Orissa Sponge Iron & Steel (BOM:504864) Beneish M-Score: 1.91 (As of Jun. 30, 2026) — Near Median


What is Orissa Sponge Iron & Steel Beneish M-Score?

Orissa Sponge Iron & Steel BOM:504864 Beneish M-Score is 1.91 as of Jun. 30, 2026, which is at its 10-year median of 1.91. The stock has 8 warning signs investors should review.

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.

Warning Sign:

Beneish M-Score 1.91 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Orissa Sponge Iron & Steel's Beneish M-Score or its related term are showing as below:

BOM:504864' s Beneish M-Score Range Over the Past 10 Years
Min: 0.22   Med: 1.91   Max: 12.34
Current: 1.91

During the past 13 years, the highest Beneish M-Score of Orissa Sponge Iron & Steel was 12.34. The lowest was 0.22. And the median was 1.91.

Orissa Sponge Iron & Steel Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Orissa Sponge Iron & Steel'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.

Orissa Sponge Iron & Steel Beneish M-Score Chart

Orissa Sponge Iron & Steel Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 12.34 0.22 1.91

Orissa Sponge Iron & Steel Semi-Annual Data
Mar07 Mar08 Mar09 Mar10 Mar11 Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 12.34 0.22 1.91

BOM:504864 vs NUE: Beneish M-Score Comparison

For the Steel subindustry, Orissa Sponge Iron & Steel'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.

Orissa Sponge Iron & Steel Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Orissa Sponge Iron & Steel's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Orissa Sponge Iron & Steel's Beneish M-Score falls into.


Orissa Sponge Iron & Steel 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 Orissa Sponge Iron & Steel 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 * 1.4385+0.528 * 5.7514+0.404 * 0.9913+0.892 * 3.2838+0.115 * 0.7643
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4454+4.679 * -0.13419-0.327 * 0.982
=1.91

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹349 Mil.
Revenue was ₹4,084 Mil.
Gross Profit was ₹-122 Mil.
Total Current Assets was ₹2,189 Mil.
Total Assets was ₹7,580 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,265 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹92 Mil.
Selling, General, & Admin. Expense(SGA) was ₹17 Mil.
Total Current Liabilities was ₹4,146 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,760 Mil.
Net Income was ₹47 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,064 Mil.
 Total Receivables was ₹74 Mil.
Revenue was ₹1,244 Mil.
Gross Profit was ₹-213 Mil.
Total Current Assets was ₹997 Mil.
Total Assets was ₹6,040 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,942 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹66 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12 Mil.
Total Current Liabilities was ₹2,269 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,146 Mil.

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)
=(348.896 / 4083.506) / (73.86 / 1243.519)
=0.08544 / 0.059396
=1.4385

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)
=(-213.273 / 1243.519) / (-121.77 / 4083.506)
=-0.171508 / -0.02982
=5.7514

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 - (2188.565 + 5265.221) / 7580.466) / (1 - (996.854 + 4941.749) / 6040.435)
=0.016711 / 0.016858
=0.9913

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
=4083.506 / 1243.519
=3.2838

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))
=(65.569 / (65.569 + 4941.749)) / (91.785 / (91.785 + 5265.221))
=0.013095 / 0.017134
=0.7643

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)
=(17.076 / 4083.506) / (11.677 / 1243.519)
=0.004182 / 0.00939
=0.4454

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)
=((3759.719 + 4145.821) / 7580.466) / ((4145.682 + 2269.08) / 6040.435)
=1.042883 / 1.06197
=0.982

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
=(46.82 - 0 - 1064.042) / 7580.466
=-0.13419

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.

Orissa Sponge Iron & Steel has a M-score of 1.91 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 1.91 mean?
Orissa Sponge Iron & Steel (BOM:504864) has a Beneish M-Score of 1.91 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orissa Sponge Iron & Steel and its competitors. This is near median its historical median of 1.91. Over the past decade, Orissa Sponge Iron & Steel's Beneish M-Score has ranged from 0.22 to 12.34.
Is Orissa Sponge Iron & Steel's Beneish M-Score too high?
Orissa Sponge Iron & Steel's current Beneish M-Score of 1.91 is near median its 10-year median of 1.91. Over the past 10 years, this metric has ranged from a low of 0.22 to a high of 12.34.
How does Orissa Sponge Iron & Steel's Beneish M-Score compare to NUE?
Orissa Sponge Iron & Steel's Beneish M-Score of 1.91 can be compared against companies in the Steel industry. Historically, Orissa Sponge Iron & Steel's own Beneish M-Score has ranged from 0.22 to 12.34 over the past decade. 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 Orissa Sponge Iron & Steel and its competitors. Orissa Sponge Iron & Steel's current Beneish M-Score is 1.91, which is near median its own 10-year median of 1.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Orissa Sponge Iron & Steel stock overvalued right now?
Orissa Sponge Iron & Steel (BOM:504864) has a current Beneish M-Score of 1.91. The current Beneish M-Score is 1.91, which is near median its 10-year median of 1.91. 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 Orissa Sponge Iron & Steel (BOM:504864), the current Beneish M-Score is 1.91 as of Jun. 30, 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.

Orissa Sponge Iron & Steel Business Description

Address A 201, First Floor, Okhla Industrial Area, Phase I, New Delhi, IND, 110020
Orissa Sponge Iron & Steel Ltd is engaged in manufacturing and selling iron and steel. It mainly operates coal-based sponge iron plants, waste energy recovery-based power plants, and a billet-making plant. The Company's business activities falls within a single primary business segment which is Iron & Steel. The firm generates revenues through the sale of surplus power, and also involves in providing engineering and technical services. It operates a coal-based sponge iron plant, waste energy recovery-based power plants, and a billet-making plant.