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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Rain Industries's Beneish M-Score or its related term are showing as below:
NSE:RAIN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.72 Max: -2.03
Current: -2.49
During the past 13 years, the highest Beneish M-Score of Rain Industries was -2.03. The lowest was -3.45. And the median was -2.72.
Rain Industries Beneish M-Score Related Terms
Rain Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Rain 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.
NSE:RAIN vs LIN, SHW, ECL: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Rain 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.
Rain Industries Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Rain Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rain Industries's Beneish M-Score falls into.
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 Rain 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 * 1.0774
+
0.528 * 0.9862
+
0.404 * 1.0115
+
0.892 * 1.0998
+
0.115 * 0.9562
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8433
+
4.679 * -0.041172
-
0.327 * 0.9915
=
-2.49
* 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.
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.
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))
=
(8071.01 / (8071.01 + 54743.22))
/
(9218.32 / (9218.32 + 59385.04))
=
0.12849
/
0.134371
=
0.9562
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
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
=
(425.24 - 0
-
8972.43)
/
207597.67
=
-0.041172
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.
Rain Industries has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Rain Industries (NSE:RAIN) has a Beneish M-Score of -2.49 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rain Industries and its competitors. According to the industry distribution chart, Rain Industries ranks #783 out of 1526 companies in the Chemicals industry, placing it in the top 51.3%.
Is Rain Industries' Beneish M-Score too high?
Rain Industries' current Beneish M-Score is -2.49. Based on the distribution chart, Rain Industries ranks #783 out of 1526 companies in the Chemicals industry, which is below the industry midpoint. Overall, Rain Industries has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Rain Industries' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Rain Industries ranks #783 out of 1526 companies for Beneish M-Score. This places Rain Industries 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 Rain Industries and its competitors. Rain Industries's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rain Industries stock overvalued right now?
Based on GuruFocus' analysis, Rain Industries (NSE:RAIN) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹154.59, compared to a current price of ₹185.49 — trading 20% above its estimated fair value. The current Beneish M-Score is -2.49. Rain Industries' overall GF Score™ is 65/100 with 12 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 Rain Industries (NSE:RAIN), the current Beneish M-Score is -2.49 as of Jun. 28, 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 Rain Industries (NSE:RAIN) Overvalued in 2026?
Based on GuruFocus' analysis, Rain Industries stock appears to be overvalued.
The current stock price of ₹185.49 is trading 20% above its estimated GF Value™ of ₹154.59.
GuruFocus considers Rain Industries to be Modestly Overvalued.
Key valuation signals for NSE:RAIN:
Beneish M-Score: -2.49
GF Value™: ₹154.59 vs. price of ₹185.49 (20% above fair value)
No single metric tells the full story. See the NSE:RAIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Rain Industries Ltd engages in the production of cement and other related products. The group operates through three segments namely Carbon Products, Advance Materials, and Cement. The product portfolio of the group consists of Calcined Petroleum Coke, Green Petroleum Coke, Coal Tar Pitch, Co-generated Energy, and other derivatives of coal tar distillation. In addition, it also focuses on the downstream operations of coal tar distillation and modifiers and is also involved in the manufacture and sale of cement. Geographically, the business of the firm is spread across the region of Europe, the United States, North America, Asia, and others.
65GF Score
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