Hi-Tech Lubricants (KAR:HTL) Beneish M-Score: -1.99 (As of Jul. 13, 2026)

What is Hi-Tech Lubricants Beneish M-Score?

Hi-Tech Lubricants KAR:HTL -3.43% 78 Beneish M-Score is -1.99 as of Jul. 13, 2026. GuruFocus rates KAR:HTL with a GF Score™ of 78/100 and a GF Value™ of ₨70.60 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 823 Oil & Gas companies, Hi-Tech Lubricants ranks worse than 82.75% 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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:HTL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.09 Med: -1.94 Max: 1.2
Current: -1.99

During the past 11 years, the highest Beneish M-Score of Hi-Tech Lubricants was 1.20. The lowest was -5.09. And the median was -1.94.

Hi-Tech Lubricants Beneish M-Score Related Terms

Hi-Tech Lubricants Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hi-Tech Lubricants'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.

Hi-Tech Lubricants Beneish M-Score Chart

Hi-Tech Lubricants Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-0.82

-2.13

-1.04

-0.58

-2.48

Hi-Tech Lubricants 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															-1.87	-2.48	-2.59	-2.15	-1.99

KAR:HTL vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Hi-Tech Lubricants'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.

Hi-Tech Lubricants Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Hi-Tech Lubricants's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hi-Tech Lubricants's Beneish M-Score falls into.

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78GF Score

Hi-Tech Lubricants Ltd KAR:HTL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Hi-Tech Lubricants 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 Hi-Tech Lubricants for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3303

0.528 * 0.8998

0.404 * 0.7291

0.892 * 1.0935

0.115 * 1.2852

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7384

4.679 * 0.035667

0.327 * 0.9316

-1.99

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₨3,464 Mil.
Revenue was 8947.028 + 8913.284 + 8618.006 + 9208.561 = ₨35,687 Mil.
Gross Profit was 1089.237 + 834.751 + 858.608 + 866.61 = ₨3,649 Mil.
Total Current Assets was ₨7,891 Mil.
Total Assets was ₨15,039 Mil.
Property, Plant and Equipment(Net PPE) was ₨7,112 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨459 Mil.
Selling, General, & Admin. Expense(SGA) was ₨708 Mil.
Total Current Liabilities was ₨7,114 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,091 Mil.
Net Income was 271.085 + 56.623 + 107.188 + 97.568 = ₨532 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 153.884 + -517.077 + 295.308 + 63.941 = ₨-4 Mil.

Total Receivables was ₨2,382 Mil.
Revenue was 8050.586 + 9146.423 + 7102.926 + 8336.062 = ₨32,636 Mil.
Gross Profit was 851.314 + 724.54 + 635.405 + 791.405 = ₨3,003 Mil.
Total Current Assets was ₨7,452 Mil.
Total Assets was ₨14,707 Mil.
Property, Plant and Equipment(Net PPE) was ₨7,207 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨608 Mil.
Selling, General, & Admin. Expense(SGA) was ₨877 Mil.
Total Current Liabilities was ₨7,783 Mil.
Long-Term Debt & Capital Lease Obligation was ₨830 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)
	=	(3464.383 / 35686.879)	/	(2381.509 / 32635.997)
	=	0.097077	/	0.072972
	=	1.3303

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)
	=	(3002.664 / 32635.997)	/	(3649.206 / 35686.879)
	=	0.092005	/	0.102256
	=	0.8998

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 - (7891.225 + 7111.818) / 15039.351)	/	(1 - (7452.091 + 7206.54) / 14707.32)
	=	0.002414	/	0.003311
	=	0.7291

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
	=	35686.879	/	32635.997
	=	1.0935

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))
	=	(608.435 / (608.435 + 7206.54))	/	(458.582 / (458.582 + 7111.818))
	=	0.077855	/	0.060576
	=	1.2852

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)
	=	(708.164 / 35686.879)	/	(877.043 / 32635.997)
	=	0.019844	/	0.026873
	=	0.7384

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)
	=	((1090.985 + 7113.657) / 15039.351)	/	((829.954 + 7783.034) / 14707.32)
	=	0.545545	/	0.585626
	=	0.9316

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
	=	(532.464 - 0	-	-3.944)	/	15039.351
	=	0.035667

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.

Hi-Tech Lubricants has a M-score of -1.99 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 -1.99 mean?

Hi-Tech Lubricants (KAR:HTL) has a Beneish M-Score of -1.99 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hi-Tech Lubricants and its competitors. According to the industry distribution chart, Hi-Tech Lubricants ranks #681 out of 823 companies in the Oil & Gas industry, placing it in the top 82.7%.

Is Hi-Tech Lubricants' Beneish M-Score too high?

Hi-Tech Lubricants' current Beneish M-Score is -1.99. Based on the distribution chart, Hi-Tech Lubricants ranks #681 out of 823 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Hi-Tech Lubricants has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Hi-Tech Lubricants' Beneish M-Score compare to VLO and MPC?

According to the Oil & Gas industry distribution chart, Hi-Tech Lubricants ranks #681 out of 823 companies for Beneish M-Score. This places Hi-Tech Lubricants 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 Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas 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 Hi-Tech Lubricants and its competitors. Hi-Tech Lubricants's current Beneish M-Score is -1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Hi-Tech Lubricants stock overvalued right now?

Based on GuruFocus' analysis, Hi-Tech Lubricants (KAR:HTL) is currently considered Significantly Undervalued. The stock's GF Value™ is ₨70.60, compared to a current price of ₨45.92 — trading 35% below its estimated fair value. The current Beneish M-Score is -1.99. Hi-Tech Lubricants' overall GF Score™ is 78/100 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 Hi-Tech Lubricants (KAR:HTL), the current Beneish M-Score is -1.99 as of Jul. 13, 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 Hi-Tech Lubricants (KAR:HTL) Overvalued in 2026?

Based on GuruFocus' analysis, Hi-Tech Lubricants stock appears to be undervalued. The current stock price of ₨45.92 is trading 35% below its estimated GF Value™ of ₨70.60. GuruFocus considers Hi-Tech Lubricants to be Significantly Undervalued.

Key valuation signals for KAR:HTL:

Beneish M-Score: -1.99
GF Value™: ₨70.60 vs. price of ₨45.92 (35% below fair value)
GF Score™: 78/100 with 4 warning signs

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

Hi-Tech Lubricants Business Description

Industry Energy Oil & Gas

Comparable Companies KAR:HASCOL KAR:PRL KAR:NRL NSE:RELIANCE VLO MPC PSX XKAZ:KMGZ OHEL:NESTE NSE:IOC TSE:5020 TPE:6505 BOM:500547 SUN DINO XKRX:096770 BUD:MOL TSE:5019 IST:TUPRS NSE:HINDPETRO

Address 1-A, Danepur Road, G.O.R-1, Lahore, PB, PAK

Website https://www.hitechlubricants.com

Hi-Tech Lubricants Ltd is a company whose principal activity is to procure and distribute lubricants and petroleum products. It serves Automotive, Industrial and Marine sectors. It has three reportable segments being Lubricants, polymer and Petroleum products. The company generates the majority of its revenue from petroleum products.

78GF Score

Get the complete analysis for KAR:HTL

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

₨45.92

Price

₨70.60

GF Value

View KAR:HTL Analysis

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