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 is currently fairly valued, with a PE ratio of 20.02, an EV to EBITDA of 6.37, and a dividend yield of 3.82%. In comparison to its peers, ITC is considered expensive with a PE ratio of 22.15, while NTC Industries is very attractive with a PE of 16.89, indicating that VST is positioned in the middle of its competitive landscape.
Despite a recent uptick in stock performance compared to the Sensex over the past week, VST Industries has faced significant declines year-to-date and over the past year, with returns of -21.93% and -24.32%, respectively. This underperformance highlights the challenges the company is facing, even as it maintains a fair valuation in the current market context.