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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 5.18 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Raghav Productivity Enhancers's Beneish M-Score or its related term are showing as below:
BOM:539837'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -1.95 Max: 5.49
Current: 5.18
During the past 13 years, the highest Beneish M-Score of Raghav Productivity Enhancers was 5.49. The lowest was -2.88. And the median was -1.95.
* 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 Chemicals subindustry, Raghav Productivity Enhancers'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.
Raghav Productivity Enhancers Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Raghav Productivity Enhancers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Raghav Productivity Enhancers'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 Raghav Productivity Enhancers 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 * 0.8836
+
0.528 * 1.0285
+
0.404 * 18.6658
+
0.892 * 1.2876
+
0.115 * 0.9869
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8927
+
4.679 * 0.062705
-
0.327 * 0.8388
=
5.18
* 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))
=
(64.532 / (64.532 + 949.672))
/
(70.086 / (70.086 + 1016.932))
=
0.063628
/
0.064475
=
0.9869
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
=
(548.03 - 0
-
370.004)
/
2839.097
=
0.062705
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.
Raghav Productivity Enhancers has a M-score of 5.18 signals that the company is likely to be a manipulator.
Raghav Productivity Enhancers (BOM:539837) has a Beneish M-Score of 5.18 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Raghav Productivity Enhancers and its competitors. According to the industry distribution chart, Raghav Productivity Enhancers ranks #1501 out of 1525 companies in the Chemicals industry, placing it in the top 98.4%.
Is Raghav Productivity Enhancers' Beneish M-Score too high?
Raghav Productivity Enhancers' current Beneish M-Score is 5.18. Based on the distribution chart, Raghav Productivity Enhancers ranks #1501 out of 1525 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Raghav Productivity Enhancers has a GF Score™ of 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Raghav Productivity Enhancers' Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Raghav Productivity Enhancers ranks #1501 out of 1525 companies for Beneish M-Score. This places Raghav Productivity Enhancers in the lower 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Raghav Productivity Enhancers and its competitors. Raghav Productivity Enhancers's current Beneish M-Score is 5.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Raghav Productivity Enhancers stock overvalued right now?
Based on GuruFocus' analysis, Raghav Productivity Enhancers (BOM:539837) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹940.45, compared to a current price of ₹1,251.70 — trading 33.1% above its estimated fair value. The current Beneish M-Score is 5.18. Raghav Productivity Enhancers' overall GF Score™ is 83/100 with 4 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 Raghav Productivity Enhancers (BOM:539837), the current Beneish M-Score is 5.18 as of Aug. 09, 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 Raghav Productivity Enhancers (BOM:539837) Overvalued in 2026?
Based on GuruFocus' analysis, Raghav Productivity Enhancers stock appears to be overvalued.
The current stock price of ₹1,251.70 is trading 33.1% above its estimated GF Value™ of ₹940.45.
GuruFocus considers Raghav Productivity Enhancers to be Significantly Overvalued.
Key valuation signals for BOM:539837:
Beneish M-Score: 5.18
GF Value™: ₹940.45 vs. price of ₹1,251.70 (33.1% above fair value)
No single metric tells the full story. See the BOM:539837 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Raghav Productivity Enhancers Ltd is engaged in the manufacturing and trading of ramming mass and other quartz-related items and is a manufacturer of silica ramming mass. Its products are essential components used to create linings for furnaces, kilns, incinerators, and reactors. It operates in the refractory materials segment, where its primary product, silica ramming mass, is used as a furnace lining material and is typically consumed during the metal melting process. The company considers Ramming Mass as the single segment in which it operates. It mainly caters to industrial customers engaged in metal melting and casting operations, including steel manufacturers, foundries and casting units, metal processing and recycling units, and export clients in domestic and international markets.
83GF Score
Get the complete analysis for BOM:539837
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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