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 market value. Based on the analysis, Incap appears to be overvalued at its current price of 100.00. The company has a PE ratio of 57.68, an EV to EBITDA ratio of 54.20, and a PEG ratio of 5.13, which are significantly higher than many of its peers.
In comparison, Kaynes Tech has a PE ratio of 110.25 and an EV to EBITDA of 79.54, while Cyient DLM, which is also rated attractive, has a much lower PE ratio of 43.25 and an EV to EBITDA of 9.44. This suggests that Incap's valuation metrics are not justified when considering its peers. Additionally, Incap's recent stock performance has lagged behind the Sensex, with a year-to-date return of -8.22% compared to the Sensex's 6.50%. Overall, these factors indicate that Incap is overvalued in the current market environment.