Is Gandhar Oil Ref. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Gandhar Oil Refinery has moved from very attractive to attractive, indicating a slight decline in perceived investment appeal. The company is currently assessed as fairly valued. Key ratios include a PE Ratio of 17.64, an EV to EBITDA of 9.19, and a Price to Book Value of 1.08, which suggest a moderate valuation relative to its earnings and asset base. In comparison with peers, Reliance Industries has a higher PE Ratio of 23.53 and an EV to EBITDA of 12.16, while IOC is also attractive with a PE of 14.2 and an EV to EBITDA of 9.01. Notably, Gandhar Oil's PEG Ratio stands at 0.00, indicating no growth expectations factored into its valuation, which is a significant outlier compared to its peers. Additionally, the company's stock has underperformed against the Sensex, with a year-to-date return of -36.2% compared to the Sensex's 7.44%, reinforcing the notion of a challenging market environment for the stock.