Is Ishan Internat. overvalued or undervalued?

As of 23 May 2025, the valuation grade for Ishan International has moved from does not qualify to risky. The company is currently assessed as overvalued. Key ratios include a PE ratio of 21.62, an EV to EBITDA of 22.46, and a Price to Book Value of 0.91. In comparison to peers, Ishan International's PE ratio is significantly lower than that of Thermax Ltd. at 66.31 and BEML Ltd. at 62.34, both categorized as very expensive. Furthermore, the company's negative ROCE of -0.24% and low ROE of 0.89% indicate underlying financial challenges. Notably, the stock has underperformed the Sensex, with a year-to-date return of -46.15% compared to the Sensex's 6.24%, reinforcing the overvaluation narrative.