The latest data point for SE shows a P/B Ratio of 4.569 in Q1'26. This represents a slight recovery from the previous quarter, though it remains significantly lower than the peaks observed in the prior year. From Q2'23 to Q1'26, the P/B Ratio experienced a period of steady expansion, climbing from 3.516 to a peak of 10.644 in Q2'25. This was followed by a sharp contraction in the latter half of FY2025, with the ratio dropping to 4.123 by Q4'25 before stabilizing in the most recent quarter. Overall, the data illustrates a volatile valuation cycle characterized by a strong upward re-rating followed by a significant correction back toward historical baselines.