Maxvolt Energy Industries (NSE:MAXVOLT) Beneish M-Score: 2.39 (As of Jun. 28, 2026) — 17% Below Median


NSE:MAXVOLT Maxvolt Energy Industries Ltd NSE:MAXVOLT
18 GF Score
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! 4 Warning Signs
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What is Maxvolt Energy Industries Beneish M-Score?

Maxvolt Energy Industries NSE:MAXVOLT -1.62% 18 Beneish M-Score is 2.39 as of Jun. 28, 2026, which is 17% below its 10-year median of 2.89. GuruFocus rates NSE:MAXVOLT with a GF Score™ of 18/100. The stock has 4 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Maxvolt Energy Industries ranks worse than 98.27% 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 2.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:MAXVOLT' s Beneish M-Score Range Over the Past 10 Years
Min: 2.39   Med: 2.89   Max: 3.39
Current: 2.39

During the past 4 years, the highest Beneish M-Score of Maxvolt Energy Industries was 3.39. The lowest was 2.39. And the median was 2.89.

Maxvolt Energy Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Maxvolt Energy 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.

Maxvolt Energy Industries Beneish M-Score Chart

Maxvolt Energy Industries Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 3.39 2.39

Maxvolt Energy Industries Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 3.39 0.00 2.39 0.00

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

For the Auto Parts subindustry, Maxvolt Energy 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.

Maxvolt Energy Industries Beneish M-Score vs Vehicles & Parts Industry

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

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


NSE:MAXVOLT
18GF Score
Maxvolt Energy Industries Ltd NSE:MAXVOLT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Maxvolt Energy 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 Maxvolt Energy 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 * 1.8161+0.528 * 1.0759+0.404 * 1.209+0.892 * 2.2139+0.115 * 1.0129
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7198+4.679 * 0.571816-0.327 * 0.4444
=2.39

* 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 ₹333 Mil.
Revenue was ₹1,071 Mil.
Gross Profit was ₹211 Mil.
Total Current Assets was ₹915 Mil.
Total Assets was ₹955 Mil.
Property, Plant and Equipment(Net PPE) was ₹36 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹13 Mil.
Total Current Liabilities was ₹209 Mil.
Long-Term Debt & Capital Lease Obligation was ₹59 Mil.
Net Income was ₹101 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-445 Mil.
 Total Receivables was ₹83 Mil.
Revenue was ₹484 Mil.
Gross Profit was ₹102 Mil.
Total Current Assets was ₹303 Mil.
Total Assets was ₹315 Mil.
Property, Plant and Equipment(Net PPE) was ₹11 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8 Mil.
Total Current Liabilities was ₹186 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12 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)
=(332.502 / 1070.54) / (82.699 / 483.559)
=0.310593 / 0.171022
=1.8161

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)
=(102.393 / 483.559) / (210.698 / 1070.54)
=0.211749 / 0.196815
=1.0759

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 - (914.717 + 36.45) / 955.268) / (1 - (303.293 + 10.681) / 315.093)
=0.004293 / 0.003551
=1.209

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
=1070.54 / 483.559
=2.2139

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))
=(1.697 / (1.697 + 10.681)) / (5.706 / (5.706 + 36.45))
=0.137098 / 0.135354
=1.0129

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)
=(12.842 / 1070.54) / (8.059 / 483.559)
=0.011996 / 0.016666
=0.7198

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)
=((58.674 + 208.757) / 955.268) / ((12.377 + 186.124) / 315.093)
=0.279954 / 0.629976
=0.4444

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
=(101.168 - 0 - -445.07) / 955.268
=0.571816

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.

Maxvolt Energy Industries has a M-score of 2.39 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 2.39 mean?
Maxvolt Energy Industries (NSE:MAXVOLT) has a Beneish M-Score of 2.39 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Maxvolt Energy Industries and its competitors. This is 17% below median its historical median of 2.89. Over the past decade, Maxvolt Energy Industries' Beneish M-Score has ranged from 2.39 to 3.39. According to the industry distribution chart, Maxvolt Energy Industries ranks #1252 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 98.3%.
Is Maxvolt Energy Industries' Beneish M-Score too high?
Maxvolt Energy Industries' current Beneish M-Score of 2.39 is 17% below median its 10-year median of 2.89. Over the past 10 years, this metric has ranged from a low of 2.39 to a high of 3.39. Based on the distribution chart, Maxvolt Energy Industries ranks #1252 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Maxvolt Energy Industries has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Maxvolt Energy Industries' Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Maxvolt Energy Industries ranks #1252 out of 1274 companies for Beneish M-Score. This places Maxvolt Energy Industries in the lower half of its industry. Historically, Maxvolt Energy Industries' own Beneish M-Score has ranged from 2.39 to 3.39 over the past decade. 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 Maxvolt Energy Industries and its competitors. Maxvolt Energy Industries's current Beneish M-Score is 2.39, which is 17% below median its own 10-year median of 2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maxvolt Energy Industries stock overvalued right now?
Maxvolt Energy Industries (NSE:MAXVOLT) has a current Beneish M-Score of 2.39. The current Beneish M-Score is 2.39, which is 17% below median its 10-year median of 2.89. Maxvolt Energy Industries' overall GF Score™ is 18/100 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 Maxvolt Energy Industries (NSE:MAXVOLT), the current Beneish M-Score is 2.39 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.

Maxvolt Energy Industries Business Description

Address F-108, Plot No. 1, F/F United Plaza, Community Centre, Karkardooma, New Delhi, IND, 110092
Maxvolt Energy Industries Ltd is engaged in the business of manufacturing lithium-ion batteries of various ranges supplied through a diversified sales & distribution mix viz. authorized dealers and distributors and OEMs under its brand name of MaxVolt Energy widely used in Electric Vehicles (i.e., E-Scooter, E- Rickshaw, ECycle), Energy Storage and Electronics Gadgets etc. The company also manufactures customized battery packs as per the requirements of manufacturers of different industries. In addition to manufacturing, it is a supplier of graphene battery packs and battery chargers designed and developed by the company under its brand name.
18GF Score

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