Gallantt Ispat Beneish M-Score Historical Data
The historical data trend for Gallantt Ispat'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.
Gallantt Ispat Beneish M-Score Chart
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Gallantt Ispat Annual Data
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Trend |
Mar15 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.16 |
3.52 |
-2.46 |
-2.30 |
-2.67 |
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Gallantt Ispat Quarterly Data
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Dec19 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.67 |
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Competitive Comparison of Gallantt Ispat's Beneish M-Score
For the Steel subindustry, Gallantt Ispat'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.
Gallantt Ispat's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Gallantt Ispat's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gallantt Ispat's Beneish M-Score falls into.
Gallantt Ispat 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 Gallantt Ispat 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 * 1.055 | + | 0.528 * 0.9227 | + | 0.404 * 0.8812 | + | 0.892 * 1.0282 | + | 0.115 * 0.9234 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2539 | + | 4.679 * -0.037944 | - | 0.327 * 0.8352 |
| = | -2.67 |
* 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.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹4,374 Mil.
Revenue was ₹41,483 Mil.
Gross Profit was ₹6,698 Mil.
Total Current Assets was ₹10,868 Mil.
Total Assets was ₹31,355 Mil.
Property, Plant and Equipment(Net PPE) was ₹18,807 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,155 Mil.
Selling, General, & Admin. Expense(SGA) was ₹424 Mil.
Total Current Liabilities was ₹4,657 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,003 Mil.
Net Income was ₹2,253 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹3,443 Mil.
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Total Receivables was ₹4,033 Mil.
Revenue was ₹40,346 Mil.
Gross Profit was ₹6,010 Mil.
Total Current Assets was ₹9,939 Mil.
Total Assets was ₹29,488 Mil.
Property, Plant and Equipment(Net PPE) was ₹17,757 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,003 Mil.
Selling, General, & Admin. Expense(SGA) was ₹329 Mil.
Total Current Liabilities was ₹5,378 Mil.
Long-Term Debt & Capital Lease Obligation was ₹995 Mil.
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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) |
| = | (4374.318 / 41483.001) | / | (4032.782 / 40345.827) |
| = | 0.105448 | / | 0.099955 |
| | = | 1.055 |
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) |
| = | (6010.428 / 40345.827) | / | (6697.567 / 41483.001) |
| = | 0.148973 | / | 0.161453 |
| | = | 0.9227 |
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 - (10868.442 + 18806.77) / 31355.434) | / | (1 - (9938.505 + 17756.785) / 29488.398) |
| = | 0.053586 | / | 0.060807 |
| | = | 0.8812 |
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 |
| = | 41483.001 | / | 40345.827 |
| | = | 1.0282 |
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)) |
| = | (1002.501 / (1002.501 + 17756.785)) | / | (1155.275 / (1155.275 + 18806.77)) |
| = | 0.05344 | / | 0.057874 |
| | = | 0.9234 |
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) |
| = | (424.078 / 41483.001) | / | (328.926 / 40345.827) |
| = | 0.010223 | / | 0.008153 |
| | = | 1.2539 |
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) |
| = | ((1002.997 + 4656.684) / 31355.434) | / | ((994.742 + 5378.22) / 29488.398) |
| = | 0.180501 | / | 0.216118 |
| | = | 0.8352 |
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 |
| = | (2253.487 - 0 | - | 3443.238) | / | 31355.434 |
| | = | -0.037944 |
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.
Gallantt Ispat has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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