SK Minerals & Additives (BOM:544584) Beneish M-Score: 5.34 (As of Jul. 23, 2026) — 153% Above Median

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BOM:544584 SK Minerals & Additives Ltd BOM:544584
17 GF Score
Price ₹490.90
! 6 Warning Signs
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What is SK Minerals & Additives Beneish M-Score?

SK Minerals & Additives BOM:544584 +0.84% 17 Beneish M-Score is 5.34 as of Jul. 23, 2026, which is 153% above its 10-year median of 2.11. GuruFocus rates BOM:544584 with a GF Score™ of 17/100. The stock has 6 warning signs investors should review. Among 1,526 Chemicals companies, SK Minerals & Additives ranks worse than 98.43% 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 5.34 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for SK Minerals & Additives's Beneish M-Score or its related term are showing as below:

BOM:544584' s Beneish M-Score Range Over the Past 10 Years
Min: -1.13   Med: 2.11   Max: 5.34
Current: 5.34

During the past 4 years, the highest Beneish M-Score of SK Minerals & Additives was 5.34. The lowest was -1.13. And the median was 2.11.

SK Minerals & Additives Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SK Minerals & Additives'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.

SK Minerals & Additives Beneish M-Score Chart

SK Minerals & Additives Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.13 5.34

SK Minerals & Additives Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.13 5.34

BOM:544584 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, SK Minerals & Additives'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.

SK Minerals & Additives Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, SK Minerals & Additives's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SK Minerals & Additives's Beneish M-Score falls into.


BOM:544584
17GF Score
SK Minerals & Additives Ltd BOM:544584
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SK Minerals & Additives 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 SK Minerals & Additives 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 * 2.4479+0.528 * 0.9733+0.404 * 8.7885+0.892 * 1.5018+0.115 * 4.0608
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.497325-0.327 * 0.8284
=5.34

* 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 ₹1,019 Mil.
Revenue was ₹3,179 Mil.
Gross Profit was ₹626 Mil.
Total Current Assets was ₹1,526 Mil.
Total Assets was ₹1,865 Mil.
Property, Plant and Equipment(Net PPE) was ₹229 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹887 Mil.
Long-Term Debt & Capital Lease Obligation was ₹165 Mil.
Net Income was ₹181 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-746 Mil.
 Total Receivables was ₹277 Mil.
Revenue was ₹2,117 Mil.
Gross Profit was ₹406 Mil.
Total Current Assets was ₹699 Mil.
Total Assets was ₹752 Mil.
Property, Plant and Equipment(Net PPE) was ₹47 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹76 Mil.
Total Current Liabilities was ₹442 Mil.
Long-Term Debt & Capital Lease Obligation was ₹71 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)
=(1018.981 / 3178.87) / (277.181 / 2116.724)
=0.320548 / 0.130948
=2.4479

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)
=(405.929 / 2116.724) / (626.361 / 3178.87)
=0.191772 / 0.197039
=0.9733

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 - (1526.191 + 229.259) / 1864.604) / (1 - (699.354 + 47.436) / 751.798)
=0.05854 / 0.006661
=8.7885

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
=3178.87 / 2116.724
=1.5018

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))
=(8.672 / (8.672 + 47.436)) / (9.071 / (9.071 + 229.259))
=0.154559 / 0.038061
=4.0608

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 / 3178.87) / (76.321 / 2116.724)
=0 / 0.036056
=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)
=((165.233 + 887.31) / 1864.604) / ((70.531 + 441.784) / 751.798)
=0.564486 / 0.681453
=0.8284

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
=(181.233 - 0 - -746.082) / 1864.604
=0.497325

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.

SK Minerals & Additives has a M-score of 5.34 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 5.34 mean?
SK Minerals & Additives (BOM:544584) has a Beneish M-Score of 5.34 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SK Minerals & Additives and its competitors. This is 153% above median its historical median of 2.11. According to the industry distribution chart, SK Minerals & Additives ranks #1502 out of 1526 companies in the Chemicals industry, placing it in the top 98.4%.
Is SK Minerals & Additives' Beneish M-Score too high?
SK Minerals & Additives' current Beneish M-Score of 5.34 is 153% above median its 10-year median of 2.11. Based on the distribution chart, SK Minerals & Additives ranks #1502 out of 1526 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, SK Minerals & Additives has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does SK Minerals & Additives' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, SK Minerals & Additives ranks #1502 out of 1526 companies for Beneish M-Score. This places SK Minerals & Additives 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 SK Minerals & Additives and its competitors. SK Minerals & Additives's current Beneish M-Score is 5.34, which is 153% above median its own 10-year median of 2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SK Minerals & Additives stock overvalued right now?
SK Minerals & Additives (BOM:544584) has a current Beneish M-Score of 5.34. The current Beneish M-Score is 5.34, which is 153% above median its 10-year median of 2.11. SK Minerals & Additives' overall GF Score™ is 17/100 with 6 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 SK Minerals & Additives (BOM:544584), the current Beneish M-Score is 5.34 as of Jul. 23, 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.

SK Minerals & Additives Business Description

Address G.T Road, Satkartar Building, Near Khalsa Petrol Pump, Khanna, Ludhiana, PB, IND, 141401
SK Minerals & Additives Ltd is engaged in the trading and manufacturing of various chemicals and minerals for industries such as Food and Bakery, Animal Feed, Plywood, and Petroleum. Its product portfolio includes Glycinates and EDTAs in variants like Zinc, Copper, and Magnesium, along with Mineral Mixtures, Calcium Propionate, Ferric Pyrophosphate, Technical Grade Urea, Virgin Base Oil, Magnesium Oxide, By-Pass Fat, and others. The company offers products across categories such as Flame Retardant Additives, Feed Additives, Food Additives, and Industrial and Specialty Chemicals. It operates in North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific, with the majority of its revenue coming from the Asia Pacific region.
17GF Score

Get the complete analysis for BOM:544584

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

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