United Heat Transfer (NSE:UHTL) Beneish M-Score: -1.43 (As of Jun. 26, 2026)


NSE:UHTL United Heat Transfer Ltd NSE:UHTL
16 GF Score
Price ₹120.80
! 6 Warning Signs
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What is United Heat Transfer Beneish M-Score?

United Heat Transfer NSE:UHTL -1.99% 16 Beneish M-Score is -1.43 as of Jun. 26, 2026. GuruFocus rates NSE:UHTL with a GF Score™ of 16/100. The stock has 6 warning signs investors should review. Among 2,926 Industrial Products companies, United Heat Transfer ranks worse than 89.88% 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 -1.43 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:UHTL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.45   Med: -1.44   Max: -1.43
Current: -1.43

During the past 4 years, the highest Beneish M-Score of United Heat Transfer was -1.43. The lowest was -1.45. And the median was -1.44.

United Heat Transfer Beneish M-Score Historical Data

* Premium members only.

The historical data trend for United Heat Transfer'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.

United Heat Transfer Beneish M-Score Chart

United Heat Transfer Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.45 -1.43

United Heat Transfer Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.45 0.00 -1.43 0.00

NSE:UHTL vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, United Heat Transfer'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.

United Heat Transfer Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, United Heat Transfer's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United Heat Transfer's Beneish M-Score falls into.


NSE:UHTL
16GF Score
United Heat Transfer Ltd NSE:UHTL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

United Heat Transfer 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 United Heat Transfer 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 * 1.274+0.528 * 0.8696+0.404 * 1.1183+0.892 * 1.11+0.115 * 0.9289
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5107+4.679 * 0.138025-0.327 * 0.4656
=-1.43

* 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 ₹186.1 Mil.
Revenue was ₹668.1 Mil.
Gross Profit was ₹274.4 Mil.
Total Current Assets was ₹498.3 Mil.
Total Assets was ₹879.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹350.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹19.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹51.6 Mil.
Total Current Liabilities was ₹211.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹63.4 Mil.
Net Income was ₹53.0 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-68.3 Mil.
 Total Receivables was ₹131.6 Mil.
Revenue was ₹601.9 Mil.
Gross Profit was ₹215.0 Mil.
Total Current Assets was ₹330.5 Mil.
Total Assets was ₹705.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹352.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹18.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹30.8 Mil.
Total Current Liabilities was ₹308.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹164.7 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)
=(186.124 / 668.145) / (131.615 / 601.931)
=0.278568 / 0.218655
=1.274

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)
=(214.976 / 601.931) / (274.406 / 668.145)
=0.357144 / 0.410698
=0.8696

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 - (498.342 + 350.054) / 879.261) / (1 - (330.473 + 352.638) / 705.248)
=0.035103 / 0.031389
=1.1183

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
=668.145 / 601.931
=1.11

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))
=(18.344 / (18.344 + 352.638)) / (19.682 / (19.682 + 350.054))
=0.049447 / 0.053233
=0.9289

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)
=(51.61 / 668.145) / (30.777 / 601.931)
=0.077244 / 0.05113
=1.5107

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)
=((63.379 + 211.511) / 879.261) / ((164.725 + 308.795) / 705.248)
=0.312638 / 0.671423
=0.4656

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
=(53.029 - 0 - -68.331) / 879.261
=0.138025

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.

United Heat Transfer has a M-score of -1.43 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 -1.43 mean?
United Heat Transfer (NSE:UHTL) has a Beneish M-Score of -1.43 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Heat Transfer and its competitors. According to the industry distribution chart, United Heat Transfer ranks #2630 out of 2926 companies in the Industrial Products industry, placing it in the top 89.9%.
Is United Heat Transfer's Beneish M-Score too high?
United Heat Transfer's current Beneish M-Score is -1.43. Based on the distribution chart, United Heat Transfer ranks #2630 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, United Heat Transfer has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does United Heat Transfer's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, United Heat Transfer ranks #2630 out of 2926 companies for Beneish M-Score. This places United Heat Transfer 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 United Heat Transfer and its competitors. United Heat Transfer's current Beneish M-Score is -1.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Heat Transfer stock overvalued right now?
United Heat Transfer (NSE:UHTL) has a current Beneish M-Score of -1.43. The current Beneish M-Score is -1.43. United Heat Transfer's overall GF Score™ is 16/100 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 United Heat Transfer (NSE:UHTL), the current Beneish M-Score is -1.43 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.

United Heat Transfer Business Description

Address Plot No F-131, MIDC Area, Ambad, Nashik, MH, IND, 422010
United Heat Transfer Ltd is engaged in the manufacture of a range of shell and tube heat exchangers, air cooled heat exchangers, pressure vessels and process flow skids equipment's which are used as critical equipment's for petrol and diesel engines, railway engines, maritime engines, cruse and cargo ships, ferries, pleasure boats, marine diesels, mining trucks, megayachts, heavy engines, fishing boats, heavy trucks, freighters, trawlers, heavy haulages, power gen sets, super tankers, off highway engines etc.
16GF 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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