Is Refex Industries overvalued or undervalued?

As of 14 November 2025, Refex Industries has moved from an expensive to a very expensive valuation grade. The company is currently considered overvalued based on its financial metrics. Key ratios include a PE ratio of 28.26, an EV to EBITDA of 20.77, and a PEG ratio of 0.69, which suggests that despite a relatively low growth expectation, the stock price remains high.
In comparison to its peers, Refex Industries' valuation appears significantly higher than that of Petronet LNG, which has a PE ratio of 11.19 and is classified as attractive. Other peers like Linde India and Ellen. Industrial Gas are also categorized as very expensive, with PE ratios of 95.6 and 74.15, respectively. The recent performance of Refex Industries has been disappointing, with a year-to-date return of -26.88%, contrasting sharply with the Sensex's positive return of 8.22% in the same period, reinforcing the notion that the stock is overvalued.