CMR Green Technologies (NSE:CMRGREEN) Beneish M-Score: -1.81 (As of Aug. 13, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:CMRGREEN CMR Green Technologies Ltd NSE:CMRGREEN
11 GF Score
Price ₹215.70
! 2 Warning Signs
View Full Analysis

What is CMR Green Technologies Beneish M-Score?

CMR Green Technologies NSE:CMRGREEN -1.55% 11 Beneish M-Score is -1.81 as of Aug. 13, 2026. GuruFocus rates NSE:CMRGREEN with a GF Score™ of 11/100. The stock has 2 warning signs investors should review. Among 677 Metals & Mining companies, CMR Green Technologies ranks worse than 68.24% 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.

Good Sign:

Beneish M-Score -1.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CMRGREEN' s Beneish M-Score Range Over the Past 10 Years
Min: -1.81   Med: -1.81   Max: -1.81
Current: -1.81

During the past 3 years, the highest Beneish M-Score of CMR Green Technologies was -1.81. The lowest was -1.81. And the median was -1.81.

CMR Green Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CMR Green Technologies'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.

CMR Green Technologies Beneish M-Score Chart

CMR Green Technologies Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.81

CMR Green Technologies Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.81

NSE:CMRGREEN vs AA: Beneish M-Score Comparison

For the Aluminum subindustry, CMR Green Technologies'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.

CMR Green Technologies Beneish M-Score vs Metals & Mining Industry

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

* The bar in red indicates where CMR Green Technologies's Beneish M-Score falls into.


NSE:CMRGREEN
11GF Score
CMR Green Technologies Ltd NSE:CMRGREEN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CMR Green Technologies 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 CMR Green Technologies 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 * 1.133+0.528 * 1.3996+0.404 * 0.7169+0.892 * 1.1456+0.115 * 1.0032
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9819+4.679 * 0.083265-0.327 * 1.2316
=-1.81

* 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 ₹8,379 Mil.
Revenue was ₹53,882 Mil.
Gross Profit was ₹-5,178 Mil.
Total Current Assets was ₹18,717 Mil.
Total Assets was ₹28,159 Mil.
Property, Plant and Equipment(Net PPE) was ₹8,494 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹627 Mil.
Selling, General, & Admin. Expense(SGA) was ₹493 Mil.
Total Current Liabilities was ₹10,229 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,397 Mil.
Net Income was ₹1,425 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-920 Mil.
 Total Receivables was ₹6,455 Mil.
Revenue was ₹47,032 Mil.
Gross Profit was ₹-6,326 Mil.
Total Current Assets was ₹14,219 Mil.
Total Assets was ₹21,944 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,696 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹496 Mil.
Selling, General, & Admin. Expense(SGA) was ₹438 Mil.
Total Current Liabilities was ₹6,334 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,656 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)
=(8378.65 / 53881.78) / (6454.73 / 47031.77)
=0.155501 / 0.137242
=1.133

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)
=(-6325.79 / 47031.77) / (-5178.02 / 53881.78)
=-0.1345 / -0.0961
=1.3996

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 - (18717.41 + 8494.4) / 28158.61) / (1 - (14219.23 + 6695.64) / 21944.08)
=0.033624 / 0.046901
=0.7169

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
=53881.78 / 47031.77
=1.1456

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))
=(495.86 / (495.86 + 6695.64)) / (626.93 / (626.93 + 8494.4))
=0.068951 / 0.068732
=1.0032

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)
=(492.94 / 53881.78) / (438.24 / 47031.77)
=0.009149 / 0.009318
=0.9819

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)
=((2397.06 + 10229.4) / 28158.61) / ((1655.73 + 6333.94) / 21944.08)
=0.448405 / 0.364092
=1.2316

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
=(1424.6 - 0 - -920.03) / 28158.61
=0.083265

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.

CMR Green Technologies has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.81 mean?
CMR Green Technologies (NSE:CMRGREEN) has a Beneish M-Score of -1.81 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CMR Green Technologies and its competitors. According to the industry distribution chart, CMR Green Technologies ranks #462 out of 677 companies in the Metals & Mining industry, placing it in the top 68.2%.
Is CMR Green Technologies' Beneish M-Score too high?
CMR Green Technologies' current Beneish M-Score is -1.81. Based on the distribution chart, CMR Green Technologies ranks #462 out of 677 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, CMR Green Technologies has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does CMR Green Technologies' Beneish M-Score compare to AA?
According to the Metals & Mining industry distribution chart, CMR Green Technologies ranks #462 out of 677 companies for Beneish M-Score. This places CMR Green Technologies 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 CMR Green Technologies and its competitors. CMR Green Technologies's current Beneish M-Score is -1.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CMR Green Technologies stock overvalued right now?
CMR Green Technologies (NSE:CMRGREEN) has a current Beneish M-Score of -1.81. The current Beneish M-Score is -1.81. CMR Green Technologies' overall GF Score™ is 11/100 with 2 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 CMR Green Technologies (NSE:CMRGREEN), the current Beneish M-Score is -1.81 as of Aug. 13, 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.

CMR Green Technologies Business Description

Other Exchanges 544777:India
Address 12/4 Delhi Mathura Road, 7th Floor, Tower 2, L & T Business Park, Faridabad, HR, IND, 121003
CMR Green Technologies Ltd is engaged in the business of manufacturing and selling of aluminium based die cast alloys and zinc alloys in India. The company is also engaged in the business of segregation and sale of metal scrap as a part of the manufacturing process. It manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots, dross and segregated furnace ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, amongst others. The company also produces aluminium billets that cater to both automotive and non-automotive sectors. The majority of revenue is derived from the sale of key products such as liquid aluminium alloys and aluminium alloy ingots. Geographically, it exports its products to Japan, China, and Others.
11GF Score

Get the complete analysis for NSE:CMRGREEN

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

₹215.70
Price