Ballarpur Industries (LUX:70806) Beneish M-Score: 0.06 (As of Jun. 27, 2026)


LUX:70806 Ballarpur Industries Ltd LUX:70806
4 GF Score
Price $0.25
! 3 Warning Signs
View Full Analysis

What is Ballarpur Industries Beneish M-Score?

Ballarpur Industries LUX:70806 4 Beneish M-Score is 0.06 as of Jun. 27, 2026. GuruFocus rates LUX:70806 with a GF Score™ of 4/100. The stock has 3 warning signs investors should review.

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 0.06 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LUX:70806' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76   Med: -1.37   Max: 60751.24
Current: 0.06

During the past 13 years, the highest Beneish M-Score of Ballarpur Industries was 60751.24. The lowest was -3.76. And the median was -1.37.

Ballarpur Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ballarpur 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.

Ballarpur Industries Beneish M-Score Chart

Ballarpur 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 60,751.24 0.00 0.00 -1.46 0.06

Ballarpur Industries Quarterly Data
Sep19 Dec19 Mar20 Mar21 Mar22 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 -1.46 0.00 0.00 0.00 0.06

Ballarpur Industries Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Ballarpur 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.

Ballarpur Industries Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Ballarpur Industries's Beneish M-Score distribution charts can be found below:

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


LUX:70806
4GF Score
Ballarpur Industries Ltd LUX:70806
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ballarpur 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 Ballarpur 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 * 0.3843+0.528 * 1.5805+0.404 * 0.9316+0.892 * 3.8626+0.115 * 1.4693
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.034314-0.327 * 1.1184
=-0.19

* 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 $120.87 Mil.
Revenue was $8.29 Mil.
Gross Profit was $3.68 Mil.
Total Current Assets was $209.72 Mil.
Total Assets was $831.99 Mil.
Property, Plant and Equipment(Net PPE) was $80.30 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.83 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $748.99 Mil.
Long-Term Debt & Capital Lease Obligation was $42.27 Mil.
Net Income was $-31.16 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-2.61 Mil.
 Total Receivables was $81.42 Mil.
Revenue was $2.15 Mil.
Gross Profit was $1.51 Mil.
Total Current Assets was $172.66 Mil.
Total Assets was $835.23 Mil.
Property, Plant and Equipment(Net PPE) was $78.57 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.20 Mil.
Selling, General, & Admin. Expense(SGA) was $0.66 Mil.
Total Current Liabilities was $642.89 Mil.
Long-Term Debt & Capital Lease Obligation was $67.38 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)
=(120.871 / 8.293) / (81.418 / 2.147)
=14.575063 / 37.921751
=0.3843

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)
=(1.507 / 2.147) / (3.683 / 8.293)
=0.70191 / 0.444109
=1.5805

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 - (209.72 + 80.302) / 831.991) / (1 - (172.661 + 78.568) / 835.23)
=0.651412 / 0.69921
=0.9316

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
=8.293 / 2.147
=3.8626

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))
=(1.199 / (1.199 + 78.568)) / (0.83 / (0.83 + 80.302))
=0.015031 / 0.01023
=1.4693

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 / 8.293) / (0.655 / 2.147)
=0 / 0.305077
=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)
=((42.267 + 748.987) / 831.991) / ((67.38 + 642.889) / 835.23)
=0.951037 / 0.850387
=1.1184

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
=(-31.155 - 0 - -2.606) / 831.991
=-0.034314

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.

Ballarpur Industries has a M-score of -0.19 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 0.06 mean?
Ballarpur Industries (LUX:70806) has a Beneish M-Score of 0.06 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ballarpur Industries and its competitors.
Is Ballarpur Industries' Beneish M-Score too high?
Ballarpur Industries' current Beneish M-Score is 0.06. Overall, Ballarpur Industries has a GF Score™ of 4/100, reflecting its overall financial health beyond just this single metric.
How does Ballarpur Industries' Beneish M-Score compare to competitors?
Ballarpur Industries' Beneish M-Score of 0.06 can be compared against companies in the Forest Products 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 Forest Products company?
A good Beneish M-Score depends on the Forest 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 Ballarpur Industries and its competitors. Ballarpur Industries's current Beneish M-Score is 0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ballarpur Industries stock overvalued right now?
Ballarpur Industries (LUX:70806) has a current Beneish M-Score of 0.06. The current Beneish M-Score is 0.06. Ballarpur Industries' overall GF Score™ is 4/100 with 3 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 Ballarpur Industries (LUX:70806), the current Beneish M-Score is 0.06 as of Jun. 27, 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.

Ballarpur Industries Business Description

Address Suren Road, 602, 6th Floor, Boston House, Andheri East, Mumbai, MH, IND, 400093
Ballarpur Industries Ltd is engaged in the business of manufacturing and selling writing and printing paper. The manufacturing operations of the Company are spread over two units, namely Shreegopal (Haryana) and Kamalapuram (Telangana). The Company operates in a single business segment, include manyfacturing of Paper Products. The company's manufactured products are sold both within and outside India.
4GF Score

Get the complete analysis for LUX:70806

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

$0.25
Price