Riddhi Steel and Tube (BOM:540082) Beneish M-Score: 0.00 (As of Jul. 01, 2026)


BOM:540082 Riddhi Steel and Tube Ltd BOM:540082
50 GF Score
Price ₹196.40
GF Value ₹84.98
Valuation Significantly Overvalued
! 1 Warning Sign
View Full Analysis

What is Riddhi Steel and Tube Beneish M-Score?

Riddhi Steel and Tube BOM:540082 50 Beneish M-Score is 0.00 as of Jul. 01, 2026. GuruFocus rates BOM:540082 with a GF Score™ of 50/100 and a GF Value™ of ₹84.98 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 588 Steel companies, Riddhi Steel and Tube ranks worse than 170067.86% 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.

The historical rank and industry rank for Riddhi Steel and Tube's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Riddhi Steel and Tube was -2.64. The lowest was -3.27. And the median was -2.82.

Riddhi Steel and Tube Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Riddhi Steel and Tube'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.

Riddhi Steel and Tube Beneish M-Score Chart

Riddhi Steel and Tube 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 0.00 -3.27 -2.73 -2.91 0.00

Riddhi Steel and Tube 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 -2.73 0.00 -2.91 0.00 0.00

BOM:540082 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Riddhi Steel and Tube'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.

Riddhi Steel and Tube Beneish M-Score vs Steel Industry

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

* The bar in red indicates where Riddhi Steel and Tube's Beneish M-Score falls into.


BOM:540082
50GF Score
Riddhi Steel and Tube Ltd BOM:540082
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Riddhi Steel and Tube 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 Riddhi Steel and Tube 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ₹631 Mil.
Revenue was ₹4,579 Mil.
Gross Profit was ₹414 Mil.
Total Current Assets was ₹1,959 Mil.
Total Assets was ₹2,167 Mil.
Property, Plant and Equipment(Net PPE) was ₹209 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹27 Mil.
Selling, General, & Admin. Expense(SGA) was ₹80 Mil.
Total Current Liabilities was ₹972 Mil.
Long-Term Debt & Capital Lease Obligation was ₹449 Mil.
Net Income was ₹115 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹61 Mil.
 Total Receivables was ₹633 Mil.
Revenue was ₹3,911 Mil.
Gross Profit was ₹324 Mil.
Total Current Assets was ₹1,792 Mil.
Total Assets was ₹2,009 Mil.
Property, Plant and Equipment(Net PPE) was ₹217 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹30 Mil.
Selling, General, & Admin. Expense(SGA) was ₹64 Mil.
Total Current Liabilities was ₹933 Mil.
Long-Term Debt & Capital Lease Obligation was ₹448 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)
=(631.287 / 4578.834) / (633.396 / 3911.334)
=0.137871 / 0.161939
=

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)
=(324.265 / 3911.334) / (414.377 / 4578.834)
=0.082904 / 0.090498
=

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 - (1958.643 + 208.634) / 2167.277) / (1 - (1791.78 + 217.381) / 2009.162)
=0 / 0
=

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
=4578.834 / 3911.334
=

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))
=(30.178 / (30.178 + 217.381)) / (27.187 / (27.187 + 208.634))
=0.121902 / 0.115287
=

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)
=(79.87 / 4578.834) / (64.23 / 3911.334)
=0.017443 / 0.016422
=

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)
=((448.541 + 972.297) / 2167.277) / ((448.255 + 932.832) / 2009.162)
=0.655587 / 0.687395
=

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
=(114.537 - 0 - 60.517) / 2167.277
=0.024925

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Riddhi Steel and Tube (BOM:540082) has a Beneish M-Score of 0.00 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Riddhi Steel and Tube and its competitors. According to the industry distribution chart, Riddhi Steel and Tube ranks #999999 out of 588 companies in the Steel industry.
Is Riddhi Steel and Tube's Beneish M-Score too high?
Riddhi Steel and Tube's current Beneish M-Score is 0.00. Based on the distribution chart, Riddhi Steel and Tube ranks #999999 out of 588 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Riddhi Steel and Tube has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Riddhi Steel and Tube's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Riddhi Steel and Tube ranks #999999 out of 588 companies for Beneish M-Score. This places Riddhi Steel and Tube 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 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 Riddhi Steel and Tube and its competitors. Riddhi Steel and Tube's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Riddhi Steel and Tube stock overvalued right now?
Based on GuruFocus' analysis, Riddhi Steel and Tube (BOM:540082) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹84.98, compared to a current price of ₹196.40 — trading 131.1% above its estimated fair value. The current Beneish M-Score is 0.00. Riddhi Steel and Tube's overall GF Score™ is 50/100 with 1 warning sign 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 Riddhi Steel and Tube (BOM:540082), the current Beneish M-Score is 0.00 as of Jul. 01, 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 Riddhi Steel and Tube (BOM:540082) Overvalued in 2026?

Based on GuruFocus' analysis, Riddhi Steel and Tube stock appears to be overvalued. The current stock price of ₹196.40 is trading 131.1% above its estimated GF Value™ of ₹84.98. GuruFocus considers Riddhi Steel and Tube to be Significantly Overvalued.

Key valuation signals for BOM:540082:

  • Beneish M-Score: 0.00
  • GF Value™: ₹84.98 vs. price of ₹196.40 (131.1% above fair value)
  • GF Score™: 50/100 with 1 warning sign

No single metric tells the full story. See the BOM:540082 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Riddhi Steel and Tube Business Description

Address Piplaj Pirana Road, 83/84, Opposite Devraj Industrial Park, Post- Aslali, Village - Kamod, Ahmedabad, GJ, IND, 382427
Riddhi Steel and Tube Ltd is engaged in manufacturing and galvanised steel pipes in various sizes, tubes, and hollow profiles and of tube and pipe fittings of cast iron or cast steel. The product line of the company includes MS Black Pipes, Pre-Galvanised Pipes, and Galvanised Pipes, which are used in agriculture, industry, and construction activities like scaffolding and casing in bore wells; Square and Rectangular Hollow Sections used in engineering applications, Pre-Galvanised Pipes used by various manufacturers. The company generates all of its revenue from Domestic sales.
50GF Score

Get the complete analysis for BOM:540082

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

₹196.40
Price
₹84.98
GF Value