Balaji Phosphates (NSE:BALAJIPHOS) Beneish M-Score: -1.77 (As of Jul. 02, 2026)


NSE:BALAJIPHOS Balaji Phosphates Ltd NSE:BALAJIPHOS
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What is Balaji Phosphates Beneish M-Score?

Balaji Phosphates NSE:BALAJIPHOS -3.21% 14 Beneish M-Score is -1.77 as of Jul. 02, 2026. GuruFocus rates NSE:BALAJIPHOS with a GF Score™ of 14/100. The stock has 4 warning signs investors should review. Among 245 Agriculture companies, Balaji Phosphates ranks worse than 75.51% 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 -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:BALAJIPHOS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.14   Med: -1.21   Max: -0.27
Current: -1.77

During the past 5 years, the highest Beneish M-Score of Balaji Phosphates was -0.27. The lowest was -2.14. And the median was -1.21.

Balaji Phosphates Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Balaji Phosphates'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.

Balaji Phosphates Beneish M-Score Chart

Balaji Phosphates Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.14 -0.31 -1.77

Balaji Phosphates Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.14 -0.31 -1.77

NSE:BALAJIPHOS vs CTVA, CF, MOS: Beneish M-Score Comparison

For the Agricultural Inputs subindustry, Balaji Phosphates'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.

Balaji Phosphates Beneish M-Score vs Agriculture Industry

For the Agriculture industry and Basic Materials sector, Balaji Phosphates's Beneish M-Score distribution charts can be found below:

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


NSE:BALAJIPHOS
14GF Score
Balaji Phosphates Ltd NSE:BALAJIPHOS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Balaji Phosphates 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 Balaji Phosphates 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 * 1.1155+0.528 * 1.0072+0.404 * 1.1439+0.892 * 1.3475+0.115 * 0.8787
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.033785-0.327 * 1.2457
=-1.77

* 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 ₹679 Mil.
Revenue was ₹1,705 Mil.
Gross Profit was ₹572 Mil.
Total Current Assets was ₹1,355 Mil.
Total Assets was ₹1,629 Mil.
Property, Plant and Equipment(Net PPE) was ₹188 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹627 Mil.
Long-Term Debt & Capital Lease Obligation was ₹94 Mil.
Net Income was ₹102 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹47 Mil.
 Total Receivables was ₹452 Mil.
Revenue was ₹1,265 Mil.
Gross Profit was ₹427 Mil.
Total Current Assets was ₹1,007 Mil.
Total Assets was ₹1,244 Mil.
Property, Plant and Equipment(Net PPE) was ₹179 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹98 Mil.
Total Current Liabilities was ₹388 Mil.
Long-Term Debt & Capital Lease Obligation was ₹54 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)
=(678.769 / 1704.738) / (451.592 / 1265.158)
=0.398166 / 0.356945
=1.1155

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)
=(427.482 / 1265.158) / (571.897 / 1704.738)
=0.337888 / 0.335475
=1.0072

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 - (1355.217 + 188.424) / 1629.475) / (1 - (1007.21 + 179.061) / 1243.535)
=0.052676 / 0.046049
=1.1439

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
=1704.738 / 1265.158
=1.3475

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))
=(9.489 / (9.489 + 179.061)) / (11.447 / (11.447 + 188.424))
=0.050326 / 0.057272
=0.8787

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 / 1704.738) / (98.36 / 1265.158)
=0 / 0.077745
=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)
=((94.417 + 627.407) / 1629.475) / ((54.386 + 387.836) / 1243.535)
=0.442979 / 0.355617
=1.2457

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
=(102.166 - 0 - 47.114) / 1629.475
=0.033785

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.

Balaji Phosphates has a M-score of -1.77 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 -1.77 mean?
Balaji Phosphates (NSE:BALAJIPHOS) has a Beneish M-Score of -1.77 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Balaji Phosphates and its competitors. According to the industry distribution chart, Balaji Phosphates ranks #185 out of 245 companies in the Agriculture industry, placing it in the top 75.5%.
Is Balaji Phosphates' Beneish M-Score too high?
Balaji Phosphates' current Beneish M-Score is -1.77. Based on the distribution chart, Balaji Phosphates ranks #185 out of 245 companies in the Agriculture industry, which is in the bottom quartile relative to peers. Overall, Balaji Phosphates has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Balaji Phosphates' Beneish M-Score compare to CTVA and CF?
According to the Agriculture industry distribution chart, Balaji Phosphates ranks #185 out of 245 companies for Beneish M-Score. This places Balaji Phosphates 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 Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 Balaji Phosphates and its competitors. Balaji Phosphates's current Beneish M-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Balaji Phosphates stock overvalued right now?
Balaji Phosphates (NSE:BALAJIPHOS) has a current Beneish M-Score of -1.77. The current Beneish M-Score is -1.77. Balaji Phosphates' overall GF Score™ is 14/100 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 Balaji Phosphates (NSE:BALAJIPHOS), the current Beneish M-Score is -1.77 as of Jul. 02, 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.

Balaji Phosphates Business Description

Address 305, Utsav Avenue, 12/5, Usha Ganj Jaora Compound, Indore General Post Office, Indore, MP, IND, 452001
Balaji Phosphates Ltd manufactures and supplies Single Super Phosphate (SSP) in powder and granulated forms, NPK granulated and mixed fertilizers, and zinc sulphate. It sells products under the brand names RATNAM and BPPL to customers, including retailers, wholesalers, and state-owned cooperatives, with farmers being the end users. The company operates in two segments: Fertilizers and Weighbridge. The Fertilizers segment includes the manufacturing of single super phosphate fertilizers. The Weighbridge segment includes the manufacture of weighbridges and annual service maintenance. The key revenue is generated from the Fertilizers segment.
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