Mandeep Auto Industries (NSE:MANDEEP) Beneish M-Score: 2.53 (As of Jun. 26, 2026) — Near Median


NSE:MANDEEP Mandeep Auto Industries Ltd NSE:MANDEEP
18 GF Score
Price ₹19.20
! 6 Warning Signs
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What is Mandeep Auto Industries Beneish M-Score?

Mandeep Auto Industries NSE:MANDEEP 18 Beneish M-Score is 2.53 as of Jun. 26, 2026, which is at its 10-year median of 2.53. GuruFocus rates NSE:MANDEEP with a GF Score™ of 18/100. The stock has 6 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Mandeep Auto Industries ranks worse than 98.43% 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 2.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:MANDEEP' s Beneish M-Score Range Over the Past 10 Years
Min: -0.55   Med: 2.53   Max: 2.95
Current: 2.53

During the past 5 years, the highest Beneish M-Score of Mandeep Auto Industries was 2.95. The lowest was -0.55. And the median was 2.53.

Mandeep Auto Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mandeep Auto 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.

Mandeep Auto Industries Beneish M-Score Chart

Mandeep Auto Industries Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -0.55 2.95 2.53

Mandeep Auto Industries Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -0.55 2.95 2.53

NSE:MANDEEP vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Mandeep Auto 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.

Mandeep Auto Industries Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Mandeep Auto Industries's Beneish M-Score distribution charts can be found below:

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


NSE:MANDEEP
18GF Score
Mandeep Auto Industries Ltd NSE:MANDEEP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Mandeep Auto 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 Mandeep Auto 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 * 1.2012+0.528 * 1.7896+0.404 * 8.5622+0.892 * 1.3043+0.115 * 1.4073
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9535+4.679 * 0.201035-0.327 * 0.2229
=2.53

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹70.1 Mil.
Revenue was ₹322.2 Mil.
Gross Profit was ₹38.2 Mil.
Total Current Assets was ₹307.4 Mil.
Total Assets was ₹397.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹86.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.8 Mil.
Total Current Liabilities was ₹37.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18.4 Mil.
Net Income was ₹14.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-65.8 Mil.
 Total Receivables was ₹44.8 Mil.
Revenue was ₹247.0 Mil.
Gross Profit was ₹52.4 Mil.
Total Current Assets was ₹211.0 Mil.
Total Assets was ₹238.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹27.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.1 Mil.
Total Current Liabilities was ₹104.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹46.6 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)
=(70.138 / 322.168) / (44.767 / 246.997)
=0.217706 / 0.181245
=1.2012

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)
=(52.382 / 246.997) / (38.178 / 322.168)
=0.212075 / 0.118503
=1.7896

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 - (307.363 + 86.447) / 397.448) / (1 - (211.043 + 27.171) / 238.469)
=0.009153 / 0.001069
=8.5622

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
=322.168 / 246.997
=1.3043

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))
=(1.87 / (1.87 + 27.171)) / (4.145 / (4.145 + 86.447))
=0.064392 / 0.045755
=1.4073

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)
=(2.8 / 322.168) / (1.099 / 246.997)
=0.008691 / 0.004449
=1.9535

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)
=((18.37 + 37.836) / 397.448) / ((46.605 + 104.664) / 238.469)
=0.141417 / 0.634334
=0.2229

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
=(14.101 - 0 - -65.8) / 397.448
=0.201035

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.

Mandeep Auto Industries has a M-score of 2.53 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 2.53 mean?
Mandeep Auto Industries (NSE:MANDEEP) has a Beneish M-Score of 2.53 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mandeep Auto Industries and its competitors. This is near median its historical median of 2.53. According to the industry distribution chart, Mandeep Auto Industries ranks #1254 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 98.4%.
Is Mandeep Auto Industries' Beneish M-Score too high?
Mandeep Auto Industries' current Beneish M-Score of 2.53 is near median its 10-year median of 2.53. Based on the distribution chart, Mandeep Auto Industries ranks #1254 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Mandeep Auto Industries has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Mandeep Auto Industries' Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Mandeep Auto Industries ranks #1254 out of 1274 companies for Beneish M-Score. This places Mandeep Auto 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Mandeep Auto Industries and its competitors. Mandeep Auto Industries's current Beneish M-Score is 2.53, which is near median its own 10-year median of 2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mandeep Auto Industries stock overvalued right now?
Mandeep Auto Industries (NSE:MANDEEP) has a current Beneish M-Score of 2.53. The current Beneish M-Score is 2.53, which is near median its 10-year median of 2.53. Mandeep Auto Industries' overall GF Score™ is 18/100 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 Mandeep Auto Industries (NSE:MANDEEP), the current Beneish M-Score is 2.53 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.

Mandeep Auto Industries Business Description

Address 30 Feet Road, Sector 53, Plot No. 26, Nangla Gujran, Sarurpur Industrial Area, Faridabad, HR, IND, 121001
Mandeep Auto Industries Ltd is engaged in the manufacturing, assembly, trading, import, export, distribution, franchising, and marketing of a wide range of automobile components and accessories. Its product portfolio comprises gears, transmissions, universal joints, springs, leaves, head lamps, sealed beams, induction hardened pins, axles, alloy springs, accessories, and fittings of all kinds. Additionally, the company also operates as a garage operator and showroom owner for motor vehicles, and acts as a supplier and dealer of petrol, electricity, and other forms of motive power. It also provides support and consulting services within the automotive sector. The company operates in a single business segment, the business of trading in automobile parts.
18GF Score

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