Indian Phosphate (NSE:IPHL) Beneish M-Score: -1.56 (As of Jun. 25, 2026)


NSE:IPHL Indian Phosphate Ltd NSE:IPHL
18 GF Score
Price ₹56.05
! 3 Warning Signs
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What is Indian Phosphate Beneish M-Score?

Indian Phosphate NSE:IPHL -1.15% 18 Beneish M-Score is -1.56 as of Jun. 25, 2026. GuruFocus rates NSE:IPHL with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 1,529 Chemicals companies, Indian Phosphate ranks worse than 88.49% 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 -1.56 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:IPHL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.31   Med: -2.09   Max: -1.56
Current: -1.56

During the past 5 years, the highest Beneish M-Score of Indian Phosphate was -1.56. The lowest was -2.31. And the median was -2.09.

Indian Phosphate Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Indian Phosphate'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.

Indian Phosphate Beneish M-Score Chart

Indian Phosphate Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.31 -2.09 -1.56

Indian Phosphate Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial -2.31 -2.09 0.00 -1.56 0.00

NSE:IPHL vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Indian Phosphate'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.

Indian Phosphate Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Indian Phosphate's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Indian Phosphate's Beneish M-Score falls into.


NSE:IPHL
18GF Score
Indian Phosphate Ltd NSE:IPHL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Indian Phosphate 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 Indian Phosphate 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 * 1.1224+0.528 * 2.2634+0.404 * 1.1347+0.892 * 1.1749+0.115 * 0.8157
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6416+4.679 * -0.006311-0.327 * 0.71
=-1.56

* 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 ₹1,060 Mil.
Revenue was ₹8,135 Mil.
Gross Profit was ₹190 Mil.
Total Current Assets was ₹2,133 Mil.
Total Assets was ₹2,908 Mil.
Property, Plant and Equipment(Net PPE) was ₹709 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹31 Mil.
Selling, General, & Admin. Expense(SGA) was ₹582 Mil.
Total Current Liabilities was ₹1,106 Mil.
Long-Term Debt & Capital Lease Obligation was ₹159 Mil.
Net Income was ₹87 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹105 Mil.
 Total Receivables was ₹804 Mil.
Revenue was ₹6,924 Mil.
Gross Profit was ₹366 Mil.
Total Current Assets was ₹2,018 Mil.
Total Assets was ₹2,538 Mil.
Property, Plant and Equipment(Net PPE) was ₹470 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16 Mil.
Selling, General, & Admin. Expense(SGA) was ₹302 Mil.
Total Current Liabilities was ₹1,376 Mil.
Long-Term Debt & Capital Lease Obligation was ₹179 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)
=(1060.162 / 8134.62) / (803.924 / 6923.616)
=0.130327 / 0.116113
=1.1224

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)
=(366.047 / 6923.616) / (190.006 / 8134.62)
=0.052869 / 0.023358
=2.2634

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 - (2132.664 + 709.122) / 2907.822) / (1 - (2017.894 + 469.773) / 2538.471)
=0.02271 / 0.020014
=1.1347

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
=8134.62 / 6923.616
=1.1749

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))
=(16.367 / (16.367 + 469.773)) / (30.529 / (30.529 + 709.122))
=0.033667 / 0.041275
=0.8157

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)
=(582.304 / 8134.62) / (301.909 / 6923.616)
=0.071583 / 0.043606
=1.6416

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)
=((158.83 + 1106.082) / 2907.822) / ((179.012 + 1376.183) / 2538.471)
=0.435003 / 0.61265
=0.71

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
=(86.866 - 0 - 105.216) / 2907.822
=-0.006311

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.

Indian Phosphate has a M-score of -1.56 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 -1.56 mean?
Indian Phosphate (NSE:IPHL) has a Beneish M-Score of -1.56 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Indian Phosphate and its competitors. According to the industry distribution chart, Indian Phosphate ranks #1353 out of 1529 companies in the Chemicals industry, placing it in the top 88.5%.
Is Indian Phosphate's Beneish M-Score too high?
Indian Phosphate's current Beneish M-Score is -1.56. Based on the distribution chart, Indian Phosphate ranks #1353 out of 1529 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Indian Phosphate has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Indian Phosphate's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Indian Phosphate ranks #1353 out of 1529 companies for Beneish M-Score. This places Indian Phosphate 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 Indian Phosphate and its competitors. Indian Phosphate's current Beneish M-Score is -1.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indian Phosphate stock overvalued right now?
Indian Phosphate (NSE:IPHL) has a current Beneish M-Score of -1.56. The current Beneish M-Score is -1.56. Indian Phosphate's overall GF Score™ is 18/100 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 Indian Phosphate (NSE:IPHL), the current Beneish M-Score is -1.56 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.

Indian Phosphate Business Description

Address Plot 638, Sector-11, Girwa, Udaipur, RJ, IND, 313001
Indian Phosphate Ltd is involved in the production of Linear Alkylbenzene Sulphonic Acid (LABSA) 90%, an anionic surfactant used in the formulation of various detergent products such as powders, cakes, toilet cleaners, and liquid detergents. The company is also involved in manufacturing Single Super Phosphate (SSP) fertilizer and Granules Single Super Phosphate (GSSP). The business comprises the manufacture, purchase, and sale of Fertilizers and chemicals. The company generates the majority of its revenue from the Chemical Division.
18GF 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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