At CMP of INR 3,700, Tata Elxsi trades at ~25.5x FY28E EPS of INR 145.1. The stock has de rated sharply from its peak of ~55x FY26E (at CMP INR 5,793 in Jan 2026) and now trades at a ~15% discount to the ER&D peer median of ~30x FY28E (KPIT, Coforge, Newgen).