Narmadesh Brass Industries (BOM:544680) Beneish M-Score: -1.04 (As of Jul. 26, 2026)

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BOM:544680 Narmadesh Brass Industries Ltd BOM:544680
14 GF Score
Price ₹309.75
! 4 Warning Signs
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What is Narmadesh Brass Industries Beneish M-Score?

Narmadesh Brass Industries BOM:544680 14 Beneish M-Score is -1.04 as of Jul. 26, 2026. GuruFocus rates BOM:544680 with a GF Score™ of 14/100. The stock has 4 warning signs investors should review. Among 2,914 Industrial Products companies, Narmadesh Brass Industries ranks worse than 93.34% 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 -1.04 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544680' s Beneish M-Score Range Over the Past 10 Years
Min: -1.36   Med: -1.2   Max: -1.04
Current: -1.04

During the past 4 years, the highest Beneish M-Score of Narmadesh Brass Industries was -1.04. The lowest was -1.36. And the median was -1.20.

Narmadesh Brass Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Narmadesh Brass 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.

Narmadesh Brass Industries Beneish M-Score Chart

Narmadesh Brass Industries Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.36 -1.04

Narmadesh Brass Industries Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -1.36 0.00 -1.04

BOM:544680 vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Narmadesh Brass 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.

Narmadesh Brass Industries Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Narmadesh Brass Industries's Beneish M-Score distribution charts can be found below:

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


BOM:544680
14GF Score
Narmadesh Brass Industries Ltd BOM:544680
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Narmadesh Brass 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 Narmadesh Brass 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 * 1.0735+0.528 * 1.4288+0.404 * 0.1122+0.892 * 1.0846+0.115 * 0.8624
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.233449-0.327 * 0.4421
=-1.04

* 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 ₹174.2 Mil.
Revenue was ₹952.2 Mil.
Gross Profit was ₹103.0 Mil.
Total Current Assets was ₹600.5 Mil.
Total Assets was ₹761.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹159.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹192.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹31.3 Mil.
Net Income was ₹35.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-142.2 Mil.
 Total Receivables was ₹149.6 Mil.
Revenue was ₹877.9 Mil.
Gross Profit was ₹135.7 Mil.
Total Current Assets was ₹450.4 Mil.
Total Assets was ₹596.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹137.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.5 Mil.
Total Current Liabilities was ₹379.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹16.4 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)
=(174.174 / 952.248) / (149.591 / 877.947)
=0.182908 / 0.170387
=1.0735

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)
=(135.731 / 877.947) / (103.038 / 952.248)
=0.1546 / 0.108205
=1.4288

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 - (600.487 + 159.529) / 761.238) / (1 - (450.385 + 137.672) / 596.592)
=0.001605 / 0.014306
=0.1122

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
=952.248 / 877.947
=1.0846

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))
=(7.531 / (7.531 + 137.672)) / (10.208 / (10.208 + 159.529))
=0.051865 / 0.06014
=0.8624

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 / 952.248) / (1.464 / 877.947)
=0 / 0.001668
=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)
=((31.303 + 192.078) / 761.238) / ((16.381 + 379.589) / 596.592)
=0.293444 / 0.66372
=0.4421

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
=(35.513 - 0 - -142.197) / 761.238
=0.233449

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.

Narmadesh Brass Industries has a M-score of -1.04 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 -1.04 mean?
Narmadesh Brass Industries (BOM:544680) has a Beneish M-Score of -1.04 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Narmadesh Brass Industries and its competitors. According to the industry distribution chart, Narmadesh Brass Industries ranks #2720 out of 2914 companies in the Industrial Products industry, placing it in the top 93.3%.
Is Narmadesh Brass Industries' Beneish M-Score too high?
Narmadesh Brass Industries' current Beneish M-Score is -1.04. Based on the distribution chart, Narmadesh Brass Industries ranks #2720 out of 2914 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Narmadesh Brass Industries has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Narmadesh Brass Industries' Beneish M-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, Narmadesh Brass Industries ranks #2720 out of 2914 companies for Beneish M-Score. This places Narmadesh Brass 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Narmadesh Brass Industries and its competitors. Narmadesh Brass Industries's current Beneish M-Score is -1.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Narmadesh Brass Industries stock overvalued right now?
Narmadesh Brass Industries (BOM:544680) has a current Beneish M-Score of -1.04. The current Beneish M-Score is -1.04. Narmadesh Brass Industries' overall GF Score™ is 14/100 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 Narmadesh Brass Industries (BOM:544680), the current Beneish M-Score is -1.04 as of Jul. 26, 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.

Narmadesh Brass Industries Business Description

Address Jamnagar - Lalpur Road, Plot No. 5, 8 & 9, Survey No. 433, Shree Ganesh Industrial Hub, Changa Village, Jamnagar, GJ, IND, 361 012
Narmadesh Brass Industries Ltd is engaged in manufacturing a diverse range of brass products catering to both domestic and international markets. It also offers casting and forging services related to brass components. Its product offering includes brass rods, brass billets, agricultural sprayer parts, garden fittings, ball valves, non-return valves (NRVs), turning components and plumbing fittings, sanitary fittings, brass compression fittings etc. The company is operating in a single business segment i.e. Manufacturing and trading of Brass items. The company derives a substantial portion of revenue from the sale of its products, with the majority generated from the sale of Brass Rods.
14GF 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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