Kalyani Steels Beneish M-Score Historical Data
The historical data trend for Kalyani Steels'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.
Kalyani Steels Beneish M-Score Chart
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Kalyani Steels Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-3.22 |
-2.08 |
-2.21 |
-1.74 |
-2.78 |
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Kalyani Steels Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.78 |
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Competitive Comparison of Kalyani Steels's Beneish M-Score
For the Steel subindustry, Kalyani Steels'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.
Kalyani Steels's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Kalyani Steels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kalyani Steels's Beneish M-Score falls into.
Kalyani Steels 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 Kalyani Steels 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 * 1.0024 | + | 0.528 * 0.8167 | + | 0.404 * 0.4807 | + | 0.892 * 1.0296 | + | 0.115 * 1.4204 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9618 | + | 4.679 * -0.0205 | - | 0.327 * 0.945 |
| = | -2.78 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹4,479 Mil.
Revenue was ₹19,297 Mil.
Gross Profit was ₹5,078 Mil.
Total Current Assets was ₹13,727 Mil.
Total Assets was ₹25,733 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,149 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹608 Mil.
Selling, General, & Admin. Expense(SGA) was ₹636 Mil.
Total Current Liabilities was ₹7,814 Mil.
Long-Term Debt & Capital Lease Obligation was ₹834 Mil.
Net Income was ₹2,488 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹3,015 Mil.
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Total Receivables was ₹4,340 Mil.
Revenue was ₹18,742 Mil.
Gross Profit was ₹4,028 Mil.
Total Current Assets was ₹15,703 Mil.
Total Assets was ₹23,505 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,173 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹489 Mil.
Selling, General, & Admin. Expense(SGA) was ₹642 Mil.
Total Current Liabilities was ₹6,509 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,850 Mil.
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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) |
| = | (4479.11 / 19296.66) | / | (4339.82 / 18741.67) |
| = | 0.232118 | / | 0.23156 |
| | = | 1.0024 |
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) |
| = | (4028.03 / 18741.67) | / | (5078.06 / 19296.66) |
| = | 0.214924 | / | 0.263157 |
| | = | 0.8167 |
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 - (13726.79 + 11148.82) / 25733.17) | / | (1 - (15702.57 + 6173.29) / 23505.4) |
| = | 0.033325 | / | 0.069326 |
| | = | 0.4807 |
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 |
| = | 19296.66 | / | 18741.67 |
| | = | 1.0296 |
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)) |
| = | (489.02 / (489.02 + 6173.29)) | / | (607.51 / (607.51 + 11148.82)) |
| = | 0.073401 | / | 0.051675 |
| | = | 1.4204 |
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) |
| = | (635.9 / 19296.66) | / | (642.12 / 18741.67) |
| = | 0.032954 | / | 0.034262 |
| | = | 0.9618 |
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) |
| = | ((833.74 + 7814.07) / 25733.17) | / | ((1849.88 + 6509.14) / 23505.4) |
| = | 0.336057 | / | 0.355621 |
| | = | 0.945 |
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 |
| = | (2487.84 - 0 | - | 3015.37) | / | 25733.17 |
| | = | -0.0205 |
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.
Kalyani Steels has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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