JSW Cement (NSE:JSWCEMENT) Beneish M-Score: -2.95 (As of Jun. 26, 2026)


NSE:JSWCEMENT JSW Cement Ltd NSE:JSWCEMENT
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What is JSW Cement Beneish M-Score?

JSW Cement NSE:JSWCEMENT -0.03% 12 Beneish M-Score is -2.95 as of Jun. 26, 2026. GuruFocus rates NSE:JSWCEMENT with a GF Score™ of 12/100. The stock has 4 warning signs investors should review. Among 388 Building Materials companies, JSW Cement ranks better than 82.47% 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:JSWCEMENT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.9   Max: -2.85
Current: -2.95

During the past 4 years, the highest Beneish M-Score of JSW Cement was -2.85. The lowest was -2.95. And the median was -2.90.

JSW Cement Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JSW Cement'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.

JSW Cement Beneish M-Score Chart

JSW Cement Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.85 -2.95

JSW Cement Quarterly Data
Mar23 Mar24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.85 0.00 0.00 -2.95

NSE:JSWCEMENT vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, JSW Cement'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.

JSW Cement Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, JSW Cement's Beneish M-Score distribution charts can be found below:

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


NSE:JSWCEMENT
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JSW Cement Ltd NSE:JSWCEMENT
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JSW Cement 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 JSW Cement 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 * 0.7896+0.528 * 0.9992+0.404 * 1.2803+0.892 * 1.1203+0.115 * 1.0794
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9662+4.679 * -0.13254-0.327 * 0.6736
=-2.95

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹10,661 Mil.
Revenue was ₹65,125 Mil.
Gross Profit was ₹48,816 Mil.
Total Current Assets was ₹28,725 Mil.
Total Assets was ₹145,355 Mil.
Property, Plant and Equipment(Net PPE) was ₹84,995 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,222 Mil.
Selling, General, & Admin. Expense(SGA) was ₹15,111 Mil.
Total Current Liabilities was ₹39,700 Mil.
Long-Term Debt & Capital Lease Obligation was ₹34,269 Mil.
Net Income was ₹-7,563 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹11,702 Mil.
 Total Receivables was ₹12,052 Mil.
Revenue was ₹58,131 Mil.
Gross Profit was ₹43,537 Mil.
Total Current Assets was ₹24,028 Mil.
Total Assets was ₹120,039 Mil.
Property, Plant and Equipment(Net PPE) was ₹75,606 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,103 Mil.
Selling, General, & Admin. Expense(SGA) was ₹13,960 Mil.
Total Current Liabilities was ₹37,072 Mil.
Long-Term Debt & Capital Lease Obligation was ₹53,618 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)
=(10660.5 / 65124.6) / (12051.67 / 58130.7)
=0.163694 / 0.20732
=0.7896

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)
=(43536.6 / 58130.7) / (48815.7 / 65124.6)
=0.748943 / 0.749574
=0.9992

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 - (28725.3 + 84995) / 145354.8) / (1 - (24027.64 + 75606.33) / 120039.43)
=0.217636 / 0.16999
=1.2803

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
=65124.6 / 58130.7
=1.1203

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))
=(3103.4 / (3103.4 + 75606.33)) / (3222.4 / (3222.4 + 84995))
=0.039428 / 0.036528
=1.0794

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)
=(15111.3 / 65124.6) / (13960.2 / 58130.7)
=0.232037 / 0.240152
=0.9662

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)
=((34268.7 + 39700.1) / 145354.8) / ((53618.49 + 37071.59) / 120039.43)
=0.508884 / 0.755502
=0.6736

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
=(-7563.2 - 0 - 11702.1) / 145354.8
=-0.13254

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.

JSW Cement has a M-score of -2.95 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 -2.95 mean?
JSW Cement (NSE:JSWCEMENT) has a Beneish M-Score of -2.95 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JSW Cement and its competitors. According to the industry distribution chart, JSW Cement ranks #68 out of 388 companies in the Building Materials industry, placing it in the top 17.5%.
Is JSW Cement's Beneish M-Score too high?
JSW Cement's current Beneish M-Score is -2.95. Based on the distribution chart, JSW Cement ranks #68 out of 388 companies in the Building Materials industry, which is in the top quartile — a strong position relative to peers. Overall, JSW Cement has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does JSW Cement's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, JSW Cement ranks #68 out of 388 companies for Beneish M-Score. This places JSW Cement in the top 18% of its industry — outperforming the majority of peers. 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 JSW Cement and its competitors. JSW Cement's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JSW Cement stock overvalued right now?
JSW Cement (NSE:JSWCEMENT) has a current Beneish M-Score of -2.95. The current Beneish M-Score is -2.95. JSW Cement's overall GF Score™ is 12/100 with 4 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 JSW Cement (NSE:JSWCEMENT), the current Beneish M-Score is -2.95 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.

JSW Cement Business Description

Other Exchanges 544480:India
Address JSW CENTRE, BANDRA KURLA COMPLEX, MUMBAI, MH, IND, 400051
JSW Cement Ltd is a cement company based in India. Its products include: Cement, additives, plaster, aggregates, ready-mix concrete, cementitious materials.
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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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