Thank you @ashishk for this scuttlebutt !
While the welding consumables space is highly fragmented, there are only two sizeable players of Rs 500 Crore and above annual revenue: ESAB & Ador Welding. Both of them have double digit OPM as well. The rest listed players: GEE, D&H and Rasi Electrodes are much smaller and have single digit OPM.
From below comparison of financials of the top 5 players, it seems that this market is growing mainly by customer acquisition from unorganized/smaller/unlisted players to all the top five players, since their share of revenue has remained more or less constant in last few years.
With this info, I would choose the top 2 players (ESAB & Ador) for further deep dive and comparison of their MOAT (if any) and future business outlook.
Disclaimer: Invested in Ador Welding, hence my views may be biased. DYOR
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