high-tech industrial segments to improve overall blended margins.

Market Expansion

Targeting growth in the Middle East and expanding the export basket, which recently grew to INR 120 Cr, while leveraging the 300+ distributor network.

Market Share & Ranking

Ador is a Tier 1 welding manufacturer in India and the Middle East, holding a leading position in the organized market for consumables and equipment.

Strategic Alliances

The merger with Ador Fontech Limited (AFL) is the primary strategic move, aimed at consolidating the maintenance and reclamation business and achieving manufacturing synergies.

🌍 External Factors

Industry Trends

The industry is shifting toward automation and robotics. Ador is positioning itself by adding cobots to its portfolio to move away from traditional manual welding products.

Competitive Landscape

Competes in the organized welding market against both domestic players and MNCs, maintaining a Tier 1 status through a diversified product basket.

Competitive Moat

Ador's moat is built on its 70-year brand legacy, a massive 300+ distributor network, and its status as the only major Indian welding brand not linked to a multinational corporation (MNC).

Macro Economic Sensitivity

Highly sensitive to industrial CAPEX cycles and infrastructure spending in India and the Middle East, which drives demand for welding equipment.

Consumer Behavior

Industrial customers are increasingly demanding integrated automation and safety equipment (PPE) alongside traditional consumables.

Geopolitical Risks

Management cited international factors as a reason for uncertainty in the H2 FY26 outlook, potentially affecting global supply chains and export demand.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to manufacturing standards for welding equipment and safety gear. The company must adhere to BIS (Bureau of Indian Standards) requirements.

Environmental Compliance

The company complies with Business Responsibility and Sustainability Reporting (BRSR) and National Guidelines on Responsible Business Conduct (NGRBC).

Legal Contingencies

A BIS-related matter is currently pending judgment before the Bombay High Court. Additionally, the company received a query from the NSE in February 2025 regarding Corporate Governance disclosures for the December 2024 quarter.

⚠️ Risk Analysis

Key Uncertainties

The project business (Services) requires INR 15-20 Cr in quarterly revenue to breakeven; failure to reach this scale results in operating losses that drag down consolidated PAT.