AMIC Forging (BOM:544037) Beneish M-Score: -1.13 (As of Jul. 06, 2026)


BOM:544037 AMIC Forging Ltd BOM:544037
54 GF Score
Price ₹1,909.20
! 10 Warning Signs
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What is AMIC Forging Beneish M-Score?

AMIC Forging BOM:544037 +4.20% 54 Beneish M-Score is -1.13 as of Jul. 06, 2026. GuruFocus rates BOM:544037 with a GF Score™ of 54/100. The stock has 10 warning signs investors should review. Among 2,916 Industrial Products companies, AMIC Forging ranks worse than 92.7% 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.

Warning Sign:

Beneish M-Score -1.13 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544037' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.37   Max: -1.13
Current: -1.13

During the past 6 years, the highest Beneish M-Score of AMIC Forging was -1.13. The lowest was -3.02. And the median was -2.37.

AMIC Forging Beneish M-Score Historical Data

* Premium members only.

The historical data trend for AMIC Forging'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.

AMIC Forging Beneish M-Score Chart

AMIC Forging Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.91 -3.02 -1.83 -1.13

AMIC Forging Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -3.02 0.00 -1.83 0.00 -1.13

BOM:544037 vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, AMIC Forging'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.

AMIC Forging Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, AMIC Forging's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where AMIC Forging's Beneish M-Score falls into.


BOM:544037
54GF Score
AMIC Forging Ltd BOM:544037
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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AMIC Forging 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 AMIC Forging 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 * 1.7344+0.528 * 0.7463+0.404 * 1.0579+0.892 * 1.1687+0.115 * 1.7376
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.075952-0.327 * 0.9173
=-1.13

* 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 ₹556 Mil.
Revenue was ₹1,418 Mil.
Gross Profit was ₹699 Mil.
Total Current Assets was ₹931 Mil.
Total Assets was ₹2,556 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,004 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹36 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹402 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22 Mil.
Net Income was ₹283 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹89 Mil.
 Total Receivables was ₹274 Mil.
Revenue was ₹1,213 Mil.
Gross Profit was ₹447 Mil.
Total Current Assets was ₹727 Mil.
Total Assets was ₹1,527 Mil.
Property, Plant and Equipment(Net PPE) was ₹450 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹29 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5 Mil.
Total Current Liabilities was ₹276 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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)
=(556.144 / 1417.848) / (274.364 / 1213.158)
=0.392245 / 0.226157
=1.7344

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)
=(446.643 / 1213.158) / (699.409 / 1417.848)
=0.368166 / 0.493289
=0.7463

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 - (930.506 + 1004.125) / 2555.531) / (1 - (726.515 + 449.647) / 1526.837)
=0.242963 / 0.229674
=1.0579

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
=1417.848 / 1213.158
=1.1687

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))
=(28.705 / (28.705 + 449.647)) / (35.917 / (35.917 + 1004.125))
=0.060008 / 0.034534
=1.7376

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 / 1417.848) / (4.772 / 1213.158)
=0 / 0.003934
=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)
=((21.615 + 401.696) / 2555.531) / ((0 + 275.713) / 1526.837)
=0.165645 / 0.180578
=0.9173

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
=(282.716 - 0 - 88.618) / 2555.531
=0.075952

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.

AMIC Forging has a M-score of -1.13 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 -1.13 mean?
AMIC Forging (BOM:544037) has a Beneish M-Score of -1.13 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AMIC Forging and its competitors. According to the industry distribution chart, AMIC Forging ranks #2703 out of 2916 companies in the Industrial Products industry, placing it in the top 92.7%.
Is AMIC Forging's Beneish M-Score too high?
AMIC Forging's current Beneish M-Score is -1.13. Based on the distribution chart, AMIC Forging ranks #2703 out of 2916 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, AMIC Forging has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does AMIC Forging's Beneish M-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, AMIC Forging ranks #2703 out of 2916 companies for Beneish M-Score. This places AMIC Forging 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 AMIC Forging and its competitors. AMIC Forging's current Beneish M-Score is -1.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AMIC Forging stock overvalued right now?
AMIC Forging (BOM:544037) has a current Beneish M-Score of -1.13. The current Beneish M-Score is -1.13. AMIC Forging's overall GF Score™ is 54/100 with 10 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 AMIC Forging (BOM:544037), the current Beneish M-Score is -1.13 as of Jul. 06, 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.

AMIC Forging Business Description

Address 3A, Garstin Place, 2nd Floor, Kolkata, WB, IND, 700001
AMIC Forging Ltd is engaged in manufacturing forged components catering to various industries with its manufacturing facility at Baidyabati, Hooghly. It manufactures precision-machined components catering to various industries such as heavy Engineering, Steel Industry, Oil and gas, Petrochemicals, Chemicals, Refineries, Thermal Power, Nuclear Power, Hydro Power, Cement Industry, Sugar, and other related industries. It manufactures different forging components such as Gear Couplings, Roller Shaft, Brake Drum, Hook, and other products.
54GF Score

Get the complete analysis for BOM:544037

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

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