Is Hardcast.& Waud overvalued or undervalued?

As of 20 October 2025, the valuation grade for Hardcast.& Waud has moved from very expensive to expensive. The company is currently considered overvalued based on its high PE ratio of 53.67, an EV to EBITDA ratio of 15.38, and a low ROE of 2.02%. In comparison, Asian Paints, which is also expensive, has a higher PE of 62.57, while Berger Paints, rated fair, has a PE of 53.77, indicating that Hardcast.& Waud's valuation is not justified relative to its peers.
Despite a strong historical performance over the long term, with a 5-year return of 312.90%, recent trends show a significant decline, with a year-to-date drop of 17.98% compared to a 7.97% return from the Sensex. This underperformance further supports the conclusion that Hardcast.& Waud is overvalued in the current market environment.