Valuation is not just comparing PE and P/B for an NBFC. One needs to look at ROA, ROE, Dividend Yield, Equity dilution frequency, Asset quality, growth rate, Management pedigree etc.
Will you call Reliance capital cheap just because it trades at a low PE and under 1 time book?
IMO, Manappuram is undervalued based on the metrics I've listed above.
Disc: Invested and it's one of my top 3 holdings.