Chaman Metallics (NSE:CMNL) Beneish M-Score: 2.10 (As of Jun. 29, 2026)


NSE:CMNL Chaman Metallics Ltd NSE:CMNL
69 GF Score
Price ₹100.00
GF Value ₹342.65
Valuation Possible Value Trap
! 8 Warning Signs
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What is Chaman Metallics Beneish M-Score?

Chaman Metallics NSE:CMNL -0.94% 69 Beneish M-Score is 2.10 as of Jun. 29, 2026. GuruFocus rates NSE:CMNL with a GF Score™ of 69/100 and a GF Value™ of ₹342.65 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 588 Steel companies, Chaman Metallics ranks worse than 93.71% 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 2.1 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CMNL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -1.99   Max: 2.1
Current: 2.1

During the past 7 years, the highest Beneish M-Score of Chaman Metallics was 2.10. The lowest was -3.35. And the median was -1.99.

Chaman Metallics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chaman Metallics'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.

Chaman Metallics Beneish M-Score Chart

Chaman Metallics Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -0.09 -1.99 -3.35 -2.57 2.10

Chaman Metallics Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.99 -3.35 -2.57 2.10

NSE:CMNL vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Chaman Metallics'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.

Chaman Metallics Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Chaman Metallics's Beneish M-Score distribution charts can be found below:

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


NSE:CMNL
69GF Score
Chaman Metallics Ltd NSE:CMNL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chaman Metallics 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 Chaman Metallics 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 * 3.0434+0.528 * 1.2647+0.404 * 3.3613+0.892 * 3.1435+0.115 * 0.1932
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.07844-0.327 * 1.056
=2.10

* 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 ₹829 Mil.
Revenue was ₹5,413 Mil.
Gross Profit was ₹1,052 Mil.
Total Current Assets was ₹1,844 Mil.
Total Assets was ₹6,442 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,407 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹143 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,923 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,484 Mil.
Net Income was ₹-42 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹464 Mil.
 Total Receivables was ₹87 Mil.
Revenue was ₹1,722 Mil.
Gross Profit was ₹423 Mil.
Total Current Assets was ₹1,159 Mil.
Total Assets was ₹5,008 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,805 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹23 Mil.
Selling, General, & Admin. Expense(SGA) was ₹72 Mil.
Total Current Liabilities was ₹1,039 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,942 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)
=(828.974 / 5412.653) / (86.65 / 1721.841)
=0.153155 / 0.050324
=3.0434

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)
=(423.155 / 1721.841) / (1051.81 / 5412.653)
=0.245757 / 0.194324
=1.2647

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 - (1844.184 + 4407.161) / 6442.339) / (1 - (1158.653 + 3805.25) / 5008.074)
=0.029647 / 0.00882
=3.3613

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
=5412.653 / 1721.841
=3.1435

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))
=(23.283 / (23.283 + 3805.25)) / (143.207 / (143.207 + 4407.161))
=0.006081 / 0.031472
=0.1932

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 / 5412.653) / (71.932 / 1721.841)
=0 / 0.041776
=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)
=((3484.495 + 1923.048) / 6442.339) / ((2941.658 + 1039.012) / 5008.074)
=0.839376 / 0.79485
=1.056

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
=(-41.743 - 0 - 463.594) / 6442.339
=-0.07844

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.

Chaman Metallics has a M-score of 2.10 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 2.10 mean?
Chaman Metallics (NSE:CMNL) has a Beneish M-Score of 2.10 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chaman Metallics and its competitors. According to the industry distribution chart, Chaman Metallics ranks #551 out of 588 companies in the Steel industry, placing it in the top 93.7%.
Is Chaman Metallics' Beneish M-Score too high?
Chaman Metallics' current Beneish M-Score is 2.10. Based on the distribution chart, Chaman Metallics ranks #551 out of 588 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Chaman Metallics has a GF Score™ of 69/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Chaman Metallics' Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Chaman Metallics ranks #551 out of 588 companies for Beneish M-Score. This places Chaman Metallics 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Chaman Metallics and its competitors. Chaman Metallics's current Beneish M-Score is 2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chaman Metallics stock overvalued right now?
Based on GuruFocus' analysis, Chaman Metallics (NSE:CMNL) is currently considered Possible Value Trap. The stock's GF Value™ is ₹342.65, compared to a current price of ₹100.00 — trading 70.8% below its estimated fair value. The current Beneish M-Score is 2.10. Chaman Metallics' overall GF Score™ is 69/100 with 8 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 Chaman Metallics (NSE:CMNL), the current Beneish M-Score is 2.10 as of Jun. 29, 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 Chaman Metallics (NSE:CMNL) Overvalued in 2026?

Based on GuruFocus' analysis, Chaman Metallics stock appears to be undervalued. The current stock price of ₹100.00 is trading 70.8% below its estimated GF Value™ of ₹342.65. GuruFocus considers Chaman Metallics to be Possible Value Trap.

Key valuation signals for NSE:CMNL:

  • Beneish M-Score: 2.10
  • GF Value™: ₹342.65 vs. price of ₹100.00 (70.8% below fair value)
  • GF Score™: 69/100 with 8 warning signs

No single metric tells the full story. See the NSE:CMNL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chaman Metallics Business Description

Address Samta Colony, Agrawal Complex, Opp. Pandey Nursing Home, Raipur, CT, IND, 492001
Chaman Metallics Ltd is engaged in the business of selling Iron and Steel. The company is engaged in manufacturing and selling Direct Reduced Iron (i.e., sponge iron), which is used as a raw material for making steel in electric arc furnaces and induction furnaces.
69GF Score

Get the complete analysis for NSE:CMNL

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

₹100.00
Price
₹342.65
GF Value