Shri Hare-Krishna Sponge Iron (NSE:SHKSIL) Beneish M-Score: 15.56 (As of Jul. 13, 2026)


NSE:SHKSIL Shri Hare-Krishna Sponge Iron Ltd NSE:SHKSIL
31 GF Score
Price ₹35.00
! 7 Warning Signs
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What is Shri Hare-Krishna Sponge Iron Beneish M-Score?

Shri Hare-Krishna Sponge Iron NSE:SHKSIL 31 Beneish M-Score is 15.56 as of Jul. 13, 2026. GuruFocus rates NSE:SHKSIL with a GF Score™ of 31/100. The stock has 7 warning signs investors should review. Among 587 Steel companies, Shri Hare-Krishna Sponge Iron ranks worse than 98.3% 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 15.56 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Shri Hare-Krishna Sponge Iron's Beneish M-Score or its related term are showing as below:

NSE:SHKSIL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.66   Med: -0.77   Max: 15.56
Current: 15.56

During the past 5 years, the highest Beneish M-Score of Shri Hare-Krishna Sponge Iron was 15.56. The lowest was -3.66. And the median was -0.77.

Shri Hare-Krishna Sponge Iron Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shri Hare-Krishna Sponge Iron'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.

Shri Hare-Krishna Sponge Iron Beneish M-Score Chart

Shri Hare-Krishna Sponge Iron Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -3.66 -0.77 15.56

Shri Hare-Krishna Sponge Iron Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -3.66 0.00 -0.77 0.00 15.56

NSE:SHKSIL vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Shri Hare-Krishna Sponge Iron'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.

Shri Hare-Krishna Sponge Iron Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Shri Hare-Krishna Sponge Iron's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shri Hare-Krishna Sponge Iron's Beneish M-Score falls into.


NSE:SHKSIL
31GF Score
Shri Hare-Krishna Sponge Iron Ltd NSE:SHKSIL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shri Hare-Krishna Sponge Iron 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 Shri Hare-Krishna Sponge Iron 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 * 20.2294+0.528 * 1.0431+0.404 * 0.9117+0.892 * 0.8282+0.115 * 2.9627
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.042431-0.327 * 1.2516
=15.56

* 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 ₹113.3 Mil.
Revenue was ₹666.4 Mil.
Gross Profit was ₹152.4 Mil.
Total Current Assets was ₹658.1 Mil.
Total Assets was ₹1,442.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹640.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹130.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹243.5 Mil.
Net Income was ₹62.0 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹0.7 Mil.
 Total Receivables was ₹6.8 Mil.
Revenue was ₹804.7 Mil.
Gross Profit was ₹192.0 Mil.
Total Current Assets was ₹579.6 Mil.
Total Assets was ₹931.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹249.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5.2 Mil.
Total Current Liabilities was ₹116.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹76.2 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)
=(113.283 / 666.419) / (6.762 / 804.7)
=0.169988 / 0.008403
=20.2294

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)
=(191.984 / 804.7) / (152.424 / 666.419)
=0.238578 / 0.228721
=1.0431

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 - (658.081 + 640.501) / 1442.936) / (1 - (579.571 + 249.77) / 931.559)
=0.100042 / 0.109728
=0.9117

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
=666.419 / 804.7
=0.8282

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))
=(14.228 / (14.228 + 249.77)) / (11.867 / (11.867 + 640.501))
=0.053894 / 0.018191
=2.9627

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 / 666.419) / (5.174 / 804.7)
=0 / 0.00643
=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)
=((243.468 + 130.685) / 1442.936) / ((76.249 + 116.754) / 931.559)
=0.2593 / 0.207183
=1.2516

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
=(61.96 - 0 - 0.735) / 1442.936
=0.042431

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.

Shri Hare-Krishna Sponge Iron has a M-score of 15.56 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 15.56 mean?
Shri Hare-Krishna Sponge Iron (NSE:SHKSIL) has a Beneish M-Score of 15.56 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shri Hare-Krishna Sponge Iron and its competitors. According to the industry distribution chart, Shri Hare-Krishna Sponge Iron ranks #577 out of 587 companies in the Steel industry, placing it in the top 98.3%.
Is Shri Hare-Krishna Sponge Iron's Beneish M-Score too high?
Shri Hare-Krishna Sponge Iron's current Beneish M-Score is 15.56. Based on the distribution chart, Shri Hare-Krishna Sponge Iron ranks #577 out of 587 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Shri Hare-Krishna Sponge Iron has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Shri Hare-Krishna Sponge Iron's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Shri Hare-Krishna Sponge Iron ranks #577 out of 587 companies for Beneish M-Score. This places Shri Hare-Krishna Sponge Iron 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Shri Hare-Krishna Sponge Iron and its competitors. Shri Hare-Krishna Sponge Iron's current Beneish M-Score is 15.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shri Hare-Krishna Sponge Iron stock overvalued right now?
Shri Hare-Krishna Sponge Iron (NSE:SHKSIL) has a current Beneish M-Score of 15.56. The current Beneish M-Score is 15.56. Shri Hare-Krishna Sponge Iron's overall GF Score™ is 31/100 with 7 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 Shri Hare-Krishna Sponge Iron (NSE:SHKSIL), the current Beneish M-Score is 15.56 as of Jul. 13, 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.

Shri Hare-Krishna Sponge Iron Business Description

Address Phase-II, Plot No.106, Industrial Growth Centre, Siltara, Raipur, CT, IND, 493111
Shri Hare-Krishna Sponge Iron Ltd is engaged in the business of manufacturing and selling of Sponge Iron. Sponge iron is mainly used as a raw material for steel production in electric arc furnaces and induction furnaces. Through its sponge iron business, it caters to the metallic requirements of steel producers in selected geographies.
31GF 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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