Is Ajax Engineering overvalued or undervalued?

As of 14 November 2025, Ajax Engineering's valuation grade has moved from expensive to very expensive, indicating a significant shift in its market perception. The company is currently assessed as overvalued. Key ratios include a PE Ratio of 27.56, an EV to EBITDA of 20.36, and a ROE of 22.48%.
In comparison to its peers, Ajax Engineering's PE Ratio is notably lower than Thermax's 60.32 and BEML Ltd's 56.6, both of which are categorized as very expensive. However, it is higher than Elecon Engineering's 26.69, which is also very expensive. The company's recent stock performance has outpaced the Sensex over the past week, returning 5.5% compared to the Sensex's 1.62%, but this does not alter the overall valuation conclusion.