Thaai Casting (NSE:TCL) Beneish M-Score: 11.75 (As of Jun. 26, 2026)


NSE:TCL Thaai Casting Ltd NSE:TCL
12 GF Score
Price ₹100.00
! 8 Warning Signs
View Full Analysis

What is Thaai Casting Beneish M-Score?

Thaai Casting NSE:TCL 12 Beneish M-Score is 11.75 as of Jun. 26, 2026. GuruFocus rates NSE:TCL with a GF Score™ of 12/100. The stock has 8 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Thaai Casting ranks worse than 99.29% 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 11.75 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:TCL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.44   Med: -1.43   Max: 11.75
Current: 11.75

During the past 5 years, the highest Beneish M-Score of Thaai Casting was 11.75. The lowest was -2.44. And the median was -1.43.

Thaai Casting Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Thaai Casting'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.

Thaai Casting Beneish M-Score Chart

Thaai Casting Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.44 -1.43 11.75

Thaai Casting Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial -2.44 -1.43 0.00 11.75 0.00

NSE:TCL vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Thaai Casting'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.

Thaai Casting Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Thaai Casting's Beneish M-Score distribution charts can be found below:

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


NSE:TCL
12GF Score
Thaai Casting Ltd NSE:TCL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Thaai Casting 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 Thaai Casting 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 * 1.4688+0.528 * 0.9532+0.404 * 33.2823+0.892 * 1.7221+0.115 * 0.5264
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7681+4.679 * 0.048501-0.327 * 1.2339
=11.75

* 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 ₹322 Mil.
Revenue was ₹1,222 Mil.
Gross Profit was ₹601 Mil.
Total Current Assets was ₹955 Mil.
Total Assets was ₹2,035 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,030 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹75 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11 Mil.
Total Current Liabilities was ₹709 Mil.
Long-Term Debt & Capital Lease Obligation was ₹453 Mil.
Net Income was ₹111 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹12 Mil.
 Total Receivables was ₹127 Mil.
Revenue was ₹710 Mil.
Gross Profit was ₹333 Mil.
Total Current Assets was ₹716 Mil.
Total Assets was ₹1,369 Mil.
Property, Plant and Equipment(Net PPE) was ₹652 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹24 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8 Mil.
Total Current Liabilities was ₹458 Mil.
Long-Term Debt & Capital Lease Obligation was ₹175 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)
=(321.706 / 1222.05) / (127.179 / 709.614)
=0.263251 / 0.179223
=1.4688

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)
=(332.76 / 709.614) / (601.187 / 1222.05)
=0.468931 / 0.49195
=0.9532

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 - (954.63 + 1030.163) / 2035.188) / (1 - (716.073 + 651.761) / 1368.853)
=0.024762 / 0.000744
=33.2823

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
=1222.05 / 709.614
=1.7221

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))
=(24.014 / (24.014 + 651.761)) / (74.572 / (74.572 + 1030.163))
=0.035535 / 0.067502
=0.5264

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)
=(10.933 / 1222.05) / (8.265 / 709.614)
=0.008946 / 0.011647
=0.7681

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)
=((452.982 + 708.6) / 2035.188) / ((175.317 + 457.835) / 1368.853)
=0.570749 / 0.462542
=1.2339

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
=(110.575 - 0 - 11.866) / 2035.188
=0.048501

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.

Thaai Casting has a M-score of 11.75 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 11.75 mean?
Thaai Casting (NSE:TCL) has a Beneish M-Score of 11.75 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thaai Casting and its competitors. According to the industry distribution chart, Thaai Casting ranks #1265 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 99.3%.
Is Thaai Casting's Beneish M-Score too high?
Thaai Casting's current Beneish M-Score is 11.75. Based on the distribution chart, Thaai Casting ranks #1265 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Thaai Casting has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Thaai Casting's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Thaai Casting ranks #1265 out of 1274 companies for Beneish M-Score. This places Thaai Casting 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Thaai Casting and its competitors. Thaai Casting's current Beneish M-Score is 11.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thaai Casting stock overvalued right now?
Thaai Casting (NSE:TCL) has a current Beneish M-Score of 11.75. The current Beneish M-Score is 11.75. Thaai Casting's overall GF Score™ is 12/100 with 8 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 Thaai Casting (NSE:TCL), the current Beneish M-Score is 11.75 as of Jun. 26, 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.

Thaai Casting Business Description

Address 7th Cross Street, No. A-20 SIPCOT Industrial Park, Pillaipakkam, Tiruvallur, Sriperumbudur, TN, IND, 602105
Thaai Casting Ltd is a distinguished automotive ancillary company, specializing in high-pressure Die Casting, as well as the precision Machining of both Ferrous and Non-Ferrous materials and Induction heating and quenching. Its products portfolio encompasses a diverse range of Automobile components, including Engine Mounting Support Brackets, Transmission Mounts, Fork Shift and Housing, Armature Steering Wheel, Electrical Connectors, YFG Base Frame (Right-hand drive side/Left-hand drive side), Housing, Top Cover, and more.
12GF Score

Get the complete analysis for NSE:TCL

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

₹100.00
Price