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 10.95 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Foseco India's Beneish M-Score or its related term are showing as below:
NSE:FOSECOIND'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -2.38 Max: 10.95
Current: 10.95
During the past 13 years, the highest Beneish M-Score of Foseco India was 10.95. The lowest was -3.44. And the median was -2.38.
Foseco India Beneish M-Score Related Terms
Foseco India Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Foseco India'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.
For the Chemicals subindustry, Foseco India'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.
Foseco India Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Foseco India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Foseco India'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 Foseco India 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 * 1.0486
+
0.528 * 0.9488
+
0.404 * 32.8736
+
0.892 * 1.2251
+
0.115 * 3.1979
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.012
+
4.679 * -0.018518
-
0.327 * 0.4813
=
10.95
* 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))
=
(100.087 / (100.087 + 467.482))
/
(133.212 / (133.212 + 2282.508))
=
0.176343
/
0.055144
=
3.1979
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
=
(722.874 - 0
-
976.243)
/
13682.111
=
-0.018518
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.
Foseco India has a M-score of 10.95 signals that the company is likely to be a manipulator.
Foseco India (NSE:FOSECOIND) has a Beneish M-Score of 10.95 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Foseco India and its competitors. According to the industry distribution chart, Foseco India ranks #1512 out of 1530 companies in the Chemicals industry, placing it in the top 98.8%.
Is Foseco India's Beneish M-Score too high?
Foseco India's current Beneish M-Score is 10.95. Based on the distribution chart, Foseco India ranks #1512 out of 1530 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Foseco India has a GF Score™ of 89/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Foseco India's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Foseco India ranks #1512 out of 1530 companies for Beneish M-Score. This places Foseco India 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Foseco India and its competitors. Foseco India's current Beneish M-Score is 10.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Foseco India stock overvalued right now?
Based on GuruFocus' analysis, Foseco India (NSE:FOSECOIND) is currently considered Fairly Valued. The stock's GF Value™ is ₹5,200.75, compared to a current price of ₹5,191.40 — trading 0.2% below its estimated fair value. The current Beneish M-Score is 10.95. Foseco India's overall GF Score™ is 89/100 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 Foseco India (NSE:FOSECOIND), the current Beneish M-Score is 10.95 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.
Is Foseco India (NSE:FOSECOIND) Overvalued in 2026?
Based on GuruFocus' analysis, Foseco India stock appears to be undervalued.
The current stock price of ₹5,191.40 is trading 0.2% below its estimated GF Value™ of ₹5,200.75.
GuruFocus considers Foseco India to be Fairly Valued.
Key valuation signals for NSE:FOSECOIND:
Beneish M-Score: 10.95
GF Value™: ₹5,200.75 vs. price of ₹5,191.40 (0.2% below fair value)
No single metric tells the full story. See the NSE:FOSECOIND stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Foseco India Ltd is engaged in the manufacture of products used in the metallurgical industry. Its products are additives and consumables that improve the physical properties and performance of castings. Some of its products are; INSTA Coatings which is a water-based powder coating for ferrous castings, SEMO CC Coatings, and SEMCO FDC among others. The company supplies castings to various segments like Automotive, Tractors, General Engineering, Valves, Power, Railways, etc. The manufacturing activities are at Sanaswadi, Pune, and Puducherry. Its solutions are categorized as Foundry, Iron & Steel, and Industrial Processes. The company generates a majority of revenue from its business in India.
89GF Score
Get the complete analysis for NSE:FOSECOIND
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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