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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.
Good Sign:
Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Fine Organic Industries's Beneish M-Score or its related term are showing as below:
BOM:541557'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.04 Max: -1.09
Current: -2.79
During the past 13 years, the highest Beneish M-Score of Fine Organic Industries was -1.09. The lowest was -3.12. And the median was -2.04.
* 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.
BOM:541557 vs LIN, SHW, ECL: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Fine Organic 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.
Fine Organic Industries Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Fine Organic Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fine Organic Industries's Beneish M-Score falls into.
Fine Organic 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 Fine Organic Industries 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 * 1.0153
+
0.528 * 1.0399
+
0.404 * 0.4541
+
0.892 * 1.0382
+
0.115 * 1.1495
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2986
+
4.679 * -0.004178
-
0.327 * 1.3276
=
-2.79
* 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))
=
(521.569 / (521.569 + 4159.203))
/
(564.126 / (564.126 + 5255.619))
=
0.111428
/
0.096933
=
1.1495
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
=
(4170.74 - 0
-
4296.042)
/
29988.111
=
-0.004178
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.
Fine Organic Industries has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
Fine Organic Industries (BOM:541557) has a Beneish M-Score of -2.79 as of Aug. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fine Organic Industries and its competitors. According to the industry distribution chart, Fine Organic Industries ranks #383 out of 1528 companies in the Chemicals industry, placing it in the top 25.1%.
Is Fine Organic Industries' Beneish M-Score too high?
Fine Organic Industries' current Beneish M-Score is -2.79. Based on the distribution chart, Fine Organic Industries ranks #383 out of 1528 companies in the Chemicals industry, which is above the industry midpoint. Overall, Fine Organic Industries has a GF Score™ of 97/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fine Organic Industries' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Fine Organic Industries ranks #383 out of 1528 companies for Beneish M-Score. This puts Fine Organic 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 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 Fine Organic Industries and its competitors. Fine Organic Industries's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fine Organic Industries stock overvalued right now?
Based on GuruFocus' analysis, Fine Organic Industries (BOM:541557) is currently considered Fairly Valued. The stock's GF Value™ is ₹4,919.85, compared to a current price of ₹5,151.70 — trading 4.7% above its estimated fair value. The current Beneish M-Score is -2.79. Fine Organic Industries' overall GF Score™ is 97/100 with 6 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 Fine Organic Industries (BOM:541557), the current Beneish M-Score is -2.79 as of Aug. 17, 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 Fine Organic Industries (BOM:541557) Overvalued in 2026?
Based on GuruFocus' analysis, Fine Organic Industries stock appears to be overvalued.
The current stock price of ₹5,151.70 is trading 4.7% above its estimated GF Value™ of ₹4,919.85.
GuruFocus considers Fine Organic Industries to be Fairly Valued.
Key valuation signals for BOM:541557:
Beneish M-Score: -2.79
GF Value™: ₹4,919.85 vs. price of ₹5,151.70 (4.7% above fair value)
No single metric tells the full story. See the BOM:541557 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fine Organic Industries Ltd is an Indian company engaged in the business of manufacturing oleochemical-based additives. The company produces specialty additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, and several other specialty applications. Some of the chemicals in its product portfolio are Finalux G 101, Finasoft 100, Finamul 2402, and FinaGreen 1014 among others. Geographically, the company generates a majority of its revenue from outside India by exporting its products to various countries.
97GF Score
Get the complete analysis for BOM:541557
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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