Orient Paper & Industries (NSE:ORIENTPPR) Beneish M-Score: -2.57 (As of Jun. 26, 2026)


NSE:ORIENTPPR Orient Paper & Industries Ltd NSE:ORIENTPPR
60 GF Score
Price ₹17.11
GF Value ₹40.57
Valuation Possible Value Trap
! 4 Warning Signs
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What is Orient Paper & Industries Beneish M-Score?

Orient Paper & Industries NSE:ORIENTPPR -1.04% 60 Beneish M-Score is -2.57 as of Jun. 26, 2026. GuruFocus rates NSE:ORIENTPPR with a GF Score™ of 60/100 and a GF Value™ of ₹40.57 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 273 Forest Products companies, Orient Paper & Industries ranks better than 52.01% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:ORIENTPPR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Med: -2.55   Max: -2.1
Current: -2.57

During the past 13 years, the highest Beneish M-Score of Orient Paper & Industries was -2.10. The lowest was -3.19. And the median was -2.55.

Orient Paper & Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Orient Paper & 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.

Orient Paper & Industries Beneish M-Score Chart

Orient Paper & Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.46 -2.52 -2.29 -2.97 -2.57

Orient Paper & Industries 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.97 0.00 0.00 0.00 -2.57

Orient Paper & Industries Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Orient Paper & 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.

Orient Paper & Industries Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Orient Paper & Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Orient Paper & Industries's Beneish M-Score falls into.


NSE:ORIENTPPR
60GF Score
Orient Paper & Industries Ltd NSE:ORIENTPPR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Orient Paper & 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 Orient Paper & 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 * 0.7096+0.528 * 1.0557+0.404 * 0.9001+0.892 * 1.0113+0.115 * 0.8874
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.000946-0.327 * 0.9252
=-2.57

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹171 Mil.
Revenue was ₹9,060 Mil.
Gross Profit was ₹4,908 Mil.
Total Current Assets was ₹2,128 Mil.
Total Assets was ₹21,795 Mil.
Property, Plant and Equipment(Net PPE) was ₹16,764 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹581 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹3,748 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,414 Mil.
Net Income was ₹-288 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-267 Mil.
 Total Receivables was ₹239 Mil.
Revenue was ₹8,958 Mil.
Gross Profit was ₹5,123 Mil.
Total Current Assets was ₹3,760 Mil.
Total Assets was ₹24,079 Mil.
Property, Plant and Equipment(Net PPE) was ₹16,755 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹514 Mil.
Selling, General, & Admin. Expense(SGA) was ₹857 Mil.
Total Current Liabilities was ₹4,713 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,452 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)
=(171.46 / 9059.514) / (238.911 / 8957.883)
=0.018926 / 0.02667
=0.7096

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)
=(5123.428 / 8957.883) / (4908.11 / 9059.514)
=0.571946 / 0.541763
=1.0557

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 - (2128.291 + 16763.799) / 21794.942) / (1 - (3760.444 + 16755.41) / 24078.739)
=0.133189 / 0.147968
=0.9001

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
=9059.514 / 8957.883
=1.0113

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))
=(513.522 / (513.522 + 16755.41)) / (581.234 / (581.234 + 16763.799))
=0.029737 / 0.03351
=0.8874

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 / 9059.514) / (857.317 / 8957.883)
=0 / 0.095705
=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)
=((1414.338 + 3748.295) / 21794.942) / ((1452.443 + 4712.512) / 24078.739)
=0.236873 / 0.256033
=0.9252

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
=(-288.056 - 0 - -267.439) / 21794.942
=-0.000946

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.

Orient Paper & Industries has a M-score of -2.57 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 -2.57 mean?
Orient Paper & Industries (NSE:ORIENTPPR) has a Beneish M-Score of -2.57 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orient Paper & Industries and its competitors. According to the industry distribution chart, Orient Paper & Industries ranks #131 out of 273 companies in the Forest Products industry, placing it in the top 48%.
Is Orient Paper & Industries' Beneish M-Score too high?
Orient Paper & Industries' current Beneish M-Score is -2.57. Based on the distribution chart, Orient Paper & Industries ranks #131 out of 273 companies in the Forest Products industry, which is above the industry midpoint. Overall, Orient Paper & Industries has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Orient Paper & Industries' Beneish M-Score compare to competitors?
According to the Forest Products industry distribution chart, Orient Paper & Industries ranks #131 out of 273 companies for Beneish M-Score. This puts Orient Paper & Industries in the upper 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Orient Paper & Industries and its competitors. Orient Paper & Industries's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Orient Paper & Industries stock overvalued right now?
Based on GuruFocus' analysis, Orient Paper & Industries (NSE:ORIENTPPR) is currently considered Possible Value Trap. The stock's GF Value™ is ₹40.57, compared to a current price of ₹17.11 — trading 57.8% below its estimated fair value. The current Beneish M-Score is -2.57. Orient Paper & Industries' overall GF Score™ is 60/100 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 Orient Paper & Industries (NSE:ORIENTPPR), the current Beneish M-Score is -2.57 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.

Is Orient Paper & Industries (NSE:ORIENTPPR) Overvalued in 2026?

Based on GuruFocus' analysis, Orient Paper & Industries stock appears to be undervalued. The current stock price of ₹17.11 is trading 57.8% below its estimated GF Value™ of ₹40.57. GuruFocus considers Orient Paper & Industries to be Possible Value Trap.

Key valuation signals for NSE:ORIENTPPR:

  • Beneish M-Score: -2.57
  • GF Value™: ₹40.57 vs. price of ₹17.11 (57.8% below fair value)
  • GF Score™: 60/100 with 4 warning signs

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

Orient Paper & Industries Business Description

Other Exchanges 502420:India
Address 9/1, R. N. Mukherjee Road, 9th Floor, Birla Building, Kolkata, WB, IND, 700001
Orient Paper & Industries Ltd is engaged in the manufacturing and selling of paper and other paper-related products and chemicals. The company produces pulp and paper for writing, printing, industrial, and specialty papers. The company manages its business into segments namely Paper and Tissue, and Chemicals. The company generates maximum revenue from the Paper & Tissue segment. The company operates its business in India and overseas.
60GF Score

Get the complete analysis for NSE:ORIENTPPR

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

₹17.11
Price
₹40.57
GF Value