Refractory Shapes (NSE:REFRACTORY) Beneish M-Score: -1.48 (As of Jun. 27, 2026)


NSE:REFRACTORY Refractory Shapes Ltd NSE:REFRACTORY
17 GF Score
Price ₹30.55
! 1 Warning Sign
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What is Refractory Shapes Beneish M-Score?

Refractory Shapes NSE:REFRACTORY -4.38% 17 Beneish M-Score is -1.48 as of Jun. 27, 2026. GuruFocus rates NSE:REFRACTORY with a GF Score™ of 17/100. The stock has 1 warning sign investors should review. Among 388 Building Materials companies, Refractory Shapes ranks worse than 90.72% 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 -1.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:REFRACTORY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.37   Med: -1.8   Max: -1.48
Current: -1.48

During the past 5 years, the highest Beneish M-Score of Refractory Shapes was -1.48. The lowest was -2.37. And the median was -1.80.

Refractory Shapes Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Refractory Shapes'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.

Refractory Shapes Beneish M-Score Chart

Refractory Shapes Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.37 -1.80 -1.48

Refractory Shapes Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25
Beneish M-Score Get a 7-Day Free Trial -2.37 0.00 -1.80 0.00 -1.48

NSE:REFRACTORY vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, Refractory Shapes'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.

Refractory Shapes Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, Refractory Shapes's Beneish M-Score distribution charts can be found below:

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


NSE:REFRACTORY
17GF Score
Refractory Shapes Ltd NSE:REFRACTORY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Refractory Shapes 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 Refractory Shapes 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 * 1.2126+0.528 * 0.9952+0.404 * 0.7798+0.892 * 1.4493+0.115 * 1.0964
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.074289-0.327 * 0.5805
=-1.48

* 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 ₹133.0 Mil.
Revenue was ₹587.7 Mil.
Gross Profit was ₹196.5 Mil.
Total Current Assets was ₹360.6 Mil.
Total Assets was ₹699.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹267.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹24.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹137.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹104.6 Mil.
Net Income was ₹62.6 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹10.6 Mil.
 Total Receivables was ₹75.7 Mil.
Revenue was ₹405.5 Mil.
Gross Profit was ₹134.9 Mil.
Total Current Assets was ₹259.9 Mil.
Total Assets was ₹518.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹190.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹19.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹193.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹115.1 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)
=(132.977 / 587.713) / (75.668 / 405.513)
=0.226262 / 0.186598
=1.2126

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)
=(134.94 / 405.513) / (196.512 / 587.713)
=0.332764 / 0.334367
=0.9952

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 - (360.567 + 267.282) / 698.997) / (1 - (259.949 + 190.499) / 518.075)
=0.101786 / 0.130535
=0.7798

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
=587.713 / 405.513
=1.4493

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))
=(19.391 / (19.391 + 190.499)) / (24.595 / (24.595 + 267.282))
=0.092386 / 0.084265
=1.0964

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 / 587.713) / (0 / 405.513)
=0 / 0
=1

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)
=((104.636 + 137.348) / 698.997) / ((115.132 + 193.817) / 518.075)
=0.346187 / 0.59634
=0.5805

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
=(62.562 - 0 - 10.634) / 698.997
=0.074289

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.

Refractory Shapes has a M-score of -1.48 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 -1.48 mean?
Refractory Shapes (NSE:REFRACTORY) has a Beneish M-Score of -1.48 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Refractory Shapes and its competitors. According to the industry distribution chart, Refractory Shapes ranks #352 out of 388 companies in the Building Materials industry, placing it in the top 90.7%.
Is Refractory Shapes' Beneish M-Score too high?
Refractory Shapes' current Beneish M-Score is -1.48. Based on the distribution chart, Refractory Shapes ranks #352 out of 388 companies in the Building Materials industry, which is in the bottom quartile relative to peers. Overall, Refractory Shapes has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Refractory Shapes' Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Refractory Shapes ranks #352 out of 388 companies for Beneish M-Score. This places Refractory Shapes 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Refractory Shapes and its competitors. Refractory Shapes's current Beneish M-Score is -1.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Refractory Shapes stock overvalued right now?
Refractory Shapes (NSE:REFRACTORY) has a current Beneish M-Score of -1.48. The current Beneish M-Score is -1.48. Refractory Shapes' overall GF Score™ is 17/100 with 1 warning sign 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 Refractory Shapes (NSE:REFRACTORY), the current Beneish M-Score is -1.48 as of Jun. 27, 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.

Refractory Shapes Business Description

Address Andheri-Kurla Road, B 201, Rustomjee Central Park Chakala, Andheri (East), Mumbai, MH, IND, 400069
Refractory Shapes Ltd is engaged in the production of special shapes, custom-made refractory shapes, and ceramic balls of low and medium purity with top quality and superior performance. The company manufactures bricks, castables, coating materials, high purity alumina catalyst bed supports, and ceramic balls. It serves industries including steel, refineries, fertilizers, petrochemicals, glass, and cement. The company has an international presence across multiple countries and is known for its quality, skilled workforce, and quality assurance.
17GF 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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