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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Arfin India's Beneish M-Score or its related term are showing as below:
BOM:539151'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.97 Med: -2.44 Max: 3.41
Current: -2.71
During the past 12 years, the highest Beneish M-Score of Arfin India was 3.41. The lowest was -3.97. And the median was -2.44.
Arfin India Beneish M-Score Related Terms
Arfin India Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Arfin India'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.
For the Aluminum subindustry, Arfin India'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.
Arfin India Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Arfin India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arfin India'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 Arfin India 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 * 0.595
+
0.528 * 0.9309
+
0.404 * 1.2183
+
0.892 * 1.0036
+
0.115 * 0.9621
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.018911
-
0.327 * 0.9769
=
-2.71
* 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))
=
(40.574 / (40.574 + 674.23))
/
(46.484 / (46.484 + 741.445))
=
0.056762
/
0.058995
=
0.9621
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
=
(154.513 - 0
-
224.747)
/
3714.002
=
-0.018911
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.
Arfin India has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Arfin India (BOM:539151) has a Beneish M-Score of -2.71 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Arfin India and its competitors. According to the industry distribution chart, Arfin India ranks #199 out of 684 companies in the Metals & Mining industry, placing it in the top 29.1%.
Is Arfin India's Beneish M-Score too high?
Arfin India's current Beneish M-Score is -2.71. Based on the distribution chart, Arfin India ranks #199 out of 684 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Arfin India has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Arfin India's Beneish M-Score compare to AA?
According to the Metals & Mining industry distribution chart, Arfin India ranks #199 out of 684 companies for Beneish M-Score. This puts Arfin India 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 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 Arfin India and its competitors. Arfin India's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arfin India stock overvalued right now?
Based on GuruFocus' analysis, Arfin India (BOM:539151) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹43.96, compared to a current price of ₹90.42 — trading 105.7% above its estimated fair value. The current Beneish M-Score is -2.71. Arfin India's overall GF Score™ is 52/100 with 5 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 Arfin India (BOM:539151), the current Beneish M-Score is -2.71 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 Arfin India (BOM:539151) Overvalued in 2026?
Based on GuruFocus' analysis, Arfin India stock appears to be overvalued.
The current stock price of ₹90.42 is trading 105.7% above its estimated GF Value™ of ₹43.96.
GuruFocus considers Arfin India to be Significantly Overvalued.
Key valuation signals for BOM:539151:
Beneish M-Score: -2.71
GF Value™: ₹43.96 vs. price of ₹90.42 (105.7% above fair value)
No single metric tells the full story. See the BOM:539151 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Arfin India Ltd manufactures and sells aluminum products in India. It is engaged in the manufacturing, trading, and selling of non-ferrous metals products. The company's product lines include Aluminum Wire Rods, Aluminum Deox, Cored Wire, Alloy Products, Automobile Parts, and Cable and Conductors. It's Aluminum Deox includes Aluminum ingots, Aluminum cubes, Aluminum shots, and Aluminum sticks. The Cored Wire Mill products include Calcium Silicon Cored Wire, Ferro Silicon Cored Wire, Calcium Cored Wire, and Graphite Cored Wire.
52GF Score
Get the complete analysis for BOM:539151
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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