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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.
Good Sign:
Beneish M-Score -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tata Consumer Products's Beneish M-Score or its related term are showing as below:
NSE:TATACONSUM'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.27 Max: -1.86
Current: -2.41
During the past 13 years, the highest Beneish M-Score of Tata Consumer Products was -1.86. The lowest was -2.86. And the median was -2.27.
Tata Consumer Products Beneish M-Score Related Terms
Tata Consumer Products Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Tata Consumer Products'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.
NSE:TATACONSUM vs KHC, GIS: Beneish M-Score Comparison
For the Packaged Foods subindustry, Tata Consumer Products'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.
Tata Consumer Products Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Tata Consumer Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tata Consumer Products'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 Tata Consumer Products 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 * 1.0503
+
0.528 * 1.0361
+
0.404 * 0.9602
+
0.892 * 1.1521
+
0.115 * 1.0826
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9218
+
4.679 * -0.025529
-
0.327 * 1.0679
=
-2.41
* 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))
=
(6007.4 / (6007.4 + 29749.6))
/
(6266.8 / (6266.8 + 34113.7))
=
0.168006
/
0.155194
=
1.0826
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
=
(15423 - 0
-
24218.5)
/
344529.6
=
-0.025529
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.
Tata Consumer Products has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
Tata Consumer Products (NSE:TATACONSUM) has a Beneish M-Score of -2.41 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tata Consumer Products and its competitors. According to the industry distribution chart, Tata Consumer Products ranks #1105 out of 1855 companies in the Consumer Packaged Goods industry, placing it in the top 59.6%.
Is Tata Consumer Products' Beneish M-Score too high?
Tata Consumer Products' current Beneish M-Score is -2.41. Based on the distribution chart, Tata Consumer Products ranks #1105 out of 1855 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Tata Consumer Products has a GF Score™ of 92/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tata Consumer Products' Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Tata Consumer Products ranks #1105 out of 1855 companies for Beneish M-Score. This places Tata Consumer Products 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Tata Consumer Products and its competitors. Tata Consumer Products's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tata Consumer Products stock overvalued right now?
Based on GuruFocus' analysis, Tata Consumer Products (NSE:TATACONSUM) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹1,298.31, compared to a current price of ₹1,079.50 — trading 16.9% below its estimated fair value. The current Beneish M-Score is -2.41. Tata Consumer Products' overall GF Score™ is 92/100 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 Tata Consumer Products (NSE:TATACONSUM), the current Beneish M-Score is -2.41 as of Aug. 15, 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 Tata Consumer Products (NSE:TATACONSUM) Overvalued in 2026?
Based on GuruFocus' analysis, Tata Consumer Products stock appears to be undervalued.
The current stock price of ₹1,079.50 is trading 16.9% below its estimated GF Value™ of ₹1,298.31.
GuruFocus considers Tata Consumer Products to be Modestly Undervalued.
Key valuation signals for NSE:TATACONSUM:
Beneish M-Score: -2.41
GF Value™: ₹1,298.31 vs. price of ₹1,079.50 (16.9% below fair value)
No single metric tells the full story. See the NSE:TATACONSUM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tata Consumer Products Ltd is engaged in the trading, manufacturing and distribution of Consumer products Tea, Coffee, Water, Salt, Pulses, Spices, Snacks, Ready-to-Eat packaged food products, processed food products, collectively termed as branded business. It has branded business mainly in India, Europe, USA, Canada, South Africa and Australia. The non-branded plantation business is in India and tea and coffee extraction businesses are mainly in India, Vietnam and the USA. Its segments include Branded business and Non-Branded Business: Plantation and Extraction business for tea, coffee and other produce. It derives majority of revenue from Branded business in India and international which includes sale of branded tea, coffee & water and sale of food products in various value-added forms.
92GF Score
Get the complete analysis for NSE:TATACONSUM
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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