Is Forbes & Co overvalued or undervalued?

As of 8 October 2025, Forbes & Co has moved from a fair to a very attractive valuation grade. The company is currently undervalued, with a PE ratio of 6.93, a Price to Book Value of 2.12, and a PEG Ratio of 0.01, indicating significant potential for growth relative to its price. In comparison, peers such as Thermax and BEML Ltd are considered expensive, with PE ratios of 56.15 and 59.51, respectively, highlighting Forbes & Co's favorable positioning in the market.
With a Return on Capital Employed (ROCE) of 15.52% and a Return on Equity (ROE) of 30.76%, Forbes & Co demonstrates strong profitability metrics that further support its undervaluation. Despite recent stock performance trailing behind the Sensex, particularly with a year-to-date decline of 23.26% compared to the Sensex's 4.65% gain, the company's fundamentals suggest it is well-positioned for recovery and growth.