Rajputana Stainless (BOM:544731) Beneish M-Score: 10.39 (As of Jun. 28, 2026) — 150% Above Median


BOM:544731 Rajputana Stainless Ltd BOM:544731
18 GF Score
Price ₹128.00
! 2 Warning Signs
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What is Rajputana Stainless Beneish M-Score?

Rajputana Stainless BOM:544731 -0.08% 18 Beneish M-Score is 10.39 as of Jun. 28, 2026, which is 150% above its 10-year median of 4.16. GuruFocus rates BOM:544731 with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 588 Steel companies, Rajputana Stainless ranks worse than 97.45% 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 10.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544731' s Beneish M-Score Range Over the Past 10 Years
Min: -2.07   Med: 4.16   Max: 10.39
Current: 10.39

During the past 4 years, the highest Beneish M-Score of Rajputana Stainless was 10.39. The lowest was -2.07. And the median was 4.16.

Rajputana Stainless Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rajputana Stainless'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.

Rajputana Stainless Beneish M-Score Chart

Rajputana Stainless Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.07 10.39

Rajputana Stainless Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -2.07 0.00 10.39

BOM:544731 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Rajputana Stainless'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.

Rajputana Stainless Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Rajputana Stainless's Beneish M-Score distribution charts can be found below:

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


BOM:544731
18GF Score
Rajputana Stainless Ltd BOM:544731
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rajputana Stainless 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 Rajputana Stainless 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 * 0.7547+0.528 * 0.9992+0.404 * 32.1604+0.892 * 1.0805+0.115 * 0.9719
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.029532-0.327 * 0.6179
=10.39

* 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 ₹1,375 Mil.
Revenue was ₹10,070 Mil.
Gross Profit was ₹2,024 Mil.
Total Current Assets was ₹5,126 Mil.
Total Assets was ₹6,002 Mil.
Property, Plant and Equipment(Net PPE) was ₹753 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹94 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,250 Mil.
Long-Term Debt & Capital Lease Obligation was ₹27 Mil.
Net Income was ₹498 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹321 Mil.
 Total Receivables was ₹1,686 Mil.
Revenue was ₹9,319 Mil.
Gross Profit was ₹1,872 Mil.
Total Current Assets was ₹3,474 Mil.
Total Assets was ₹4,204 Mil.
Property, Plant and Equipment(Net PPE) was ₹727 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹88 Mil.
Selling, General, & Admin. Expense(SGA) was ₹153 Mil.
Total Current Liabilities was ₹2,386 Mil.
Long-Term Debt & Capital Lease Obligation was ₹194 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)
=(1375.126 / 10069.637) / (1686.333 / 9319.327)
=0.136562 / 0.18095
=0.7547

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)
=(1871.948 / 9319.327) / (2024.203 / 10069.637)
=0.200867 / 0.20102
=0.9992

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 - (5126.215 + 753.467) / 6002.454) / (1 - (3473.574 + 727.332) / 4203.579)
=0.020454 / 0.000636
=32.1604

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
=10069.637 / 9319.327
=1.0805

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))
=(87.583 / (87.583 + 727.332)) / (93.676 / (93.676 + 753.467))
=0.107475 / 0.110579
=0.9719

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 / 10069.637) / (152.887 / 9319.327)
=0 / 0.016405
=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)
=((26.807 + 2249.822) / 6002.454) / ((194.099 + 2386.309) / 4203.579)
=0.379283 / 0.61386
=0.6179

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
=(498.184 - 0 - 320.92) / 6002.454
=0.029532

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.

Rajputana Stainless has a M-score of 10.39 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 10.39 mean?
Rajputana Stainless (BOM:544731) has a Beneish M-Score of 10.39 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rajputana Stainless and its competitors. This is 150% above median its historical median of 4.16. According to the industry distribution chart, Rajputana Stainless ranks #573 out of 588 companies in the Steel industry, placing it in the top 97.4%.
Is Rajputana Stainless' Beneish M-Score too high?
Rajputana Stainless' current Beneish M-Score of 10.39 is 150% above median its 10-year median of 4.16. Based on the distribution chart, Rajputana Stainless ranks #573 out of 588 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Rajputana Stainless has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Rajputana Stainless' Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Rajputana Stainless ranks #573 out of 588 companies for Beneish M-Score. This places Rajputana Stainless 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Rajputana Stainless and its competitors. Rajputana Stainless's current Beneish M-Score is 10.39, which is 150% above median its own 10-year median of 4.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rajputana Stainless stock overvalued right now?
Rajputana Stainless (BOM:544731) has a current Beneish M-Score of 10.39. The current Beneish M-Score is 10.39, which is 150% above median its 10-year median of 4.16. Rajputana Stainless' overall GF Score™ is 18/100 with 2 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 Rajputana Stainless (BOM:544731), the current Beneish M-Score is 10.39 as of Jun. 28, 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.

Rajputana Stainless Business Description

Other Exchanges RSL:India
Address Halol Kalol Road, 213, Madhwas, Taluka Kalol, Panchmahal District, Panchmahal, GJ, IND, 389330
Rajputana Stainless Ltd is engaged in the business of manufacturing long and flat stainless-steel products comprising billets, forging ingots, rolled black bar, rolled bright bar, flat & patti, and other ancillary products under the brand name of RSL. Its products are used across a diverse range of industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensil manufacturing, pump and shaft, and the auto industry. The company operates in domestic as well as international markets, including Turkey, UAE, Poland, Portugal, USA, South Africa, South Korea, Czech Republic, and Kuwait. The majority of its revenue is derived from the sale of its products in the domestic market.
18GF 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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