Nitin Fire Protection Industries (BOM:532854) Beneish M-Score: 1.28 (As of Jun. 30, 2026)


What is Nitin Fire Protection Industries Beneish M-Score?

Nitin Fire Protection Industries BOM:532854 Beneish M-Score is 1.28 as of Jun. 30, 2026. The stock has 5 warning signs investors should review.

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 1.28 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Nitin Fire Protection Industries's Beneish M-Score or its related term are showing as below:

BOM:532854' s Beneish M-Score Range Over the Past 10 Years
Min: -57.97   Med: -3.19   Max: 1.28
Current: 1.28

During the past 13 years, the highest Beneish M-Score of Nitin Fire Protection Industries was 1.28. The lowest was -57.97. And the median was -3.19.

Nitin Fire Protection Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nitin Fire Protection 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.

Nitin Fire Protection Industries Beneish M-Score Chart

Nitin Fire Protection Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -29.86 -2.07 -1.33 0.73 1.28

Nitin Fire Protection Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.73 0.00 0.00 0.00 1.28

BOM:532854 vs HCGS, DTII, UUU: Beneish M-Score Comparison

For the Security & Protection Services subindustry, Nitin Fire Protection 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.

Nitin Fire Protection Industries Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Nitin Fire Protection Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nitin Fire Protection Industries's Beneish M-Score falls into.


Nitin Fire Protection Industries 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 Nitin Fire Protection 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 * 0.2998+0.528 * 2.2883+0.404 * 1.2114+0.892 * 3.8489+0.115 * 0.4119
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.249998-0.327 * 1.5531
=1.28

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹110.8 Mil.
Revenue was ₹242.2 Mil.
Gross Profit was ₹52.1 Mil.
Total Current Assets was ₹454.4 Mil.
Total Assets was ₹622.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹104.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹352.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹118.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-37.1 Mil.
 Total Receivables was ₹96.0 Mil.
Revenue was ₹62.9 Mil.
Gross Profit was ₹31.0 Mil.
Total Current Assets was ₹238.1 Mil.
Total Assets was ₹419.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹145.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹35.9 Mil.
Total Current Liabilities was ₹152.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(110.823 / 242.241) / (96.045 / 62.937)
=0.457491 / 1.52605
=0.2998

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)
=(30.968 / 62.937) / (52.089 / 242.241)
=0.492048 / 0.21503
=2.2883

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 - (454.412 + 104.675) / 622.614) / (1 - (238.101 + 145.702) / 419.102)
=0.102033 / 0.084225
=1.2114

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
=242.241 / 62.937
=3.8489

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))
=(2.967 / (2.967 + 145.702)) / (5.33 / (5.33 + 104.675))
=0.019957 / 0.048452
=0.4119

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 / 242.241) / (35.932 / 62.937)
=0 / 0.57092
=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 + 352.684) / 622.614) / ((0 + 152.853) / 419.102)
=0.566457 / 0.364716
=1.5531

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
=(118.537 - 0 - -37.115) / 622.614
=0.249998

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.

Nitin Fire Protection Industries has a M-score of 1.28 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 1.28 mean?
Nitin Fire Protection Industries (BOM:532854) has a Beneish M-Score of 1.28 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nitin Fire Protection Industries and its competitors.
Is Nitin Fire Protection Industries' Beneish M-Score too high?
Nitin Fire Protection Industries' current Beneish M-Score is 1.28.
How does Nitin Fire Protection Industries' Beneish M-Score compare to HCGS and DTII?
Nitin Fire Protection Industries' Beneish M-Score of 1.28 can be compared against companies in the Business Services 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Nitin Fire Protection Industries and its competitors. Nitin Fire Protection Industries's current Beneish M-Score is 1.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nitin Fire Protection Industries stock overvalued right now?
Nitin Fire Protection Industries (BOM:532854) has a current Beneish M-Score of 1.28. The current Beneish M-Score is 1.28. 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 Nitin Fire Protection Industries (BOM:532854), the current Beneish M-Score is 1.28 as of Jun. 30, 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.

Nitin Fire Protection Industries Business Description

Address Kirol Road, 801, C Wing, Neelkanth Business Park, Kirol Village, Vidyavihar West, Vidyavihar, Mumbai, MH, IND, 400086
Nitin Fire Protection Industries Ltd manufactures the firefighting system. The operations of the company fall under fire protection or detection equipment and allied activities, which is the single reportable segment. It manufactures gas-based and water-based fire extinguishers.