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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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Surya Roshni's Beneish M-Score or its related term are showing as below:
BOM:500336'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.6 Max: -1.43
Current: -2.68
During the past 13 years, the highest Beneish M-Score of Surya Roshni was -1.43. The lowest was -2.94. And the median was -2.60.
The historical data trend for Surya Roshni'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:500336 vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, Surya Roshni'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.
Surya Roshni Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Surya Roshni's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Surya Roshni'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 Surya Roshni 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 * 0.9279
+
0.528 * 1.0514
+
0.404 * 0.6161
+
0.892 * 1.0141
+
0.115 * 0.9606
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.032399
-
0.327 * 1.0921
=
-2.68
* 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))
=
(1227.4 / (1227.4 + 9018.7))
/
(1299.7 / (1299.7 + 9122.6))
=
0.119792
/
0.124704
=
0.9606
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
=
(2858.1 - 0
-
4006.6)
/
35449.1
=
-0.032399
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.
Surya Roshni has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Surya Roshni (BOM:500336) has a Beneish M-Score of -2.68 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Surya Roshni and its competitors. According to the industry distribution chart, Surya Roshni ranks #216 out of 588 companies in the Steel industry, placing it in the top 36.7%.
Is Surya Roshni's Beneish M-Score too high?
Surya Roshni's current Beneish M-Score is -2.68. Based on the distribution chart, Surya Roshni ranks #216 out of 588 companies in the Steel industry, which is above the industry midpoint. Overall, Surya Roshni has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Surya Roshni's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Surya Roshni ranks #216 out of 588 companies for Beneish M-Score. This puts Surya Roshni in the upper 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Surya Roshni and its competitors. Surya Roshni's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Surya Roshni stock overvalued right now?
Based on GuruFocus' analysis, Surya Roshni (BOM:500336) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹290.78, compared to a current price of ₹239.50 — trading 17.6% below its estimated fair value. The current Beneish M-Score is -2.68. Surya Roshni's overall GF Score™ is 76/100 with 3 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 Surya Roshni (BOM:500336), the current Beneish M-Score is -2.68 as of Aug. 03, 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 Surya Roshni (BOM:500336) Overvalued in 2026?
Based on GuruFocus' analysis, Surya Roshni stock appears to be undervalued.
The current stock price of ₹239.50 is trading 17.6% below its estimated GF Value™ of ₹290.78.
GuruFocus considers Surya Roshni to be Modestly Undervalued.
Key valuation signals for BOM:500336:
Beneish M-Score: -2.68
GF Value™: ₹290.78 vs. price of ₹239.50 (17.6% below fair value)
No single metric tells the full story. See the BOM:500336 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Surya Roshni Ltd is an Indian-based company involved in the manufacturing and marketing of lighting and steel tube products. The business activity of the firm has functioned through Steel pipes and Strips and Lighting and consumer durables segments. The Steel Pipe and Strips segment manufacturing and sale of steel pipes, cold rolled strips, and steel structures. The Lighting and consumer durables segment is engaged in the manufacturing and sale of different varieties of Lamps, fittings, Fans, Appliances and allied items. Geographically all the business operations are operated from India, and the products are sold within the Indian and international markets.
76GF Score
Get the complete analysis for BOM:500336
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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