Is Mangalam Cement overvalued or undervalued?

As of 10 November 2025, Mangalam Cement's valuation grade has moved from fair to very attractive, indicating a significant improvement in its perceived value. The company is currently considered undervalued. Key ratios include a PE ratio of 26.65, a Price to Book Value of 0.23, and an EV to EBITDA of 23.32, which suggest that the stock is trading at a discount compared to its earnings potential.
In comparison to its peers, Mangalam Cement's PE ratio is notably lower than UltraTech Cement's 47.21 and Grasim Industries' 43.08, both of which are categorized as very expensive. Additionally, the PEG ratio of 0.61 further supports the undervaluation thesis, especially when contrasted with competitors like Ambuja Cements, which has a PEG of 0.24. Despite a recent decline in stock price, the long-term performance shows a 3-year return of 115.23%, significantly outperforming the Sensex's 37.82% in the same period, reinforcing the attractiveness of Mangalam Cement as a potential investment.