Atmastco (NSE:ATMASTCO) Beneish M-Score: -1.27 (As of Jul. 07, 2026)


NSE:ATMASTCO Atmastco Ltd NSE:ATMASTCO
27 GF Score
Price ₹159.55
! 5 Warning Signs
View Full Analysis

What is Atmastco Beneish M-Score?

Atmastco NSE:ATMASTCO -3.86% 27 Beneish M-Score is -1.27 as of Jul. 07, 2026. GuruFocus rates NSE:ATMASTCO with a GF Score™ of 27/100. The stock has 5 warning signs investors should review. Among 2,916 Industrial Products companies, Atmastco ranks worse than 91.67% 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 -1.27 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:ATMASTCO' s Beneish M-Score Range Over the Past 10 Years
Min: -1.83   Med: -1.27   Max: -0.87
Current: -1.27

During the past 5 years, the highest Beneish M-Score of Atmastco was -0.87. The lowest was -1.83. And the median was -1.27.

Atmastco Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Atmastco'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.

Atmastco Beneish M-Score Chart

Atmastco Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.83 -0.87 -1.27

Atmastco Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.83 -0.87 -1.27

NSE:ATMASTCO vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Atmastco'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.

Atmastco Beneish M-Score vs Industrial Products Industry

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

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


NSE:ATMASTCO
27GF Score
Atmastco Ltd NSE:ATMASTCO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Atmastco 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 Atmastco 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 * 1.5027+0.528 * 1.1305+0.404 * 0.4951+0.892 * 1.2927+0.115 * 1.1919
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7659+4.679 * 0.123192-0.327 * 1.0624
=-1.27

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹1,870 Mil.
Revenue was ₹2,896 Mil.
Gross Profit was ₹864 Mil.
Total Current Assets was ₹3,926 Mil.
Total Assets was ₹4,221 Mil.
Property, Plant and Equipment(Net PPE) was ₹271 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹37 Mil.
Selling, General, & Admin. Expense(SGA) was ₹59 Mil.
Total Current Liabilities was ₹2,015 Mil.
Long-Term Debt & Capital Lease Obligation was ₹257 Mil.
Net Income was ₹193 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-327 Mil.
 Total Receivables was ₹963 Mil.
Revenue was ₹2,240 Mil.
Gross Profit was ₹755 Mil.
Total Current Assets was ₹2,609 Mil.
Total Assets was ₹2,909 Mil.
Property, Plant and Equipment(Net PPE) was ₹265 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹45 Mil.
Selling, General, & Admin. Expense(SGA) was ₹59 Mil.
Total Current Liabilities was ₹1,227 Mil.
Long-Term Debt & Capital Lease Obligation was ₹246 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)
=(1870.256 / 2895.704) / (962.814 / 2240.057)
=0.645873 / 0.429817
=1.5027

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)
=(755.202 / 2240.057) / (863.546 / 2895.704)
=0.337135 / 0.298216
=1.1305

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 - (3925.639 + 270.549) / 4221.156) / (1 - (2609.052 + 264.903) / 2908.706)
=0.005915 / 0.011947
=0.4951

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
=2895.704 / 2240.057
=1.2927

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))
=(44.552 / (44.552 + 264.903)) / (37.17 / (37.17 + 270.549))
=0.143969 / 0.120792
=1.1919

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)
=(58.897 / 2895.704) / (59.49 / 2240.057)
=0.020339 / 0.026557
=0.7659

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)
=((256.667 + 2014.803) / 4221.156) / ((246.419 + 1226.92) / 2908.706)
=0.538116 / 0.506527
=1.0624

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
=(192.838 - 0 - -327.174) / 4221.156
=0.123192

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.

Atmastco has a M-score of -1.27 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 -1.27 mean?
Atmastco (NSE:ATMASTCO) has a Beneish M-Score of -1.27 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Atmastco and its competitors. According to the industry distribution chart, Atmastco ranks #2673 out of 2916 companies in the Industrial Products industry, placing it in the top 91.7%.
Is Atmastco's Beneish M-Score too high?
Atmastco's current Beneish M-Score is -1.27. Based on the distribution chart, Atmastco ranks #2673 out of 2916 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Atmastco has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does Atmastco's Beneish M-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, Atmastco ranks #2673 out of 2916 companies for Beneish M-Score. This places Atmastco 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 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 Atmastco and its competitors. Atmastco's current Beneish M-Score is -1.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Atmastco stock overvalued right now?
Atmastco (NSE:ATMASTCO) has a current Beneish M-Score of -1.27. The current Beneish M-Score is -1.27. Atmastco's overall GF Score™ is 27/100 with 5 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 Atmastco (NSE:ATMASTCO), the current Beneish M-Score is -1.27 as of Jul. 07, 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.

Atmastco Business Description

Address Nandini Road, 157-158, Light Industrial Area, Opp. Karuna Hospital, Durg, Bhilai, CT, IND, 490026
Atmastco Ltd is engaged in the business of executing turnkey engineering/engineering procurement, and construction (EPC) contracts in the ferrous and non-ferrous sectors, providing end-to-end solutions that offer multi-disciplinary services and project management solutions. It is also involved in the design, manufacturing, and supply of precision equipment and heavy fabrication structures for various industrial uses, as well as other income streams, including Ceiling Girder, Railway Girder, Columns & Bracings, Bolted Structures, Equipment, and Pressure Ducts, Box Columns, etc. The company has one business segment: Manufacturing/Fabrication and Services.
27GF Score

Get the complete analysis for NSE:ATMASTCO

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

₹159.55
Price