ZR2 Bioenergy (BOM:506640) Beneish M-Score: 0.00 (As of Jul. 31, 2026)

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BOM:506640 ZR2 Bioenergy Ltd BOM:506640
27 GF Score
Price ₹104.10
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What is ZR2 Bioenergy Beneish M-Score?

ZR2 Bioenergy BOM:506640 -0.48% 27 Beneish M-Score is 0.00 as of Jul. 31, 2026. GuruFocus rates BOM:506640 with a GF Score™ of 27/100. Among 1,525 Chemicals companies, ZR2 Bioenergy ranks worse than 65573.7% on this metric.

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.

The historical rank and industry rank for ZR2 Bioenergy's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of ZR2 Bioenergy was 28.74. The lowest was 28.74. And the median was 28.74.

ZR2 Bioenergy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ZR2 Bioenergy'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.

ZR2 Bioenergy Beneish M-Score Chart

ZR2 Bioenergy Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 28.74 0.00

ZR2 Bioenergy Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 Premium Member Only 28.74 0.00 0.00 0.00 0.00

BOM:506640 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, ZR2 Bioenergy'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.

ZR2 Bioenergy Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, ZR2 Bioenergy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ZR2 Bioenergy's Beneish M-Score falls into.


BOM:506640
27GF Score
ZR2 Bioenergy Ltd BOM:506640
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ZR2 Bioenergy 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 ZR2 Bioenergy 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹0.00 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹-1.21 Mil.
Total Current Assets was ₹206.65 Mil.
Total Assets was ₹1,413.08 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,204.79 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.12 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹13.38 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Net Income was ₹10.04 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹-6.89 Mil.
 Total Receivables was ₹4.76 Mil.
Revenue was ₹14.95 Mil.
Gross Profit was ₹2.39 Mil.
Total Current Assets was ₹199.09 Mil.
Total Assets was ₹1,395.01 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,194.57 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.44 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.41 Mil.
Total Current Liabilities was ₹1.57 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 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)
=(0 / 0) / (4.761 / 14.945)
= / 0.318568
=

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)
=(2.385 / 14.945) / (-1.208 / 0)
=0.159585 /
=

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 - (206.646 + 1204.786) / 1413.077) / (1 - (199.089 + 1194.567) / 1395.006)
=0.001164 / 0.000968
=

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
=0 / 14.945
=

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))
=(0.435 / (0.435 + 1194.567)) / (2.123 / (2.123 + 1204.786))
=0.000364 / 0.001759
=

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)
=(0 / 0) / (2.411 / 14.945)
= / 0.161325
=

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)
=((0 + 13.378) / 1413.077) / ((0 + 1.572) / 1395.006)
=0.009467 / 0.001127
=

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
=(10.043 - 0 - -6.889) / 1413.077
=0.011982

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
ZR2 Bioenergy (BOM:506640) has a Beneish M-Score of 0.00 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ZR2 Bioenergy and its competitors. Over the past decade, ZR2 Bioenergy's Beneish M-Score has ranged from 28.74 to 28.74. According to the industry distribution chart, ZR2 Bioenergy ranks #999999 out of 1525 companies in the Chemicals industry.
Is ZR2 Bioenergy's Beneish M-Score too high?
ZR2 Bioenergy's current Beneish M-Score is 0.00. Over the past 10 years, this metric has ranged from a low of 28.74 to a high of 28.74. Based on the distribution chart, ZR2 Bioenergy ranks #999999 out of 1525 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, ZR2 Bioenergy has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does ZR2 Bioenergy's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, ZR2 Bioenergy ranks #999999 out of 1525 companies for Beneish M-Score. This places ZR2 Bioenergy in the lower half of its industry. Historically, ZR2 Bioenergy's own Beneish M-Score has ranged from 28.74 to 28.74 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 ZR2 Bioenergy and its competitors. ZR2 Bioenergy's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ZR2 Bioenergy stock overvalued right now?
ZR2 Bioenergy (BOM:506640) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. ZR2 Bioenergy's overall GF Score™ is 27/100. 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 ZR2 Bioenergy (BOM:506640), the current Beneish M-Score is 0.00 as of Jul. 31, 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.

ZR2 Bioenergy Business Description

Address Senapati Bapat Marg, 1102 Lodha Supremus, Mumbai, MH, IND, 400 013
ZR2 Bioenergy Ltd is a chemical company. Its product portfolio includes Ethanol, Compressed Biogas, Bio-Potash, Carbon Credits, Alternative Protein, and a variety of human and animal nutrition products.
27GF Score

Get the complete analysis for BOM:506640

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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