Treet Battery (KAR:TBL) Beneish M-Score: -3.36 (As of Jun. 26, 2026)


KAR:TBL Treet Battery Ltd KAR:TBL
24 GF Score
Price ₨10.94
! 6 Warning Signs
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What is Treet Battery Beneish M-Score?

Treet Battery KAR:TBL +2.63% 24 Beneish M-Score is -3.36 as of Jun. 26, 2026. GuruFocus rates KAR:TBL with a GF Score™ of 24/100. The stock has 6 warning signs investors should review. Among 2,926 Industrial Products companies, Treet Battery ranks better than 93.44% 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 -3.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:TBL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36   Med: -2.47   Max: -1.33
Current: -3.36

During the past 3 years, the highest Beneish M-Score of Treet Battery was -1.33. The lowest was -3.36. And the median was -2.47.

Treet Battery Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Treet Battery'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.

Treet Battery Beneish M-Score Chart

Treet Battery Annual Data
Trend Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -3.08

Treet Battery Quarterly Data
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 -2.01 -3.08 -1.33 -2.93 -3.36

KAR:TBL vs VRT, BE, NVT: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Treet Battery'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.

Treet Battery Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Treet Battery's Beneish M-Score distribution charts can be found below:

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


KAR:TBL
24GF Score
Treet Battery Ltd KAR:TBL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Treet Battery 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 Treet Battery 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 * 0.6136+0.528 * 1.0055+0.404 * 1.3377+0.892 * 1.0013+0.115 * 0.8697
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9587+4.679 * -0.142561-0.327 * 0.9779
=-3.36

* 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 ₨840 Mil.
Revenue was 1490.971 + 1650.489 + 1870.804 + 3138.191 = ₨8,150 Mil.
Gross Profit was 295.627 + 484.917 + 295.855 + 488.272 = ₨1,565 Mil.
Total Current Assets was ₨2,922 Mil.
Total Assets was ₨9,295 Mil.
Property, Plant and Equipment(Net PPE) was ₨6,343 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨208 Mil.
Selling, General, & Admin. Expense(SGA) was ₨274 Mil.
Total Current Liabilities was ₨7,153 Mil.
Long-Term Debt & Capital Lease Obligation was ₨14 Mil.
Net Income was -64.988 + 137.448 + -117.982 + 253.907 = ₨208 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 60.238 + -296.012 + -1090.604 + 2859.884 = ₨1,534 Mil.
 Total Receivables was ₨1,366 Mil.
Revenue was 1388.601 + 1800.003 + 2313.398 + 2637.81 = ₨8,140 Mil.
Gross Profit was 346.385 + 340.544 + 438.503 + 445.749 = ₨1,571 Mil.
Total Current Assets was ₨3,150 Mil.
Total Assets was ₨12,108 Mil.
Property, Plant and Equipment(Net PPE) was ₨8,929 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨254 Mil.
Selling, General, & Admin. Expense(SGA) was ₨285 Mil.
Total Current Liabilities was ₨9,547 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0 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)
=(839.54 / 8150.455) / (1366.399 / 8139.812)
=0.103005 / 0.167866
=0.6136

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)
=(1571.181 / 8139.812) / (1564.671 / 8150.455)
=0.193024 / 0.191973
=1.0055

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 - (2921.84 + 6343.26) / 9295.14) / (1 - (3149.753 + 8929.11) / 12108.122)
=0.003232 / 0.002416
=1.3377

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
=8150.455 / 8139.812
=1.0013

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))
=(254.094 / (254.094 + 8929.11)) / (208.444 / (208.444 + 6343.26))
=0.027669 / 0.031815
=0.8697

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)
=(273.706 / 8150.455) / (285.124 / 8139.812)
=0.033582 / 0.035028
=0.9587

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)
=((13.542 + 7153.36) / 9295.14) / ((0 + 9547.066) / 12108.122)
=0.771038 / 0.788484
=0.9779

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
=(208.385 - 0 - 1533.506) / 9295.14
=-0.142561

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.

Treet Battery has a M-score of -3.36 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 -3.36 mean?
Treet Battery (KAR:TBL) has a Beneish M-Score of -3.36 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Treet Battery and its competitors. According to the industry distribution chart, Treet Battery ranks #192 out of 2926 companies in the Industrial Products industry, placing it in the top 6.6%.
Is Treet Battery's Beneish M-Score too high?
Treet Battery's current Beneish M-Score is -3.36. Based on the distribution chart, Treet Battery ranks #192 out of 2926 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Treet Battery has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Treet Battery's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Treet Battery ranks #192 out of 2926 companies for Beneish M-Score. This places Treet Battery in the top 7% of its industry — outperforming the majority of peers. 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 Treet Battery and its competitors. Treet Battery's current Beneish M-Score is -3.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Treet Battery stock overvalued right now?
Treet Battery (KAR:TBL) has a current Beneish M-Score of -3.36. The current Beneish M-Score is -3.36. Treet Battery's overall GF Score™ is 24/100 with 6 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 Treet Battery (KAR:TBL), the current Beneish M-Score is -3.36 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.

Treet Battery Business Description

Address 72-B, Quaid-e-Azam Industrial, Kot Lakhpat Industrial Area, Lahore, PB, PAK, 54770
Treet Battery Ltd is a company which carries out business as manufacturers, assemblers, processors, producers, suppliers, sellers, importers, exporters, makers, fabricators and dealers in all batteries including but not limited to lead acid batteries, deep cycle batteries, lithium batteries, nickel cadmimum batteries, nickel metal hydride batteries, absorbed glass mat batteries, Gel batteries used in or required for industrial, transport, commercial and domestic and any other purpose. It offers batteries for the automotive industry under the Daewoo Battery brand.
24GF Score

Get the complete analysis for KAR:TBL

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

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