Is Apex Ecotech overvalued or undervalued?

As of 23 September 2025, the valuation grade for Apex Ecotech has moved from expensive to fair, indicating a shift in its market perception. The company is currently fairly valued based on its financial metrics. The PE ratio stands at 23.41, with an EV to EBITDA ratio of 15.60 and a PEG ratio of 0.00, suggesting that the stock may be priced appropriately relative to its earnings growth potential.
When compared to peers, Apex Ecotech's valuation appears more favorable than that of Thermax, which is classified as expensive with a PE ratio of 59.66, and BEML Ltd, also very expensive with a PE ratio of 60.41. Notably, Apex's return on capital employed (ROCE) is a strong 58.77%, and its return on equity (ROE) is 18.51%, further supporting the case for its fair valuation. Recently, Apex Ecotech has outperformed the Sensex, with a year-to-date return of 22.32% compared to the Sensex's 6.45%, reinforcing the attractiveness of its current valuation.