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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 -1.18 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Shigan Quantum Technologies's Beneish M-Score or its related term are showing as below:
NSE:SHIGAN'
s Beneish M-Score Range Over the Past 10 Years
Min: -1.47 Med: -1.29 Max: 0.49
Current: -1.18
During the past 8 years, the highest Beneish M-Score of Shigan Quantum Technologies was 0.49. The lowest was -1.47. And the median was -1.29.
Shigan Quantum Technologies Beneish M-Score Related Terms
Shigan Quantum Technologies Beneish M-Score Historical Data
* 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:SHIGAN vs ORLY, AZO: Beneish M-Score Comparison
For the Auto Parts subindustry, Shigan Quantum Technologies'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.
Shigan Quantum Technologies Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Shigan Quantum Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shigan Quantum Technologies'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 Shigan Quantum Technologies 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 * 2.2735
+
0.528 * 1.0375
+
0.404 * 0.8226
+
0.892 * 1.0354
+
0.115 * 1.1433
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.00792
-
0.327 * 1.0127
=
-1.18
* 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))
=
(40.123 / (40.123 + 249.984))
/
(42.634 / (42.634 + 309.797))
=
0.138304
/
0.120971
=
1.1433
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
=
(67.507 - 0
-
83.629)
/
2035.69
=
-0.00792
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.
Shigan Quantum Technologies has a M-score of -1.18 signals that the company is likely to be a manipulator.
Shigan Quantum Technologies (NSE:SHIGAN) has a Beneish M-Score of -1.18 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shigan Quantum Technologies and its competitors. According to the industry distribution chart, Shigan Quantum Technologies ranks #1210 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 95%.
Is Shigan Quantum Technologies' Beneish M-Score too high?
Shigan Quantum Technologies' current Beneish M-Score is -1.18. Based on the distribution chart, Shigan Quantum Technologies ranks #1210 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Shigan Quantum Technologies has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Shigan Quantum Technologies' Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Shigan Quantum Technologies ranks #1210 out of 1274 companies for Beneish M-Score. This places Shigan Quantum Technologies 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Shigan Quantum Technologies and its competitors. Shigan Quantum Technologies's current Beneish M-Score is -1.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shigan Quantum Technologies stock overvalued right now?
Based on GuruFocus' analysis, Shigan Quantum Technologies (NSE:SHIGAN) is currently considered Possible Value Trap. The stock's GF Value™ is ₹104.38, compared to a current price of ₹64.95 — trading 37.8% below its estimated fair value. The current Beneish M-Score is -1.18. Shigan Quantum Technologies' overall GF Score™ is 62/100 with 5 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 Shigan Quantum Technologies (NSE:SHIGAN), the current Beneish M-Score is -1.18 as of Jul. 19, 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 Shigan Quantum Technologies (NSE:SHIGAN) Overvalued in 2026?
Based on GuruFocus' analysis, Shigan Quantum Technologies stock appears to be undervalued.
The current stock price of ₹64.95 is trading 37.8% below its estimated GF Value™ of ₹104.38.
GuruFocus considers Shigan Quantum Technologies to be Possible Value Trap.
Key valuation signals for NSE:SHIGAN:
Beneish M-Score: -1.18
GF Value™: ₹104.38 vs. price of ₹64.95 (37.8% below fair value)
No single metric tells the full story. See the NSE:SHIGAN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shigan Quantum Technologies Ltd is engaged in the business of designing, developing, and manufacturing a variety of alternate fuel systems components, including compressed natural gas, liquefied natural gas, and hydrogen fuel kit systems for original equipment manufacturer suppliers to the auto industry. The company manufactures alternate fuel systems for heavy-duty vehicles, light-duty vehicles, and off-highway applications. Its product portfolio includes CNG filters, engine control units, fuel rails, injectors, filler valves, and others.
62GF Score
Get the complete analysis for NSE:SHIGAN
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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