Is VST Industries overvalued or undervalued?

As of 31 October 2025, VST Industries has moved from an attractive to a fair valuation grade. The company appears to be fairly valued at this time. Key ratios include a PE ratio of 20.02, an EV to EBITDA of 6.37, and a Price to Book Value of 0.35, which suggest a moderate valuation relative to its earnings and asset base.
In comparison to its peers, VST Industries' PE ratio is lower than ITC's 22.15, which is considered expensive, while it is significantly higher than NTC Industries, which has a PE of 16.89 and is rated very attractive. The company's recent stock performance has lagged behind the Sensex, with a year-to-date return of -21.93% compared to the Sensex's 7.42%, indicating potential concerns about its growth prospects despite its current fair valuation.