Airfloa Rail Technology (BOM:544516) Beneish M-Score: 0.20 (As of Jul. 22, 2026)

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BOM:544516 Airfloa Rail Technology Ltd BOM:544516
20 GF Score
Price ₹336.30
! 3 Warning Signs
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What is Airfloa Rail Technology Beneish M-Score?

Airfloa Rail Technology BOM:544516 +0.57% 20 Beneish M-Score is 0.20 as of Jul. 22, 2026. GuruFocus rates BOM:544516 with a GF Score™ of 20/100. The stock has 3 warning signs investors should review. Among 966 Transportation companies, Airfloa Rail Technology ranks worse than 96.17% 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 0.2 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544516' s Beneish M-Score Range Over the Past 10 Years
Min: -1.43   Med: -1.19   Max: 0.2
Current: 0.2

During the past 5 years, the highest Beneish M-Score of Airfloa Rail Technology was 0.20. The lowest was -1.43. And the median was -1.19.

Airfloa Rail Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Airfloa Rail Technology'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.

Airfloa Rail Technology Beneish M-Score Chart

Airfloa Rail Technology Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.43 -1.19 0.20

Airfloa Rail Technology Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.43 0.00 -1.19 0.00 0.20

BOM:544516 vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, Airfloa Rail Technology'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.

Airfloa Rail Technology Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Airfloa Rail Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Airfloa Rail Technology's Beneish M-Score falls into.


BOM:544516
20GF Score
Airfloa Rail Technology Ltd BOM:544516
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Airfloa Rail Technology 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 Airfloa Rail Technology 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 * 1.1777+0.528 * 1.1763+0.404 * 2.1436+0.892 * 1.6612+0.115 * 0.8046
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.239891-0.327 * 0.7087
=0.20

* 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 ₹2,506 Mil.
Revenue was ₹3,196 Mil.
Gross Profit was ₹744 Mil.
Total Current Assets was ₹3,361 Mil.
Total Assets was ₹4,027 Mil.
Property, Plant and Equipment(Net PPE) was ₹420 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹35 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,568 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41 Mil.
Net Income was ₹391 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-575 Mil.
 Total Receivables was ₹1,281 Mil.
Revenue was ₹1,924 Mil.
Gross Profit was ₹527 Mil.
Total Current Assets was ₹2,109 Mil.
Total Assets was ₹2,569 Mil.
Property, Plant and Equipment(Net PPE) was ₹387 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹57 Mil.
Total Current Liabilities was ₹1,437 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12 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)
=(2506.389 / 3195.976) / (1281.1 / 1923.87)
=0.784233 / 0.665897
=1.1777

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)
=(526.535 / 1923.87) / (743.567 / 3195.976)
=0.273685 / 0.232657
=1.1763

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 - (3361.211 + 420.164) / 4026.847) / (1 - (2108.974 + 387.357) / 2569.399)
=0.060959 / 0.028438
=2.1436

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
=3195.976 / 1923.87
=1.6612

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))
=(25.326 / (25.326 + 387.357)) / (34.694 / (34.694 + 420.164))
=0.061369 / 0.076274
=0.8046

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 / 3195.976) / (56.714 / 1923.87)
=0 / 0.029479
=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)
=((41.185 + 1567.631) / 4026.847) / ((11.992 + 1436.534) / 2569.399)
=0.399523 / 0.563761
=0.7087

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
=(391.481 - 0 - -574.524) / 4026.847
=0.239891

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.

Airfloa Rail Technology has a M-score of 0.20 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 0.20 mean?
Airfloa Rail Technology (BOM:544516) has a Beneish M-Score of 0.20 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Airfloa Rail Technology and its competitors. According to the industry distribution chart, Airfloa Rail Technology ranks #929 out of 966 companies in the Transportation industry, placing it in the top 96.2%.
Is Airfloa Rail Technology's Beneish M-Score too high?
Airfloa Rail Technology's current Beneish M-Score is 0.20. Based on the distribution chart, Airfloa Rail Technology ranks #929 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Airfloa Rail Technology has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Airfloa Rail Technology's Beneish M-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, Airfloa Rail Technology ranks #929 out of 966 companies for Beneish M-Score. This places Airfloa Rail Technology 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 a Transportation company?
A good Beneish M-Score depends on the Transportation 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 Airfloa Rail Technology and its competitors. Airfloa Rail Technology's current Beneish M-Score is 0.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Airfloa Rail Technology stock overvalued right now?
Airfloa Rail Technology (BOM:544516) has a current Beneish M-Score of 0.20. The current Beneish M-Score is 0.20. Airfloa Rail Technology's overall GF Score™ is 20/100 with 3 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 Airfloa Rail Technology (BOM:544516), the current Beneish M-Score is 0.20 as of Jul. 22, 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.

Airfloa Rail Technology Business Description

Address No. 9 Chelliamman Koil street, Keelkttalai, Chennai, TN, IND, 600117
Airfloa Rail Technology Ltd is engaged in the manufacturing of components which are used in the rolling stock for the Indian Railways through railway production units like Integral Coach Factory (ICF), other coach factories. In addition to manufacturing the rolling stock components, the company carry out turnkey interior furnishing projects for Indian Railways. In the aerospace and defense sectors, it manufactures intricate, engineered, and vital components. Along with Indian Railways through ICF and other coach factories, The company also serve other Rails factories, and rolling stock OEMs.
20GF Score

Get the complete analysis for BOM:544516

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

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