Kataria Industries (NSE:KATARIA) Beneish M-Score: -1.76 (As of Jul. 27, 2026)

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NSE:KATARIA Kataria Industries Ltd NSE:KATARIA
34 GF Score
Price ₹98.30
! 5 Warning Signs
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What is Kataria Industries Beneish M-Score?

Kataria Industries NSE:KATARIA -0.41% 34 Beneish M-Score is -1.76 as of Jul. 27, 2026. GuruFocus rates NSE:KATARIA with a GF Score™ of 34/100. The stock has 5 warning signs investors should review. Among 587 Steel companies, Kataria Industries ranks worse than 80.24% 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 -1.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:KATARIA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.52   Med: -1.91   Max: -1.76
Current: -1.76

During the past 6 years, the highest Beneish M-Score of Kataria Industries was -1.76. The lowest was -4.52. And the median was -1.91.

Kataria Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kataria Industries'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.

Kataria Industries Beneish M-Score Chart

Kataria Industries Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.78 -4.52 -2.04 -1.76

Kataria Industries Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -4.52 0.00 -2.04 0.00 -1.76

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

For the Steel subindustry, Kataria Industries'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.

Kataria Industries Beneish M-Score vs Steel Industry

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

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


NSE:KATARIA
34GF Score
Kataria Industries Ltd NSE:KATARIA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kataria Industries 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 Kataria Industries 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 * 1.9691+0.528 * 0.8836+0.404 * 1.0594+0.892 * 0.9442+0.115 * 0.9301
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.049695-0.327 * 1.0579
=-1.76

* 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 ₹685 Mil.
Revenue was ₹3,310 Mil.
Gross Profit was ₹535 Mil.
Total Current Assets was ₹1,108 Mil.
Total Assets was ₹1,530 Mil.
Property, Plant and Equipment(Net PPE) was ₹398 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹53 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹294 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹121 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹197 Mil.
 Total Receivables was ₹368 Mil.
Revenue was ₹3,506 Mil.
Gross Profit was ₹501 Mil.
Total Current Assets was ₹905 Mil.
Total Assets was ₹1,365 Mil.
Property, Plant and Equipment(Net PPE) was ₹440 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹54 Mil.
Selling, General, & Admin. Expense(SGA) was ₹70 Mil.
Total Current Liabilities was ₹248 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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)
=(684.784 / 3310.382) / (368.324 / 3506.074)
=0.20686 / 0.105053
=1.9691

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)
=(501.08 / 3506.074) / (535.456 / 3310.382)
=0.142918 / 0.161751
=0.8836

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 - (1108.168 + 397.967) / 1530.354) / (1 - (904.555 + 440.07) / 1365.016)
=0.015826 / 0.014938
=1.0594

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
=3310.382 / 3506.074
=0.9442

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))
=(53.907 / (53.907 + 440.07)) / (52.899 / (52.899 + 397.967))
=0.109129 / 0.117328
=0.9301

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 / 3310.382) / (70.227 / 3506.074)
=0 / 0.02003
=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)
=((0 + 293.868) / 1530.354) / ((0 + 247.769) / 1365.016)
=0.192026 / 0.181514
=1.0579

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
=(121.246 - 0 - 197.297) / 1530.354
=-0.049695

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.

Kataria Industries has a M-score of -1.76 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 -1.76 mean?
Kataria Industries (NSE:KATARIA) has a Beneish M-Score of -1.76 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kataria Industries and its competitors. According to the industry distribution chart, Kataria Industries ranks #471 out of 587 companies in the Steel industry, placing it in the top 80.2%.
Is Kataria Industries' Beneish M-Score too high?
Kataria Industries' current Beneish M-Score is -1.76. Based on the distribution chart, Kataria Industries ranks #471 out of 587 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Kataria Industries has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does Kataria Industries' Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Kataria Industries ranks #471 out of 587 companies for Beneish M-Score. This places Kataria Industries 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 Kataria Industries and its competitors. Kataria Industries's current Beneish M-Score is -1.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kataria Industries stock overvalued right now?
Kataria Industries (NSE:KATARIA) has a current Beneish M-Score of -1.76. The current Beneish M-Score is -1.76. Kataria Industries' overall GF Score™ is 34/100 with 5 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 Kataria Industries (NSE:KATARIA), the current Beneish M-Score is -1.76 as of Jul. 27, 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.

Kataria Industries Business Description

Address 34-38 and 44, Industrial Area, Ratlam, MP, IND, 457001
Kataria Industries Ltd is engaged in the manufacturing and supply of low relaxation pre-stressed concrete (LRPC) strands and steel wires, post-tensioning (PT) anchorage systems (anchor cone, anchor head, and wedges), HDPE single wall corrugated (SWC) sheathing ducts, couplers, and aluminium conductors. Its products are utilized in various projects such as roads, bridges and flyovers, metros, railways, buildings, atomic reactors, LNG tanks, power transmission and distribution lines, etc. The company's operating business segments are Wire, which generates the maximum revenue, Cable/Conductor, and Accessories.
34GF 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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