IC Electricals Co (NSE:ICELCO) Beneish M-Score: -1.44 (As of Sep. 10, 2026)

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NSE:ICELCO IC Electricals Co Ltd NSE:ICELCO
17 GF Score
Price ₹120.55
! 3 Warning Signs
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What is IC Electricals Co Beneish M-Score?

IC Electricals Co NSE:ICELCO +1.35% 17 Beneish M-Score is -1.44 as of Sep. 10, 2026. GuruFocus rates NSE:ICELCO with a GF Score™ of 17/100. The stock has 3 warning signs investors should review. Among 979 Transportation companies, IC Electricals Co ranks worse than 89.27% 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 -1.44 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for IC Electricals Co's Beneish M-Score or its related term are showing as below:

NSE:ICELCO' s Beneish M-Score Range Over the Past 10 Years
Min: -1.44   Med: 0   Max: 0
Current: -1.44

During the past 4 years, the highest Beneish M-Score of IC Electricals Co was 0.00. The lowest was -1.44. And the median was 0.00.

IC Electricals Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IC Electricals Co'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.

IC Electricals Co Beneish M-Score Chart

IC Electricals Co Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.17 -1.44

IC Electricals Co Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.17 -1.44

NSE:ICELCO vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, IC Electricals Co'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.

IC Electricals Co Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, IC Electricals Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where IC Electricals Co's Beneish M-Score falls into.


NSE:ICELCO
17GF Score
IC Electricals Co Ltd NSE:ICELCO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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IC Electricals Co 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 IC Electricals Co 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 * 1.3376+0.528 * 0.8719+0.404 * 1.0722+0.892 * 1.1736+0.115 * 0.7058
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8269+4.679 * 0.130124-0.327 * 0.9728
=-1.44

* 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 ₹566 Mil.
Revenue was ₹1,430 Mil.
Gross Profit was ₹346 Mil.
Total Current Assets was ₹1,848 Mil.
Total Assets was ₹1,934 Mil.
Property, Plant and Equipment(Net PPE) was ₹31 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25 Mil.
Total Current Liabilities was ₹1,263 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23 Mil.
Net Income was ₹141 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-111 Mil.
 Total Receivables was ₹360 Mil.
Revenue was ₹1,219 Mil.
Gross Profit was ₹257 Mil.
Total Current Assets was ₹1,529 Mil.
Total Assets was ₹1,600 Mil.
Property, Plant and Equipment(Net PPE) was ₹28 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25 Mil.
Total Current Liabilities was ₹1,074 Mil.
Long-Term Debt & Capital Lease Obligation was ₹19 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)
=(565.694 / 1430.415) / (360.356 / 1218.859)
=0.395475 / 0.29565
=1.3376

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)
=(257.109 / 1218.859) / (346.072 / 1430.415)
=0.210942 / 0.241938
=0.8719

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 - (1847.527 + 30.677) / 1934.445) / (1 - (1528.998 + 28.026) / 1600.421)
=0.029073 / 0.027116
=1.0722

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
=1430.415 / 1218.859
=1.1736

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))
=(4.678 / (4.678 + 28.026)) / (7.797 / (7.797 + 30.677))
=0.143041 / 0.202656
=0.7058

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)
=(24.64 / 1430.415) / (25.391 / 1218.859)
=0.017226 / 0.020832
=0.8269

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)
=((23.073 + 1262.682) / 1934.445) / ((19.167 + 1074.326) / 1600.421)
=0.664664 / 0.683253
=0.9728

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
=(140.763 - 0 - -110.955) / 1934.445
=0.130124

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.

IC Electricals Co has a M-score of -1.44 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 -1.44 mean?
IC Electricals Co (NSE:ICELCO) has a Beneish M-Score of -1.44 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IC Electricals Co and its competitors. According to the industry distribution chart, IC Electricals Co ranks #874 out of 979 companies in the Transportation industry, placing it in the top 89.3%.
Is IC Electricals Co's Beneish M-Score too high?
IC Electricals Co's current Beneish M-Score is -1.44. Based on the distribution chart, IC Electricals Co ranks #874 out of 979 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, IC Electricals Co has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does IC Electricals Co's Beneish M-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, IC Electricals Co ranks #874 out of 979 companies for Beneish M-Score. This places IC Electricals Co 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 IC Electricals Co and its competitors. IC Electricals Co's current Beneish M-Score is -1.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IC Electricals Co stock overvalued right now?
IC Electricals Co (NSE:ICELCO) has a current Beneish M-Score of -1.44. The current Beneish M-Score is -1.44. IC Electricals Co's overall GF Score™ is 17/100 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 IC Electricals Co (NSE:ICELCO), the current Beneish M-Score is -1.44 as of Sep. 10, 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.

IC Electricals Co Business Description

Address 1002-1003, 10th Floor, DLF Tower-A, Jasola, New Delhi, IND, 110025
IC Electricals Co Ltd is engaged in the business of manufacturing of electronic equipment for Railways Application. Its offerings include various electronic products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, compliant with the latest technical standards. Additionally, the company also manufactures railway components, including alternators, traction motors, and permanent magnet alternators with controllers. The majority of its revenue is derived from the sale of electronic products to government departments and ministries such as Ministry of Railways.
17GF 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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