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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Adani Enterprises's Beneish M-Score or its related term are showing as below:
NSE:ADANIENT'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.6 Max: -1.98
Current: -1.98
During the past 13 years, the highest Beneish M-Score of Adani Enterprises was -1.98. The lowest was -3.31. And the median was -2.60.
Adani Enterprises Beneish M-Score Related Terms
Adani Enterprises Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Adani Enterprises'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.
For the Thermal Coal subindustry, Adani Enterprises'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.
Adani Enterprises Beneish M-Score vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Adani Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adani Enterprises's Beneish M-Score falls into.
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 Adani Enterprises 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 * 1.2598
+
0.528 * 1.2831
+
0.404 * 0.9448
+
0.892 * 1.0262
+
0.115 * 0.8894
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1886
+
4.679 * 0.026692
-
0.327 * 0.9187
=
-1.98
* 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.
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.
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))
=
(42113.3 / (42113.3 + 1039415.6))
/
(61353.4 / (61353.4 + 1339964.2))
=
0.038939
/
0.043783
=
0.8894
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
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
=
(93394.7 - 0
-
23569.1)
/
2616003.5
=
0.026692
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.
Adani Enterprises has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
Adani Enterprises (NSE:ADANIENT) has a Beneish M-Score of -1.98 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Adani Enterprises and its competitors. According to the industry distribution chart, Adani Enterprises ranks #96 out of 119 companies in the Other Energy Sources industry, placing it in the top 80.7%.
Is Adani Enterprises' Beneish M-Score too high?
Adani Enterprises' current Beneish M-Score is -1.98. Based on the distribution chart, Adani Enterprises ranks #96 out of 119 companies in the Other Energy Sources industry, which is in the bottom quartile relative to peers. Overall, Adani Enterprises has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Adani Enterprises' Beneish M-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, Adani Enterprises ranks #96 out of 119 companies for Beneish M-Score. This places Adani Enterprises 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 Other Energy Sources company?
A good Beneish M-Score depends on the Other Energy Sources 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 Adani Enterprises and its competitors. Adani Enterprises's current Beneish M-Score is -1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Adani Enterprises stock overvalued right now?
Based on GuruFocus' analysis, Adani Enterprises (NSE:ADANIENT) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹2,513.85, compared to a current price of ₹3,038.00 — trading 20.9% above its estimated fair value. The current Beneish M-Score is -1.98. Adani Enterprises' overall GF Score™ is 76/100 with 11 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 Adani Enterprises (NSE:ADANIENT), the current Beneish M-Score is -1.98 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.
Is Adani Enterprises (NSE:ADANIENT) Overvalued in 2026?
Based on GuruFocus' analysis, Adani Enterprises stock appears to be overvalued.
The current stock price of ₹3,038.00 is trading 20.9% above its estimated GF Value™ of ₹2,513.85.
GuruFocus considers Adani Enterprises to be Modestly Overvalued.
Key valuation signals for NSE:ADANIENT:
Beneish M-Score: -1.98
GF Value™: ₹2,513.85 vs. price of ₹3,038.00 (20.9% above fair value)
No single metric tells the full story. See the NSE:ADANIENT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Adani Enterprises Ltd is in the business of integrated resources management, mining services and other trading activities. The company operates as an incubator, establishing new businesses in various areas like new energy ecosystem, data center, airports, roads, copper, PVC and others. It is engaged inter-alia in the business of integrated resources management and provides end-toend procurement and logistics services. It purchases, handles and sells different products like coal, copper and its related products, and other materials as part of its business activities. It has eight segments Integrated Resources Management, Mining Services, Commercial Mining, New Energy Ecosystem, Airport, Road, Copper, and Others. It generates majority of revenue from Integrated Resources Management segment.
76GF Score
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