Is Goblin India overvalued or undervalued?

As of 18 July 2025, Goblin India's valuation grade has moved from attractive to fair, indicating a shift in its perceived value. The company is currently fairly valued, with a PE ratio of 12.39, a Price to Book Value of 0.59, and an EV to EBITDA of 12.55. Compared to its peers, Altius Telecom, which is rated very attractive, has a significantly higher PE ratio of 53.51, while Embassy Office REIT, rated very expensive, has a PE of 23.15.
Despite its fair valuation, Goblin India has underperformed in the market, with a year-to-date return of -44.7%, contrasting sharply with the Sensex's positive return of 4.63% during the same period. The company's low ROCE of 4.80% and ROE of 4.79% further suggest that it may struggle to generate returns that justify its current valuation relative to its peers.