Is Maiden Forgings overvalued or undervalued?

As of 10 October 2025, the valuation grade for Maiden Forgings has moved from very expensive to expensive, indicating a slight improvement in its perceived value. 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 its peers, Maiden Forgings' PE ratio is significantly lower than that of JSW Steel at 55.8 and Tata Steel at 44.71, both of which are rated as fair. Additionally, while SAIL is rated attractive with a PE of 17.94, Maiden Forgings' valuation remains on the higher side relative to its performance metrics. Notably, the stock has underperformed over the past year with a return of -10.94%, contrasting with the Sensex's modest gain of 1.09%, further reinforcing the view that the company is overvalued.