BAL has further to fall, page-33

Umm I think you might want to use the P/EG rather than the P/E ratio and in regards debt try using the D/E ratio instead, it might be worth exploring and whilst you are at it look at some other basics like EPS, ROE, ROC. To take anyone of these in isolation is fraught with danger but to bundle them all together and try and find a peer or competitor is equally fraught with danger. It is not so much the ratio's or the values in themselves that provide the guidance but the underlying meaning and reason for the values. Even these ratio's and other variants don't provide the complete answer about a company but they certainly allow one to form a view based on some facts.