Swastik Pipe (NSE:SWASTIK) Beneish M-Score: -2.58 (As of Jun. 25, 2026)


NSE:SWASTIK Swastik Pipe Ltd NSE:SWASTIK
62 GF Score
Price ₹17.90
GF Value ₹81.58
Valuation Significantly Undervalued
! 6 Warning Signs
View Full Analysis

What is Swastik Pipe Beneish M-Score?

Swastik Pipe NSE:SWASTIK -4.79% 62 Beneish M-Score is -2.58 as of Jun. 25, 2026. GuruFocus rates NSE:SWASTIK with a GF Score™ of 62/100 and a GF Value™ of ₹81.58 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 593 Steel companies, Swastik Pipe ranks better than 56.83% 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.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:SWASTIK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65   Med: -2.59   Max: -2.02
Current: -2.58

During the past 6 years, the highest Beneish M-Score of Swastik Pipe was -2.02. The lowest was -2.65. And the median was -2.59.

Swastik Pipe Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Swastik Pipe'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.

Swastik Pipe Beneish M-Score Chart

Swastik Pipe Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.59 -2.02 -2.65 -2.58

Swastik Pipe Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Mar25
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.02 0.00 -2.65 -2.58

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

For the Steel subindustry, Swastik Pipe'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.

Swastik Pipe Beneish M-Score vs Steel Industry

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

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


NSE:SWASTIK
62GF Score
Swastik Pipe Ltd NSE:SWASTIK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Swastik Pipe 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 Swastik Pipe 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 * 1.11+0.528 * 1.3226+0.404 * 0.819+0.892 * 0.9929+0.115 * 0.9607
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7018+4.679 * -0.059098-0.327 * 1.1872
=-2.58

* 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 ₹1,821 Mil.
Revenue was ₹7,122 Mil.
Gross Profit was ₹539 Mil.
Total Current Assets was ₹4,276 Mil.
Total Assets was ₹5,254 Mil.
Property, Plant and Equipment(Net PPE) was ₹873 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹57 Mil.
Selling, General, & Admin. Expense(SGA) was ₹106 Mil.
Total Current Liabilities was ₹2,862 Mil.
Long-Term Debt & Capital Lease Obligation was ₹253 Mil.
Net Income was ₹-72 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹238 Mil.
 Total Receivables was ₹1,652 Mil.
Revenue was ₹7,173 Mil.
Gross Profit was ₹719 Mil.
Total Current Assets was ₹3,515 Mil.
Total Assets was ₹4,465 Mil.
Property, Plant and Equipment(Net PPE) was ₹841 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹53 Mil.
Selling, General, & Admin. Expense(SGA) was ₹152 Mil.
Total Current Liabilities was ₹1,892 Mil.
Long-Term Debt & Capital Lease Obligation was ₹338 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)
=(1821.172 / 7122.452) / (1652.498 / 7173.431)
=0.255695 / 0.230364
=1.11

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)
=(718.6 / 7173.431) / (539.461 / 7122.452)
=0.100175 / 0.075741
=1.3226

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 - (4276.227 + 873.067) / 5254.071) / (1 - (3515.164 + 840.798) / 4464.677)
=0.019942 / 0.02435
=0.819

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
=7122.452 / 7173.431
=0.9929

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))
=(52.667 / (52.667 + 840.798)) / (57.074 / (57.074 + 873.067))
=0.058947 / 0.061361
=0.9607

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)
=(105.774 / 7122.452) / (151.79 / 7173.431)
=0.014851 / 0.02116
=0.7018

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)
=((253.024 + 2861.957) / 5254.071) / ((337.885 + 1891.674) / 4464.677)
=0.59287 / 0.499377
=1.1872

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
=(-72.178 - 0 - 238.329) / 5254.071
=-0.059098

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.

Swastik Pipe has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.58 mean?
Swastik Pipe (NSE:SWASTIK) has a Beneish M-Score of -2.58 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Swastik Pipe and its competitors. According to the industry distribution chart, Swastik Pipe ranks #256 out of 593 companies in the Steel industry, placing it in the top 43.2%.
Is Swastik Pipe's Beneish M-Score too high?
Swastik Pipe's current Beneish M-Score is -2.58. Based on the distribution chart, Swastik Pipe ranks #256 out of 593 companies in the Steel industry, which is above the industry midpoint. Overall, Swastik Pipe has a GF Score™ of 62/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Swastik Pipe's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Swastik Pipe ranks #256 out of 593 companies for Beneish M-Score. This puts Swastik Pipe in the upper 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 Swastik Pipe and its competitors. Swastik Pipe's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swastik Pipe stock overvalued right now?
Based on GuruFocus' analysis, Swastik Pipe (NSE:SWASTIK) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹81.58, compared to a current price of ₹17.90 — trading 78.1% below its estimated fair value. The current Beneish M-Score is -2.58. Swastik Pipe's overall GF Score™ is 62/100 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 Swastik Pipe (NSE:SWASTIK), the current Beneish M-Score is -2.58 as of Jun. 25, 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 Swastik Pipe (NSE:SWASTIK) Overvalued in 2026?

Based on GuruFocus' analysis, Swastik Pipe stock appears to be undervalued. The current stock price of ₹17.90 is trading 78.1% below its estimated GF Value™ of ₹81.58. GuruFocus considers Swastik Pipe to be Significantly Undervalued.

Key valuation signals for NSE:SWASTIK:

  • Beneish M-Score: -2.58
  • GF Value™: ₹81.58 vs. price of ₹17.90 (78.1% below fair value)
  • GF Score™: 62/100 with 6 warning signs

No single metric tells the full story. See the NSE:SWASTIK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Swastik Pipe Business Description

Address Asaf Ali Road, 1/23 B, First Floor, Daryaganj, Delhi, IND, 110002
Swastik Pipe Ltd manufactures and exports a range of steel pipes and related products in India. Its product portfolio includes mild steel and carbon steel electric resistance welded (ERW) black and galvanized pipes, hollow steel pipes, cold-rolled steel strips and coils, swaged tubular poles, and solar mounting structures. The company operates manufacturing plants in Haryana and Uttar Pradesh with a notable installed capacity. Swastik Pipe serves industries such as construction, infrastructure, and energy, exporting products to various countries. Revenue is generated through the sale of its steel pipe products both domestically and internationally.
62GF Score

Get the complete analysis for NSE:SWASTIK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹17.90
Price
₹81.58
GF Value