Shree Refrigerations (BOM:544458) Beneish M-Score: -1.62 (As of Aug. 11, 2026)

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BOM:544458 Shree Refrigerations Ltd BOM:544458
21 GF Score
Price ₹315.20
! 2 Warning Signs
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What is Shree Refrigerations Beneish M-Score?

Shree Refrigerations BOM:544458 -3.49% 21 Beneish M-Score is -1.62 as of Aug. 11, 2026. GuruFocus rates BOM:544458 with a GF Score™ of 21/100. The stock has 2 warning signs investors should review. Among 2,906 Industrial Products companies, Shree Refrigerations ranks worse than 87.1% 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 -1.62 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544458' s Beneish M-Score Range Over the Past 10 Years
Min: -1.62   Med: -1.22   Max: -1.17
Current: -1.62

During the past 5 years, the highest Beneish M-Score of Shree Refrigerations was -1.17. The lowest was -1.62. And the median was -1.22.

Shree Refrigerations Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shree Refrigerations'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.

Shree Refrigerations Beneish M-Score Chart

Shree Refrigerations Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.17 -1.22 -1.62

Shree Refrigerations Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.17 0.00 -1.22 0.00 -1.62

BOM:544458 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Shree Refrigerations'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.

Shree Refrigerations Beneish M-Score vs Industrial Products Industry

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

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


BOM:544458
21GF Score
Shree Refrigerations Ltd BOM:544458
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shree Refrigerations 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 Shree Refrigerations 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 * 0.7132+0.528 * 1.1247+0.404 * 1.2216+0.892 * 1.5553+0.115 * 1.6967
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.026281-0.327 * 0.7028
=-1.62

* 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 ₹1,057 Mil.
Revenue was ₹1,535 Mil.
Gross Profit was ₹669 Mil.
Total Current Assets was ₹2,432 Mil.
Total Assets was ₹2,941 Mil.
Property, Plant and Equipment(Net PPE) was ₹348 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹58 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹740 Mil.
Long-Term Debt & Capital Lease Obligation was ₹39 Mil.
Net Income was ₹215 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹138 Mil.
 Total Receivables was ₹952 Mil.
Revenue was ₹987 Mil.
Gross Profit was ₹484 Mil.
Total Current Assets was ₹1,640 Mil.
Total Assets was ₹1,856 Mil.
Property, Plant and Equipment(Net PPE) was ₹133 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹42 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25 Mil.
Total Current Liabilities was ₹611 Mil.
Long-Term Debt & Capital Lease Obligation was ₹88 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)
=(1056.514 / 1535.497) / (952.445 / 987.27)
=0.68806 / 0.964726
=0.7132

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)
=(483.944 / 987.27) / (669.202 / 1535.497)
=0.490184 / 0.435821
=1.1247

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 - (2431.732 + 347.946) / 2941.079) / (1 - (1639.571 + 133.004) / 1855.95)
=0.054878 / 0.044923
=1.2216

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
=1535.497 / 987.27
=1.5553

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))
=(42.418 / (42.418 + 133.004)) / (57.829 / (57.829 + 347.946))
=0.241805 / 0.142515
=1.6967

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 / 1535.497) / (24.82 / 987.27)
=0 / 0.02514
=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)
=((39.104 + 740.033) / 2941.079) / ((88.365 + 611.174) / 1855.95)
=0.264915 / 0.376917
=0.7028

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
=(215.326 - 0 - 138.031) / 2941.079
=0.026281

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.

Shree Refrigerations has a M-score of -1.62 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 -1.62 mean?
Shree Refrigerations (BOM:544458) has a Beneish M-Score of -1.62 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shree Refrigerations and its competitors. According to the industry distribution chart, Shree Refrigerations ranks #2531 out of 2906 companies in the Industrial Products industry, placing it in the top 87.1%.
Is Shree Refrigerations' Beneish M-Score too high?
Shree Refrigerations' current Beneish M-Score is -1.62. Based on the distribution chart, Shree Refrigerations ranks #2531 out of 2906 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Shree Refrigerations has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Shree Refrigerations' Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Shree Refrigerations ranks #2531 out of 2906 companies for Beneish M-Score. This places Shree Refrigerations 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 Shree Refrigerations and its competitors. Shree Refrigerations's current Beneish M-Score is -1.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shree Refrigerations stock overvalued right now?
Shree Refrigerations (BOM:544458) has a current Beneish M-Score of -1.62. The current Beneish M-Score is -1.62. Shree Refrigerations' overall GF Score™ is 21/100 with 2 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 Shree Refrigerations (BOM:544458), the current Beneish M-Score is -1.62 as of Aug. 11, 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.

Shree Refrigerations Business Description

Address Plot. No. 131/1+2, Virwade Road, Opposite MSEB Stores, Ogalewadi, Karad, MH, IND, 415105
Shree Refrigerations Ltd is engaged in the business of manufacturing Chillers, refrigeration and air conditioning appliances and other parts of Heating, Ventilation, Air Conditioning (HVAC) Industry, offering array of systems and equipment to industries majorly in domestic market. Its collection of products serves multiple industries including Automotive, Marine, Print Media, Chemical, Pharma and General engineering sectors. It is also actively involved in the manufacturing of marine chillers, having approved supplier registrations from various professional directorates of Indian Navy.
21GF Score

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

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