Is Harsha Engg Intl overvalued or undervalued?

As of 17 November 2025, Harsha Engg International's valuation grade has moved from very attractive to fair. The company appears to be fairly valued at this time. Key ratios include a PE ratio of 28.93, an EV to EBITDA of 19.77, and a ROE of 9.61%.
In comparison to its peers, Harsha Engg's PE ratio is significantly lower than that of Thermax, which stands at 60.51, indicating that Harsha is more reasonably priced within its sector. Additionally, BEML Ltd is also trading at a high PE of 56.55, further supporting the notion that Harsha Engg is not overvalued. Despite a recent stock return of 3.65% over the past week compared to the Sensex's 1.69%, the company's year-to-date performance shows a decline of 19.5%, suggesting a need for cautious optimism moving forward.