O P Chains (BOM:539116) Beneish M-Score: 20.92 (As of Aug. 07, 2026)

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BOM:539116 O P Chains Ltd BOM:539116
69 GF Score
Price ₹29.75
GF Value ₹7.63
! 7 Warning Signs
View Full Analysis

What is O P Chains Beneish M-Score?

O P Chains BOM:539116 69 Beneish M-Score is 20.92 as of Aug. 07, 2026. GuruFocus rates BOM:539116 with a GF Score™ of 69/100 and a GF Value™ of ₹7.63. The stock has 7 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 20.92 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for O P Chains's Beneish M-Score or its related term are showing as below:

BOM:539116' s Beneish M-Score Range Over the Past 10 Years
Min: -6.1   Med: -2.79   Max: 20.92
Current: 20.92

During the past 11 years, the highest Beneish M-Score of O P Chains was 20.92. The lowest was -6.10. And the median was -2.79.

O P Chains Beneish M-Score Historical Data

* Premium members only.

The historical data trend for O P Chains'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.

O P Chains Beneish M-Score Chart

O P Chains 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 -2.09 -0.50 -3.56 -4.16 20.92

O P Chains Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 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 -3.56 0.00 -4.16 0.00 20.92

BOM:539116 vs HL: Beneish M-Score Comparison

For the Other Precious Metals & Mining subindustry, O P Chains'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.

O P Chains Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, O P Chains's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where O P Chains's Beneish M-Score falls into.


BOM:539116
69GF Score
O P Chains Ltd BOM:539116
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

O P Chains 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 O P Chains 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 * 4.2199+0.528 * 39.9906+0.404 * 1.0431+0.892 * 0.2362+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.033421-0.327 * 0.4167
=20.92

* 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 ₹149.98 Mil.
Revenue was ₹19.33 Mil.
Gross Profit was ₹0.14 Mil.
Total Current Assets was ₹152.01 Mil.
Total Assets was ₹384.10 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹3.88 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.03 Mil.
Net Income was ₹10.34 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹-2.50 Mil.
 Total Receivables was ₹150.48 Mil.
Revenue was ₹81.84 Mil.
Gross Profit was ₹23.71 Mil.
Total Current Assets was ₹159.51 Mil.
Total Assets was ₹379.11 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.17 Mil.
Total Current Liabilities was ₹9.25 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 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)
=(149.975 / 19.33) / (150.475 / 81.843)
=7.758665 / 1.838581
=4.2199

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)
=(23.706 / 81.843) / (0.14 / 19.33)
=0.289652 / 0.007243
=39.9906

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 - (152.011 + 0.121) / 384.095) / (1 - (159.507 + 0.121) / 379.112)
=0.603921 / 0.578942
=1.0431

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
=19.33 / 81.843
=0.2362

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))
=(0 / (0 + 0.121)) / (0 / (0 + 0.121))
=0 / 0
=1

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 / 19.33) / (0.168 / 81.843)
=0 / 0.002053
=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)
=((0.027 + 3.876) / 384.095) / ((0 + 9.245) / 379.112)
=0.010162 / 0.024386
=0.4167

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
=(10.339 - 0 - -2.498) / 384.095
=0.033421

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.

O P Chains has a M-score of 20.92 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 20.92 mean?
O P Chains (BOM:539116) has a Beneish M-Score of 20.92 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on O P Chains and its competitors.
Is O P Chains' Beneish M-Score too high?
O P Chains' current Beneish M-Score is 20.92. Overall, O P Chains has a GF Score™ of 69/100, reflecting its overall financial health beyond just this single metric.
How does O P Chains' Beneish M-Score compare to HL?
O P Chains' Beneish M-Score of 20.92 can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 O P Chains and its competitors. O P Chains's current Beneish M-Score is 20.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is O P Chains stock overvalued right now?
O P Chains (BOM:539116) has a current Beneish M-Score of 20.92. The stock's GF Value™ is ₹7.63, compared to a current price of ₹29.75 — trading 289.9% above its estimated fair value. The current Beneish M-Score is 20.92. O P Chains' overall GF Score™ is 69/100 with 7 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 O P Chains (BOM:539116), the current Beneish M-Score is 20.92 as of Aug. 07, 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 O P Chains (BOM:539116) Overvalued in 2026?

Based on GuruFocus' analysis, O P Chains stock appears to be overvalued. The current stock price of ₹29.75 is trading 289.9% above its estimated GF Value™ of ₹7.63.

Key valuation signals for BOM:539116:

  • Beneish M-Score: 20.92
  • GF Value™: ₹7.63 vs. price of ₹29.75 (289.9% above fair value)
  • GF Score™: 69/100 with 7 warning signs

No single metric tells the full story. See the BOM:539116 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

O P Chains Business Description

Address 8/16 A, Seth Gali, Agra, UP, IND, 282003
O P Chains Ltd is an India-based bullion trader. The company's core business comprises bullion trading of gold, silver, and other precious metals. It offers wholesale delivery of bullion to domestic users including ornament manufacturers, goldsmiths, and semi-wholesalers. The group has classified its business activities as Traders in Bullion and ornaments of gold and silver segments.
69GF Score

Get the complete analysis for BOM:539116

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

₹29.75
Price
₹7.63
GF Value