Valuation Metrics and Recent Changes
As of 11 Feb 2026, Calcom Vision's P/E ratio stands at 26.51, a figure that, while higher than some peers, remains within an attractive range given the company's growth prospects and sector dynamics. The price-to-book value ratio is 1.79, signalling a moderate premium over the company's net asset value. These metrics have contributed to the recent downgrade in the Mojo Grade from 'Buy' to 'Hold' on 09 Feb 2026, reflecting a more cautious stance by analysts.
The enterprise value to EBITDA (EV/EBITDA) ratio is 12.52, which, when compared to peers such as Virtuoso Optoel. (26.34) and IKIO Tech (20.80), positions Calcom Vision as relatively more reasonably valued. The PEG ratio, an indicator of valuation relative to earnings growth, is exceptionally low at 0.04, suggesting that the stock may still be undervalued relative to its growth potential.
Return on capital employed (ROCE) and return on equity (ROE) stand at 8.44% and 6.76% respectively, indicating moderate efficiency in capital utilisation and shareholder returns. These figures, while not stellar, are consistent with the company's current valuation grade and sector averages.
Comparative Analysis with Industry Peers
When benchmarked against its industry peers within Electronics & Appliances, Calcom Vision's valuation appears attractive. For instance, Virtuoso Optoel. and IKIO Tech are classified as 'Expensive' and 'Very Expensive' respectively, with P/E ratios of 93.69 and 64.77. Conversely, Dynavision, despite a lower P/E of 15.59, is also rated 'Very Expensive' due to other valuation metrics and market risks.
Several companies in the sector, including Fone4 Communications and Catvision Ltd, are marked as 'Risky' due to loss-making status, which contrasts with Calcom Vision's stable earnings profile. This relative stability supports the stock's current 'attractive' valuation despite the recent downgrade in rating.
Stock Price Performance and Market Context
Calcom Vision's current market price is ₹109.75, up 1.57% from the previous close of ₹108.05. The stock has traded between ₹106.00 and ₹113.00 today, reflecting moderate volatility. Over the past 52 weeks, the stock has ranged from a low of ₹71.55 to a high of ₹147.50, indicating significant price movement within the year.
In terms of returns, Calcom Vision has outperformed the Sensex over longer horizons. The five-year return stands at an impressive 427.64%, vastly exceeding the Sensex's 64.25% over the same period. Even the ten-year return of 2186.46% dwarfs the Sensex's 254.70%, underscoring the company's strong long-term growth trajectory. However, more recent returns have been mixed, with a year-to-date decline of 8.73% compared to the Sensex's 1.11% fall, and a one-year return of -1.13% versus the Sensex's 9.01% gain.
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Implications of Valuation Grade Change
The shift from a 'very attractive' to an 'attractive' valuation grade signals a subtle recalibration of investor expectations. While the stock remains appealing relative to many peers, the narrowing margin of safety suggests that some of the upside potential may have been priced in. This is reflected in the downgrade of the Mojo Grade from 'Buy' to 'Hold', indicating that investors should exercise caution and perhaps await clearer catalysts before increasing exposure.
Calcom Vision's market capitalisation grade remains at 4, consistent with its mid-cap status, which often entails higher volatility and sensitivity to sectoral trends. The company's moderate ROCE and ROE figures further temper enthusiasm, suggesting that operational improvements or earnings acceleration would be necessary to justify a re-rating to a higher grade.
Sector and Market Outlook
The Electronics & Appliances sector continues to face headwinds from global supply chain disruptions and fluctuating consumer demand. However, companies with solid fundamentals and reasonable valuations, such as Calcom Vision, may benefit from a sectoral recovery. Investors should monitor earnings releases and macroeconomic indicators closely to gauge the sustainability of current valuations.
Given the stock's recent price appreciation of 5.58% over the past week, outperforming the Sensex's 0.64%, there is evidence of renewed investor interest. Yet, the negative returns over one month (-0.99%) and year-to-date (-8.73%) highlight ongoing uncertainty and the need for a balanced investment approach.
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Investor Takeaway
Calcom Vision Ltd's valuation adjustment reflects a maturing phase in its market journey. While the stock remains attractively priced relative to many peers, the recent downgrade to a 'Hold' rating advises investors to reassess their positions carefully. The company's strong long-term returns and reasonable valuation metrics provide a foundation for potential gains, but near-term risks and sectoral challenges warrant prudence.
Investors should consider Calcom Vision as part of a diversified portfolio, balancing its mid-cap growth potential against the volatility inherent in the Electronics & Appliances sector. Monitoring upcoming quarterly results and sector developments will be crucial to identifying entry or exit points aligned with individual risk appetites.
Summary of Key Financial Metrics
Calcom Vision Ltd's key valuation and performance indicators as of early February 2026 are:
- P/E Ratio: 26.51 (Attractive)
- Price to Book Value: 1.79
- EV/EBITDA: 12.52
- PEG Ratio: 0.04
- ROCE: 8.44%
- ROE: 6.76%
- Mojo Score: 50.0 (Hold)
- Market Cap Grade: 4 (Mid Cap)
- Current Price: ₹109.75
- 52 Week Range: ₹71.55 - ₹147.50
These figures illustrate a company that remains fundamentally sound but is currently priced to reflect a more cautious outlook.
Conclusion
Calcom Vision Ltd's recent valuation shift from very attractive to attractive, coupled with a downgrade in rating, underscores the evolving market dynamics within the Electronics & Appliances sector. While the stock continues to offer value relative to many peers, investors should weigh the moderate returns on capital and recent price volatility against the company's long-term growth record. A balanced approach, informed by ongoing sector analysis and peer comparisons, will be essential for making informed investment decisions in this mid-cap stock.
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