Is Nitiraj Engineer overvalued or undervalued?

As of 10 October 2025, Nitiraj Engineer has moved from a fair to an attractive valuation grade, indicating a positive shift in its perceived value. The company is currently considered undervalued. Key ratios include a PE Ratio of 33.35, an EV to EBITDA of 16.63, and a Price to Book Value of 2.48, which suggest that the company is positioned favorably compared to its peers.
In comparison to its industry peers, Nitiraj Engineer's valuation appears reasonable, especially when contrasted with Thermax, which has a PE of 57.03, and BEML Ltd, with a PE of 60.71, both categorized as expensive. Despite recent underperformance against the Sensex, with a year-to-date return of -11.86% compared to the Sensex's 6.94%, the long-term outlook remains strong, as evidenced by a 3-year return of 160.51%.