Kalana Ispat (NSE:KALANA) Beneish M-Score: 3078.71 (As of Jun. 28, 2026)


NSE:KALANA Kalana Ispat Ltd NSE:KALANA
34 GF Score
Price ₹21.00
! 6 Warning Signs
View Full Analysis

What is Kalana Ispat Beneish M-Score?

Kalana Ispat NSE:KALANA +2.44% 34 Beneish M-Score is 3078.71 as of Jun. 28, 2026. GuruFocus rates NSE:KALANA with a GF Score™ of 34/100. The stock has 6 warning signs investors should review. Among 588 Steel companies, Kalana Ispat ranks worse than 100% 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 3078.71 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:KALANA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -1.61   Max: 3078.71
Current: 3078.71

During the past 6 years, the highest Beneish M-Score of Kalana Ispat was 3078.71. The lowest was -3.27. And the median was -1.61.

Kalana Ispat Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kalana Ispat'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.

Kalana Ispat Beneish M-Score Chart

Kalana Ispat Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.61 0.00 -3.27 3,078.71

Kalana Ispat Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.61 0.00 -3.27 3,078.71

NSE:KALANA vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Kalana Ispat'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.

Kalana Ispat Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Kalana Ispat's Beneish M-Score distribution charts can be found below:

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


NSE:KALANA
34GF Score
Kalana Ispat Ltd NSE:KALANA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kalana Ispat 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 Kalana Ispat 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 * 1.1186+0.528 * 0.9866+0.404 * 7627.5+0.892 * 0.9393+0.115 * 1.1315
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2462+4.679 * 0.02437-0.327 * 1.1517
=3,078.71

* 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 ₹51.1 Mil.
Revenue was ₹518.4 Mil.
Gross Profit was ₹83.2 Mil.
Total Current Assets was ₹172.4 Mil.
Total Assets was ₹501.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹321.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.3 Mil.
Total Current Liabilities was ₹51.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2.9 Mil.
Net Income was ₹9.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-2.5 Mil.
 Total Receivables was ₹48.6 Mil.
Revenue was ₹551.9 Mil.
Gross Profit was ₹87.4 Mil.
Total Current Assets was ₹309.9 Mil.
Total Assets was ₹479.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹169.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3.6 Mil.
Total Current Liabilities was ₹41.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3.7 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)
=(51.104 / 518.404) / (48.64 / 551.908)
=0.098579 / 0.088131
=1.1186

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)
=(87.382 / 551.908) / (83.194 / 518.404)
=0.158327 / 0.160481
=0.9866

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 - (172.388 + 321.437) / 501.475) / (1 - (309.926 + 169.322) / 479.249)
=0.015255 / 2.0E-6
=7627.5

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
=518.404 / 551.908
=0.9393

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))
=(3.643 / (3.643 + 169.322)) / (6.097 / (6.097 + 321.437))
=0.021062 / 0.018615
=1.1315

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)
=(4.261 / 518.404) / (3.64 / 551.908)
=0.008219 / 0.006595
=1.2462

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)
=((2.901 + 51.034) / 501.475) / ((3.716 + 41.041) / 479.249)
=0.107553 / 0.09339
=1.1517

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
=(9.672 - 0 - -2.549) / 501.475
=0.02437

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.

Kalana Ispat has a M-score of 3,078.71 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 3078.71 mean?
Kalana Ispat (NSE:KALANA) has a Beneish M-Score of 3078.71 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kalana Ispat and its competitors. According to the industry distribution chart, Kalana Ispat ranks #588 out of 588 companies in the Steel industry.
Is Kalana Ispat's Beneish M-Score too high?
Kalana Ispat's current Beneish M-Score is 3078.71. Based on the distribution chart, Kalana Ispat ranks #588 out of 588 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Kalana Ispat has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does Kalana Ispat's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Kalana Ispat ranks #588 out of 588 companies for Beneish M-Score. This places Kalana Ispat 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Kalana Ispat and its competitors. Kalana Ispat's current Beneish M-Score is 3078.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kalana Ispat stock overvalued right now?
Kalana Ispat (NSE:KALANA) has a current Beneish M-Score of 3078.71. The current Beneish M-Score is 3078.71. Kalana Ispat's overall GF Score™ is 34/100 with 6 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 Kalana Ispat (NSE:KALANA), the current Beneish M-Score is 3078.71 as of Jun. 28, 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.

Kalana Ispat Business Description

Address C-918, Venus Stratum Near Jhasi Ki Rani Statue, Azad Society, Nehrunagar, Ahmedabad, GJ, IND, 380015
Kalana Ispat Ltd is engaged in Manufacturing & dealing in casting, moulding and trading of steel and iron products and sale of service (Job work). The company is mainly engaged in manufacturing of M.S. Billets and Alloy Steel Billets of various grades. The company's products are alloy steel billets, M S billets. The company has only one Primary reportable segment viz Iron & Steel Products (i.e. manufacturing of M.S. Billets/Ingots and Alloy Steel Billets/Ingots of various grades). The company mainly operates only in lndia.
34GF Score

Get the complete analysis for NSE:KALANA

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

₹21.00
Price