Is Tarmat overvalued or undervalued?

As of 17 November 2025, Tarmat's valuation grade has moved from expensive to fair, indicating a more favorable assessment of its market position. The company is currently fairly valued, with a PE ratio of 43.21, an EV to EBITDA of 37.05, and a PEG ratio of 0.47, suggesting that its growth prospects are relatively attractive compared to its current price.
In comparison to peers, Tarmat's PE ratio is higher than that of Larsen & Toubro, which stands at 34.55, but significantly lower than CG Power & Ind, which is currently very expensive at a PE of 110.51. This positions Tarmat in a competitive light within the construction industry, especially considering its lower PEG ratio compared to peers like Siemens, which has a PEG of 1.63. Notably, Tarmat's recent stock performance has underperformed the Sensex over the past year, with a decline of 31.67% compared to the Sensex's gain of 9.50%, which may reinforce the perception of its fair valuation amidst broader market trends.