Petro Carbon and Chemical (NSE:PCCL) Beneish M-Score: 25.29 (As of Jun. 26, 2026)


NSE:PCCL Petro Carbon and Chemical Ltd NSE:PCCL
13 GF Score
Price ₹247.95
! 2 Warning Signs
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What is Petro Carbon and Chemical Beneish M-Score?

Petro Carbon and Chemical NSE:PCCL +1.68% 13 Beneish M-Score is 25.29 as of Jun. 26, 2026. GuruFocus rates NSE:PCCL with a GF Score™ of 13/100. The stock has 2 warning signs investors should review. Among 1,530 Chemicals companies, Petro Carbon and Chemical ranks worse than 99.48% 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 25.29 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:PCCL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.41   Med: -1.6   Max: 25.29
Current: 25.29

During the past 5 years, the highest Beneish M-Score of Petro Carbon and Chemical was 25.29. The lowest was -2.41. And the median was -1.60.

Petro Carbon and Chemical Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Petro Carbon and Chemical'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.

Petro Carbon and Chemical Beneish M-Score Chart

Petro Carbon and Chemical Annual Data
Trend Mar21 Mar22 Mar23 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.41 -1.60 25.29

Petro Carbon and Chemical Semi-Annual Data
Mar21 Mar22 Mar23 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.41 -1.60 25.29

NSE:PCCL vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Petro Carbon and Chemical'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.

Petro Carbon and Chemical Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Petro Carbon and Chemical's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Petro Carbon and Chemical's Beneish M-Score falls into.


NSE:PCCL
13GF Score
Petro Carbon and Chemical Ltd NSE:PCCL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Petro Carbon and Chemical 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 Petro Carbon and Chemical 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 * 2.2272+0.528 * 0.9294+0.404 * 64.052+0.892 * 1.9483+0.115 * 0.6252
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.046506-0.327 * 0.967
=25.29

* 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 ₹1,139 Mil.
Revenue was ₹5,767 Mil.
Gross Profit was ₹1,121 Mil.
Total Current Assets was ₹2,294 Mil.
Total Assets was ₹4,580 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,185 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹60 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,615 Mil.
Long-Term Debt & Capital Lease Obligation was ₹957 Mil.
Net Income was ₹257 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹44 Mil.
 Total Receivables was ₹262 Mil.
Revenue was ₹2,960 Mil.
Gross Profit was ₹535 Mil.
Total Current Assets was ₹2,523 Mil.
Total Assets was ₹4,168 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,644 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹28 Mil.
Selling, General, & Admin. Expense(SGA) was ₹171 Mil.
Total Current Liabilities was ₹1,668 Mil.
Long-Term Debt & Capital Lease Obligation was ₹752 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)
=(1138.544 / 5766.515) / (262.38 / 2959.712)
=0.197441 / 0.088651
=2.2272

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)
=(534.842 / 2959.712) / (1121.216 / 5766.515)
=0.180707 / 0.194436
=0.9294

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 - (2293.817 + 2184.665) / 4579.985) / (1 - (2522.815 + 1643.592) / 4167.851)
=0.022162 / 0.000346
=64.052

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
=5766.515 / 2959.712
=1.9483

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))
=(27.892 / (27.892 + 1643.592)) / (59.906 / (59.906 + 2184.665))
=0.016687 / 0.026689
=0.6252

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 / 5766.515) / (171.409 / 2959.712)
=0 / 0.057914
=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)
=((956.584 + 1615.067) / 4579.985) / ((752.12 + 1668.017) / 4167.851)
=0.561498 / 0.580668
=0.967

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
=(257.02 - 0 - 44.023) / 4579.985
=0.046506

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.

Petro Carbon and Chemical has a M-score of 25.29 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 25.29 mean?
Petro Carbon and Chemical (NSE:PCCL) has a Beneish M-Score of 25.29 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Petro Carbon and Chemical and its competitors. According to the industry distribution chart, Petro Carbon and Chemical ranks #1522 out of 1530 companies in the Chemicals industry, placing it in the top 99.5%.
Is Petro Carbon and Chemical's Beneish M-Score too high?
Petro Carbon and Chemical's current Beneish M-Score is 25.29. Based on the distribution chart, Petro Carbon and Chemical ranks #1522 out of 1530 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Petro Carbon and Chemical has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Petro Carbon and Chemical's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Petro Carbon and Chemical ranks #1522 out of 1530 companies for Beneish M-Score. This places Petro Carbon and Chemical 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Petro Carbon and Chemical and its competitors. Petro Carbon and Chemical's current Beneish M-Score is 25.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Petro Carbon and Chemical stock overvalued right now?
Petro Carbon and Chemical (NSE:PCCL) has a current Beneish M-Score of 25.29. The current Beneish M-Score is 25.29. Petro Carbon and Chemical's overall GF Score™ is 13/100 with 2 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 Petro Carbon and Chemical (NSE:PCCL), the current Beneish M-Score is 25.29 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.

Petro Carbon and Chemical Business Description

Address Park Street, Avani Signature, 6th Floor, 91A/1, Kolkata, WB, IND, 700016
Petro Carbon and Chemical Ltd is engaged in the business of manufacturing and marketing of Calcined Petroleum Coke (CPC) in the carbon industry. It supplies its product to the aluminum manufacturing government companies, graphite electrodes, and titanium dioxide manufacturers, as well as other users in the metallurgical, chemical industries, and other steel manufacturing companies.
13GF 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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