Tata Motors (NSE:TMCV) Beneish M-Score: 0.00 (As of Jun. 28, 2026)


NSE:TMCV Tata Motors Ltd NSE:TMCV
12 GF Score
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What is Tata Motors Beneish M-Score?

Tata Motors NSE:TMCV +4.98% 12 Beneish M-Score is 0.00 as of Jun. 28, 2026. GuruFocus rates NSE:TMCV with a GF Score™ of 12/100. The stock has 2 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Tata Motors ranks worse than 78492.86% 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.

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

During the past 3 years, the highest Beneish M-Score of Tata Motors was 0.00. The lowest was 0.00. And the median was 0.00.

Tata Motors Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tata Motors'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.

Tata Motors Beneish M-Score Chart

Tata Motors Annual Data
Trend Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00

Tata Motors Quarterly Data
Mar24 Dec24 Mar25 Dec25 Mar26
Beneish M-Score 0.00 0.00 0.00 0.00 0.00

NSE:TMCV vs TSLA, GM, F: Beneish M-Score Comparison

For the Auto Manufacturers subindustry, Tata Motors'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 Motors Beneish M-Score vs Vehicles & Parts Industry

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

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


NSE:TMCV
12GF Score
Tata Motors Ltd NSE:TMCV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Tata Motors 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 Tata Motors 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 * 0.199+0.528 * 1.0083+0.404 * 1.417+0.892 * 1.443+0.115 * 4.8649
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9654+4.679 * -0.228469-0.327 * 0.9455
=-3.25

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹36,890 Mil.
Revenue was ₹833,900 Mil.
Gross Profit was ₹254,630 Mil.
Total Current Assets was ₹232,090 Mil.
Total Assets was ₹523,090 Mil.
Property, Plant and Equipment(Net PPE) was ₹125,780 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹19,450 Mil.
Selling, General, & Admin. Expense(SGA) was ₹17,540 Mil.
Total Current Liabilities was ₹306,030 Mil.
Long-Term Debt & Capital Lease Obligation was ₹19,470 Mil.
Net Income was ₹30,300 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹149,810 Mil.
 Total Receivables was ₹128,490 Mil.
Revenue was ₹577,880 Mil.
Gross Profit was ₹177,920 Mil.
Total Current Assets was ₹239,700 Mil.
Total Assets was ₹468,510 Mil.
Property, Plant and Equipment(Net PPE) was ₹124,380 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹232,560 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12,590 Mil.
Total Current Liabilities was ₹256,710 Mil.
Long-Term Debt & Capital Lease Obligation was ₹51,620 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)
=(36890 / 833900) / (128490 / 577880)
=0.044238 / 0.222347
=0.199

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)
=(177920 / 577880) / (254630 / 833900)
=0.307884 / 0.305348
=1.0083

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 - (232090 + 125780) / 523090) / (1 - (239700 + 124380) / 468510)
=0.315854 / 0.222898
=1.417

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
=833900 / 577880
=1.443

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))
=(232560 / (232560 + 124380)) / (19450 / (19450 + 125780))
=0.651538 / 0.133925
=4.8649

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)
=(17540 / 833900) / (12590 / 577880)
=0.021034 / 0.021787
=0.9654

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)
=((19470 + 306030) / 523090) / ((51620 + 256710) / 468510)
=0.622264 / 0.658108
=0.9455

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
=(30300 - 0 - 149810) / 523090
=-0.228469

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 Motors has a M-score of -3.25 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 0.00 mean?
Tata Motors (NSE:TMCV) has a Beneish M-Score of 0.00 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tata Motors and its competitors. According to the industry distribution chart, Tata Motors ranks #999999 out of 1274 companies in the Vehicles & Parts industry.
Is Tata Motors' Beneish M-Score too high?
Tata Motors' current Beneish M-Score is 0.00. Based on the distribution chart, Tata Motors ranks #999999 out of 1274 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Tata Motors has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Tata Motors' Beneish M-Score compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, Tata Motors ranks #999999 out of 1274 companies for Beneish M-Score. This places Tata Motors 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 Tata Motors and its competitors. Tata Motors's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tata Motors stock overvalued right now?
Tata Motors (NSE:TMCV) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Tata Motors' overall GF Score™ is 12/100 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 Motors (NSE:TMCV), the current Beneish M-Score is 0.00 as of Jun. 28, 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.

Tata Motors Business Description

Other Exchanges 544569:India
Address Bombay House, 24 Homi Mody Street, Mumbai, MH, IND, 400001
Tata Motors Ltd is an automobile manufacturer, offering a diverse portfolio of smarter, integrated, and safer mobility solutions. It designs, manufactures, and sells a wide range of automotive vehicles. The company also manufactures engines for industrial applications. Its operating segments consist of: a) Automotive: The Automotive segment consists of Tata Commercial Vehicles and consists of three sub-segments: Commercial Vehicles, Corporate/ unallocable, Intrasegment. b) Others: Others consist of IT services and Insurance Broking services. The majority of revenue is generated from the Tata Commercial Vehicles sub-segment of the Automotive segment. Geographically, the group operates in India, South Korea, and the rest of the world. The majority of its revenue is generated in India.
12GF 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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