Is Maiden Forgings overvalued or undervalued?

As of 1 October 2025, the valuation grade for Maiden Forgings has moved from very expensive to expensive, indicating a shift in perception regarding its market value. The company is currently considered overvalued. Key ratios include a PE Ratio of 18.02, an EV to EBITDA of 9.12, and a Price to Book Value of 1.43, which suggest that the stock may not be justified at its current price level.
In comparison to its peers, Maiden Forgings' PE Ratio is significantly lower than that of JSW Steel, which stands at 54.74, and Tata Steel, which has a PE of 43.09. This discrepancy highlights the potential overvaluation of Maiden Forgings relative to its industry counterparts. Additionally, the company's stock has underperformed against the Sensex over the past year, with a return of -14.09% compared to the Sensex's -3.90%, further reinforcing the notion that Maiden Forgings may not be a compelling investment at this time.