MPK Steels (I) (BOM:544553) Beneish M-Score: -0.23 (As of Jul. 30, 2026)

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BOM:544553 MPK Steels (I) Ltd BOM:544553
15 GF Score
Price ₹103.00
! 3 Warning Signs
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What is MPK Steels (I) Beneish M-Score?

MPK Steels (I) BOM:544553 -1.01% 15 Beneish M-Score is -0.23 as of Jul. 30, 2026. GuruFocus rates BOM:544553 with a GF Score™ of 15/100. The stock has 3 warning signs investors should review. Among 588 Steel companies, MPK Steels (I) ranks worse than 90.99% 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 -0.23 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for MPK Steels (I)'s Beneish M-Score or its related term are showing as below:

BOM:544553' s Beneish M-Score Range Over the Past 10 Years
Min: -2.68   Med: -1.46   Max: -0.23
Current: -0.23

During the past 4 years, the highest Beneish M-Score of MPK Steels (I) was -0.23. The lowest was -2.68. And the median was -1.46.

MPK Steels (I) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MPK Steels (I)'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.

MPK Steels (I) Beneish M-Score Chart

MPK Steels (I) Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.68 -0.23

MPK Steels (I) Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.68 -0.23

BOM:544553 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, MPK Steels (I)'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.

MPK Steels (I) Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, MPK Steels (I)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MPK Steels (I)'s Beneish M-Score falls into.


BOM:544553
15GF Score
MPK Steels (I) Ltd BOM:544553
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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MPK Steels (I) 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 MPK Steels (I) 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 * 2.7433+0.528 * 1.0855+0.404 * 0.5772+0.892 * 1.2528+0.115 * 4.4317
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.011112-0.327 * 0.9116
=-0.23

* 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 ₹599 Mil.
Revenue was ₹2,588 Mil.
Gross Profit was ₹252 Mil.
Total Current Assets was ₹1,017 Mil.
Total Assets was ₹1,175 Mil.
Property, Plant and Equipment(Net PPE) was ₹150 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹565 Mil.
Long-Term Debt & Capital Lease Obligation was ₹87 Mil.
Net Income was ₹61 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹74 Mil.
 Total Receivables was ₹174 Mil.
Revenue was ₹2,066 Mil.
Gross Profit was ₹218 Mil.
Total Current Assets was ₹581 Mil.
Total Assets was ₹624 Mil.
Property, Plant and Equipment(Net PPE) was ₹36 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1 Mil.
Total Current Liabilities was ₹274 Mil.
Long-Term Debt & Capital Lease Obligation was ₹106 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)
=(599.039 / 2587.971) / (174.305 / 2065.82)
=0.231471 / 0.084376
=2.7433

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)
=(218.467 / 2065.82) / (252.124 / 2587.971)
=0.105753 / 0.097421
=1.0855

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 - (1017.304 + 150.072) / 1174.641) / (1 - (581.419 + 35.521) / 623.623)
=0.006185 / 0.010716
=0.5772

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
=2587.971 / 2065.82
=1.2528

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))
=(7.203 / (7.203 + 35.521)) / (5.935 / (5.935 + 150.072))
=0.168594 / 0.038043
=4.4317

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 / 2587.971) / (1.313 / 2065.82)
=0 / 0.000636
=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)
=((86.867 + 564.775) / 1174.641) / ((105.894 + 273.621) / 623.623)
=0.554758 / 0.608565
=0.9116

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
=(60.585 - 0 - 73.638) / 1174.641
=-0.011112

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.

MPK Steels (I) has a M-score of -0.23 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 -0.23 mean?
MPK Steels (I) (BOM:544553) has a Beneish M-Score of -0.23 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MPK Steels (I) and its competitors. According to the industry distribution chart, MPK Steels (I) ranks #535 out of 588 companies in the Steel industry, placing it in the top 91%.
Is MPK Steels (I)'s Beneish M-Score too high?
MPK Steels (I)'s current Beneish M-Score is -0.23. Based on the distribution chart, MPK Steels (I) ranks #535 out of 588 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, MPK Steels (I) has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does MPK Steels (I)'s Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, MPK Steels (I) ranks #535 out of 588 companies for Beneish M-Score. This places MPK Steels (I) 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 MPK Steels (I) and its competitors. MPK Steels (I)'s current Beneish M-Score is -0.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MPK Steels (I) stock overvalued right now?
MPK Steels (I) (BOM:544553) has a current Beneish M-Score of -0.23. The current Beneish M-Score is -0.23. MPK Steels (I)'s overall GF Score™ is 15/100 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 MPK Steels (I) (BOM:544553), the current Beneish M-Score is -0.23 as of Jul. 30, 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.

MPK Steels (I) Business Description

Address A - 195, RIICO Industrial Area Extension, Phase 2 Bagru, Jaipur, RJ, IND, 303007
MPK Steels (I) Ltd is a manufacturer of general-purpose structural steel products, specializing in providing high-quality solutions for a wide range of industries such as Railways, Telecom Industries, State Electricity Boards, Power & Energy Industries, Automotive Industry, Offshore Structures, Construction Industries, Fabrication Industries, Auto Body Builders, Infrastructural Development Authorities. The company is well-equipped to manufacture and trade a wide range of structural steel products, including M.S. Channel, M.S. Joist/Beam, M.S. Angle, M.S. Square Bar, M.S. Round Bar, and M.S. Flat where M.S. Channels generate the majority of its revenue and play a pivotal role in driving the success of its business.
15GF 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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