Is Forbes & Co overvalued or undervalued?

As of 17 July 2025, Forbes & Co has moved from a fair to an expensive valuation grade. The company appears to be overvalued based on its current financial ratios, with a PE ratio of 8.94, an EV to EBITDA of 20.40, and a PEG ratio of 0.02. These figures suggest that the stock is trading at a premium compared to its earnings growth potential. In comparison to its peers, Forbes & Co's PE ratio is significantly lower than that of Thermax and BEML Ltd, which have PE ratios of 72.93 and 64.67, respectively, both categorized as very expensive. Despite this, the overall valuation indicates that Forbes & Co is not justified at its current price of 468.00, especially considering its recent stock performance, which has underperformed the Sensex over the past year with a return of -25.11% compared to the Sensex's 1.91%.