Mercator (BOM:526235) Beneish M-Score: 0.00 (As of Jun. 27, 2026)

What is Mercator Beneish M-Score?

Mercator BOM:526235 4 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates BOM:526235 with a GF Score™ of 4/100.

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 Mercator's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Mercator was 0.00. The lowest was 0.00. And the median was 0.00.

Mercator Beneish M-Score Related Terms

Mercator Beneish M-Score Historical Data

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The historical data trend for Mercator'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.

Mercator Beneish M-Score Chart

Mercator Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-5.54

-3.76

0.00

Mercator Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

Mercator Beneish M-Score Competitor Comparison

For the Thermal Coal subindustry, Mercator'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.

Mercator Beneish M-Score vs Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, Mercator's Beneish M-Score distribution charts can be found below:

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

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Mercator Ltd BOM:526235

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Mercator 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 Mercator for today is based on a combination of the following eight different indices:

-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 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹1,315.15 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹-0.57 Mil.
Total Current Assets was ₹3,512.46 Mil.
Total Assets was ₹8,962.14 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,188.06 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.57 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹24,410.46 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Net Income was ₹-2,240.71 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹-0.08 Mil.

Total Receivables was ₹1,894.48 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹-0.80 Mil.
Total Current Assets was ₹6,228.58 Mil.
Total Assets was ₹11,428.64 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,164.10 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.80 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16.91 Mil.
Total Current Liabilities was ₹24,663.86 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)
	=	(1315.15 / 0)	/	(1894.48 / 0)
	=		/
	=

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)
	=	(-0.8 / 0)	/	(-0.57 / 0)
	=		/
	=

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 - (3512.46 + 2188.06) / 8962.14)	/	(1 - (6228.58 + 2164.1) / 11428.64)
	=	0.363933	/	0.265645
	=

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	/	0
	=

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))
	=	(0.8 / (0.8 + 2164.1))	/	(0.57 / (0.57 + 2188.06))
	=	0.00037	/	0.00026
	=

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)	/	(16.91 / 0)
	=		/
	=

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 + 24410.46) / 8962.14)	/	((0 + 24663.86) / 11428.64)
	=	2.723731	/	2.158075
	=

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
	=	(-2240.71 - 0	-	-0.08)	/	8962.14
	=	-0.250011

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?

Mercator (BOM:526235) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mercator and its competitors.

Is Mercator's Beneish M-Score too high?

Mercator's current Beneish M-Score is 0.00. Overall, Mercator has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.

How does Mercator's Beneish M-Score compare to competitors?

Mercator's Beneish M-Score of 0.00 can be compared against companies in the Other Energy Sources 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 an Other Energy Sources company?

A good Beneish M-Score depends on the Other Energy Sources 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 Mercator and its competitors. Mercator'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 Mercator stock overvalued right now?

Mercator (BOM:526235) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Mercator's overall GF Score™ is 4/100. 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 Mercator (BOM:526235), the current Beneish M-Score is 0.00 as of Jun. 27, 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.

Mercator Business Description

Industry Energy Other Energy Sources

Comparable Companies BOM:530309 BOM:531396 BOM:531178 SHSE:601088 ISX:BYAN SHSE:601225 BOM:512599 SHSE:600188 NSE:COALINDIA SHSE:601898 SHSE:601699 SZSE:000983 ASX:SOL ISX:ADRO SHSE:600925 SZSE:001286 SZSE:000933 SHSE:900948 SHSE:600546 SHSE:600157

Address Nariman Point, 83-87, 8th Floor, B-Wing, Mittal Tower, Mumbai, MH, IND, 400 021

Website https://www.mercator.co.in

Mercator Ltd is an Indian company engaged in diversified business with interests in coal, oil & gas, shipping and dredging. The company operates a variety of shipping fleets including crude carriers, gas carriers, petroleum product carriers, and bulk carriers. It operates in single primary business segment of Water transport.

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₹0.84

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