Calcom Vision Ltd Valuation Shifts Signal Changing Market Sentiment

Valuation Metrics: A Closer Look

As of 17 Feb 2026, Calcom Vision Ltd trades at ₹91.90 per share, down 2.39% from the previous close of ₹94.15. The stock’s 52-week high stands at ₹147.50, while the low is ₹71.55, indicating a wide trading range over the past year. The company’s P/E ratio currently sits at 47.27, a figure that, while elevated, has improved relative to its historical extremes and peer group valuations.

The price-to-book value ratio is 1.50, signalling a moderate premium over the company’s net asset value. This P/BV level is consistent with an attractive valuation grade, having shifted from a previously very attractive rating. Other valuation multiples include an EV/EBITDA of 12.87 and an EV/EBIT of 20.50, which place Calcom Vision in a competitive position within the Electronics & Appliances sector.

Comparative Peer Analysis

When benchmarked against peers, Calcom Vision’s valuation appears more reasonable. For instance, Virtuoso Optoelectronics trades at a P/E of 84.9 and an EV/EBITDA of 24.19, categorised as expensive. Similarly, IKIO Tech’s P/E ratio is 59.22, also deemed expensive. In contrast, Dynavision, despite a lower P/E of 14.27, is classified as very expensive due to other financial metrics. Several other companies in the sector, such as Fone4 Communications and Catvision Ltd, are labelled risky due to loss-making operations.

This relative valuation context underscores Calcom Vision’s improved price attractiveness, especially given its stable earnings and operational metrics.

Financial Performance and Quality Metrics

Calcom Vision’s return on capital employed (ROCE) stands at 8.44%, while return on equity (ROE) is 6.76%. These figures, though modest, reflect a stable operational performance in a competitive sector. The company’s PEG ratio is notably high at 8.15, indicating that earnings growth expectations are priced in at a premium. Dividend yield data is not available, which may be a consideration for income-focused investors.

Market capitalisation grade is rated 4, suggesting a mid-tier size within its industry peer group. The company’s Mojo Score has deteriorated to 42.0, with a downgrade from Hold to Sell on 13 Feb 2026, reflecting recent price weakness and valuation concerns.

Stock Price Performance Versus Sensex

Calcom Vision’s stock has underperformed the broader market significantly over recent periods. Year-to-date, the stock has declined by 23.58%, compared to a Sensex fall of 2.28%. Over one year, the stock is down 11.34%, while the Sensex gained 9.66%. The three-year return shows a stark contrast, with Calcom Vision falling 35.12% against a Sensex gain of 35.81%. However, the long-term 10-year return remains impressive at 1,814.58%, far outpacing the Sensex’s 259.08% over the same period.

This divergence highlights the stock’s volatility and cyclical challenges, despite its strong historical growth trajectory.

Valuation Grade Change: Implications for Investors

The recent upgrade in Calcom Vision’s valuation grade from very attractive to attractive suggests a recalibration of investor sentiment. While the stock remains expensive on absolute P/E terms, the relative improvement indicates that the market is beginning to price in stabilisation of earnings and operational efficiencies.

Investors should note that the company’s elevated PEG ratio signals expectations of strong future earnings growth, which may be challenging to meet given current sector headwinds. The moderate ROCE and ROE figures further temper enthusiasm, suggesting that returns on invested capital are steady but not exceptional.

Given the stock’s recent underperformance relative to the Sensex and peers, the improved valuation attractiveness may offer a tactical entry point for investors with a higher risk tolerance and a long-term horizon. However, caution is warranted given the downgrade in Mojo Grade to Sell and the company’s exposure to cyclical pressures in the Electronics & Appliances sector.

Sector and Market Context

The Electronics & Appliances sector continues to face challenges from supply chain disruptions, fluctuating consumer demand, and rising input costs. Calcom Vision’s valuation metrics, when compared to peers such as Virtuoso Optoelectronics and IKIO Tech, reflect a more balanced risk-reward profile. The company’s EV/EBITDA multiple of 12.87 is notably lower than Virtuoso’s 24.19, indicating a more reasonable enterprise valuation relative to earnings before interest, taxes, depreciation and amortisation.

Investors should also consider the company’s market capitalisation grade of 4, which places it in a mid-cap category, potentially offering more growth opportunities than larger, more mature peers but with increased volatility.

Conclusion: Navigating Valuation and Price Attractiveness

Calcom Vision Ltd’s shift in valuation grade from very attractive to attractive reflects a nuanced improvement in price attractiveness amid a challenging market backdrop. While the stock’s P/E and P/BV ratios remain elevated, they are more palatable relative to sector peers and historical extremes. The company’s stable financial metrics and long-term growth record provide a foundation for cautious optimism.

However, the recent downgrade in Mojo Grade to Sell and the stock’s underperformance against the Sensex highlight ongoing risks. Investors should weigh these factors carefully, considering their investment objectives and risk appetite before committing capital.

Overall, Calcom Vision presents a mixed picture: improved valuation appeal balanced against operational and market uncertainties. This makes it a stock for selective investors who can tolerate volatility and seek potential value in a competitive sector.

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