Is SPML Infra overvalued or undervalued?

As of 14 November 2025, SPML Infra's valuation grade has moved from attractive to fair, indicating a shift in its perceived value. The company is currently fairly valued, with a price-to-earnings (PE) ratio of 32.97, an EV to EBITDA ratio of 44.62, and a PEG ratio of 0.04, which suggests that it may be undervalued relative to its growth prospects.
In comparison to peers, Larsen & Toubro, which is rated attractive, has a PE ratio of 34.27 and an EV to EBITDA of 18.08, highlighting that SPML Infra's valuation metrics are relatively high. Other peers like CG Power & Industries and Siemens are considered very expensive, with PE ratios of 109.59 and 57.8, respectively. Despite SPML Infra's recent stock performance lagging behind the Sensex, particularly with a year-to-date return of -16.00% compared to the Sensex's 8.22%, its long-term performance over three years shows a significant increase of 618.03%, reinforcing the notion of its potential value.