Is Just Dial overvalued or undervalued?

As of 14 November 2025, Just Dial's valuation grade has moved from expensive to fair, indicating a more favorable assessment of its market position. The company is currently fairly valued, with a PE ratio of 17.22, an EV to EBITDA of 7.89, and a PEG ratio of 1.33. In comparison to its peers, TCS has a higher PE ratio of 22.34 and an EV to EBITDA of 15.7, while Infosys also shows a fair valuation with a PE of 22.19 and an EV to EBITDA of 14.54.
Despite the recent shift in valuation, Just Dial has underperformed against the Sensex, with a year-to-date return of -26.30% compared to the Sensex's 8.22%. This underperformance, coupled with a negative capital employed in ROCE, suggests caution, but the fair valuation indicates that the stock may be positioned for recovery relative to its peers.