Emerald Tyre Manufacturers (NSE:ETML) Beneish M-Score: -1.80 (As of Jun. 26, 2026)


NSE:ETML Emerald Tyre Manufacturers Ltd NSE:ETML
16 GF Score
Price ₹94.00
! 3 Warning Signs
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What is Emerald Tyre Manufacturers Beneish M-Score?

Emerald Tyre Manufacturers NSE:ETML +2.06% 16 Beneish M-Score is -1.80 as of Jun. 26, 2026. GuruFocus rates NSE:ETML with a GF Score™ of 16/100. The stock has 3 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Emerald Tyre Manufacturers ranks worse than 88.07% 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 -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:ETML' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6   Med: -2.37   Max: -1.8
Current: -1.8

During the past 5 years, the highest Beneish M-Score of Emerald Tyre Manufacturers was -1.80. The lowest was -2.60. And the median was -2.37.

Emerald Tyre Manufacturers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Emerald Tyre Manufacturers'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.

Emerald Tyre Manufacturers Beneish M-Score Chart

Emerald Tyre Manufacturers Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.60 -2.37 -1.80

Emerald Tyre Manufacturers Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -2.60 -2.37 -1.80

NSE:ETML vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Emerald Tyre Manufacturers'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.

Emerald Tyre Manufacturers Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Emerald Tyre Manufacturers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Emerald Tyre Manufacturers's Beneish M-Score falls into.


NSE:ETML
16GF Score
Emerald Tyre Manufacturers Ltd NSE:ETML
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Emerald Tyre Manufacturers 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 Emerald Tyre Manufacturers 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 * 0.9552+0.528 * 1.0758+0.404 * 1.9791+0.892 * 1.1672+0.115 * 1.2876
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0608+4.679 * 0.009606-0.327 * 0.7831
=-1.80

* 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 ₹451 Mil.
Revenue was ₹1,956 Mil.
Gross Profit was ₹681 Mil.
Total Current Assets was ₹1,365 Mil.
Total Assets was ₹2,371 Mil.
Property, Plant and Equipment(Net PPE) was ₹793 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹59 Mil.
Selling, General, & Admin. Expense(SGA) was ₹60 Mil.
Total Current Liabilities was ₹1,070 Mil.
Long-Term Debt & Capital Lease Obligation was ₹164 Mil.
Net Income was ₹104 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹82 Mil.
 Total Receivables was ₹405 Mil.
Revenue was ₹1,676 Mil.
Gross Profit was ₹628 Mil.
Total Current Assets was ₹1,094 Mil.
Total Assets was ₹1,740 Mil.
Property, Plant and Equipment(Net PPE) was ₹566 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹55 Mil.
Selling, General, & Admin. Expense(SGA) was ₹48 Mil.
Total Current Liabilities was ₹927 Mil.
Long-Term Debt & Capital Lease Obligation was ₹229 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)
=(451.4 / 1955.749) / (404.859 / 1675.553)
=0.230807 / 0.241627
=0.9552

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)
=(627.72 / 1675.553) / (681.038 / 1955.749)
=0.374635 / 0.348224
=1.0758

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 - (1364.565 + 793.296) / 2371.083) / (1 - (1094.436 + 566.367) / 1739.859)
=0.089926 / 0.045438
=1.9791

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
=1955.749 / 1675.553
=1.1672

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))
=(55.292 / (55.292 + 566.367)) / (58.864 / (58.864 + 793.296))
=0.088943 / 0.069076
=1.2876

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)
=(59.927 / 1955.749) / (48.399 / 1675.553)
=0.030641 / 0.028885
=1.0608

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)
=((164.043 + 1070.029) / 2371.083) / ((228.967 + 927.319) / 1739.859)
=0.520468 / 0.664586
=0.7831

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
=(104.334 - 0 - 81.557) / 2371.083
=0.009606

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.

Emerald Tyre Manufacturers has a M-score of -1.80 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 -1.80 mean?
Emerald Tyre Manufacturers (NSE:ETML) has a Beneish M-Score of -1.80 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Emerald Tyre Manufacturers and its competitors. According to the industry distribution chart, Emerald Tyre Manufacturers ranks #1122 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 88.1%.
Is Emerald Tyre Manufacturers' Beneish M-Score too high?
Emerald Tyre Manufacturers' current Beneish M-Score is -1.80. Based on the distribution chart, Emerald Tyre Manufacturers ranks #1122 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Emerald Tyre Manufacturers has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Emerald Tyre Manufacturers' Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Emerald Tyre Manufacturers ranks #1122 out of 1274 companies for Beneish M-Score. This places Emerald Tyre Manufacturers 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Emerald Tyre Manufacturers and its competitors. Emerald Tyre Manufacturers's current Beneish M-Score is -1.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emerald Tyre Manufacturers stock overvalued right now?
Emerald Tyre Manufacturers (NSE:ETML) has a current Beneish M-Score of -1.80. The current Beneish M-Score is -1.80. Emerald Tyre Manufacturers' overall GF Score™ is 16/100 with 3 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 Emerald Tyre Manufacturers (NSE:ETML), the current Beneish M-Score is -1.80 as of Jun. 26, 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.

Emerald Tyre Manufacturers Business Description

Address Second Street Porur Gardens, Emerald House, Plot No.2, Phase-I, Vanagaram, Tiruvallur, Poonamallee, TN, IND, 600095
Emerald Tyre Manufacturers Ltd is engaged in the Business of Manufacturing, Supplying and Services for a comprehensive range of tyres for material handling applications, like forklifts, skid loaders, ground support equipment of Airports, Port trailers, agri implements, lawn and garden mowers, mining equipment, aerial work platform trucks, backhoe loaders, etc.
16GF 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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