Is Goblin India overvalued or undervalued?

As of 18 July 2025, Goblin India has moved from an attractive to a fair valuation grade. The company appears to be fairly valued at this time. Key ratios include a PE ratio of 12.39, an EV to EBITDA ratio of 12.55, and a Price to Book Value of 0.59. Compared to its peers, Altius Telecom has a significantly higher PE ratio of 53.51, while Sagility India, which is rated attractive, has a PE ratio of 38.35.
In terms of performance, Goblin India has faced significant challenges, with a year-to-date return of -44.7%, contrasting sharply with the Sensex's gain of 4.63% during the same period. This underperformance, along with its fair valuation, suggests that while the stock may not be undervalued, it is also not positioned for immediate growth relative to its peers in the gems and jewellery industry.