Shri Kanha Stainless (NSE:SHRIKANHA) Beneish M-Score: 2.22 (As of Aug. 14, 2026) — 517% Above Median

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NSE:SHRIKANHA Shri Kanha Stainless Ltd NSE:SHRIKANHA
13 GF Score
Price ₹22.65
! 6 Warning Signs
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What is Shri Kanha Stainless Beneish M-Score?

Shri Kanha Stainless NSE:SHRIKANHA +4.86% 13 Beneish M-Score is 2.22 as of Aug. 14, 2026, which is 517% above its 10-year median of 0.36. GuruFocus rates NSE:SHRIKANHA with a GF Score™ of 13/100. The stock has 6 warning signs investors should review. Among 590 Steel companies, Shri Kanha Stainless ranks worse than 93.73% 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 2.22 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SHRIKANHA' s Beneish M-Score Range Over the Past 10 Years
Min: -1.51   Med: 0.36   Max: 2.22
Current: 2.22

During the past 4 years, the highest Beneish M-Score of Shri Kanha Stainless was 2.22. The lowest was -1.51. And the median was 0.36.

Shri Kanha Stainless Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shri Kanha Stainless'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 Kanha Stainless Beneish M-Score Chart

Shri Kanha Stainless Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.51 2.22

Shri Kanha Stainless Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -1.51 0.00 2.22

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

For the Steel subindustry, Shri Kanha Stainless'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 Kanha Stainless Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Shri Kanha Stainless's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shri Kanha Stainless's Beneish M-Score falls into.


NSE:SHRIKANHA
13GF Score
Shri Kanha Stainless Ltd NSE:SHRIKANHA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shri Kanha Stainless 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 Kanha Stainless 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 * 0.9215+0.528 * 1.048+0.404 * 8.1023+0.892 * 1.4106+0.115 * 0.8547
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.26607-0.327 * 0.668
=2.22

* 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 ₹704 Mil.
Revenue was ₹2,056 Mil.
Gross Profit was ₹269 Mil.
Total Current Assets was ₹1,261 Mil.
Total Assets was ₹1,502 Mil.
Property, Plant and Equipment(Net PPE) was ₹180 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹846 Mil.
Long-Term Debt & Capital Lease Obligation was ₹24 Mil.
Net Income was ₹87 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-312 Mil.
 Total Receivables was ₹542 Mil.
Revenue was ₹1,458 Mil.
Gross Profit was ₹200 Mil.
Total Current Assets was ₹865 Mil.
Total Assets was ₹1,061 Mil.
Property, Plant and Equipment(Net PPE) was ₹191 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6 Mil.
Total Current Liabilities was ₹860 Mil.
Long-Term Debt & Capital Lease Obligation was ₹60 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)
=(704.138 / 2056.488) / (541.687 / 1457.911)
=0.342398 / 0.37155
=0.9215

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)
=(199.534 / 1457.911) / (268.557 / 2056.488)
=0.136863 / 0.13059
=1.048

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 - (1260.92 + 179.912) / 1501.628) / (1 - (865.011 + 191.026) / 1061.341)
=0.040487 / 0.004997
=8.1023

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
=2056.488 / 1457.911
=1.4106

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))
=(15.289 / (15.289 + 191.026)) / (17.079 / (17.079 + 179.912))
=0.074105 / 0.086699
=0.8547

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 / 2056.488) / (5.904 / 1457.911)
=0 / 0.00405
=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)
=((23.912 + 845.935) / 1501.628) / ((60.133 + 860.213) / 1061.341)
=0.579269 / 0.867154
=0.668

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
=(87.369 - 0 - -312.169) / 1501.628
=0.26607

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 Kanha Stainless has a M-score of 2.22 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 2.22 mean?
Shri Kanha Stainless (NSE:SHRIKANHA) has a Beneish M-Score of 2.22 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shri Kanha Stainless and its competitors. This is 517% above median its historical median of 0.36. According to the industry distribution chart, Shri Kanha Stainless ranks #553 out of 590 companies in the Steel industry, placing it in the top 93.7%.
Is Shri Kanha Stainless' Beneish M-Score too high?
Shri Kanha Stainless' current Beneish M-Score of 2.22 is 517% above median its 10-year median of 0.36. Based on the distribution chart, Shri Kanha Stainless ranks #553 out of 590 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Shri Kanha Stainless has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Shri Kanha Stainless' Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Shri Kanha Stainless ranks #553 out of 590 companies for Beneish M-Score. This places Shri Kanha Stainless 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 Kanha Stainless and its competitors. Shri Kanha Stainless's current Beneish M-Score is 2.22, which is 517% above median its own 10-year median of 0.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shri Kanha Stainless stock overvalued right now?
Shri Kanha Stainless (NSE:SHRIKANHA) has a current Beneish M-Score of 2.22. The current Beneish M-Score is 2.22, which is 517% above median its 10-year median of 0.36. Shri Kanha Stainless' overall GF Score™ is 13/100 with 6 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 Kanha Stainless (NSE:SHRIKANHA), the current Beneish M-Score is 2.22 as of Aug. 14, 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 Kanha Stainless Business Description

Address Nirwaroo Road, Plot No. 70-B, Unit No. 401-402, 4th Floor, Trimurty Prime Tower, Jhotwara, Jaipur, RJ, IND, 302 012
Shri Kanha Stainless Ltd is a manufacturer of precision stainless steel cold-rolled strips, offering a wide range of thin and ultra-thin variants designed to meet diverse industrial requirements. The company's products are widely used across various sectors, including the textile, automotive, and chemical industries, as well as in flexible tubes, capillary tubes, clocks, watches, and electrical equipment. Its key product offerings include Cold Rolling of Stainless-Steel Precision Strips (HR/CR SS Coil/Slitted), Stainless Steel Circle, and Stainless Steel Sheet. The company derives revenue from the sale of its products, mainly from the sale of HR/CR SS Coil/Slitted products.
13GF Score

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