Is Aik Pipes & Poly overvalued or undervalued?

As of 19 November 2025, Aik Pipes & Poly has moved from an expensive to a fair valuation grade. The company is currently fairly valued, with a PE ratio of 18.69, an EV to EBITDA of 11.94, and a Price to Book Value of 1.08. In comparison to its peers, Finolex Industries, which is also fairly valued, has a PE ratio of 23.87, while Supreme Industries is considered very expensive with a PE of 53.82.
Despite the fair valuation, Aik Pipes & Poly has experienced significant stock declines, with a year-to-date return of -66.17%, contrasting sharply with the Sensex's positive return of 9.02% in the same period. This suggests that while the current valuation may be justified, the market sentiment surrounding the stock remains negative.