Is Incap overvalued or undervalued?

As of 7 November 2025, the valuation grade for Incap has moved from very attractive to attractive, indicating a shift in perception regarding its investment potential. The company is currently considered overvalued. Key ratios include a PE ratio of 57.68, an EV to EBITDA of 54.20, and a PEG ratio of 5.13, which suggest that the stock is trading at a premium compared to its earnings growth potential.
In comparison to its peers, Incap's PE ratio is significantly higher than that of Cyient DLM, which has a PE of 43.25, and Genus Power, which stands at 23.43. Additionally, while Incap's EV to EBITDA ratio is 54.20, Cyient DLM's is much lower at 9.44, further emphasizing the overvaluation. Despite recent underperformance against the Sensex, with a year-to-date return of -8.22% compared to the Sensex's 6.50%, the long-term performance of Incap remains strong, with a 5-year return of 212.50%.