TBI Corn (NSE:TBI) Beneish M-Score: -1.25 (As of Sep. 07, 2026)

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NSE:TBI TBI Corn Ltd NSE:TBI
18 GF Score
Price ₹73.55
! 4 Warning Signs
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What is TBI Corn Beneish M-Score?

TBI Corn NSE:TBI +1.17% 18 Beneish M-Score is -1.25 as of Sep. 07, 2026. GuruFocus rates NSE:TBI with a GF Score™ of 18/100. The stock has 4 warning signs investors should review. Among 1,886 Consumer Packaged Goods companies, TBI Corn ranks worse than 88.76% 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 -1.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:TBI' s Beneish M-Score Range Over the Past 10 Years
Min: -1.25   Med: 10.24   Max: 21.72
Current: -1.25

During the past 5 years, the highest Beneish M-Score of TBI Corn was 21.72. The lowest was -1.25. And the median was 10.24.

TBI Corn Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TBI Corn'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.

TBI Corn Beneish M-Score Chart

TBI Corn Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.00 21.72 -1.25

TBI Corn Quarterly Data
Mar21 Mar22 Mar23 Sep23 Dec23 Mar24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 21.72 -1.25 0.00

NSE:TBI vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, TBI Corn'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.

TBI Corn Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, TBI Corn's Beneish M-Score distribution charts can be found below:

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


NSE:TBI
18GF Score
TBI Corn Ltd NSE:TBI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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TBI Corn 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 TBI Corn 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 * 1.1048+0.528 * 1.006+0.404 * 0.6457+0.892 * 1.3383+0.115 * 0.6522
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.1126+4.679 * 0.239702-0.327 * 0.7554
=-1.25

* 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 ₹457 Mil.
Revenue was ₹2,118 Mil.
Gross Profit was ₹308 Mil.
Total Current Assets was ₹1,564 Mil.
Total Assets was ₹1,802 Mil.
Property, Plant and Equipment(Net PPE) was ₹238 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹22 Mil.
Selling, General, & Admin. Expense(SGA) was ₹14 Mil.
Total Current Liabilities was ₹734 Mil.
Long-Term Debt & Capital Lease Obligation was ₹52 Mil.
Net Income was ₹136 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-296 Mil.
 Total Receivables was ₹309 Mil.
Revenue was ₹1,582 Mil.
Gross Profit was ₹231 Mil.
Total Current Assets was ₹878 Mil.
Total Assets was ₹1,017 Mil.
Property, Plant and Equipment(Net PPE) was ₹139 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5 Mil.
Total Current Liabilities was ₹501 Mil.
Long-Term Debt & Capital Lease Obligation was ₹86 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)
=(456.865 / 2117.597) / (309.014 / 1582.348)
=0.215747 / 0.195288
=1.1048

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)
=(231.226 / 1582.348) / (307.587 / 2117.597)
=0.146128 / 0.145253
=1.006

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 - (1563.979 + 237.761) / 1801.943) / (1 - (877.575 + 139.271) / 1017.024)
=0.000113 / 0.000175
=0.6457

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
=2117.597 / 1582.348
=1.3383

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))
=(8.088 / (8.088 + 139.271)) / (21.847 / (21.847 + 237.761))
=0.054886 / 0.084154
=0.6522

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)
=(14.379 / 2117.597) / (5.085 / 1582.348)
=0.00679 / 0.003214
=2.1126

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)
=((52.447 + 733.557) / 1801.943) / ((86.191 + 501.092) / 1017.024)
=0.436198 / 0.577452
=0.7554

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
=(136.332 - 0 - -295.598) / 1801.943
=0.239702

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.

TBI Corn has a M-score of -1.25 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 -1.25 mean?
TBI Corn (NSE:TBI) has a Beneish M-Score of -1.25 as of Sep. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TBI Corn and its competitors. According to the industry distribution chart, TBI Corn ranks #1674 out of 1886 companies in the Consumer Packaged Goods industry, placing it in the top 88.8%.
Is TBI Corn's Beneish M-Score too high?
TBI Corn's current Beneish M-Score is -1.25. Based on the distribution chart, TBI Corn ranks #1674 out of 1886 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, TBI Corn has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does TBI Corn's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, TBI Corn ranks #1674 out of 1886 companies for Beneish M-Score. This places TBI Corn 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 TBI Corn and its competitors. TBI Corn's current Beneish M-Score is -1.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TBI Corn stock overvalued right now?
TBI Corn (NSE:TBI) has a current Beneish M-Score of -1.25. The current Beneish M-Score is -1.25. TBI Corn's overall GF Score™ is 18/100 with 4 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 TBI Corn (NSE:TBI), the current Beneish M-Score is -1.25 as of Sep. 07, 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.

TBI Corn Business Description

Address MIDC, A5/3 and A5/4, Miraj, District - Sangli, Sangli, MH, IND, 416410
TBI Corn Ltd is an Indian company operating in the corn grits industry. It is a diversified manufacturer of GMO-free and chemical-free corn products, including corn/maize grits, corn flakes, broken maize, corn flour, and turmeric finger. Geographically, the company generates maximum revenue from the sale of its products in the domestic market, and also exports its products to other countries.
18GF 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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