Is Innovators overvalued or undervalued?

As of 17 November 2025, the valuation grade for Innovators has moved from very expensive to attractive, indicating a significant shift in its perceived value. The company is currently considered undervalued. Key ratios include a PE Ratio of 25.22, an EV to EBITDA of 12.64, and a ROCE of 17.24%.
In comparison to its peers, Innovators has a PE Ratio that is lower than Rail Vikas, which stands at 60.05, and a more favorable EV to EBITDA ratio compared to Tube Investments at 30.3. Despite a recent underperformance in the year-to-date return of -6.68% against the Sensex's 8.72%, Innovators has shown strong long-term performance with a 3-year return of 222.8%, reinforcing its attractive valuation.