JNK India (NSE:JNKINDIA) Beneish M-Score: -1.75 (As of Jul. 08, 2026)


NSE:JNKINDIA JNK India Ltd NSE:JNKINDIA
46 GF Score
Price ₹488.45
! 7 Warning Signs
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What is JNK India Beneish M-Score?

JNK India NSE:JNKINDIA -4.46% 46 Beneish M-Score is -1.75 as of Jul. 08, 2026. GuruFocus rates NSE:JNKINDIA with a GF Score™ of 46/100. The stock has 7 warning signs investors should review. Among 2,916 Industrial Products companies, JNK India ranks worse than 84.5% 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 -1.75 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:JNKINDIA' s Beneish M-Score Range Over the Past 10 Years
Min: -1.87   Med: -1.51   Max: -0.33
Current: -1.75

During the past 6 years, the highest Beneish M-Score of JNK India was -0.33. The lowest was -1.87. And the median was -1.51.

JNK India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JNK 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.

JNK India Beneish M-Score Chart

JNK India Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.87 -0.33 -1.27 -1.75

JNK India Quarterly Data
Mar21 Mar22 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 -1.27 0.00 0.00 0.00 -1.75

NSE:JNKINDIA vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, JNK 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.

JNK India Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, JNK India's Beneish M-Score distribution charts can be found below:

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


NSE:JNKINDIA
46GF Score
JNK India Ltd NSE:JNKINDIA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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JNK 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 JNK 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 * 0.4463+0.528 * 1.1049+0.404 * 1.4561+0.892 * 1.7173+0.115 * 0.9037
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.063116-0.327 * 1.2919
=-1.75

* 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 ₹3,463 Mil.
Revenue was ₹8,186 Mil.
Gross Profit was ₹1,928 Mil.
Total Current Assets was ₹9,689 Mil.
Total Assets was ₹10,616 Mil.
Property, Plant and Equipment(Net PPE) was ₹421 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹88 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹4,760 Mil.
Long-Term Debt & Capital Lease Obligation was ₹143 Mil.
Net Income was ₹648 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-22 Mil.
 Total Receivables was ₹4,518 Mil.
Revenue was ₹4,766 Mil.
Gross Profit was ₹1,241 Mil.
Total Current Assets was ₹7,291 Mil.
Total Assets was ₹7,890 Mil.
Property, Plant and Equipment(Net PPE) was ₹341 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹63 Mil.
Selling, General, & Admin. Expense(SGA) was ₹116 Mil.
Total Current Liabilities was ₹2,680 Mil.
Long-Term Debt & Capital Lease Obligation was ₹141 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)
=(3463.25 / 8185.53) / (4518.28 / 4766.45)
=0.423094 / 0.947934
=0.4463

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)
=(1240.77 / 4766.45) / (1928.43 / 8185.53)
=0.260313 / 0.23559
=1.1049

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 - (9689.02 + 421.05) / 10615.62) / (1 - (7290.79 + 341.15) / 7889.98)
=0.047623 / 0.032705
=1.4561

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
=8185.53 / 4766.45
=1.7173

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))
=(63.37 / (63.37 + 341.15)) / (88.3 / (88.3 + 421.05))
=0.156655 / 0.173358
=0.9037

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 / 8185.53) / (116.24 / 4766.45)
=0 / 0.024387
=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)
=((143.06 + 4760.49) / 10615.62) / ((140.71 + 2680.36) / 7889.98)
=0.461918 / 0.357551
=1.2919

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
=(648.2 - 0 - -21.82) / 10615.62
=0.063116

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.

JNK India has a M-score of -1.75 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 -1.75 mean?
JNK India (NSE:JNKINDIA) has a Beneish M-Score of -1.75 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JNK India and its competitors. According to the industry distribution chart, JNK India ranks #2464 out of 2916 companies in the Industrial Products industry, placing it in the top 84.5%.
Is JNK India's Beneish M-Score too high?
JNK India's current Beneish M-Score is -1.75. Based on the distribution chart, JNK India ranks #2464 out of 2916 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, JNK India has a GF Score™ of 46/100, reflecting its overall financial health beyond just this single metric.
How does JNK India's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, JNK India ranks #2464 out of 2916 companies for Beneish M-Score. This places JNK 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 JNK India and its competitors. JNK India's current Beneish M-Score is -1.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JNK India stock overvalued right now?
JNK India (NSE:JNKINDIA) has a current Beneish M-Score of -1.75. The current Beneish M-Score is -1.75. JNK India's overall GF Score™ is 46/100 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 JNK India (NSE:JNKINDIA), the current Beneish M-Score is -1.75 as of Jul. 08, 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.

JNK India Business Description

Other Exchanges 544167:India
Address Unit No. 203, 204, 205 & 206, Opposite TMC Office Centrum IT Park, Near Satkar Hotel, Thane -West, Thane, Mumbai, MH, IND, 400 604
JNK India Ltd is in the business of manufacturing process-fired heaters, reformers, and cracking furnaces (together, the Heating Equipment) that are required in process industries such as oil and gas refineries, petrochemical, and fertilizer industries. It has capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning process-fired heaters, reformers, and cracking furnaces.
46GF Score

Get the complete analysis for NSE:JNKINDIA

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

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