HNDNF (Hindalco Industries) Beneish M-Score: -2.07 (As of Jun. 26, 2026)


HNDNF Hindalco Industries Ltd HNDNF
80 GF Score
Price $2.95
GF Value $2.45
! 2 Warning Signs
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What is Hindalco Industries Beneish M-Score?

Hindalco Industries HNDNF 80 Beneish M-Score is -2.07 as of Jun. 26, 2026. GuruFocus rates HNDNF with a GF Score™ of 80/100 and a GF Value™ of $2.45. The stock has 2 warning signs investors should review. Among 685 Metals & Mining companies, Hindalco Industries ranks worse than 60.15% 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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HNDNF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.58   Max: -2.07
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Hindalco Industries was -2.07. The lowest was -2.99. And the median was -2.58.

Hindalco Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hindalco 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.

Hindalco Industries Beneish M-Score Chart

Hindalco Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.12 -2.74 -2.69 -2.52 -2.07

Hindalco Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.52 0.00 0.00 0.00 -2.07

HNDNF vs AA: Beneish M-Score Comparison

For the Aluminum subindustry, Hindalco 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.

Hindalco Industries Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Hindalco Industries's Beneish M-Score distribution charts can be found below:

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


HNDNF
80GF Score
Hindalco Industries Ltd HNDNF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hindalco 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 Hindalco 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 * 1.1348+0.528 * 0.9916+0.404 * 0.9965+0.892 * 1.0746+0.115 * 1.1015
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.009031-0.327 * 1.2039
=-2.14

* 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 $2,934 Mil.
Revenue was $29,622 Mil.
Gross Profit was $10,459 Mil.
Total Current Assets was $15,194 Mil.
Total Assets was $37,471 Mil.
Property, Plant and Equipment(Net PPE) was $15,276 Mil.
Depreciation, Depletion and Amortization(DDA) was $951 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $12,552 Mil.
Long-Term Debt & Capital Lease Obligation was $8,368 Mil.
Net Income was $1,443 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,104 Mil.
 Total Receivables was $2,406 Mil.
Revenue was $27,565 Mil.
Gross Profit was $9,651 Mil.
Total Current Assets was $11,784 Mil.
Total Assets was $30,743 Mil.
Property, Plant and Equipment(Net PPE) was $13,195 Mil.
Depreciation, Depletion and Amortization(DDA) was $911 Mil.
Selling, General, & Admin. Expense(SGA) was $983 Mil.
Total Current Liabilities was $7,572 Mil.
Long-Term Debt & Capital Lease Obligation was $6,685 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)
=(2933.692 / 29621.777) / (2405.763 / 27564.972)
=0.099038 / 0.087276
=1.1348

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)
=(9651.023 / 27564.972) / (10458.725 / 29621.777)
=0.350119 / 0.353076
=0.9916

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 - (15194.218 + 15275.668) / 37470.561) / (1 - (11784.252 + 13194.655) / 30742.799)
=0.186831 / 0.187488
=0.9965

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
=29621.777 / 27564.972
=1.0746

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))
=(910.873 / (910.873 + 13194.655)) / (951.322 / (951.322 + 15275.668))
=0.064576 / 0.058626
=1.1015

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 / 29621.777) / (982.531 / 27564.972)
=0 / 0.035644
=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)
=((8367.54 + 12552.387) / 37470.561) / ((6685.051 + 7572.231) / 30742.799)
=0.558303 / 0.46376
=1.2039

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
=(1442.713 - 0 - 1104.309) / 37470.561
=0.009031

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.

Hindalco Industries has a M-score of -2.14 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 -2.07 mean?
Hindalco Industries (HNDNF) has a Beneish M-Score of -2.07 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hindalco Industries and its competitors. According to the industry distribution chart, Hindalco Industries ranks #412 out of 685 companies in the Metals & Mining industry, placing it in the top 60.1%.
Is Hindalco Industries' Beneish M-Score too high?
Hindalco Industries' current Beneish M-Score is -2.07. Based on the distribution chart, Hindalco Industries ranks #412 out of 685 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Hindalco Industries has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Hindalco Industries' Beneish M-Score compare to AA?
According to the Metals & Mining industry distribution chart, Hindalco Industries ranks #412 out of 685 companies for Beneish M-Score. This places Hindalco 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 a Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Hindalco Industries and its competitors. Hindalco Industries's current Beneish M-Score is -2.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hindalco Industries stock overvalued right now?
Hindalco Industries (HNDNF) has a current Beneish M-Score of -2.07. The stock's GF Value™ is $2.45, compared to a current price of $2.95 — trading 20.4% above its estimated fair value. The current Beneish M-Score is -2.07. Hindalco Industries' overall GF Score™ is 80/100 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 Hindalco Industries (HNDNF), the current Beneish M-Score is -2.07 as of Jun. 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.

Is Hindalco Industries (HNDNF) Overvalued in 2026?

Based on GuruFocus' analysis, Hindalco Industries stock appears to be overvalued. The current stock price of $2.95 is trading 20.4% above its estimated GF Value™ of $2.45.

Key valuation signals for HNDNF:

  • Beneish M-Score: -2.07
  • GF Value™: $2.45 vs. price of $2.95 (20.4% above fair value)
  • GF Score™: 80/100 with 2 warning signs

No single metric tells the full story. See the HNDNF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hindalco Industries Business Description

Address Pandurang Budhkar Road, Birla Centurion, 6th & 7th Floor, Worli, Mumbai, MH, IND, 400030
Hindalco Industries Ltd extracts raw materials and produces and sells industrial metals in the below segments: Copper, Aluminum Upstream and Aluminium Downstream, Novelis, and all other Segment. The Copper segment purchases raw materials and produces continuous cast copper rods, copper cathodes, sulphuric acid, gold, and silver. The firm hedges its copper and other precious metals costs through futures contracts in an attempt to match commodity price changes between the time it purchases the raw materials and sells the finished products. The Aluminum segment mines bauxite and produces hydrate and alumina, aluminum, and aluminum-based products. The majority of Hindalco's revenue comes from India. The firm is also expanding internationally with sales and operations across the globe.
80GF Score

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

$2.95
Price
$2.45
GF Value