ROE 98%, P/E just 1x: Is this small-cap a hidden gem or a value trap?

In investing, flashy numbers can lure in even the sharpest minds. One such company is Vipul, a small-cap real estate developer, flaunting a rock-bottom P/E ratio of just 1, sky-high return on equity of 98 per cent and a return on capital employed of 66 per cent for 12 months ending September 2024. At first glance, it looks like a hidden gem in an overheated market.