Is Kalana Ispat overvalued or undervalued?

As of 18 September 2025, Kalana Ispat's valuation grade has moved from expensive to fair. The company is currently fairly valued, with a PE ratio of 43.10, an EV to EBITDA ratio of 23.54, and a Price to Book Value of 1.21. In comparison to peers, JSW Steel has a PE ratio of 53.53 and an EV to EBITDA of 14.16, while Tata Steel is rated attractive with a PE of 44.24 and an EV to EBITDA of 11.43.
Despite the recent downgrade in stock price, with a current price of 40.60 compared to a 52-week high of 55.00, Kalana Ispat's performance has lagged behind the Sensex, showing a year-to-date return of -8.56% versus the Sensex's 7.52%. This underperformance may suggest that the market has not fully recognized the fair valuation of the company amidst the broader industry dynamics.