Is Refex Industries overvalued or undervalued?

As of 14 October 2025, the valuation grade for Refex Industries has moved from expensive to very expensive, indicating a significant shift in its perceived value. The company is currently considered overvalued. Key ratios include a PE ratio of 30.57, an EV to EBITDA of 22.79, and a PEG ratio of 0.67, which suggests that despite the high valuation, growth expectations may not justify the price. In comparison to its peers, Refex Industries stands out with a PE ratio significantly lower than Linde India at 117.18 and Ellen. Indl. Gas at 77.05, both classified as very expensive. However, it is notably higher than Petronet LNG, which is rated as attractive with a PE of 11.2. The recent stock performance has been underwhelming, with a year-to-date return of -26.00%, contrasting sharply with the Sensex's gain of 4.98% during the same period, further reinforcing the notion of overvaluation.