GRE Renew Enertech (BOM:544682) Beneish M-Score: -0.41 (As of Jul. 31, 2026)

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BOM:544682 GRE Renew Enertech Ltd BOM:544682
21 GF Score
Price ₹170.20
! 4 Warning Signs
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What is GRE Renew Enertech Beneish M-Score?

GRE Renew Enertech BOM:544682 -4.19% 21 Beneish M-Score is -0.41 as of Jul. 31, 2026. GuruFocus rates BOM:544682 with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 985 Semiconductors companies, GRE Renew Enertech ranks worse than 93.3% 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 -0.41 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544682' s Beneish M-Score Range Over the Past 10 Years
Min: -2.43   Med: -1.42   Max: -0.41
Current: -0.41

During the past 4 years, the highest Beneish M-Score of GRE Renew Enertech was -0.41. The lowest was -2.43. And the median was -1.42.

GRE Renew Enertech Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GRE Renew Enertech'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.

GRE Renew Enertech Beneish M-Score Chart

GRE Renew Enertech Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.43 -0.41

GRE Renew Enertech Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -2.43 0.00 -0.41

BOM:544682 vs FSLR, NXT, ENPH: Beneish M-Score Comparison

For the Solar subindustry, GRE Renew Enertech'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.

GRE Renew Enertech Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, GRE Renew Enertech's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GRE Renew Enertech's Beneish M-Score falls into.


BOM:544682
21GF Score
GRE Renew Enertech Ltd BOM:544682
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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GRE Renew Enertech 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 GRE Renew Enertech 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 * 1.364+0.528 * 0.7371+0.404 * 3.0554+0.892 * 1.4683+0.115 * 0.8667
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.085027-0.327 * 0.7787
=-0.41

* 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 ₹331 Mil.
Revenue was ₹1,229 Mil.
Gross Profit was ₹397 Mil.
Total Current Assets was ₹762 Mil.
Total Assets was ₹1,061 Mil.
Property, Plant and Equipment(Net PPE) was ₹248 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹239 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12 Mil.
Net Income was ₹136 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹46 Mil.
 Total Receivables was ₹165 Mil.
Revenue was ₹837 Mil.
Gross Profit was ₹199 Mil.
Total Current Assets was ₹305 Mil.
Total Assets was ₹455 Mil.
Property, Plant and Equipment(Net PPE) was ₹142 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹15 Mil.
Total Current Liabilities was ₹126 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12 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)
=(330.578 / 1229.216) / (165.056 / 837.173)
=0.268934 / 0.197159
=1.364

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)
=(199.431 / 837.173) / (397.261 / 1229.216)
=0.23822 / 0.323182
=0.7371

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 - (761.771 + 248.373) / 1060.858) / (1 - (305.369 + 142.132) / 454.614)
=0.047805 / 0.015646
=3.0554

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
=1229.216 / 837.173
=1.4683

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))
=(3.542 / (3.542 + 142.132)) / (7.169 / (7.169 + 248.373))
=0.024315 / 0.028054
=0.8667

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 / 1229.216) / (15.306 / 837.173)
=0 / 0.018283
=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)
=((12.248 + 238.505) / 1060.858) / ((12.178 + 125.821) / 454.614)
=0.236368 / 0.303552
=0.7787

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
=(135.774 - 0 - 45.572) / 1060.858
=0.085027

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.

GRE Renew Enertech has a M-score of -0.41 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 -0.41 mean?
GRE Renew Enertech (BOM:544682) has a Beneish M-Score of -0.41 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GRE Renew Enertech and its competitors. According to the industry distribution chart, GRE Renew Enertech ranks #919 out of 985 companies in the Semiconductors industry, placing it in the top 93.3%.
Is GRE Renew Enertech's Beneish M-Score too high?
GRE Renew Enertech's current Beneish M-Score is -0.41. Based on the distribution chart, GRE Renew Enertech ranks #919 out of 985 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, GRE Renew Enertech has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does GRE Renew Enertech's Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, GRE Renew Enertech ranks #919 out of 985 companies for Beneish M-Score. This places GRE Renew Enertech 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 GRE Renew Enertech and its competitors. GRE Renew Enertech's current Beneish M-Score is -0.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GRE Renew Enertech stock overvalued right now?
GRE Renew Enertech (BOM:544682) has a current Beneish M-Score of -0.41. The current Beneish M-Score is -0.41. GRE Renew Enertech's overall GF Score™ is 21/100 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 GRE Renew Enertech (BOM:544682), the current Beneish M-Score is -0.41 as of Jul. 31, 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.

GRE Renew Enertech Business Description

Address Science City Road, B-1104/1105, Empire Business Hub, Near Shukan Mall, Sola, Ahmedabad, GJ, IND, 380060
GRE Renew Enertech Ltd is engaged in the manufacturing of LED products, solar power generation systems, and power products. The Company provides on-site solar energy solutions, including rooftop and ground-mounted installations. It operates in two reportable segments: Capital Expenditure (CAPEX), which includes engineering, procurement, construction, and operation of solar projects, and Renewable Energy Service Company (RESCO), under which the Company finances, owns, and operates solar projects and supplies electricity to users at an agreed tariff over a defined period. The Company generates the majority of its revenue from solar services.
21GF Score

Get the complete analysis for BOM:544682

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

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