Positron Energy (NSE:POSITRON) Beneish M-Score: -0.68 (As of Jun. 26, 2026)


NSE:POSITRON Positron Energy Ltd NSE:POSITRON
19 GF Score
Price ₹177.70
! 2 Warning Signs
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What is Positron Energy Beneish M-Score?

Positron Energy NSE:POSITRON -1.96% 19 Beneish M-Score is -0.68 as of Jun. 26, 2026. GuruFocus rates NSE:POSITRON with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 822 Oil & Gas companies, Positron Energy ranks worse than 93.43% 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 -0.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:POSITRON' s Beneish M-Score Range Over the Past 10 Years
Min: -1.39   Med: -0.68   Max: 4.07
Current: -0.68

During the past 5 years, the highest Beneish M-Score of Positron Energy was 4.07. The lowest was -1.39. And the median was -0.68.

Positron Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Positron Energy'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.

Positron Energy Beneish M-Score Chart

Positron Energy Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 4.07 -1.39 -0.68

Positron Energy Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 4.07 -1.39 -0.68

NSE:POSITRON vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Positron Energy'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.

Positron Energy Beneish M-Score vs Oil & Gas Industry

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

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


NSE:POSITRON
19GF Score
Positron Energy Ltd NSE:POSITRON
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Positron Energy 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 Positron Energy 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 * 0.7924+0.528 * 1.5182+0.404 * 0.2007+0.892 * 2.4999+0.115 * 1.907
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9856+4.679 * 0.092233-0.327 * 0.5006
=-0.68

* 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 ₹346 Mil.
Revenue was ₹3,368 Mil.
Gross Profit was ₹332 Mil.
Total Current Assets was ₹1,101 Mil.
Total Assets was ₹1,153 Mil.
Property, Plant and Equipment(Net PPE) was ₹49 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹27 Mil.
Total Current Liabilities was ₹358 Mil.
Long-Term Debt & Capital Lease Obligation was ₹7 Mil.
Net Income was ₹178 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹72 Mil.
 Total Receivables was ₹175 Mil.
Revenue was ₹1,347 Mil.
Gross Profit was ₹201 Mil.
Total Current Assets was ₹380 Mil.
Total Assets was ₹408 Mil.
Property, Plant and Equipment(Net PPE) was ₹23 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11 Mil.
Total Current Liabilities was ₹248 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10 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)
=(345.922 / 3368.191) / (174.617 / 1347.325)
=0.102703 / 0.129603
=0.7924

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)
=(201.356 / 1347.325) / (331.557 / 3368.191)
=0.149449 / 0.098438
=1.5182

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 - (1101.367 + 48.815) / 1152.533) / (1 - (380.149 + 23.42) / 407.714)
=0.00204 / 0.010166
=0.2007

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
=3368.191 / 1347.325
=2.4999

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))
=(2.614 / (2.614 + 23.42)) / (2.713 / (2.713 + 48.815))
=0.100407 / 0.052651
=1.907

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)
=(26.797 / 3368.191) / (10.876 / 1347.325)
=0.007956 / 0.008072
=0.9856

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)
=((7.158 + 357.746) / 1152.533) / ((9.814 + 248.041) / 407.714)
=0.31661 / 0.632441
=0.5006

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
=(177.843 - 0 - 71.542) / 1152.533
=0.092233

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.

Positron Energy has a M-score of -0.68 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 -0.68 mean?
Positron Energy (NSE:POSITRON) has a Beneish M-Score of -0.68 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Positron Energy and its competitors. According to the industry distribution chart, Positron Energy ranks #768 out of 822 companies in the Oil & Gas industry, placing it in the top 93.4%.
Is Positron Energy's Beneish M-Score too high?
Positron Energy's current Beneish M-Score is -0.68. Based on the distribution chart, Positron Energy ranks #768 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Positron Energy has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Positron Energy's Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Positron Energy ranks #768 out of 822 companies for Beneish M-Score. This places Positron Energy 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 Positron Energy and its competitors. Positron Energy's current Beneish M-Score is -0.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Positron Energy stock overvalued right now?
Positron Energy (NSE:POSITRON) has a current Beneish M-Score of -0.68. The current Beneish M-Score is -0.68. Positron Energy's overall GF Score™ is 19/100 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 Positron Energy (NSE:POSITRON), the current Beneish M-Score is -0.68 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.

Positron Energy Business Description

Industry EnergyOil & Gas
Address Sector-7, IT Tower-2, Office No. 3, Ground Floor Infocity, Gandhinagar, GJ, IND, 382007
Positron Energy Ltd is engaged in Management & Technical Advisory Services of the Oil and Gas Industry. It provides end-to-end solutions for Gas distribution to the Industries across India. The company offers management consultancy services, including commercial and financial advisory, technical services, and project management and O&M (Operation and Maintenance) Services, across the Gas Sector in India. Its technical qualifications and empanelment with industrial customers attest to its reliability. The company is engaged in gas distribution solutions and management & technical advisory services, which is the only segment.
19GF 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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