Aeron Composite (NSE:AERON) Beneish M-Score: -1.71 (As of Jul. 01, 2026)


NSE:AERON Aeron Composite Ltd NSE:AERON
40 GF Score
Price ₹76.50
! 8 Warning Signs
View Full Analysis

What is Aeron Composite Beneish M-Score?

Aeron Composite NSE:AERON -3.83% 40 Beneish M-Score is -1.71 as of Jul. 01, 2026. GuruFocus rates NSE:AERON with a GF Score™ of 40/100. The stock has 8 warning signs investors should review. Among 536 Conglomerates companies, Aeron Composite ranks worse than 87.87% 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.

Warning Sign:

Beneish M-Score -1.71 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:AERON' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -1.97   Max: -1.59
Current: -1.71

During the past 6 years, the highest Beneish M-Score of Aeron Composite was -1.59. The lowest was -2.80. And the median was -1.97.

Aeron Composite Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aeron Composite'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.

Aeron Composite Beneish M-Score Chart

Aeron Composite Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.59 -2.80 -2.22 -1.71

Aeron Composite Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -2.80 0.00 -2.22 0.00 -1.71

NSE:AERON vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Aeron Composite'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.

Aeron Composite Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Aeron Composite's Beneish M-Score distribution charts can be found below:

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


NSE:AERON
40GF Score
Aeron Composite Ltd NSE:AERON
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Aeron Composite 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 Aeron Composite 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 * 1.036+0.528 * 1.0986+0.404 * 2.0941+0.892 * 1.0176+0.115 * 0.7032
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.014801-0.327 * 0.9427
=-1.71

* 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 ₹487 Mil.
Revenue was ₹2,218 Mil.
Gross Profit was ₹877 Mil.
Total Current Assets was ₹1,304 Mil.
Total Assets was ₹2,116 Mil.
Property, Plant and Equipment(Net PPE) was ₹776 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹66 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹817 Mil.
Long-Term Debt & Capital Lease Obligation was ₹202 Mil.
Net Income was ₹87 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹56 Mil.
 Total Receivables was ₹462 Mil.
Revenue was ₹2,180 Mil.
Gross Profit was ₹946 Mil.
Total Current Assets was ₹1,500 Mil.
Total Assets was ₹2,063 Mil.
Property, Plant and Equipment(Net PPE) was ₹547 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹32 Mil.
Selling, General, & Admin. Expense(SGA) was ₹182 Mil.
Total Current Liabilities was ₹844 Mil.
Long-Term Debt & Capital Lease Obligation was ₹209 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)
=(486.729 / 2218.375) / (461.723 / 2180.109)
=0.219408 / 0.211789
=1.036

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)
=(946.33 / 2180.109) / (876.552 / 2218.375)
=0.434075 / 0.395132
=1.0986

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 - (1303.57 + 776.287) / 2116.053) / (1 - (1499.609 + 546.863) / 2063.326)
=0.017105 / 0.008168
=2.0941

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
=2218.375 / 2180.109
=1.0176

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))
=(32.038 / (32.038 + 546.863)) / (66.313 / (66.313 + 776.287))
=0.055343 / 0.0787
=0.7032

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 / 2218.375) / (182.474 / 2180.109)
=0 / 0.083699
=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)
=((201.857 + 816.619) / 2116.053) / ((209.135 + 844.346) / 2063.326)
=0.481309 / 0.510574
=0.9427

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
=(87.163 - 0 - 55.844) / 2116.053
=0.014801

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.

Aeron Composite has a M-score of -1.71 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 -1.71 mean?
Aeron Composite (NSE:AERON) has a Beneish M-Score of -1.71 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aeron Composite and its competitors. According to the industry distribution chart, Aeron Composite ranks #471 out of 536 companies in the Conglomerates industry, placing it in the top 87.9%.
Is Aeron Composite's Beneish M-Score too high?
Aeron Composite's current Beneish M-Score is -1.71. Based on the distribution chart, Aeron Composite ranks #471 out of 536 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Aeron Composite has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does Aeron Composite's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Aeron Composite ranks #471 out of 536 companies for Beneish M-Score. This places Aeron Composite 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Aeron Composite and its competitors. Aeron Composite's current Beneish M-Score is -1.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aeron Composite stock overvalued right now?
Aeron Composite (NSE:AERON) has a current Beneish M-Score of -1.71. The current Beneish M-Score is -1.71. Aeron Composite's overall GF Score™ is 40/100 with 8 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 Aeron Composite (NSE:AERON), the current Beneish M-Score is -1.71 as of Jul. 01, 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.

Aeron Composite Business Description

Address Sarkhej Bavla Highway, Saket Industrial Estate, Plot No. 30/31, Village Moraiya, Changodar, Moraiya, GJ, IND, 382213
Aeron Composite Ltd is engaged in the manufacturing and supply of ceramic refractories, FRP/GRP composites, ceramic tiles, waterjet and laser cutting machines, paints, and lime. It offers complete solutions, including conceptual design, prototype development, testing, manufacturing, logistic support, installation, and comprehensive after-sales service. The company's products are used in various markets and applications such as water and wastewater, metals and mining, oil and gas, pulp and paper, transportation, telecommunications, pharmaceuticals, and chemicals. Geographically, it serves both domestic and international markets, with the majority of its revenue derived from customers located outside India.
40GF Score

Get the complete analysis for NSE:AERON

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

₹76.50
Price