Systematic Industries (BOM:544541) Beneish M-Score: -2.08 (As of Jul. 29, 2026)

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BOM:544541 Systematic Industries Ltd BOM:544541
19 GF Score
Price ₹192.85
! 1 Warning Sign
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What is Systematic Industries Beneish M-Score?

Systematic Industries BOM:544541 +0.52% 19 Beneish M-Score is -2.08 as of Jul. 29, 2026. GuruFocus rates BOM:544541 with a GF Score™ of 19/100. The stock has 1 warning sign investors should review. Among 588 Steel companies, Systematic Industries ranks worse than 71.6% 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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544541' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39   Med: -2.08   Max: -1.94
Current: -2.08

During the past 5 years, the highest Beneish M-Score of Systematic Industries was -1.94. The lowest was -2.39. And the median was -2.08.

Systematic Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Systematic Industries'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.

Systematic Industries Beneish M-Score Chart

Systematic Industries Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.39 -1.94 -2.08

Systematic Industries Quarterly Data
Mar22 Mar23 Mar24 Dec24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.39 0.00 -1.94 0.00 -2.08

BOM:544541 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Systematic Industries'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.

Systematic Industries Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Systematic Industries's Beneish M-Score distribution charts can be found below:

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


BOM:544541
19GF Score
Systematic Industries Ltd BOM:544541
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Systematic Industries 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 Systematic Industries 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 * 0.7738+0.528 * 1.1095+0.404 * 0.1185+0.892 * 1.2374+0.115 * 0.6965
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.063587-0.327 * 0.217
=-2.08

* 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 ₹771 Mil.
Revenue was ₹5,525 Mil.
Gross Profit was ₹993 Mil.
Total Current Assets was ₹1,745 Mil.
Total Assets was ₹2,350 Mil.
Property, Plant and Equipment(Net PPE) was ₹597 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹63 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹269 Mil.
Long-Term Debt & Capital Lease Obligation was ₹37 Mil.
Net Income was ₹210 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹61 Mil.
 Total Receivables was ₹805 Mil.
Revenue was ₹4,465 Mil.
Gross Profit was ₹890 Mil.
Total Current Assets was ₹1,380 Mil.
Total Assets was ₹2,057 Mil.
Property, Plant and Equipment(Net PPE) was ₹614 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹44 Mil.
Selling, General, & Admin. Expense(SGA) was ₹98 Mil.
Total Current Liabilities was ₹975 Mil.
Long-Term Debt & Capital Lease Obligation was ₹259 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)
=(770.806 / 5525.122) / (805.027 / 4465.115)
=0.139509 / 0.180293
=0.7738

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)
=(890.102 / 4465.115) / (992.754 / 5525.122)
=0.199346 / 0.17968
=1.1095

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 - (1744.522 + 597.058) / 2350.118) / (1 - (1379.766 + 614.256) / 2057.094)
=0.003633 / 0.030661
=0.1185

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
=5525.122 / 4465.115
=1.2374

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))
=(43.897 / (43.897 + 614.256)) / (63.231 / (63.231 + 597.058))
=0.066697 / 0.095763
=0.6965

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 / 5525.122) / (98.243 / 4465.115)
=0 / 0.022002
=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)
=((36.647 + 269.281) / 2350.118) / ((258.637 + 975.198) / 2057.094)
=0.130176 / 0.599795
=0.217

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
=(210.151 - 0 - 60.713) / 2350.118
=0.063587

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.

Systematic Industries has a M-score of -2.08 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 -2.08 mean?
Systematic Industries (BOM:544541) has a Beneish M-Score of -2.08 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Systematic Industries and its competitors. According to the industry distribution chart, Systematic Industries ranks #421 out of 588 companies in the Steel industry, placing it in the top 71.6%.
Is Systematic Industries' Beneish M-Score too high?
Systematic Industries' current Beneish M-Score is -2.08. Based on the distribution chart, Systematic Industries ranks #421 out of 588 companies in the Steel industry, which is below the industry midpoint. Overall, Systematic Industries has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Systematic Industries' Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Systematic Industries ranks #421 out of 588 companies for Beneish M-Score. This places Systematic Industries 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Systematic Industries and its competitors. Systematic Industries's current Beneish M-Score is -2.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Systematic Industries stock overvalued right now?
Systematic Industries (BOM:544541) has a current Beneish M-Score of -2.08. The current Beneish M-Score is -2.08. Systematic Industries' overall GF Score™ is 19/100 with 1 warning sign 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 Systematic Industries (BOM:544541), the current Beneish M-Score is -2.08 as of Jul. 29, 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.

Systematic Industries Business Description

Address Lal Bahadur Shastri Marg, 418, 4th Floor, Nirmal Corporate Center, Mulund (West, Mumbai, MH, IND, 400080
Systematic Industries Ltd engages in the steel wire industry involved in the business of manufacturing and supplying of various steel wires and cables, catering to the needs of power transmission, infrastructure, telecommunications, agro-based and allied industries. Its product portfolio includes Steel wires such as Carbon steel wire (MS Wire), High carbon wire (HC Wire), Mild Steel (MS) Wire, Galvanized Iron (GI) Wire, Cable Armour Wire, Aluminium conductor steel-reinforced cable (ACSR Core wire), Aluminium Clad Steel (ACS) Wire etc. along with Optical Ground Wires (OPGW) and Optical Fibre Cable (OFC), which has electrical and mechanical properties that are suitable for applications in power generation, data transmission and distribution.
19GF Score

Get the complete analysis for BOM:544541

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

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