Is Apex Ecotech overvalued or undervalued?

As of 18 November 2025, Apex Ecotech's valuation grade has moved from very attractive to fair, indicating a shift in market perception. The company is currently fairly valued, with a PE ratio of 21.63, an EV to EBITDA ratio of 14.85, and a ROCE of 38.78%. In comparison to its peers, Apex Ecotech's valuation appears more reasonable, especially when contrasted with Thermax, which has a PE ratio of 59.17, and BEML Ltd, with a PE of 55.7, both categorized as very expensive.
Despite the recent downgrade in valuation grade, Apex Ecotech has shown strong performance, with a year-to-date return of 14.19%, outperforming the Sensex's 9.58% during the same period. This performance, combined with its solid financial ratios, suggests that while the company is currently fairly valued, it remains a strong player in the industrial manufacturing sector.