Vedanta Iron and Steel (NSE:VISL) Beneish M-Score: -1.02 (As of Aug. 13, 2026)

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NSE:VISL Vedanta Iron and Steel Ltd NSE:VISL
2 GF Score
Price ₹39.08
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What is Vedanta Iron and Steel Beneish M-Score?

Vedanta Iron and Steel NSE:VISL +0.70% 2 Beneish M-Score is -1.02 as of Aug. 13, 2026. GuruFocus rates NSE:VISL with a GF Score™ of 2/100. The stock has 7 warning signs investors should review. Among 590 Steel companies, Vedanta Iron and Steel ranks worse than 87.63% 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 -1.02 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:VISL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.02   Med: -1.02   Max: -1.02
Current: -1.02

During the past 3 years, the highest Beneish M-Score of Vedanta Iron and Steel was -1.02. The lowest was -1.02. And the median was -1.02.

Vedanta Iron and Steel Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vedanta Iron and Steel'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.

Vedanta Iron and Steel Beneish M-Score Chart

Vedanta Iron and Steel Annual Data
Trend Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.02

Vedanta Iron and Steel Semi-Annual Data
Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.02

NSE:VISL vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Vedanta Iron and Steel'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.

Vedanta Iron and Steel Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Vedanta Iron and Steel's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vedanta Iron and Steel's Beneish M-Score falls into.


NSE:VISL
2GF Score
Vedanta Iron and Steel Ltd NSE:VISL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vedanta Iron and Steel 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 Vedanta Iron and Steel 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 * 3.5053+0.528 * 1.0369+0.404 * 0.8329+0.892 * 0.9726+0.115 * 0.9576
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.152372-0.327 * 1.177
=-1.02

* 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 ₹16,160 Mil.
Revenue was ₹133,410 Mil.
Gross Profit was ₹63,220 Mil.
Total Current Assets was ₹60,780 Mil.
Total Assets was ₹190,650 Mil.
Property, Plant and Equipment(Net PPE) was ₹99,260 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8,010 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹227,810 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26,920 Mil.
Net Income was ₹-29,050 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-0 Mil.
 Total Receivables was ₹4,740 Mil.
Revenue was ₹137,170 Mil.
Gross Profit was ₹67,400 Mil.
Total Current Assets was ₹60,390 Mil.
Total Assets was ₹196,100 Mil.
Property, Plant and Equipment(Net PPE) was ₹97,910 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7,540 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹179,240 Mil.
Long-Term Debt & Capital Lease Obligation was ₹43,370 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)
=(16160 / 133410) / (4740 / 137170)
=0.12113 / 0.034556
=3.5053

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)
=(67400 / 137170) / (63220 / 133410)
=0.491361 / 0.473878
=1.0369

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 - (60780 + 99260) / 190650) / (1 - (60390 + 97910) / 196100)
=0.160556 / 0.192759
=0.8329

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
=133410 / 137170
=0.9726

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))
=(7540 / (7540 + 97910)) / (8010 / (8010 + 99260))
=0.071503 / 0.074671
=0.9576

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)
=(0 / 133410) / (0 / 137170)
=0 / 0
=1

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)
=((26920 + 227810) / 190650) / ((43370 + 179240) / 196100)
=1.336113 / 1.135186
=1.177

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
=(-29050 - 0 - -0.242) / 190650
=-0.152372

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.

Vedanta Iron and Steel has a M-score of -1.02 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 -1.02 mean?
Vedanta Iron and Steel (NSE:VISL) has a Beneish M-Score of -1.02 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vedanta Iron and Steel and its competitors. According to the industry distribution chart, Vedanta Iron and Steel ranks #517 out of 590 companies in the Steel industry, placing it in the top 87.6%.
Is Vedanta Iron and Steel's Beneish M-Score too high?
Vedanta Iron and Steel's current Beneish M-Score is -1.02. Based on the distribution chart, Vedanta Iron and Steel ranks #517 out of 590 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Vedanta Iron and Steel has a GF Score™ of 2/100, reflecting its overall financial health beyond just this single metric.
How does Vedanta Iron and Steel's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Vedanta Iron and Steel ranks #517 out of 590 companies for Beneish M-Score. This places Vedanta Iron and Steel 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Vedanta Iron and Steel and its competitors. Vedanta Iron and Steel's current Beneish M-Score is -1.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vedanta Iron and Steel stock overvalued right now?
Vedanta Iron and Steel (NSE:VISL) has a current Beneish M-Score of -1.02. The current Beneish M-Score is -1.02. Vedanta Iron and Steel's overall GF Score™ is 2/100 with 7 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 Vedanta Iron and Steel (NSE:VISL), the current Beneish M-Score is -1.02 as of Aug. 13, 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.

Vedanta Iron and Steel Business Description

Other Exchanges 544784:India
Address Sesa Ghor, 20 EDC Complex, Patto Panaji, GA, IND, 403 001
Vedanta Iron and Steel Ltd is a ferrous-resource company supplying the materials that underpin modern economies. Its products are Iron Ore, Met Coke, Pig Iron, and Steel & VAP. Along with its subsidiary, it engaged in supplying essential materials that power infrastructure, manufacturing, and nation-building across geographies. Its operations span India and Africa. The group focuses on iron ore exploration, mining, and processing in India and West Africa, alongside the production of high-quality steel, wire rods, TMT bars, pig iron, Ductile Iron (DI) Pipes, Ferro-silicon, cement, and metallurgical coke.
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