Is Veto Switchgears overvalued or undervalued?

As of 14 August 2025, the valuation grade for Veto Switchgears has moved from very attractive to attractive, indicating a shift in market perception. The company is currently assessed as undervalued, with a PE ratio of 10.18, a Price to Book Value of 0.80, and an EV to EBITDA ratio of 7.58. These figures suggest that Veto Switchgears is trading at a discount relative to its earnings and book value.
In comparison to its peers, Veto Switchgears stands out with a PEG ratio of 0.57, while Polycab India is deemed very expensive with a PE ratio of 47.31, and Havells India has a PE ratio of 65.68, indicating that Veto is significantly more attractively priced. Despite recent underperformance, with a year-to-date return of -16.07% compared to the Sensex's 3.15%, the company's valuation metrics suggest it may offer a favorable investment opportunity relative to its industry peers.