Bharat Forge Beneish M-Score Historical Data
The historical data trend for Bharat Forge'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.
Bharat Forge Beneish M-Score Chart
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Bharat Forge Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.32 |
-2.98 |
-1.87 |
-2.15 |
-2.71 |
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Bharat Forge Quarterly Data
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Dec24 |
| Beneish M-Score |
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-2.71 |
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Competitive Comparison of Bharat Forge's Beneish M-Score
For the Auto Parts subindustry, Bharat Forge'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.
Bharat Forge's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Bharat Forge's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bharat Forge's Beneish M-Score falls into.
Bharat Forge Beneish M-Score Calculation
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 Bharat Forge 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 * 0.8429 | + | 0.528 * 1.0001 | + | 0.404 * 0.6502 | + | 0.892 * 1.2241 | + | 0.115 * 0.963 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7271 | + | 4.679 * -0.036863 | - | 0.327 * 1.0478 |
| = | -2.71 |
* 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.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹32,034 Mil.
Revenue was ₹150,429 Mil.
Gross Profit was ₹65,400 Mil.
Total Current Assets was ₹100,155 Mil.
Total Assets was ₹193,491 Mil.
Property, Plant and Equipment(Net PPE) was ₹76,421 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8,482 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7,968 Mil.
Total Current Liabilities was ₹92,801 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22,382 Mil.
Net Income was ₹9,511 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹16,644 Mil.
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Total Receivables was ₹31,045 Mil.
Revenue was ₹122,889 Mil.
Gross Profit was ₹53,434 Mil.
Total Current Assets was ₹90,020 Mil.
Total Assets was ₹183,842 Mil.
Property, Plant and Equipment(Net PPE) was ₹69,103 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7,356 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8,953 Mil.
Total Current Liabilities was ₹82,769 Mil.
Long-Term Debt & Capital Lease Obligation was ₹21,674 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (32034.45 / 150429.41) | / | (31045.38 / 122889.1) |
| = | 0.212953 | / | 0.252629 |
| | = | 0.8429 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (53433.56 / 122889.1) | / | (65400.31 / 150429.41) |
| = | 0.434811 | / | 0.434757 |
| | = | 1.0001 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (100155.12 + 76421.47) / 193491.18) | / | (1 - (90020.18 + 69103.01) / 183841.87) |
| = | 0.087418 | / | 0.134456 |
| | = | 0.6502 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 150429.41 | / | 122889.1 |
| | = | 1.2241 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
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)) |
| = | (7355.86 / (7355.86 + 69103.01)) | / | (8481.97 / (8481.97 + 76421.47)) |
| = | 0.096207 | / | 0.099901 |
| | = | 0.963 |
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
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (7968.04 / 150429.41) | / | (8952.59 / 122889.1) |
| = | 0.052969 | / | 0.072851 |
| | = | 0.7271 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((22382.36 + 92801.09) / 193491.18) | / | ((21674.49 + 82768.57) / 183841.87) |
| = | 0.59529 | / | 0.568114 |
| | = | 1.0478 |
8. TATA = Total Accruals to Total Assets
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 |
| = | (9511.28 - 0 | - | 16643.95) | / | 193491.18 |
| | = | -0.036863 |
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.
Bharat Forge has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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