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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Godrej Industries's Beneish M-Score or its related term are showing as below:
BOM:500164'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.56 Med: -2.12 Max: -1.82
Current: -1.82
During the past 13 years, the highest Beneish M-Score of Godrej Industries was -1.82. The lowest was -2.56. And the median was -2.12.
Godrej Industries Beneish M-Score Related Terms
Godrej Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Godrej Industries's Beneish M-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:500164 vs HON, MMM: Beneish M-Score Comparison
For the Conglomerates subindustry, Godrej Industries's Beneish M-Score, along with its competitors' market caps and Beneish M-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.
Godrej Industries Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Godrej Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Godrej Industries's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Godrej Industries for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.2686
+
0.528 * 0.9622
+
0.404 * 0.9783
+
0.892 * 1.1279
+
0.115 * 0.9292
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0823
+
4.679 * 0.079929
-
0.327 * 1.0743
=
-1.82
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(4819.1 / (4819.1 + 53936.8))
/
(5956.3 / (5956.3 + 61525.1))
=
0.082019
/
0.088266
=
0.9292
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(12405.3 - 0
-
-88549)
/
1263045.7
=
0.079929
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Godrej Industries has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
Godrej Industries (BOM:500164) has a Beneish M-Score of -1.82 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Godrej Industries and its competitors. According to the industry distribution chart, Godrej Industries ranks #443 out of 539 companies in the Conglomerates industry, placing it in the top 82.2%.
Is Godrej Industries' Beneish M-Score too high?
Godrej Industries' current Beneish M-Score is -1.82. Based on the distribution chart, Godrej Industries ranks #443 out of 539 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Godrej Industries has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Godrej Industries' Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Godrej Industries ranks #443 out of 539 companies for Beneish M-Score. This places Godrej Industries in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Conglomerates company?
A good Beneish M-Score depends on the Conglomerates industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Godrej Industries and its competitors. Godrej Industries's current Beneish M-Score is -1.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Godrej Industries stock overvalued right now?
Based on GuruFocus' analysis, Godrej Industries (BOM:500164) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹1,158.45, compared to a current price of ₹1,352.25 — trading 16.7% above its estimated fair value. The current Beneish M-Score is -1.82. Godrej Industries' overall GF Score™ is 72/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Godrej Industries (BOM:500164), the current Beneish M-Score is -1.82 as of Jul. 23, 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 Godrej Industries (BOM:500164) Overvalued in 2026?
Based on GuruFocus' analysis, Godrej Industries stock appears to be overvalued.
The current stock price of ₹1,352.25 is trading 16.7% above its estimated GF Value™ of ₹1,158.45.
GuruFocus considers Godrej Industries to be Modestly Overvalued.
Key valuation signals for BOM:500164:
Beneish M-Score: -1.82
GF Value™: ₹1,158.45 vs. price of ₹1,352.25 (16.7% above fair value)
No single metric tells the full story. See the BOM:500164 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Godrej Industries Ltd is an India-based conglomerate with activities in agriculture, chemicals, real estate, consumer goods, and other industries. The firm has eight segments. The estate and property development segment develops, leases, and sells residential and commercial properties. The animal feed segment sells animal feed compounds for cattle, poultry, shrimp, and fish. The vegetable oils segment produces refined vegetable oils. The chemicals segment sells compounds used to make soaps, detergents, and other consumer products. The dairy segment sells milk and milk-based products. The crop protection segment provides pesticides and growth compounds. The two smallest segments account for finance and investments as well as hospitality. The majority of its revenue comes from India.
72GF Score
Get the complete analysis for BOM:500164
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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