GAIL (India) (NSE:GAIL) Beneish M-Score: -2.51 (As of Jun. 25, 2026)


NSE:GAIL GAIL (India) Ltd NSE:GAIL
89 GF Score
Price ₹172.85
GF Value ₹180.97
Valuation Fairly Valued
! 7 Warning Signs
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What is GAIL (India) Beneish M-Score?

GAIL (India) NSE:GAIL -1.19% 89 Beneish M-Score is -2.51 as of Jun. 25, 2026. GuruFocus rates NSE:GAIL with a GF Score™ of 89/100 and a GF Value™ of ₹180.97 (Fairly Valued). The stock has 7 warning signs investors should review. Among 485 Utilities - Regulated companies, GAIL (India) ranks worse than 57.94% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for GAIL (India)'s Beneish M-Score or its related term are showing as below:

NSE:GAIL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09   Med: -2.61   Max: -1.1
Current: -2.51

During the past 13 years, the highest Beneish M-Score of GAIL (India) was -1.10. The lowest was -3.09. And the median was -2.61.

GAIL (India) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GAIL (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.

GAIL (India) Beneish M-Score Chart

GAIL (India) Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.49 -1.10 -2.99 -2.81 -2.51

GAIL (India) Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.81 0.00 0.00 0.00 -2.51

NSE:GAIL vs ATO, NI, UGI: Beneish M-Score Comparison

For the Utilities - Regulated Gas subindustry, GAIL (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.

GAIL (India) Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, GAIL (India)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GAIL (India)'s Beneish M-Score falls into.


NSE:GAIL
89GF Score
GAIL (India) Ltd NSE:GAIL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

GAIL (India) 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 GAIL (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 * 0.8544+0.528 * 1.0792+0.404 * 1.0681+0.892 * 0.9979+0.115 * 1.0541
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.026087-0.327 * 1.0474
=-2.51

* 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 ₹86,801 Mil.
Revenue was ₹1,415,977 Mil.
Gross Profit was ₹242,019 Mil.
Total Current Assets was ₹197,617 Mil.
Total Assets was ₹1,405,366 Mil.
Property, Plant and Equipment(Net PPE) was ₹892,739 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹38,351 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹232,814 Mil.
Long-Term Debt & Capital Lease Obligation was ₹175,311 Mil.
Net Income was ₹75,825 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹112,487 Mil.
 Total Receivables was ₹101,812 Mil.
Revenue was ₹1,419,017 Mil.
Gross Profit was ₹261,737 Mil.
Total Current Assets was ₹215,017 Mil.
Total Assets was ₹1,331,487 Mil.
Property, Plant and Equipment(Net PPE) was ₹837,045 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹37,992 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5,826 Mil.
Total Current Liabilities was ₹218,995 Mil.
Long-Term Debt & Capital Lease Obligation was ₹150,190 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)
=(86800.7 / 1415977.2) / (101811.7 / 1419016.9)
=0.061301 / 0.071748
=0.8544

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)
=(261736.7 / 1419016.9) / (242019.3 / 1415977.2)
=0.184449 / 0.17092
=1.0792

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 - (197617.1 + 892738.9) / 1405365.9) / (1 - (215017 + 837045.2) / 1331487.3)
=0.224148 / 0.209859
=1.0681

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
=1415977.2 / 1419016.9
=0.9979

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))
=(37992.3 / (37992.3 + 837045.2)) / (38350.9 / (38350.9 + 892738.9))
=0.043418 / 0.041189
=1.0541

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 / 1415977.2) / (5826.1 / 1419016.9)
=0 / 0.004106
=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)
=((175311.1 + 232814.1) / 1405365.9) / ((150190.1 + 218995.1) / 1331487.3)
=0.290405 / 0.277273
=1.0474

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
=(75824.7 - 0 - 112486.5) / 1405365.9
=-0.026087

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.

GAIL (India) has a M-score of -2.51 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 -2.51 mean?
GAIL (India) (NSE:GAIL) has a Beneish M-Score of -2.51 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GAIL (India) and its competitors. According to the industry distribution chart, GAIL (India) ranks #281 out of 485 companies in the Utilities - Regulated industry, placing it in the top 57.9%.
Is GAIL (India)'s Beneish M-Score too high?
GAIL (India)'s current Beneish M-Score is -2.51. Based on the distribution chart, GAIL (India) ranks #281 out of 485 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, GAIL (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 GAIL (India)'s Beneish M-Score compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, GAIL (India) ranks #281 out of 485 companies for Beneish M-Score. This places GAIL (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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 GAIL (India) and its competitors. GAIL (India)'s current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GAIL (India) stock overvalued right now?
Based on GuruFocus' analysis, GAIL (India) (NSE:GAIL) is currently considered Fairly Valued. The stock's GF Value™ is ₹180.97, compared to a current price of ₹172.85 — trading 4.5% below its estimated fair value. The current Beneish M-Score is -2.51. GAIL (India)'s overall GF Score™ is 89/100 with 7 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 GAIL (India) (NSE:GAIL), the current Beneish M-Score is -2.51 as of Jun. 25, 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 GAIL (India) (NSE:GAIL) Overvalued in 2026?

Based on GuruFocus' analysis, GAIL (India) stock appears to be undervalued. The current stock price of ₹172.85 is trading 4.5% below its estimated GF Value™ of ₹180.97. GuruFocus considers GAIL (India) to be Fairly Valued.

Key valuation signals for NSE:GAIL:

  • Beneish M-Score: -2.51
  • GF Value™: ₹180.97 vs. price of ₹172.85 (4.5% below fair value)
  • GF Score™: 89/100 with 7 warning signs

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

GAIL (India) Business Description

Address 16, Bhikaiji Cama Place, Gail Bhawan, R.K. Puram, New Delhi, IND, 110066
GAIL (India) Ltd is an Indian natural gas processing and distribution company of which the Government of India owns a majority of shares. GAIL India's core business is the sale and transmission of both natural gas and a variety of LPGs, or liquefied petroleum gases. The company segments its operations into Transmission services; Natural Gas Marketing; Petrochemicals; LPG and Other Liquid Hydrocarbon; and Other Segments, which includes City Gas Distribution (CGD), Exploration and Production (E&P), Compressed Bio Gas (CBG) & Power Generation. The company generates key revenue from Natural Gas Marketing.
89GF Score

Get the complete analysis for NSE:GAIL

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

₹172.85
Price
₹180.97
GF Value