Aar Shyam India Investment Co (BOM:542377) Beneish M-Score: 13.60 (As of Jul. 09, 2026) — 135900% Above Median


BOM:542377 Aar Shyam India Investment Co Ltd BOM:542377
40 GF Score
Price ₹14.24
GF Value ₹4.35
! 6 Warning Signs
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What is Aar Shyam India Investment Co Beneish M-Score?

Aar Shyam India Investment Co BOM:542377 40 Beneish M-Score is 13.60 as of Jul. 09, 2026, which is 135900% above its 10-year median of 0.01. GuruFocus rates BOM:542377 with a GF Score™ of 40/100 and a GF Value™ of ₹4.35. The stock has 6 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 13.6 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Aar Shyam India Investment Co's Beneish M-Score or its related term are showing as below:

BOM:542377' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: 0.01   Max: 13.6
Current: 13.6

During the past 13 years, the highest Beneish M-Score of Aar Shyam India Investment Co was 13.60. The lowest was -3.28. And the median was 0.01.

Aar Shyam India Investment Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aar Shyam India Investment Co'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.

Aar Shyam India Investment Co Beneish M-Score Chart

Aar Shyam India Investment Co 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 -3.28 -0.02 0.00 0.00 13.60

Aar Shyam India Investment Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 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 0.00 0.00 0.00 0.00 13.60

BOM:542377 vs V, MA, AXP: Beneish M-Score Comparison

For the Credit Services subindustry, Aar Shyam India Investment Co'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.

Aar Shyam India Investment Co Beneish M-Score vs Credit Services Industry

For the Credit Services industry and Financial Services sector, Aar Shyam India Investment Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Aar Shyam India Investment Co's Beneish M-Score falls into.


BOM:542377
40GF Score
Aar Shyam India Investment Co Ltd BOM:542377
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aar Shyam India Investment Co 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 Aar Shyam India Investment Co 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 * 2.3192+0.528 * -2.2049+0.404 * 46.8742+0.892 * 0.3411+0.115 * 0.3677
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.256533-0.327 * 1.8882
=13.60

* 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 ₹30.97 Mil.
Revenue was ₹0.96 Mil.
Gross Profit was ₹-0.23 Mil.
Total Current Assets was ₹31.85 Mil.
Total Assets was ₹32.87 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.02 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹2.26 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3.40 Mil.
Net Income was ₹-8.34 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹0.10 Mil.
 Total Receivables was ₹39.15 Mil.
Revenue was ₹2.82 Mil.
Gross Profit was ₹1.51 Mil.
Total Current Assets was ₹40.88 Mil.
Total Assets was ₹40.93 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.01 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.64 Mil.
Total Current Liabilities was ₹0.33 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3.40 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)
=(30.97 / 0.963) / (39.146 / 2.823)
=32.159917 / 13.866808
=2.3192

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)
=(1.506 / 2.823) / (-0.233 / 0.963)
=0.533475 / -0.241952
=-2.2049

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 - (31.845 + 0.011) / 32.873) / (1 - (40.877 + 0.026) / 40.93)
=0.030937 / 0.00066
=46.8742

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
=0.963 / 2.823
=0.3411

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))
=(0.007 / (0.007 + 0.026)) / (0.015 / (0.015 + 0.011))
=0.212121 / 0.576923
=0.3677

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 / 0.963) / (0.643 / 2.823)
=0 / 0.227772
=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)
=((3.4 + 2.258) / 32.873) / ((3.4 + 0.331) / 40.93)
=0.172117 / 0.091156
=1.8882

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
=(-8.338 - 0 - 0.095) / 32.873
=-0.256533

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.

Aar Shyam India Investment Co has a M-score of 13.60 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 13.60 mean?
Aar Shyam India Investment Co (BOM:542377) has a Beneish M-Score of 13.60 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aar Shyam India Investment Co and its competitors. This is 135900% above median its historical median of 0.01.
Is Aar Shyam India Investment Co's Beneish M-Score too high?
Aar Shyam India Investment Co's current Beneish M-Score of 13.60 is 135900% above median its 10-year median of 0.01. Overall, Aar Shyam India Investment Co has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does Aar Shyam India Investment Co's Beneish M-Score compare to V and MA?
Aar Shyam India Investment Co's Beneish M-Score of 13.60 can be compared against companies in the Credit Services 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Aar Shyam India Investment Co and its competitors. Aar Shyam India Investment Co's current Beneish M-Score is 13.60, which is 135900% above median its own 10-year median of 0.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aar Shyam India Investment Co stock overvalued right now?
Aar Shyam India Investment Co (BOM:542377) has a current Beneish M-Score of 13.60. The stock's GF Value™ is ₹4.35, compared to a current price of ₹14.24 — trading 227.4% above its estimated fair value. The current Beneish M-Score is 13.60, which is 135900% above median its 10-year median of 0.01. Aar Shyam India Investment Co's overall GF Score™ is 40/100 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 Aar Shyam India Investment Co (BOM:542377), the current Beneish M-Score is 13.60 as of Jul. 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 Aar Shyam India Investment Co (BOM:542377) Overvalued in 2026?

Based on GuruFocus' analysis, Aar Shyam India Investment Co stock appears to be overvalued. The current stock price of ₹14.24 is trading 227.4% above its estimated GF Value™ of ₹4.35.

Key valuation signals for BOM:542377:

  • Beneish M-Score: 13.60 (135900% above median its 10-year median of 0.01)
  • GF Value™: ₹4.35 vs. price of ₹14.24 (227.4% above fair value)
  • GF Score™: 40/100 with 6 warning signs

No single metric tells the full story. See the BOM:542377 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aar Shyam India Investment Co Business Description

Address Space No. 920, 9th Floor, Kirti Shikhar Building, District Centre, JanakPuri, New Delhi, IND, 110058
Aar Shyam India Investment Co Ltd operates as a non-banking financial company engaged in lending to industrial enterprises by providing loans, guarantees, and securities. The company focuses on offering financial support and investment services within India. Aar Shyam generates revenue through interest income from lending activities and financial investments, serving clients predominantly in industrial sectors.
40GF Score

Get the complete analysis for BOM:542377

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

₹14.24
Price
₹4.35
GF Value