Baheti Recycling Industries (NSE:BAHETI) Beneish M-Score: -1.68 (As of Jul. 25, 2026)

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NSE:BAHETI Baheti Recycling Industries Ltd NSE:BAHETI
59 GF Score
Price ₹709.90
! 7 Warning Signs
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What is Baheti Recycling Industries Beneish M-Score?

Baheti Recycling Industries NSE:BAHETI +0.74% 59 Beneish M-Score is -1.68 as of Jul. 25, 2026. GuruFocus rates NSE:BAHETI with a GF Score™ of 59/100. The stock has 7 warning signs investors should review. Among 679 Metals & Mining companies, Baheti Recycling Industries ranks worse than 73.05% 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 -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:BAHETI' s Beneish M-Score Range Over the Past 10 Years
Min: -1.68   Med: -0.47   Max: 304.83
Current: -1.68

During the past 6 years, the highest Beneish M-Score of Baheti Recycling Industries was 304.83. The lowest was -1.68. And the median was -0.47.

Baheti Recycling Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Baheti Recycling 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.

Baheti Recycling Industries Beneish M-Score Chart

Baheti Recycling Industries Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 304.83 -0.47 -1.68

Baheti Recycling Industries Semi-Annual Data
Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 304.83 -0.47 -1.68

NSE:BAHETI vs AA: Beneish M-Score Comparison

For the Aluminum subindustry, Baheti Recycling 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.

Baheti Recycling Industries Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Baheti Recycling Industries's Beneish M-Score distribution charts can be found below:

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


NSE:BAHETI
59GF Score
Baheti Recycling Industries Ltd NSE:BAHETI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Baheti Recycling 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 Baheti Recycling 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 * 1.2194+0.528 * 0.7559+0.404 * 0.4354+0.892 * 1.2212+0.115 * 0.8758
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9128+4.679 * 0.163638-0.327 * 1.0192
=-1.68

* 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 ₹721 Mil.
Revenue was ₹5,243 Mil.
Gross Profit was ₹676 Mil.
Total Current Assets was ₹2,265 Mil.
Total Assets was ₹2,488 Mil.
Property, Plant and Equipment(Net PPE) was ₹219 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15 Mil.
Selling, General, & Admin. Expense(SGA) was ₹94 Mil.
Total Current Liabilities was ₹1,734 Mil.
Long-Term Debt & Capital Lease Obligation was ₹153 Mil.
Net Income was ₹180 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-227 Mil.
 Total Receivables was ₹484 Mil.
Revenue was ₹4,293 Mil.
Gross Profit was ₹419 Mil.
Total Current Assets was ₹1,463 Mil.
Total Assets was ₹1,647 Mil.
Property, Plant and Equipment(Net PPE) was ₹179 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10 Mil.
Selling, General, & Admin. Expense(SGA) was ₹84 Mil.
Total Current Liabilities was ₹1,121 Mil.
Long-Term Debt & Capital Lease Obligation was ₹105 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)
=(720.547 / 5243.068) / (483.864 / 4293.449)
=0.137429 / 0.112698
=1.2194

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)
=(418.638 / 4293.449) / (676.322 / 5243.068)
=0.097506 / 0.128994
=0.7559

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 - (2264.81 + 219.425) / 2488.042) / (1 - (1462.575 + 178.985) / 1647.349)
=0.00153 / 0.003514
=0.4354

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
=5243.068 / 4293.449
=1.2212

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))
=(10.335 / (10.335 + 178.985)) / (14.587 / (14.587 + 219.425))
=0.05459 / 0.062334
=0.8758

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)
=(93.685 / 5243.068) / (84.048 / 4293.449)
=0.017868 / 0.019576
=0.9128

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)
=((153.426 + 1733.842) / 2488.042) / ((104.957 + 1121.121) / 1647.349)
=0.758535 / 0.744273
=1.0192

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
=(180.098 - 0 - -227.04) / 2488.042
=0.163638

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.

Baheti Recycling Industries has a M-score of -1.68 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 -1.68 mean?
Baheti Recycling Industries (NSE:BAHETI) has a Beneish M-Score of -1.68 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Baheti Recycling Industries and its competitors. According to the industry distribution chart, Baheti Recycling Industries ranks #496 out of 679 companies in the Metals & Mining industry, placing it in the top 73%.
Is Baheti Recycling Industries' Beneish M-Score too high?
Baheti Recycling Industries' current Beneish M-Score is -1.68. Based on the distribution chart, Baheti Recycling Industries ranks #496 out of 679 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Baheti Recycling Industries has a GF Score™ of 59/100, reflecting its overall financial health beyond just this single metric.
How does Baheti Recycling Industries' Beneish M-Score compare to AA?
According to the Metals & Mining industry distribution chart, Baheti Recycling Industries ranks #496 out of 679 companies for Beneish M-Score. This places Baheti Recycling Industries 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Baheti Recycling Industries and its competitors. Baheti Recycling Industries's current Beneish M-Score is -1.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Baheti Recycling Industries stock overvalued right now?
Baheti Recycling Industries (NSE:BAHETI) has a current Beneish M-Score of -1.68. The current Beneish M-Score is -1.68. Baheti Recycling Industries' overall GF Score™ is 59/100 with 7 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 Baheti Recycling Industries (NSE:BAHETI), the current Beneish M-Score is -1.68 as of Jul. 25, 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.

Baheti Recycling Industries Business Description

Address A-2/3, L.R. Apartments, Opposite Police Commissioner Office, Shahibaug, Ahmedabad, GJ, IND, 380 004
Baheti Recycling Industries Ltd is an aluminium recycling company, mainly engaged in processing aluminium based metal scrap to manufacture aluminium alloys in the form of ingots and aluminium de-ox alloys in the form of cubes, ingots, shots and notch bar. The company is also engaged in trading of scrap materials such as aluminium scrap, brass scrap, copper scrap, zinc scrap etc. Its products are being used in various industries, which include automobiles, construction, electrical transmission application, food packaging etc.
59GF Score

Get the complete analysis for NSE:BAHETI

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

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