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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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Axtel Industries's Beneish M-Score or its related term are showing as below:
BOM:523850'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.6 Max: -0.48
Current: -3.08
During the past 13 years, the highest Beneish M-Score of Axtel Industries was -0.48. The lowest was -3.24. And the median was -2.60.
The historical data trend for Axtel 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:523850 vs GEV, ETN, PH: Beneish M-Score Comparison
For the Specialty Industrial Machinery subindustry, Axtel 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.
Axtel Industries Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Axtel Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Axtel 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 Axtel 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 * 1.083
+
0.528 * 0.8611
+
0.404 * 0.8111
+
0.892 * 1.2801
+
0.115 * 0.8748
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 2.5126
+
4.679 * -0.092309
-
0.327 * 1.2063
=
-3.08
* 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))
=
(38.792 / (38.792 + 284.546))
/
(49.664 / (49.664 + 312.486))
=
0.119974
/
0.137137
=
0.8748
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
=
(311.595 - 0
-
510.646)
/
2156.353
=
-0.092309
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.
Axtel Industries has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
Axtel Industries (BOM:523850) has a Beneish M-Score of -3.08 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Axtel Industries and its competitors. According to the industry distribution chart, Axtel Industries ranks #294 out of 2907 companies in the Industrial Products industry, placing it in the top 10.1%.
Is Axtel Industries' Beneish M-Score too high?
Axtel Industries' current Beneish M-Score is -3.08. Based on the distribution chart, Axtel Industries ranks #294 out of 2907 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Axtel Industries has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Axtel Industries' Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Axtel Industries ranks #294 out of 2907 companies for Beneish M-Score. This places Axtel Industries in the top 10% of its industry — outperforming the majority of peers. 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Axtel Industries and its competitors. Axtel Industries's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Axtel Industries stock overvalued right now?
Based on GuruFocus' analysis, Axtel Industries (BOM:523850) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹589.51, compared to a current price of ₹432.05 — trading 26.7% below its estimated fair value. The current Beneish M-Score is -3.08. Axtel Industries' overall GF Score™ is 77/100 with 2 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 Axtel Industries (BOM:523850), the current Beneish M-Score is -3.08 as of Aug. 04, 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 Axtel Industries (BOM:523850) Overvalued in 2026?
Based on GuruFocus' analysis, Axtel Industries stock appears to be undervalued.
The current stock price of ₹432.05 is trading 26.7% below its estimated GF Value™ of ₹589.51.
GuruFocus considers Axtel Industries to be Modestly Undervalued.
Key valuation signals for BOM:523850:
Beneish M-Score: -3.08
GF Value™: ₹589.51 vs. price of ₹432.05 (26.7% below fair value)
No single metric tells the full story. See the BOM:523850 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Axtel Industries Ltd is engaged in the business of manufacturing process engineering equipment for food processing Industries. The company offers various food processing systems, such as size reduction systems, mixing systems, spice processing systems, and steam sterilization systems, etc. In addition, it also offers a wide range of process equipment such as belt conveyors, bulk loaders, storage tanks, hammer mills, and other equipment for mixing and blending, storage, solids handling, and other applications. The company has only one segment of manufacturing food processing instruments and equipments. Geographically, it derives maximum revenue from its business within India, and also has some exposure to other markets.
77GF Score
Get the complete analysis for BOM:523850
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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