Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Mahan IndustriesBOM:531515 59 Piotroski F-Score is 4 as of Aug. 10, 2026, which is 20% below its 10-year median of 5.00. GuruFocus rates BOM:531515 with a GF Score™ of 59/100 and a GF Value™ of ₹24.66 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,591 Asset Management companies, Mahan Industries ranks worse than 58.01% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Mahan Industries has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Mahan Industries's Piotroski F-Score or its related term are showing as below:
BOM:531515'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 7
Current: 4
During the past 13 years, the highest Piotroski F-Score of Mahan Industries was 7. The lowest was 1. And the median was 5.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Mahan Industries Piotroski F-Score Related Terms
Mahan Industries Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Mahan Industries's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BOM:531515 vs BLK, BX, KKR: Piotroski F-Score Comparison
For the Asset Management subindustry, Mahan Industries's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Mahan Industries Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Mahan Industries's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Mahan Industries's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Mahan Industries's current Net Income (TTM) was 0.46.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Mahan Industries's return on assets of this year was 0.00527677. Mahan Industries's return on assets of last year was -0.02078399.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Mahan Industries's gearing of this year was 0.53482386. Mahan Industries's gearing of last year was 0.45246424.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Mahan Industries's current ratio of this year was 22.55573285. Mahan Industries's current ratio of last year was 97.06155633.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Mahan Industries's number of shares in issue this year was 4.61. Mahan Industries's number of shares in issue last year was 4.563.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Mahan Industries's gross margin of this year was -0.00704693. Mahan Industries's gross margin of last year was -0.06352028.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Mahan Industries's asset turnover of this year was 0.65459457. Mahan Industries's asset turnover of last year was 0.28179085.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
0
+
1
+
0
+
0
+
0
+
0
+
1
+
1
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Mahan Industries has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Mahan Industries (BOM:531515) has a Piotroski F-Score of 4 as of Aug. 10, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Mahan Industries and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Mahan Industries' Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, Mahan Industries ranks #923 out of 1591 companies in the Asset Management industry, placing it in the top 58%.
Is Mahan Industries' Piotroski F-Score too high?
Mahan Industries' current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The Asset Management industry median Piotroski F-Score is 5.00. Mahan Industries' value of 4 is 20% below this industry median. Based on the distribution chart, Mahan Industries ranks #923 out of 1591 companies in the Asset Management industry, which is below the industry midpoint. Overall, Mahan Industries has a GF Score™ of 59/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Mahan Industries' Piotroski F-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Mahan Industries ranks #923 out of 1591 companies for Piotroski F-Score. This places Mahan Industries in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Mahan Industries' value of 4 is 20% below this benchmark. Historically, Mahan Industries' own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Mahan Industries has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,591 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mahan Industries's current Piotroski F-Score of 4 is 20% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Mahan Industries and its competitors. For the Asset Management industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mahan Industries's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mahan Industries stock overvalued right now?
Based on GuruFocus' analysis, Mahan Industries (BOM:531515) is currently considered Possible Value Trap. The stock's GF Value™ is ₹24.66, compared to a current price of ₹11.63 — trading 52.8% below its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 20% below the Asset Management industry median of 5.00. Mahan Industries' overall GF Score™ is 59/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Mahan Industries (BOM:531515), the current Piotroski F-Score is 4 as of Aug. 10, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Mahan Industries (BOM:531515) Overvalued in 2026?
Based on GuruFocus' analysis, Mahan Industries stock appears to be undervalued.
The current stock price of ₹11.63 is trading 52.8% below its estimated GF Value™ of ₹24.66.
GuruFocus considers Mahan Industries to be Possible Value Trap.
Key valuation signals for BOM:531515:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: ₹24.66 vs. price of ₹11.63 (52.8% below fair value)
Industry Position: 20% below the Asset Management median (#923 of 1591)
No single metric tells the full story. See the BOM:531515 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mahan Industries Ltd is an investment company. It is engaged in the business of investment in quoted and unquoted shares and trading in shares. The company provides equity capital to the companies and also offers loans and debts to companies, business entities and high net worth individuals. The company invests in middle-market companies.
59GF Score
Get the complete analysis for BOM:531515
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BOM:531515 has been successfully added to your 
