Jai Balaji Industries (BOM:532976) Beneish M-Score: -2.63 (As of Jun. 29, 2026)

What is Jai Balaji Industries Beneish M-Score?

Jai Balaji Industries BOM:532976 -3.25% 65 Beneish M-Score is -2.63 as of Jun. 29, 2026. GuruFocus rates BOM:532976 with a GF Score™ of 65/100 and a GF Value™ of ₹116.59 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 588 Steel companies, Jai Balaji Industries ranks better than 60.37% 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.

Good Sign:

Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:532976' s Beneish M-Score Range Over the Past 10 Years
Min: -3.43 Med: -2.83 Max: -1.79
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Jai Balaji Industries was -1.79. The lowest was -3.43. And the median was -2.83.

Jai Balaji Industries Beneish M-Score Related Terms

Jai Balaji Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jai Balaji 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.

Jai Balaji Industries Beneish M-Score Chart

Jai Balaji Industries Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

Get a 7-Day Free Trial

-3.36

-2.84

-2.44

-1.79

-2.63

Jai Balaji 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															-1.79	0.00	0.00	0.00	-2.63

BOM:532976 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Jai Balaji 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.

Jai Balaji Industries Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Jai Balaji Industries's Beneish M-Score distribution charts can be found below:

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

Save Embed

65GF Score

Jai Balaji Industries Ltd BOM:532976

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Jai Balaji 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 Jai Balaji Industries 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 * 0.8293

0.528 * 1.2601

0.404 * 1.106

0.892 * 0.9108

0.115 * 0.7952

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.055922

0.327 * 0.9489

-2.63

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₹3,302 Mil.
Revenue was ₹57,843 Mil.
Gross Profit was ₹16,517 Mil.
Total Current Assets was ₹20,547 Mil.
Total Assets was ₹40,775 Mil.
Property, Plant and Equipment(Net PPE) was ₹18,637 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,252 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹16,481 Mil.
Long-Term Debt & Capital Lease Obligation was ₹494 Mil.
Net Income was ₹1,300 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹3,580 Mil.

Total Receivables was ₹4,371 Mil.
Revenue was ₹63,508 Mil.
Gross Profit was ₹22,851 Mil.
Total Current Assets was ₹19,729 Mil.
Total Assets was ₹38,907 Mil.
Property, Plant and Equipment(Net PPE) was ₹17,806 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹938 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,029 Mil.
Total Current Liabilities was ₹15,586 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,484 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)
	=	(3301.8 / 57842.7)	/	(4371.3 / 63508)
	=	0.057082	/	0.068831
	=	0.8293

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)
	=	(22850.5 / 63508)	/	(16516.5 / 57842.7)
	=	0.359805	/	0.285542
	=	1.2601

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 - (20546.9 + 18636.8) / 40774.6)	/	(1 - (19728.6 + 17805.6) / 38906.8)
	=	0.039017	/	0.035279
	=	1.106

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
	=	57842.7	/	63508
	=	0.9108

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))
	=	(937.9 / (937.9 + 17805.6))	/	(1251.5 / (1251.5 + 18636.8))
	=	0.050039	/	0.062926
	=	0.7952

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 / 57842.7)	/	(2029.3 / 63508)
	=	0	/	0.031953
	=	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)
	=	((494.2 + 16480.8) / 40774.6)	/	((1484.2 + 15586.2) / 38906.8)
	=	0.416313	/	0.438751
	=	0.9489

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
	=	(1299.5 - 0	-	3579.7)	/	40774.6
	=	-0.055922

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.

Jai Balaji Industries has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.63 mean?

Jai Balaji Industries (BOM:532976) has a Beneish M-Score of -2.63 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jai Balaji Industries and its competitors. According to the industry distribution chart, Jai Balaji Industries ranks #233 out of 588 companies in the Steel industry, placing it in the top 39.6%.

Is Jai Balaji Industries' Beneish M-Score too high?

Jai Balaji Industries' current Beneish M-Score is -2.63. Based on the distribution chart, Jai Balaji Industries ranks #233 out of 588 companies in the Steel industry, which is above the industry midpoint. Overall, Jai Balaji Industries has a GF Score™ of 65/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Jai Balaji Industries' Beneish M-Score compare to NUE and STLD?

According to the Steel industry distribution chart, Jai Balaji Industries ranks #233 out of 588 companies for Beneish M-Score. This puts Jai Balaji Industries in the upper 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 Steel company?

A good Beneish M-Score depends on the Steel 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 Jai Balaji Industries and its competitors. Jai Balaji Industries's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Jai Balaji Industries stock overvalued right now?

Based on GuruFocus' analysis, Jai Balaji Industries (BOM:532976) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹116.59, compared to a current price of ₹68.20 — trading 41.5% below its estimated fair value. The current Beneish M-Score is -2.63. Jai Balaji Industries' overall GF Score™ is 65/100 with 2 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 Jai Balaji Industries (BOM:532976), the current Beneish M-Score is -2.63 as of Jun. 29, 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 Jai Balaji Industries (BOM:532976) Overvalued in 2026?

Based on GuruFocus' analysis, Jai Balaji Industries stock appears to be undervalued. The current stock price of ₹68.20 is trading 41.5% below its estimated GF Value™ of ₹116.59. GuruFocus considers Jai Balaji Industries to be Significantly Undervalued.

Key valuation signals for BOM:532976:

Beneish M-Score: -2.63
GF Value™: ₹116.59 vs. price of ₹68.20 (41.5% below fair value)
GF Score™: 65/100 with 2 warning signs

No single metric tells the full story. See the BOM:532976 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Jai Balaji Industries Business Description

Industry Basic Materials Steel

Comparable Companies BOM:500404 BOM:500336 BOM:544209 BOM:541195 BOM:530655 BOM:513269 BOM:522285 BOM:500265 BOM:500365 BOM:500235 NUE XAMS:MT STLD BOM:500228 NSE:TATASTEEL RS TSE:5401 SHSE:600019 XKRX:005490 SHSE:600010

Other Exchanges JAIBALAJI:India

Address 5, Bentinck Street, 1st Floor, Kolkata, WB, IND, 700 001

Website https://www.jaibalajigroup.com

Jai Balaji Industries Ltd is an India-based iron and steel manufacturing company. It manufactures Sponge Iron, Pig Iron, Ductile Iron Pipe, Ferro Chrome, Billet, TMT, Coke, and Sinter. The company is engaged in a single reportable segment of Iron and Steel. Geographically, it has a business presence in India and also exports it to other countries, of which key revenue is derived from India.

65GF Score

Get the complete analysis for BOM:532976

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹68.20

Price

₹116.59

GF Value

View BOM:532976 Analysis

See Beneish M-Score data for all stocks →