Bhadora Industries (NSE:BHADORA) Beneish M-Score: 0.00 (As of Jul. 02, 2026)


NSE:BHADORA Bhadora Industries Ltd NSE:BHADORA
18 GF Score
Price ₹90.00
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What is Bhadora Industries Beneish M-Score?

Bhadora Industries NSE:BHADORA +1.29% 18 Beneish M-Score is 0.00 as of Jul. 02, 2026. GuruFocus rates NSE:BHADORA with a GF Score™ of 18/100.

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.

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

During the past 4 years, the highest Beneish M-Score of Bhadora Industries was 0.00. The lowest was 0.00. And the median was 0.00.

Bhadora Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bhadora 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.

Bhadora Industries Beneish M-Score Chart

Bhadora Industries Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.51 -1.23

Bhadora Industries Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25
Beneish M-Score 0.00 0.00 0.51 0.00 -1.23

NSE:BHADORA vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Bhadora 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.

Bhadora Industries Beneish M-Score vs Industrial Products Industry

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

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


NSE:BHADORA
18GF Score
Bhadora Industries Ltd NSE:BHADORA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bhadora 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 Bhadora 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 * 1.3167+0.528 * 0.6592+0.404 * 0.243+0.892 * 1.3528+0.115 * 3.1871
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7094+4.679 * 0.173296-0.327 * 0.9469
=-1.23

* 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 ₹219 Mil.
Revenue was ₹1,101 Mil.
Gross Profit was ₹233 Mil.
Total Current Assets was ₹394 Mil.
Total Assets was ₹488 Mil.
Property, Plant and Equipment(Net PPE) was ₹88 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8 Mil.
Total Current Liabilities was ₹222 Mil.
Long-Term Debt & Capital Lease Obligation was ₹48 Mil.
Net Income was ₹108 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹23 Mil.
 Total Receivables was ₹123 Mil.
Revenue was ₹814 Mil.
Gross Profit was ₹113 Mil.
Total Current Assets was ₹227 Mil.
Total Assets was ₹259 Mil.
Property, Plant and Equipment(Net PPE) was ₹18 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹9 Mil.
Total Current Liabilities was ₹140 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12 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)
=(218.979 / 1101.118) / (122.935 / 813.932)
=0.19887 / 0.151038
=1.3167

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)
=(113.45 / 813.932) / (232.83 / 1101.118)
=0.139385 / 0.211449
=0.6592

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 - (393.588 + 88.047) / 487.617) / (1 - (227.151 + 18.456) / 258.666)
=0.012268 / 0.050486
=0.243

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
=1101.118 / 813.932
=1.3528

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))
=(2.485 / (2.485 + 18.456)) / (3.405 / (3.405 + 88.047))
=0.118667 / 0.037233
=3.1871

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)
=(8.237 / 1101.118) / (8.583 / 813.932)
=0.007481 / 0.010545
=0.7094

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)
=((48.334 + 222.138) / 487.617) / ((11.712 + 139.816) / 258.666)
=0.554681 / 0.585806
=0.9469

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
=(107.869 - 0 - 23.367) / 487.617
=0.173296

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.

Bhadora Industries has a M-score of -1.23 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 0.00 mean?
Bhadora Industries (NSE:BHADORA) has a Beneish M-Score of 0.00 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bhadora Industries and its competitors.
Is Bhadora Industries' Beneish M-Score too high?
Bhadora Industries' current Beneish M-Score is 0.00. Overall, Bhadora Industries has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Bhadora Industries' Beneish M-Score compare to VRT and BE?
Bhadora Industries' Beneish M-Score of 0.00 can be compared against companies in the Industrial Products 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 Bhadora Industries and its competitors. Bhadora Industries's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bhadora Industries stock overvalued right now?
Bhadora Industries (NSE:BHADORA) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Bhadora Industries' overall GF Score™ is 18/100. 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 Bhadora Industries (NSE:BHADORA), the current Beneish M-Score is 0.00 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.

Bhadora Industries Business Description

Address A.B. Road, Plot No 39.405, 505, Fifth Floor, NRK Bizpark, Scheme No. 54-55, PU4, Indore DDU Nagar, Indore, MP, IND, 452010
Bhadora Industries Ltd is engaged in the business of manufacturing industrial cables which provide efficient electricity transmission and distribution solutions to the government discoms and EPC companies which cater to the diverse electrical connectivity needs of various industrial sectors. It operates under the brand name of Vidhut Cables. Its products are designed for specific functions in electricity transmission and distribution. Each product serves a specific function in electricity transmission, from reliable power distribution in low voltage applications to high performance cables used in overhead power lines.
18GF Score

Get the complete analysis for NSE:BHADORA

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

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