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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.
Warning Sign:
Beneish M-Score -1.14 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for National Fittings's Beneish M-Score or its related term are showing as below:
BOM:531289'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.54 Max: -1.14
Current: -1.14
During the past 13 years, the highest Beneish M-Score of National Fittings was -1.14. The lowest was -2.74. And the median was -2.54.
National Fittings Beneish M-Score Related Terms
National Fittings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for National Fittings'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:531289 vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, National Fittings'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.
National Fittings Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, National Fittings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Fittings'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 National Fittings 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 * 1.6803
+
0.528 * 0.9776
+
0.404 * 0.9746
+
0.892 * 1.1698
+
0.115 * 1.1306
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * 0.108309
-
0.327 * 1.3187
=
-1.14
* 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))
=
(29.5 / (29.5 + 273.496))
/
(29.455 / (29.455 + 312.6))
=
0.097361
/
0.086112
=
1.1306
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
=
(91.068 - 0
-
-38.73)
/
1198.4
=
0.108309
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.
National Fittings has a M-score of -1.14 signals that the company is likely to be a manipulator.
National Fittings (BOM:531289) has a Beneish M-Score of -1.14 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Fittings and its competitors. According to the industry distribution chart, National Fittings ranks #1531 out of 1700 companies in the Construction industry, placing it in the top 90.1%.
Is National Fittings' Beneish M-Score too high?
National Fittings' current Beneish M-Score is -1.14. Based on the distribution chart, National Fittings ranks #1531 out of 1700 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, National Fittings has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Fittings' Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, National Fittings ranks #1531 out of 1700 companies for Beneish M-Score. This places National Fittings 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 Construction company?
A good Beneish M-Score depends on the Construction 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 National Fittings and its competitors. National Fittings's current Beneish M-Score is -1.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Fittings stock overvalued right now?
Based on GuruFocus' analysis, National Fittings (BOM:531289) is currently considered Fairly Valued. The stock's GF Value™ is ₹164.94, compared to a current price of ₹164.50 — trading 0.3% below its estimated fair value. The current Beneish M-Score is -1.14. National Fittings' overall GF Score™ is 77/100 with 3 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 National Fittings (BOM:531289), the current Beneish M-Score is -1.14 as of Jul. 19, 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 National Fittings (BOM:531289) Overvalued in 2026?
Based on GuruFocus' analysis, National Fittings stock appears to be undervalued.
The current stock price of ₹164.50 is trading 0.3% below its estimated GF Value™ of ₹164.94.
GuruFocus considers National Fittings to be Fairly Valued.
Key valuation signals for BOM:531289:
Beneish M-Score: -1.14
GF Value™: ₹164.94 vs. price of ₹164.50 (0.3% below fair value)
No single metric tells the full story. See the BOM:531289 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Fittings Ltd is a manufacturer and sells SG Iron Grooved and Screwed Pipe Fittings, Stainless Pipe Fittings, and Ball Valves for industrial and non-industrial applications. It has only one reportable business segment, which is Manufacturing of Pipe Fittings. Geographically, the company generates a majority of its revenue from exports of its products to other countries and the rest from its customers within India.
77GF Score
Get the complete analysis for BOM:531289
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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