Indo SMC (BOM:544681) Beneish M-Score: -0.39 (As of Aug. 19, 2026)

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BOM:544681 Indo SMC Ltd BOM:544681
21 GF Score
Price ₹515.25
! 6 Warning Signs
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What is Indo SMC Beneish M-Score?

Indo SMC BOM:544681 +1.23% 21 Beneish M-Score is -0.39 as of Aug. 19, 2026. GuruFocus rates BOM:544681 with a GF Score™ of 21/100. The stock has 6 warning signs investors should review. Among 2,911 Industrial Products companies, Indo SMC ranks worse than 95.43% 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 -0.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544681' s Beneish M-Score Range Over the Past 10 Years
Min: -0.39   Med: 1.11   Max: 2.61
Current: -0.39

During the past 4 years, the highest Beneish M-Score of Indo SMC was 2.61. The lowest was -0.39. And the median was 1.11.

Indo SMC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Indo SMC'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.

Indo SMC Beneish M-Score Chart

Indo SMC Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 2.61 -0.39

Indo SMC Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 2.61 0.00 -0.39

BOM:544681 vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Indo SMC'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.

Indo SMC Beneish M-Score vs Industrial Products Industry

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

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


BOM:544681
21GF Score
Indo SMC Ltd BOM:544681
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Indo SMC 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 Indo SMC 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 * 0.5165+0.528 * 1.0129+0.404 * 0.3163+0.892 * 2.2333+0.115 * 0.6544
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.299195-0.327 * 0.4824
=-0.39

* 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 ₹545 Mil.
Revenue was ₹3,097 Mil.
Gross Profit was ₹805 Mil.
Total Current Assets was ₹1,936 Mil.
Total Assets was ₹2,244 Mil.
Property, Plant and Equipment(Net PPE) was ₹292 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹650 Mil.
Long-Term Debt & Capital Lease Obligation was ₹45 Mil.
Net Income was ₹324 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-348 Mil.
 Total Receivables was ₹473 Mil.
Revenue was ₹1,387 Mil.
Gross Profit was ₹365 Mil.
Total Current Assets was ₹715 Mil.
Total Assets was ₹999 Mil.
Property, Plant and Equipment(Net PPE) was ₹262 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹34 Mil.
Total Current Liabilities was ₹582 Mil.
Long-Term Debt & Capital Lease Obligation was ₹59 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)
=(544.981 / 3097.393) / (472.506 / 1386.925)
=0.175948 / 0.340686
=0.5165

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)
=(365.123 / 1386.925) / (805.02 / 3097.393)
=0.263261 / 0.259902
=1.0129

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 - (1936.015 + 291.956) / 2244.323) / (1 - (714.72 + 261.672) / 999.417)
=0.007286 / 0.023038
=0.3163

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
=3097.393 / 1386.925
=2.2333

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))
=(8.302 / (8.302 + 261.672)) / (14.395 / (14.395 + 291.956))
=0.030751 / 0.046989
=0.6544

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 / 3097.393) / (33.758 / 1386.925)
=0 / 0.02434
=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)
=((45.006 + 649.78) / 2244.323) / ((59.192 + 582.231) / 999.417)
=0.309575 / 0.641797
=0.4824

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
=(323.83 - 0 - -347.66) / 2244.323
=0.299195

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.

Indo SMC has a M-score of -0.39 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 -0.39 mean?
Indo SMC (BOM:544681) has a Beneish M-Score of -0.39 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Indo SMC and its competitors. According to the industry distribution chart, Indo SMC ranks #2778 out of 2911 companies in the Industrial Products industry, placing it in the top 95.4%.
Is Indo SMC's Beneish M-Score too high?
Indo SMC's current Beneish M-Score is -0.39. Based on the distribution chart, Indo SMC ranks #2778 out of 2911 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Indo SMC has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Indo SMC's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Indo SMC ranks #2778 out of 2911 companies for Beneish M-Score. This places Indo SMC 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 Indo SMC and its competitors. Indo SMC's current Beneish M-Score is -0.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indo SMC stock overvalued right now?
Indo SMC (BOM:544681) has a current Beneish M-Score of -0.39. The current Beneish M-Score is -0.39. Indo SMC's overall GF Score™ is 21/100 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 Indo SMC (BOM:544681), the current Beneish M-Score is -0.39 as of Aug. 19, 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.

Indo SMC Business Description

Address 809, Shilp Zaveri Shyamal Cross Road, Vejalpur, Shyamal, Ahmedabad, GJ, IND, 380006
Indo SMC Ltd is engaged in the design and manufacture of multiple products catering to electrical, industrial, and infrastructural applications. Its business comprises of (i) sheet moulding compound division: manufacturing enclosure box for energy meters, SMC sheet and SMC chequered plates, (ii) fiberglass reinforced plastic: manufacturing grating plates, and (iii) electrical component division: manufacturing HTCT, HTPT, LTCT, feeder pillars and other power distribution and circuit protection switchgears. The company's offerings include SMC (Sheet Moulding Compound) products, FRP (Fibre Reinforced Polymer) products, and Current & Potential Transformers (CT/PTs). The majority of the comapny's revenue is derived from the sale of CT PT Products.
21GF Score

Get the complete analysis for BOM:544681

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

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