Is Maiden Forgings overvalued or undervalued?

As of 10 October 2025, the valuation grade for Maiden Forgings moved from very expensive to expensive, indicating a slight improvement in its valuation perspective. The company is currently considered overvalued. Key ratios include a PE ratio of 18.56, an EV to EBITDA of 9.29, and a ROE of 7.93%.
In comparison to peers, Maiden Forgings' PE ratio is significantly lower than that of JSW Steel, which stands at 55.8, and Tata Steel at 44.71, both classified as fairly valued. Additionally, the company's EV to EBITDA ratio is more favorable than that of Lloyds Metals, which is very expensive at 35.35. Despite a recent stock return of 1.8% over the past week, which outperformed the Sensex's 1.59%, the overall valuation suggests that Maiden Forgings remains overvalued in the current market context.