Is Man Industries overvalued or undervalued?

As of 17 October 2025, the valuation grade for Man Industries 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 18.47, an EV to EBITDA of 9.78, and a ROCE of 15.26%.
In comparison to its peers, Man Industries has a higher PE ratio than SAIL, which is attractive at 17.46, and significantly lower than JSW Steel, which is expensive at 55.74. The PEG ratio of 0.78 suggests that the stock may be undervalued relative to its growth prospects, but the overall expensive valuation indicates caution. Notably, Man Industries has outperformed the Sensex with a year-to-date return of 21.73% compared to the Sensex's 7.44%, reinforcing the narrative of strong performance despite its current valuation status.