Oil India (NSE:OIL) Beneish M-Score: -2.37 (As of Jun. 25, 2026)

What is Oil India Beneish M-Score?

Oil India NSE:OIL +0.41% 89 Beneish M-Score is -2.37 as of Jun. 25, 2026. GuruFocus rates NSE:OIL with a GF Score™ of 89/100 and a GF Value™ of ₹480.98 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 822 Oil & Gas companies, Oil India ranks worse than 69.1% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:OIL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.51 Max: -2.08
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Oil India was -2.08. The lowest was -3.01. And the median was -2.51.

Oil India Beneish M-Score Related Terms

Oil India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Oil India'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.

Oil India Beneish M-Score Chart

Oil India Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.72

-2.35

-2.28

-2.66

-2.37

Oil India Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.66	0.00	0.00	0.00	-2.37

NSE:OIL vs XOM, CVX: Beneish M-Score Comparison

For the Oil & Gas Integrated subindustry, Oil India'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.

Oil India Beneish M-Score vs Oil & Gas Industry

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

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

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89GF Score

Oil India Ltd NSE:OIL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Oil India 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 Oil India for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0735

0.528 * 0.9629

0.404 * 1.0249

0.892 * 1.0441

0.115 * 1.0488

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.032813

0.327 * 1.0393

-2.37

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₹46,062 Mil.
Revenue was ₹339,461 Mil.
Gross Profit was ₹241,647 Mil.
Total Current Assets was ₹189,034 Mil.
Total Assets was ₹1,238,480 Mil.
Property, Plant and Equipment(Net PPE) was ₹648,393 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹27,120 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹173,513 Mil.
Long-Term Debt & Capital Lease Obligation was ₹359,515 Mil.
Net Income was ₹66,199 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹106,838 Mil.

Total Receivables was ₹41,098 Mil.
Revenue was ₹325,125 Mil.
Gross Profit was ₹222,853 Mil.
Total Current Assets was ₹187,090 Mil.
Total Assets was ₹1,044,447 Mil.
Property, Plant and Equipment(Net PPE) was ₹527,358 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹23,182 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,948 Mil.
Total Current Liabilities was ₹152,179 Mil.
Long-Term Debt & Capital Lease Obligation was ₹280,327 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)
	=	(46062.4 / 339461.3)	/	(41097.9 / 325124.8)
	=	0.135693	/	0.126407
	=	1.0735

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)
	=	(222852.8 / 325124.8)	/	(241646.6 / 339461.3)
	=	0.685438	/	0.711853
	=	0.9629

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 - (189033.9 + 648393.2) / 1238480.4)	/	(1 - (187090.2 + 527357.7) / 1044446.7)
	=	0.323827	/	0.315956
	=	1.0249

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
	=	339461.3	/	325124.8
	=	1.0441

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))
	=	(23182.3 / (23182.3 + 527357.7))	/	(27119.7 / (27119.7 + 648393.2))
	=	0.042108	/	0.040147
	=	1.0488

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 / 339461.3)	/	(2947.9 / 325124.8)
	=	0	/	0.009067
	=	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)
	=	((359514.7 + 173512.5) / 1238480.4)	/	((280327.2 + 152179.1) / 1044446.7)
	=	0.430388	/	0.414101
	=	1.0393

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
	=	(66199.4 - 0	-	106837.5)	/	1238480.4
	=	-0.032813

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.

Oil India has a M-score of -2.37 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 -2.37 mean?

Oil India (NSE:OIL) has a Beneish M-Score of -2.37 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Oil India and its competitors. According to the industry distribution chart, Oil India ranks #568 out of 822 companies in the Oil & Gas industry, placing it in the top 69.1%.

Is Oil India's Beneish M-Score too high?

Oil India's current Beneish M-Score is -2.37. Based on the distribution chart, Oil India ranks #568 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Oil India has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Oil India's Beneish M-Score compare to XOM and CVX?

According to the Oil & Gas industry distribution chart, Oil India ranks #568 out of 822 companies for Beneish M-Score. This places Oil India 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 Oil India and its competitors. Oil India's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Oil India stock overvalued right now?

Based on GuruFocus' analysis, Oil India (NSE:OIL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹480.98, compared to a current price of ₹418.05 — trading 13.1% below its estimated fair value. The current Beneish M-Score is -2.37. Oil India's overall GF Score™ is 89/100 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 Oil India (NSE:OIL), the current Beneish M-Score is -2.37 as of Jun. 25, 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.

Is Oil India (NSE:OIL) Overvalued in 2026?

Based on GuruFocus' analysis, Oil India stock appears to be undervalued. The current stock price of ₹418.05 is trading 13.1% below its estimated GF Value™ of ₹480.98. GuruFocus considers Oil India to be Modestly Undervalued.

Key valuation signals for NSE:OIL:

Beneish M-Score: -2.37
GF Value™: ₹480.98 vs. price of ₹418.05 (13.1% below fair value)
GF Score™: 89/100 with 5 warning signs

No single metric tells the full story. See the NSE:OIL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Oil India Business Description

Industry Energy Oil & Gas

Comparable Companies BOM:500312 SAU:2222 XOM CVX SHSE:601857 LSE:SHEL XPAR:TTE BSP:PETR3 LSE:BP.OSL:EQNR HKSE:00386 MIL:ENI TSX:SU ADX:ADNOCGAS TSX:IMO TSX:CVE WAR:PKN BKK:PTT BOG:ECOPETROL XMAD:REP

Other Exchanges 533106:India

Address Sector - 16A, Plot No. 19, Near Film City, Noida, UP, IND, 201301

Website https://www.oil-india.com

Oil India Ltd is mainly engaged in exploration, development, and production of products such as crude oil, natural gas, condensate, petroleum products, LPG, and providing services such as pipeline transportation services, City Gas Distribution (CGD), and generation of renewable energy. The group has adopted its products and services (viz. Crude Oil, Natural Gas, Petroleum Products, LPG, Pipeline Transportation, Renewable Energy, and Others) as the primary reporting segments. Maximum revenue for the group is generated from the sale of Refinery Products.

89GF Score

Get the complete analysis for NSE:OIL

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹418.05

Price

₹480.98

GF Value

View NSE:OIL Analysis

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