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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.
Good Sign:
Beneish M-Score -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Bharat Petroleum's Beneish M-Score or its related term are showing as below:
NSE:BPCL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.42 Max: -1.96
Current: -3.33
During the past 13 years, the highest Beneish M-Score of Bharat Petroleum was -1.96. The lowest was -3.33. And the median was -2.42.
Bharat Petroleum Beneish M-Score Related Terms
Bharat Petroleum Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Bharat Petroleum'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.
NSE:BPCL vs VLO, MPC, PSX: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, Bharat Petroleum'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.
Bharat Petroleum Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Bharat Petroleum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bharat Petroleum's Beneish M-Score falls into.
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 Bharat Petroleum 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 * 0.4668
+
0.528 * 0.7236
+
0.404 * 1.1016
+
0.892 * 1.034
+
0.115 * 0.9962
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.100257
-
0.327 * 0.9567
=
-3.33
* 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.
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.
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))
=
(72566.9 / (72566.9 + 1002567.1))
/
(78563.7 / (78563.7 + 1080951.6))
=
0.067496
/
0.067756
=
0.9962
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
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
=
(258434.5 - 0
-
507689.9)
/
2486160.3
=
-0.100257
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.
Bharat Petroleum has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
Bharat Petroleum (NSE:BPCL) has a Beneish M-Score of -3.33 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bharat Petroleum and its competitors. According to the industry distribution chart, Bharat Petroleum ranks #133 out of 823 companies in the Oil & Gas industry, placing it in the top 16.2%.
Is Bharat Petroleum's Beneish M-Score too high?
Bharat Petroleum's current Beneish M-Score is -3.33. Based on the distribution chart, Bharat Petroleum ranks #133 out of 823 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Bharat Petroleum has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bharat Petroleum's Beneish M-Score compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Bharat Petroleum ranks #133 out of 823 companies for Beneish M-Score. This places Bharat Petroleum in the top 16% of its industry — outperforming the majority of peers. 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 Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Bharat Petroleum and its competitors. Bharat Petroleum's current Beneish M-Score is -3.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bharat Petroleum stock overvalued right now?
Based on GuruFocus' analysis, Bharat Petroleum (NSE:BPCL) is currently considered Fairly Valued. The stock's GF Value™ is ₹329.23, compared to a current price of ₹305.35 — trading 7.3% below its estimated fair value. The current Beneish M-Score is -3.33. Bharat Petroleum's overall GF Score™ is 81/100 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 Bharat Petroleum (NSE:BPCL), the current Beneish M-Score is -3.33 as of Jul. 15, 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.
Is Bharat Petroleum (NSE:BPCL) Overvalued in 2026?
Based on GuruFocus' analysis, Bharat Petroleum stock appears to be undervalued.
The current stock price of ₹305.35 is trading 7.3% below its estimated GF Value™ of ₹329.23.
GuruFocus considers Bharat Petroleum to be Fairly Valued.
Key valuation signals for NSE:BPCL:
Beneish M-Score: -3.33
GF Value™: ₹329.23 vs. price of ₹305.35 (7.3% below fair value)
No single metric tells the full story. See the NSE:BPCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bharat Petroleum Corp Ltd operates several refineries in India, while also marketing and distributing petroleum by-products. Operations are divided into the following reportable segments: Downstream Petroleum, and Exploration and Production of Hydrocarbons. Downstream Petroleum operations which generate the majority of its revenue, include the refineries that produce liquefied petroleum gas, aromatics, kerosene, fuel oil, furnace oil, and bitumen. Bharat's petroleum by-products are often commanded by consumers in aviation, autos, maritime, and many other industrial segments. The Downstream Petroleum operations also include the network of retail service stations across India. Geographically, the company derives a majority of its revenue from India and the rest from other countries.
81GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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