Accord Transformer & Switchgear (BOM:544710) Beneish M-Score: -2.24 (As of Jul. 29, 2026)

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BOM:544710 Accord Transformer & Switchgear Ltd BOM:544710
18 GF Score
Price ₹58.66
! 4 Warning Signs
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What is Accord Transformer & Switchgear Beneish M-Score?

Accord Transformer & Switchgear BOM:544710 +8.25% 18 Beneish M-Score is -2.24 as of Jul. 29, 2026. GuruFocus rates BOM:544710 with a GF Score™ of 18/100. The stock has 4 warning signs investors should review. Among 2,913 Industrial Products companies, Accord Transformer & Switchgear ranks worse than 67.01% 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.

Good Sign:

Beneish M-Score -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Accord Transformer & Switchgear's Beneish M-Score or its related term are showing as below:

BOM:544710' s Beneish M-Score Range Over the Past 10 Years
Min: -2.24   Med: -1.29   Max: -0.33
Current: -2.24

During the past 4 years, the highest Beneish M-Score of Accord Transformer & Switchgear was -0.33. The lowest was -2.24. And the median was -1.29.

Accord Transformer & Switchgear Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Accord Transformer & Switchgear'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.

Accord Transformer & Switchgear Beneish M-Score Chart

Accord Transformer & Switchgear Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.33 -2.24

Accord Transformer & Switchgear Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -0.33 -2.24

BOM:544710 vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Accord Transformer & Switchgear'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.

Accord Transformer & Switchgear Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Accord Transformer & Switchgear's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Accord Transformer & Switchgear's Beneish M-Score falls into.


BOM:544710
18GF Score
Accord Transformer & Switchgear Ltd BOM:544710
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Accord Transformer & Switchgear 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 Accord Transformer & Switchgear 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 * 0.8295+0.528 * 0.855+0.404 * 2.3575+0.892 * 0.8867+0.115 * 0.7217
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.050095-0.327 * 0.6454
=-2.24

* 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 ₹239.2 Mil.
Revenue was ₹700.7 Mil.
Gross Profit was ₹168.7 Mil.
Total Current Assets was ₹752.9 Mil.
Total Assets was ₹836.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹77.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹338.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4.7 Mil.
Net Income was ₹45.0 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹87.0 Mil.
 Total Receivables was ₹325.2 Mil.
Revenue was ₹790.2 Mil.
Gross Profit was ₹162.7 Mil.
Total Current Assets was ₹526.3 Mil.
Total Assets was ₹598.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹70.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7.3 Mil.
Total Current Liabilities was ₹372.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹7.9 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)
=(239.193 / 700.692) / (325.217 / 790.225)
=0.341367 / 0.41155
=0.8295

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)
=(162.7 / 790.225) / (168.726 / 700.692)
=0.205891 / 0.240799
=0.855

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 - (752.943 + 76.99) / 836.558) / (1 - (526.316 + 70.575) / 598.903)
=0.007919 / 0.003359
=2.3575

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
=700.692 / 790.225
=0.8867

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))
=(4.05 / (4.05 + 70.575)) / (6.26 / (6.26 + 76.99))
=0.054271 / 0.075195
=0.7217

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 / 700.692) / (7.346 / 790.225)
=0 / 0.009296
=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)
=((4.722 + 338.1) / 836.558) / ((7.932 + 372.373) / 598.903)
=0.409801 / 0.635003
=0.6454

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
=(45.043 - 0 - 86.95) / 836.558
=-0.050095

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.

Accord Transformer & Switchgear has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.24 mean?
Accord Transformer & Switchgear (BOM:544710) has a Beneish M-Score of -2.24 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Accord Transformer & Switchgear and its competitors. According to the industry distribution chart, Accord Transformer & Switchgear ranks #1952 out of 2913 companies in the Industrial Products industry, placing it in the top 67%.
Is Accord Transformer & Switchgear's Beneish M-Score too high?
Accord Transformer & Switchgear's current Beneish M-Score is -2.24. Based on the distribution chart, Accord Transformer & Switchgear ranks #1952 out of 2913 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Accord Transformer & Switchgear has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Accord Transformer & Switchgear's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Accord Transformer & Switchgear ranks #1952 out of 2913 companies for Beneish M-Score. This places Accord Transformer & Switchgear 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 Accord Transformer & Switchgear and its competitors. Accord Transformer & Switchgear's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Accord Transformer & Switchgear stock overvalued right now?
Accord Transformer & Switchgear (BOM:544710) has a current Beneish M-Score of -2.24. The current Beneish M-Score is -2.24. Accord Transformer & Switchgear's overall GF Score™ is 18/100 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 Accord Transformer & Switchgear (BOM:544710), the current Beneish M-Score is -2.24 as of Jul. 29, 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.

Accord Transformer & Switchgear Business Description

Address K Block, Sector2, Unit No.724-725-726, IMT Manesar, Gurgaon, HR, IND, 122050
Accord Transformer & Switchgear Ltd is engaged in the design, engineering, manufacturing, and supply of a diversified range of electrical power and distribution transformers and related equipment. It serves various industries, including the power transmission and distribution sector, renewable energy, industrial applications, infrastructure projects, and electric vehicle (EV) charging networks. Its offerings include distribution transformers, Power transformers, Dry-type transformers, Package substations, Special-purpose transformers, Low-voltage (LV) control panels, Vacuum Circuit Breaker (VCB) panels, Busducts, cable trays, and associated switchgear assemblies. The segments of the company are Manufacturing Division, which derives maximum revenue; & Service Activity division.
18GF Score

Get the complete analysis for BOM:544710

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

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