Forge Auto International (NSE:FORGEAUTO) Beneish M-Score: -1.45 (As of Jun. 29, 2026)


NSE:FORGEAUTO Forge Auto International Ltd NSE:FORGEAUTO
16 GF Score
Price ₹92.40
! 3 Warning Signs
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What is Forge Auto International Beneish M-Score?

Forge Auto International NSE:FORGEAUTO +5.00% 16 Beneish M-Score is -1.45 as of Jun. 29, 2026. GuruFocus rates NSE:FORGEAUTO with a GF Score™ of 16/100. The stock has 3 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Forge Auto International ranks worse than 92.46% 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 -1.45 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:FORGEAUTO' s Beneish M-Score Range Over the Past 10 Years
Min: -1.45   Med: -1.21   Max: -0.96
Current: -1.45

During the past 4 years, the highest Beneish M-Score of Forge Auto International was -0.96. The lowest was -1.45. And the median was -1.21.

Forge Auto International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Forge Auto International'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.

Forge Auto International Beneish M-Score Chart

Forge Auto International Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -0.96 -1.45

Forge Auto International Semi-Annual Data
Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -0.96 -1.45

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

For the Auto Parts subindustry, Forge Auto International'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.

Forge Auto International Beneish M-Score vs Vehicles & Parts Industry

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

* The bar in red indicates where Forge Auto International's Beneish M-Score falls into.


NSE:FORGEAUTO
16GF Score
Forge Auto International Ltd NSE:FORGEAUTO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Forge Auto International 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 Forge Auto International 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 * 1.0427+0.528 * 0.986+0.404 * 1.3662+0.892 * 1.2389+0.115 * 0.7542
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0174+4.679 * 0.123678-0.327 * 0.7195
=-1.45

* 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 ₹310 Mil.
Revenue was ₹2,099 Mil.
Gross Profit was ₹769 Mil.
Total Current Assets was ₹915 Mil.
Total Assets was ₹1,350 Mil.
Property, Plant and Equipment(Net PPE) was ₹312 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹31 Mil.
Selling, General, & Admin. Expense(SGA) was ₹40 Mil.
Total Current Liabilities was ₹610 Mil.
Long-Term Debt & Capital Lease Obligation was ₹141 Mil.
Net Income was ₹95 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-72 Mil.
 Total Receivables was ₹240 Mil.
Revenue was ₹1,694 Mil.
Gross Profit was ₹612 Mil.
Total Current Assets was ₹623 Mil.
Total Assets was ₹949 Mil.
Property, Plant and Equipment(Net PPE) was ₹263 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹19 Mil.
Selling, General, & Admin. Expense(SGA) was ₹32 Mil.
Total Current Liabilities was ₹573 Mil.
Long-Term Debt & Capital Lease Obligation was ₹161 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)
=(310.089 / 2098.943) / (240.051 / 1694.188)
=0.147736 / 0.141691
=1.0427

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)
=(611.61 / 1694.188) / (768.514 / 2098.943)
=0.361005 / 0.366143
=0.986

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 - (915.125 + 311.865) / 1349.938) / (1 - (623.29 + 262.834) / 949.417)
=0.091077 / 0.066665
=1.3662

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
=2098.943 / 1694.188
=1.2389

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))
=(19.455 / (19.455 + 262.834)) / (31.366 / (31.366 + 311.865))
=0.068919 / 0.091385
=0.7542

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)
=(39.961 / 2098.943) / (31.705 / 1694.188)
=0.019039 / 0.018714
=1.0174

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)
=((140.669 + 610.203) / 1349.938) / ((160.998 + 572.934) / 949.417)
=0.556227 / 0.773034
=0.7195

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
=(95.293 - 0 - -71.664) / 1349.938
=0.123678

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.

Forge Auto International has a M-score of -1.45 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 -1.45 mean?
Forge Auto International (NSE:FORGEAUTO) has a Beneish M-Score of -1.45 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Forge Auto International and its competitors. According to the industry distribution chart, Forge Auto International ranks #1178 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 92.5%.
Is Forge Auto International's Beneish M-Score too high?
Forge Auto International's current Beneish M-Score is -1.45. Based on the distribution chart, Forge Auto International ranks #1178 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Forge Auto International has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Forge Auto International's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Forge Auto International ranks #1178 out of 1274 companies for Beneish M-Score. This places Forge Auto International 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 Forge Auto International and its competitors. Forge Auto International's current Beneish M-Score is -1.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forge Auto International stock overvalued right now?
Forge Auto International (NSE:FORGEAUTO) has a current Beneish M-Score of -1.45. The current Beneish M-Score is -1.45. Forge Auto International's 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 Forge Auto International (NSE:FORGEAUTO), the current Beneish M-Score is -1.45 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.

Forge Auto International Business Description

Address Machhiwara Road, Village Mangarh, Kohara, Ludhiana, PB, IND, 141112
Forge Auto International Ltd is an engineering company engaged in forging and manufacturing of complex and safety-critical, forged and precision machined components such as big rings, small rings, big ball studs, gear blank with a broach, stub axle assembly, flange yoke 325 HS, catering to different industry sectors like auto industry including automobiles, tractors, railways etc. and non-auto sectors like agriculture parts, hydraulic parts, striking tools etc. It serves its customers comprising of domestic and global original equipment manufacturers (OEMs) engaged in manufacturing for both the automotive sector and other nonautomotive sector, used across industries by a diversified base of customers.
16GF Score

Get the complete analysis for NSE:FORGEAUTO

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

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