Is Apex Ecotech overvalued or undervalued?

As of 1 October 2025, Apex Ecotech's valuation grade has moved from very attractive to fair, indicating a shift in its market perception. The company is currently fairly valued based on its financial metrics, with a PE ratio of 22.18, an EV to EBIT of 14.94, and a ROCE of 58.77%.
In comparison to its peers, Apex Ecotech's PE ratio is significantly lower than that of Thermax, which stands at 56.24, and BEML Ltd, at 60.15, both categorized as expensive. This suggests that while Apex is fairly valued, it remains more attractive relative to its higher-valued peers. Additionally, the company's recent stock performance has outpaced the Sensex over the past month, with a return of 11.63% compared to the Sensex's 0.86%, reinforcing the notion that it may be a solid investment within its industry.