Jain Resource Recycling (BOM:544537) Beneish M-Score: 0.57 (As of Aug. 02, 2026) — Near Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BOM:544537 Jain Resource Recycling Ltd BOM:544537
17 GF Score
Price ₹347.00
! 4 Warning Signs
View Full Analysis

What is Jain Resource Recycling Beneish M-Score?

Jain Resource Recycling BOM:544537 +1.17% 17 Beneish M-Score is 0.57 as of Aug. 02, 2026, which is at its 10-year median of 0.57. GuruFocus rates BOM:544537 with a GF Score™ of 17/100. The stock has 4 warning signs investors should review. Among 677 Metals & Mining companies, Jain Resource Recycling ranks worse than 88.92% 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 0.57 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544537' s Beneish M-Score Range Over the Past 10 Years
Min: -1.95   Med: 0.57   Max: 2.03
Current: 0.57

During the past 5 years, the highest Beneish M-Score of Jain Resource Recycling was 2.03. The lowest was -1.95. And the median was 0.57.

Jain Resource Recycling Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jain Resource Recycling'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.

Jain Resource Recycling Beneish M-Score Chart

Jain Resource Recycling Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.95 2.03 0.57

Jain Resource Recycling Quarterly Data
Mar22 Mar23 Mar24 Sep24 Dec24 Mar25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 2.03 0.00 0.57

Jain Resource Recycling Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Jain Resource Recycling'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.

Jain Resource Recycling Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Jain Resource Recycling's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Jain Resource Recycling's Beneish M-Score falls into.


BOM:544537
17GF Score
Jain Resource Recycling Ltd BOM:544537
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Jain Resource Recycling 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 Jain Resource Recycling 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 * 2.4167+0.528 * 1.0531+0.404 * 0.2514+0.892 * 1.4843+0.115 * 1.5138
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.282083-0.327 * 0.8761
=0.57

* 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 ₹4,760 Mil.
Revenue was ₹95,431 Mil.
Gross Profit was ₹8,044 Mil.
Total Current Assets was ₹31,847 Mil.
Total Assets was ₹33,822 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,590 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹145 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹17,707 Mil.
Long-Term Debt & Capital Lease Obligation was ₹38 Mil.
Net Income was ₹3,522 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-6,019 Mil.
 Total Receivables was ₹1,327 Mil.
Revenue was ₹64,294 Mil.
Gross Profit was ₹5,708 Mil.
Total Current Assets was ₹16,451 Mil.
Total Assets was ₹18,362 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,078 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹157 Mil.
Selling, General, & Admin. Expense(SGA) was ₹352 Mil.
Total Current Liabilities was ₹10,894 Mil.
Long-Term Debt & Capital Lease Obligation was ₹102 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)
=(4759.52 / 95431.13) / (1326.82 / 64293.8)
=0.049874 / 0.020637
=2.4167

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)
=(5707.64 / 64293.8) / (8044.27 / 95431.13)
=0.088774 / 0.084294
=1.0531

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 - (31846.51 + 1589.81) / 33822.11) / (1 - (16451.26 + 1078.13) / 18362.37)
=0.011406 / 0.045363
=0.2514

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
=95431.13 / 64293.8
=1.4843

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))
=(156.69 / (156.69 + 1078.13)) / (145.46 / (145.46 + 1589.81))
=0.126893 / 0.083826
=1.5138

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 / 95431.13) / (351.81 / 64293.8)
=0 / 0.005472
=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)
=((38.15 + 17706.7) / 33822.11) / ((101.75 + 10894.17) / 18362.37)
=0.524652 / 0.598829
=0.8761

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
=(3522.15 - 0 - -6018.5) / 33822.11
=0.282083

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.

Jain Resource Recycling has a M-score of 0.57 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 0.57 mean?
Jain Resource Recycling (BOM:544537) has a Beneish M-Score of 0.57 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jain Resource Recycling and its competitors. This is near median its historical median of 0.57. According to the industry distribution chart, Jain Resource Recycling ranks #602 out of 677 companies in the Metals & Mining industry, placing it in the top 88.9%.
Is Jain Resource Recycling's Beneish M-Score too high?
Jain Resource Recycling's current Beneish M-Score of 0.57 is near median its 10-year median of 0.57. Based on the distribution chart, Jain Resource Recycling ranks #602 out of 677 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Jain Resource Recycling has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Jain Resource Recycling's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Jain Resource Recycling ranks #602 out of 677 companies for Beneish M-Score. This places Jain Resource Recycling 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Jain Resource Recycling and its competitors. Jain Resource Recycling's current Beneish M-Score is 0.57, which is near median its own 10-year median of 0.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jain Resource Recycling stock overvalued right now?
Jain Resource Recycling (BOM:544537) has a current Beneish M-Score of 0.57. The current Beneish M-Score is 0.57, which is near median its 10-year median of 0.57. Jain Resource Recycling's overall GF Score™ is 17/100 with 4 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 Jain Resource Recycling (BOM:544537), the current Beneish M-Score is 0.57 as of Aug. 02, 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.

Jain Resource Recycling Business Description

Other Exchanges JAINREC:India
Address Waddles Road, 4th Floor, The Lattice, Old No. 7/1, New No. 20, Kilpauk, Chennai, TN, IND, 600010
Jain Resource Recycling Ltd is engaged in the business of recycling and production of non-ferrous metals and non-metallic materials. Its product portfolio comprises lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. The group is segregated into the following segments: Copper Processing, Lead Processing, Aluminium Processing, Precious Metal, and Others. It generates maximum revenue from the recycling and sale of copper and copper ingots. Geographically, the group generates maximum revenue from outside India through exports, and the rest from its business within India.
17GF Score

Get the complete analysis for BOM:544537

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

₹347.00
Price