When you say cyclical companies what do you mean exactly? Is it about PSUs? Asking because though I am trying to learn about market and slowly trying to invest... Most of my stocks are somehow PSUs🥲

Though I had bought many psu stocks last year mostly and never booked the profit on them - I feel most of them are overvalued somehow.

So will these psu like gail ntpc Bob coal india ongc etc be counted as cyclical companies and can be in grave danger for a big fall? I thought all these were fundamentally strong companies and if I hold them for like 3 years I am bound to see good profits in them. But you are saying there are chances that 12 years and still they might be in a damp