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 perceived value. The company is currently fairly valued, 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, Thermax is considered expensive with a PE ratio of 56.24, while ISGEC Heavy is attractive with a PE of 25.09, highlighting Apex's relatively better valuation among its competitors.
Despite the recent decline in stock price over the past week, where it returned -3.26% compared to the Sensex's -0.88%, the year-to-date performance of 17.07% against the Sensex's 5.04% suggests that Apex Ecotech has been performing well in the broader market context. Overall, while the company is currently fairly valued, its strong financial metrics and competitive positioning could provide room for future appreciation.