Neptune Petrochemicals (NSE:NEPTUNE) Beneish M-Score: -2.13 (As of Jul. 08, 2026)


NSE:NEPTUNE Neptune Petrochemicals Ltd NSE:NEPTUNE
18 GF Score
Price ₹189.80
! 1 Warning Sign
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What is Neptune Petrochemicals Beneish M-Score?

Neptune Petrochemicals NSE:NEPTUNE +5.44% 18 Beneish M-Score is -2.13 as of Jul. 08, 2026. GuruFocus rates NSE:NEPTUNE with a GF Score™ of 18/100. The stock has 1 warning sign investors should review. Among 822 Oil & Gas companies, Neptune Petrochemicals ranks worse than 79.81% 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.

Good Sign:

Beneish M-Score -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:NEPTUNE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.13   Med: -2.13   Max: -2.13
Current: -2.13

During the past 3 years, the highest Beneish M-Score of Neptune Petrochemicals was -2.13. The lowest was -2.13. And the median was -2.13.

Neptune Petrochemicals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Neptune Petrochemicals'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.

Neptune Petrochemicals Beneish M-Score Chart

Neptune Petrochemicals Annual Data
Trend Mar22 Mar23 Mar24
Beneish M-Score
0.00 0.00 -2.13

Neptune Petrochemicals Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Sep25
Beneish M-Score 0.00 0.00 -2.13 0.00 0.00

NSE:NEPTUNE vs VLO, MPC, PSX: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Neptune Petrochemicals'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.

Neptune Petrochemicals Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Neptune Petrochemicals's Beneish M-Score distribution charts can be found below:

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


NSE:NEPTUNE
18GF Score
Neptune Petrochemicals Ltd NSE:NEPTUNE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Neptune Petrochemicals 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 Neptune Petrochemicals 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 * 1.4443+0.528 * 0.3644+0.404 * 1.1978+0.892 * 0.9428+0.115 * 1.9377
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5505+4.679 * 0.038634-0.327 * 0.82
=-2.13

* 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 ₹714 Mil.
Revenue was ₹6,548 Mil.
Gross Profit was ₹164 Mil.
Total Current Assets was ₹1,167 Mil.
Total Assets was ₹1,210 Mil.
Property, Plant and Equipment(Net PPE) was ₹33 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹46 Mil.
Total Current Liabilities was ₹889 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹208 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹161 Mil.
 Total Receivables was ₹525 Mil.
Revenue was ₹6,946 Mil.
Gross Profit was ₹63 Mil.
Total Current Assets was ₹1,065 Mil.
Total Assets was ₹1,079 Mil.
Property, Plant and Equipment(Net PPE) was ₹7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹31 Mil.
Total Current Liabilities was ₹967 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)
=(714.412 / 6548.38) / (524.668 / 6945.885)
=0.109098 / 0.075537
=1.4443

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)
=(63.462 / 6945.885) / (164.175 / 6548.38)
=0.009137 / 0.025071
=0.3644

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 - (1166.886 + 32.894) / 1209.542) / (1 - (1064.797 + 6.752) / 1078.818)
=0.008071 / 0.006738
=1.1978

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
=6548.38 / 6945.885
=0.9428

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))
=(0.69 / (0.69 + 6.752)) / (1.653 / (1.653 + 32.894))
=0.092717 / 0.047848
=1.9377

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)
=(45.762 / 6548.38) / (31.307 / 6945.885)
=0.006988 / 0.004507
=1.5505

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 + 889.415) / 1209.542) / ((0 + 967.434) / 1078.818)
=0.735332 / 0.896754
=0.82

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
=(208.156 - 0 - 161.426) / 1209.542
=0.038634

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.

Neptune Petrochemicals has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.13 mean?
Neptune Petrochemicals (NSE:NEPTUNE) has a Beneish M-Score of -2.13 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neptune Petrochemicals and its competitors. According to the industry distribution chart, Neptune Petrochemicals ranks #656 out of 822 companies in the Oil & Gas industry, placing it in the top 79.8%.
Is Neptune Petrochemicals' Beneish M-Score too high?
Neptune Petrochemicals' current Beneish M-Score is -2.13. Based on the distribution chart, Neptune Petrochemicals ranks #656 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Neptune Petrochemicals has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Neptune Petrochemicals' Beneish M-Score compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Neptune Petrochemicals ranks #656 out of 822 companies for Beneish M-Score. This places Neptune Petrochemicals 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Neptune Petrochemicals and its competitors. Neptune Petrochemicals's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neptune Petrochemicals stock overvalued right now?
Neptune Petrochemicals (NSE:NEPTUNE) has a current Beneish M-Score of -2.13. The current Beneish M-Score is -2.13. Neptune Petrochemicals' overall GF Score™ is 18/100 with 1 warning sign 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 Neptune Petrochemicals (NSE:NEPTUNE), the current Beneish M-Score is -2.13 as of Jul. 08, 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.

Neptune Petrochemicals Business Description

Industry EnergyOil & Gas
Address S. G. Highway, k-B, Office No. 606, Mondeal Heights Nr. Panchratna Party Plot, Ahmedabad, GJ, IND, 380015
Neptune Petrochemicals Ltd is engaged in the business of manufacturing and trading of a comprehensive range of bitumen products, bitumen emulsions and allied products. Its product portfolio that includes various grades of bitumen, modified bitumen like Polymer Modified Bitumen, Crumb Rubber based modified bitumen and oils, it serves a broad range of industries, particularly the construction and industrial applications and also offer a broad products tailored to the needs of the road construction and infrastructure industries. The company has one segment that is Dealing in Petrolyum Products. Geographically, it operates only in India.
18GF 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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