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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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Black Rose Industries's Beneish M-Score or its related term are showing as below:
BOM:514183'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.29 Max: 0.58
Current: -2.46
During the past 13 years, the highest Beneish M-Score of Black Rose Industries was 0.58. The lowest was -2.80. And the median was -2.29.
Black Rose Industries Beneish M-Score Related Terms
Black Rose Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Black Rose 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:514183 vs LIN, SHW, ECL: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Black Rose 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.
Black Rose Industries Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Black Rose Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Black Rose 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 Black Rose 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 * 1.0734
+
0.528 * 0.9434
+
0.404 * 1.6103
+
0.892 * 0.9575
+
0.115 * 0.86
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.109174
-
0.327 * 0.6121
=
-2.46
* 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))
=
(31.452 / (31.452 + 441.667))
/
(38.68 / (38.68 + 461.711))
=
0.066478
/
0.0773
=
0.86
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
=
(224.242 - 0
-
451.227)
/
2079.121
=
-0.109174
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.
Black Rose Industries has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Black Rose Industries (BOM:514183) has a Beneish M-Score of -2.46 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Black Rose Industries and its competitors. According to the industry distribution chart, Black Rose Industries ranks #828 out of 1528 companies in the Chemicals industry, placing it in the top 54.2%.
Is Black Rose Industries' Beneish M-Score too high?
Black Rose Industries' current Beneish M-Score is -2.46. Based on the distribution chart, Black Rose Industries ranks #828 out of 1528 companies in the Chemicals industry, which is below the industry midpoint. Overall, Black Rose Industries has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Black Rose Industries' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Black Rose Industries ranks #828 out of 1528 companies for Beneish M-Score. This places Black Rose 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 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 Black Rose Industries and its competitors. Black Rose Industries's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Black Rose Industries stock overvalued right now?
Based on GuruFocus' analysis, Black Rose Industries (BOM:514183) is currently considered Fairly Valued. The stock's GF Value™ is ₹102.71, compared to a current price of ₹96.15 — trading 6.4% below its estimated fair value. The current Beneish M-Score is -2.46. Black Rose Industries' overall GF Score™ is 70/100 with 4 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 Black Rose Industries (BOM:514183), the current Beneish M-Score is -2.46 as of Jul. 26, 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 Black Rose Industries (BOM:514183) Overvalued in 2026?
Based on GuruFocus' analysis, Black Rose Industries stock appears to be undervalued.
The current stock price of ₹96.15 is trading 6.4% below its estimated GF Value™ of ₹102.71.
GuruFocus considers Black Rose Industries to be Fairly Valued.
Key valuation signals for BOM:514183:
Beneish M-Score: -2.46
GF Value™: ₹102.71 vs. price of ₹96.15 (6.4% below fair value)
No single metric tells the full story. See the BOM:514183 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Black Rose Industries Ltd is engaged in the business of chemical distribution and chemical manufacturing. It operates through two segments: Chemicals and Others. The Chemical distribution business consists mainly of import and sales of specialty and performance chemicals. Its product offerings consist of specialty chemicals, flocculants, cyanoacrylate adhesives, polymer additives, and acrylamide among others. The majority of the company's revenue is generated from the Chemicals segment. Geographically, the company caters to both the Indian and the international markets and derives maximum revenue from its customers located outside India.
70GF Score
Get the complete analysis for BOM:514183
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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