Sunlite Recycling Industries (NSE:SUNLITE) Beneish M-Score: 5.14 (As of Jun. 27, 2026)


NSE:SUNLITE Sunlite Recycling Industries Ltd NSE:SUNLITE
44 GF Score
Price ₹440.45
! 2 Warning Signs
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What is Sunlite Recycling Industries Beneish M-Score?

Sunlite Recycling Industries NSE:SUNLITE -0.83% 44 Beneish M-Score is 5.14 as of Jun. 27, 2026. GuruFocus rates NSE:SUNLITE with a GF Score™ of 44/100. The stock has 2 warning signs investors should review. Among 2,926 Industrial Products companies, Sunlite Recycling Industries ranks worse than 98.7% 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 5.14 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SUNLITE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -1.05   Max: 5.14
Current: 5.14

During the past 6 years, the highest Beneish M-Score of Sunlite Recycling Industries was 5.14. The lowest was -2.82. And the median was -1.05.

Sunlite Recycling Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sunlite Recycling 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.

Sunlite Recycling Industries Beneish M-Score Chart

Sunlite Recycling Industries Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.27 -2.82 -0.82 5.14

Sunlite Recycling Industries Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -2.82 0.00 -0.82 0.00 5.14

NSE:SUNLITE vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Sunlite Recycling 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.

Sunlite Recycling Industries Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Sunlite Recycling Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sunlite Recycling Industries's Beneish M-Score falls into.


NSE:SUNLITE
44GF Score
Sunlite Recycling Industries Ltd NSE:SUNLITE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sunlite Recycling Industries 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 Sunlite Recycling 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 * 1.7272+0.528 * 0.949+0.404 * 13.5214+0.892 * 1.9983+0.115 * 0.8658
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.175992-0.327 * 0.8649
=5.14

* 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 ₹673 Mil.
Revenue was ₹27,911 Mil.
Gross Profit was ₹1,037 Mil.
Total Current Assets was ₹1,638 Mil.
Total Assets was ₹2,355 Mil.
Property, Plant and Equipment(Net PPE) was ₹281 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹39 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹653 Mil.
Long-Term Debt & Capital Lease Obligation was ₹83 Mil.
Net Income was ₹410 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-4 Mil.
 Total Receivables was ₹195 Mil.
Revenue was ₹13,967 Mil.
Gross Profit was ₹492 Mil.
Total Current Assets was ₹765 Mil.
Total Assets was ₹944 Mil.
Property, Plant and Equipment(Net PPE) was ₹166 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹20 Mil.
Selling, General, & Admin. Expense(SGA) was ₹38 Mil.
Total Current Liabilities was ₹291 Mil.
Long-Term Debt & Capital Lease Obligation was ₹50 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)
=(673.046 / 27910.992) / (194.991 / 13967.118)
=0.024114 / 0.013961
=1.7272

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)
=(492.243 / 13967.118) / (1036.563 / 27910.992)
=0.035243 / 0.037138
=0.949

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 - (1638.472 + 280.869) / 2354.822) / (1 - (765.089 + 166.139) / 944.141)
=0.184932 / 0.013677
=13.5214

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
=27910.992 / 13967.118
=1.9983

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))
=(19.654 / (19.654 + 166.139)) / (39.095 / (39.095 + 280.869))
=0.105784 / 0.122186
=0.8658

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 / 27910.992) / (37.544 / 13967.118)
=0 / 0.002688
=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)
=((82.604 + 653.413) / 2354.822) / ((50.163 + 291.017) / 944.141)
=0.312557 / 0.361366
=0.8649

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
=(410.016 - 0 - -4.415) / 2354.822
=0.175992

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.

Sunlite Recycling Industries has a M-score of 5.14 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 5.14 mean?
Sunlite Recycling Industries (NSE:SUNLITE) has a Beneish M-Score of 5.14 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sunlite Recycling Industries and its competitors. According to the industry distribution chart, Sunlite Recycling Industries ranks #2888 out of 2926 companies in the Industrial Products industry, placing it in the top 98.7%.
Is Sunlite Recycling Industries' Beneish M-Score too high?
Sunlite Recycling Industries' current Beneish M-Score is 5.14. Based on the distribution chart, Sunlite Recycling Industries ranks #2888 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Sunlite Recycling Industries has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Sunlite Recycling Industries' Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Sunlite Recycling Industries ranks #2888 out of 2926 companies for Beneish M-Score. This places Sunlite Recycling 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Sunlite Recycling Industries and its competitors. Sunlite Recycling Industries's current Beneish M-Score is 5.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sunlite Recycling Industries stock overvalued right now?
Sunlite Recycling Industries (NSE:SUNLITE) has a current Beneish M-Score of 5.14. The current Beneish M-Score is 5.14. Sunlite Recycling Industries' overall GF Score™ is 44/100 with 2 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 Sunlite Recycling Industries (NSE:SUNLITE), the current Beneish M-Score is 5.14 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.

Sunlite Recycling Industries Business Description

Address Survey No. 270A & Plot No. 1, Survey No. 267, Chhatha Mile, Dantali, Vaso, Kheda, GJ, IND, 387350
Sunlite Recycling Industries Ltd is engaged in the business of manufacturing of copper rods & wires, copper earthing wires, copper earthing strips, copper conductors, copper wire bars etc. through recycling of copper scrap, which has electrical and mechanical properties suitable for applications in power generation, transmission, distribution and electronic industries. Further, it is also engaged in providing job work services for processing of various products of copper, wherein its customers provide company with the copper scrap and the company converts the copper scrap into copper wire and copper wire rod as per customer's requirement. It employs an internal quality control mechanism to ensure that its finished product conforms to the exact requirement of its customers.
44GF 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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