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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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Advanced Enzyme Technologies's Beneish M-Score or its related term are showing as below:
NSE:ADVENZYMES'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.57 Med: -2.47 Max: -2.18
Current: -2.18
During the past 13 years, the highest Beneish M-Score of Advanced Enzyme Technologies was -2.18. The lowest was -2.57. And the median was -2.47.
* 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.
NSE:ADVENZYMES vs LIN, SHW, ECL: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Advanced Enzyme Technologies'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.
Advanced Enzyme Technologies Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Advanced Enzyme Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advanced Enzyme Technologies'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 Advanced Enzyme Technologies 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 * 1.0735
+
0.528 * 1.0261
+
0.404 * 0.9672
+
0.892 * 1.1704
+
0.115 * 0.9531
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9007
+
4.679 * 0.006495
-
0.327 * 0.8909
=
-2.18
* 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))
=
(365.56 / (365.56 + 3146.33))
/
(400.93 / (400.93 + 3270.02))
=
0.104092
/
0.109217
=
0.9531
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
=
(1687.19 - 0
-
1567.76)
/
18387.61
=
0.006495
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.
Advanced Enzyme Technologies has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
Advanced Enzyme Technologies (NSE:ADVENZYMES) has a Beneish M-Score of -2.18 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Advanced Enzyme Technologies and its competitors. According to the industry distribution chart, Advanced Enzyme Technologies ranks #1107 out of 1528 companies in the Chemicals industry, placing it in the top 72.4%.
Is Advanced Enzyme Technologies' Beneish M-Score too high?
Advanced Enzyme Technologies' current Beneish M-Score is -2.18. Based on the distribution chart, Advanced Enzyme Technologies ranks #1107 out of 1528 companies in the Chemicals industry, which is below the industry midpoint. Overall, Advanced Enzyme Technologies has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Advanced Enzyme Technologies' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Advanced Enzyme Technologies ranks #1107 out of 1528 companies for Beneish M-Score. This places Advanced Enzyme Technologies 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Advanced Enzyme Technologies and its competitors. Advanced Enzyme Technologies's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Advanced Enzyme Technologies stock overvalued right now?
Based on GuruFocus' analysis, Advanced Enzyme Technologies (NSE:ADVENZYMES) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹420.89, compared to a current price of ₹324.35 — trading 22.9% below its estimated fair value. The current Beneish M-Score is -2.18. Advanced Enzyme Technologies' overall GF Score™ is 89/100 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 Advanced Enzyme Technologies (NSE:ADVENZYMES), the current Beneish M-Score is -2.18 as of Aug. 09, 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 Advanced Enzyme Technologies (NSE:ADVENZYMES) Overvalued in 2026?
Based on GuruFocus' analysis, Advanced Enzyme Technologies stock appears to be undervalued.
The current stock price of ₹324.35 is trading 22.9% below its estimated GF Value™ of ₹420.89.
GuruFocus considers Advanced Enzyme Technologies to be Modestly Undervalued.
Key valuation signals for NSE:ADVENZYMES:
Beneish M-Score: -2.18
GF Value™: ₹420.89 vs. price of ₹324.35 (22.9% below fair value)
No single metric tells the full story. See the NSE:ADVENZYMES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Advanced Enzyme Technologies Ltd is an Indian company engaged in research activities to manufacture and sell enzymes. The company operates only in one business segment, viz., manufacturing and sales of enzymes. The company offers enzymes for human healthcare and nutrition, animal nutrition, food processing, and non-food processing. Some of the products offered by the company are serratiopeptidase, fungal lipase, papain, hemicellulose, and digegrain, among others. Geographically, the entity operates in India, Europe, the USA, Asia, and other countries, of which a majority of the revenue is derived from India.
89GF Score
Get the complete analysis for NSE:ADVENZYMES
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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