Is Innovators overvalued or undervalued?

As of 19 November 2025, the valuation grade for Innovators has moved from attractive to very attractive, indicating a stronger outlook for the company. The analysis suggests that Innovators is undervalued, particularly when considering its key financial ratios. The PE ratio stands at 24.58, the EV to EBITDA ratio is 12.32, and the ROCE is a robust 17.24%.
In comparison to peers, Innovators' PE ratio is significantly lower than Rail Vikas, which has a PE of 58.82, and Tube Investments, with a PE of 93.39. This suggests that Innovators offers a more favorable valuation relative to its competitors. Despite a recent decline in stock performance over the past week, the company has outperformed the Sensex over the longer term, with a 3-year return of 209.1% compared to the Sensex's 38.15%.