Karbonsteel Engineering (BOM:544511) Beneish M-Score: -2.45 (As of Aug. 09, 2026)

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BOM:544511 Karbonsteel Engineering Ltd BOM:544511
18 GF Score
Price ₹93.99
! 2 Warning Signs
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What is Karbonsteel Engineering Beneish M-Score?

Karbonsteel Engineering BOM:544511 -1.28% 18 Beneish M-Score is -2.45 as of Aug. 09, 2026. GuruFocus rates BOM:544511 with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 2,904 Industrial Products companies, Karbonsteel Engineering ranks worse than 50.72% 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.

Good Sign:

Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544511' s Beneish M-Score Range Over the Past 10 Years
Min: -2.45   Med: -2.41   Max: -0.51
Current: -2.45

During the past 5 years, the highest Beneish M-Score of Karbonsteel Engineering was -0.51. The lowest was -2.45. And the median was -2.41.

Karbonsteel Engineering Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Karbonsteel Engineering'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.

Karbonsteel Engineering Beneish M-Score Chart

Karbonsteel Engineering Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.51 -2.41 -2.45

Karbonsteel Engineering Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -0.51 0.00 -2.41 0.00 -2.45

BOM:544511 vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Karbonsteel Engineering'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.

Karbonsteel Engineering Beneish M-Score vs Industrial Products Industry

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

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


BOM:544511
18GF Score
Karbonsteel Engineering Ltd BOM:544511
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Karbonsteel Engineering 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 Karbonsteel Engineering 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 * 0.936+0.528 * 1.0372+0.404 * 0.7508+0.892 * 1.1019+0.115 * 1.4015
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.048132-0.327 * 0.7435
=-2.45

* 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 ₹671 Mil.
Revenue was ₹3,009 Mil.
Gross Profit was ₹910 Mil.
Total Current Assets was ₹1,912 Mil.
Total Assets was ₹2,574 Mil.
Property, Plant and Equipment(Net PPE) was ₹619 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹36 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,308 Mil.
Long-Term Debt & Capital Lease Obligation was ₹101 Mil.
Net Income was ₹105 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹229 Mil.
 Total Receivables was ₹651 Mil.
Revenue was ₹2,731 Mil.
Gross Profit was ₹857 Mil.
Total Current Assets was ₹1,909 Mil.
Total Assets was ₹2,328 Mil.
Property, Plant and Equipment(Net PPE) was ₹367 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹31 Mil.
Selling, General, & Admin. Expense(SGA) was ₹14 Mil.
Total Current Liabilities was ₹1,556 Mil.
Long-Term Debt & Capital Lease Obligation was ₹158 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)
=(671.059 / 3008.775) / (650.634 / 2730.535)
=0.223034 / 0.238281
=0.936

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)
=(857.031 / 2730.535) / (910.473 / 3008.775)
=0.313869 / 0.302606
=1.0372

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 - (1912.423 + 618.617) / 2574.034) / (1 - (1908.976 + 366.79) / 2327.55)
=0.016703 / 0.022248
=0.7508

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
=3008.775 / 2730.535
=1.1019

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))
=(30.941 / (30.941 + 366.79)) / (36.356 / (36.356 + 618.617))
=0.077794 / 0.055508
=1.4015

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 / 3008.775) / (13.574 / 2730.535)
=0 / 0.004971
=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)
=((101.377 + 1307.837) / 2574.034) / ((157.901 + 1555.984) / 2327.55)
=0.547473 / 0.736347
=0.7435

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
=(105.078 - 0 - 228.971) / 2574.034
=-0.048132

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.

Karbonsteel Engineering has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.45 mean?
Karbonsteel Engineering (BOM:544511) has a Beneish M-Score of -2.45 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Karbonsteel Engineering and its competitors. According to the industry distribution chart, Karbonsteel Engineering ranks #1473 out of 2904 companies in the Industrial Products industry, placing it in the top 50.7%.
Is Karbonsteel Engineering's Beneish M-Score too high?
Karbonsteel Engineering's current Beneish M-Score is -2.45. Based on the distribution chart, Karbonsteel Engineering ranks #1473 out of 2904 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Karbonsteel Engineering has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Karbonsteel Engineering's Beneish M-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, Karbonsteel Engineering ranks #1473 out of 2904 companies for Beneish M-Score. This places Karbonsteel Engineering 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 Karbonsteel Engineering and its competitors. Karbonsteel Engineering's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Karbonsteel Engineering stock overvalued right now?
Karbonsteel Engineering (BOM:544511) has a current Beneish M-Score of -2.45. The current Beneish M-Score is -2.45. Karbonsteel Engineering's overall GF Score™ is 18/100 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 Karbonsteel Engineering (BOM:544511), the current Beneish M-Score is -2.45 as of Aug. 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.

Karbonsteel Engineering Business Description

Address S.V. Road, B-8 Ratnadeep Cosmopolitan Chs Ltd, 140-141, Near Shoppers Stop, Andheri West, Mumbai, MH, IND, 400058
Karbonsteel Engineering Ltd is a structural engineering and fabrication company engaged in the design, fabrication and assembly of heavy and precision steel structures, customized to meet clients' requirements across various industrial and infrastructure segments. It has delivered structural engineering and fabrication solutions in diverse sectors including steel plants, railway bridges, oil & gas plants, refineries, chemical plants and other industrial units. Its structural engineering and fabrication solutions can broadly be classified into four verticals:- Heavy Steel Fabricated Structures, Precision Fabricated Steel Structures or Technological Structures, Steel Bridge Structures for High-Speed Rail Projects, and Pre-Engineered Buildings.
18GF Score

Get the complete analysis for BOM:544511

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

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