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Mahan IndustriesBOM:531515 59 Beneish M-Score is 4.55 as of Aug. 10, 2026, which is 523% above its 10-year median of 0.73. GuruFocus rates BOM:531515 with a GF Score™ of 59/100 and a GF Value™ of ₹24.66 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 952 Asset Management companies, Mahan Industries ranks worse than 93.38% 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.
Warning Sign:
Beneish M-Score 4.55 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Mahan Industries's Beneish M-Score or its related term are showing as below:
BOM:531515'
s Beneish M-Score Range Over the Past 10 Years
Min: -85.09 Med: 0.73 Max: 23.25
Current: 4.55
During the past 13 years, the highest Beneish M-Score of Mahan Industries was 23.25. The lowest was -85.09. And the median was 0.73.
The historical data trend for Mahan 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:531515 vs BLK, BX, KKR: Beneish M-Score Comparison
For the Asset Management subindustry, Mahan 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.
Mahan Industries Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Mahan Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mahan 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 Mahan 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 * 1.2373
+
0.528 * 9.0138
+
0.404 * 2.5178
+
0.892 * 3.0811
+
0.115 * 0.9528
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * 0.007499
-
0.327 * 1.2801
=
4.55
* 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))
=
(0.015 / (0.015 + 0.6))
/
(0.015 / (0.015 + 0.571))
=
0.02439
/
0.025597
=
0.9528
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
=
(0.461 - 0
-
-0.361)
/
109.613
=
0.007499
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.
Mahan Industries has a M-score of 4.55 signals that the company is likely to be a manipulator.
Mahan Industries (BOM:531515) has a Beneish M-Score of 4.55 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mahan Industries and its competitors. This is 523% above median its historical median of 0.73. According to the industry distribution chart, Mahan Industries ranks #889 out of 952 companies in the Asset Management industry, placing it in the top 93.4%.
Is Mahan Industries' Beneish M-Score too high?
Mahan Industries' current Beneish M-Score of 4.55 is 523% above median its 10-year median of 0.73. Based on the distribution chart, Mahan Industries ranks #889 out of 952 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Mahan Industries has a GF Score™ of 59/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Mahan Industries' Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Mahan Industries ranks #889 out of 952 companies for Beneish M-Score. This places Mahan 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Mahan Industries and its competitors. Mahan Industries's current Beneish M-Score is 4.55, which is 523% above median its own 10-year median of 0.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mahan Industries stock overvalued right now?
Based on GuruFocus' analysis, Mahan Industries (BOM:531515) is currently considered Possible Value Trap. The stock's GF Value™ is ₹24.66, compared to a current price of ₹11.63 — trading 52.8% below its estimated fair value. The current Beneish M-Score is 4.55, which is 523% above median its 10-year median of 0.73. Mahan Industries' overall GF Score™ is 59/100 with 6 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 Mahan Industries (BOM:531515), the current Beneish M-Score is 4.55 as of Aug. 10, 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 Mahan Industries (BOM:531515) Overvalued in 2026?
Based on GuruFocus' analysis, Mahan Industries stock appears to be undervalued.
The current stock price of ₹11.63 is trading 52.8% below its estimated GF Value™ of ₹24.66.
GuruFocus considers Mahan Industries to be Possible Value Trap.
Key valuation signals for BOM:531515:
Beneish M-Score: 4.55 (523% above median its 10-year median of 0.73)
GF Value™: ₹24.66 vs. price of ₹11.63 (52.8% below fair value)
No single metric tells the full story. See the BOM:531515 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mahan Industries Ltd is an investment company. It is engaged in the business of investment in quoted and unquoted shares and trading in shares. The company provides equity capital to the companies and also offers loans and debts to companies, business entities and high net worth individuals. The company invests in middle-market companies.
59GF Score
Get the complete analysis for BOM:531515
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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