VMS TMT (NSE:VMSTMT) Beneish M-Score: -0.22 (As of Jun. 26, 2026)


NSE:VMSTMT VMS TMT Ltd NSE:VMSTMT
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What is VMS TMT Beneish M-Score?

VMS TMT NSE:VMSTMT -1.09% 12 Beneish M-Score is -0.22 as of Jun. 26, 2026. GuruFocus rates NSE:VMSTMT with a GF Score™ of 12/100. The stock has 3 warning signs investors should review. Among 592 Steel companies, VMS TMT ranks worse than 91.55% 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 -0.22 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:VMSTMT' s Beneish M-Score Range Over the Past 10 Years
Min: -0.22   Med: -0.22   Max: -0.22
Current: -0.22

During the past 5 years, the highest Beneish M-Score of VMS TMT was -0.22. The lowest was -0.22. And the median was -0.22.

VMS TMT Beneish M-Score Historical Data

* Premium members only.

The historical data trend for VMS TMT'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.

VMS TMT Beneish M-Score Chart

VMS TMT Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00 -0.22

VMS TMT Quarterly Data
Mar22 Mar23 Mar24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 -0.22

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

For the Steel subindustry, VMS TMT'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.

VMS TMT Beneish M-Score vs Steel Industry

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

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


NSE:VMSTMT
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VMS TMT Ltd NSE:VMSTMT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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VMS TMT 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 VMS TMT 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 * 0.3545+0.528 * 0.9803+0.404 * 0.1227+0.892 * 3.8923+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2506+4.679 * 0.085214-0.327 * 0.6725
=-0.22

* 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 ₹345 Mil.
Revenue was 2411.114 + 2021.296 + 1830.572 + 2112.529 = ₹8,376 Mil.
Gross Profit was 711.534 + 652.128 + 384.178 + 300.507 = ₹2,048 Mil.
Total Current Assets was ₹2,973 Mil.
Total Assets was ₹5,194 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,212 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹100 Mil.
Selling, General, & Admin. Expense(SGA) was ₹62 Mil.
Total Current Liabilities was ₹2,270 Mil.
Long-Term Debt & Capital Lease Obligation was ₹543 Mil.
Net Income was 22.899 + 80.389 + 21.284 + 85.764 = ₹210 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + -8.087 + -224.188 = ₹-232 Mil.
 Total Receivables was ₹250 Mil.
Revenue was 2151.843 + 0 + 0 + 0 = ₹2,152 Mil.
Gross Profit was 515.896 + 0 + 0 + 0 = ₹516 Mil.
Total Current Assets was ₹2,314 Mil.
Total Assets was ₹4,121 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,751 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹64 Mil.
Total Current Liabilities was ₹2,066 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,252 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)
=(344.913 / 8375.511) / (249.951 / 2151.843)
=0.041181 / 0.116157
=0.3545

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)
=(515.896 / 2151.843) / (2048.347 / 8375.511)
=0.239746 / 0.244564
=0.9803

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 - (2973.312 + 2212.193) / 5194.116) / (1 - (2314.1 + 1750.839) / 4120.634)
=0.001658 / 0.013516
=0.1227

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
=8375.511 / 2151.843
=3.8923

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))
=(0 / (0 + 1750.839)) / (99.815 / (99.815 + 2212.193))
=0 / 0.043172
=1

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)
=(62.079 / 8375.511) / (63.652 / 2151.843)
=0.007412 / 0.02958
=0.2506

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)
=((543.117 + 2269.58) / 5194.116) / ((1251.933 + 2066.167) / 4120.634)
=0.541516 / 0.80524
=0.6725

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
=(210.336 - 0 - -232.275) / 5194.116
=0.085214

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.

VMS TMT has a M-score of -0.22 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 -0.22 mean?
VMS TMT (NSE:VMSTMT) has a Beneish M-Score of -0.22 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VMS TMT and its competitors. According to the industry distribution chart, VMS TMT ranks #542 out of 592 companies in the Steel industry, placing it in the top 91.6%.
Is VMS TMT's Beneish M-Score too high?
VMS TMT's current Beneish M-Score is -0.22. Based on the distribution chart, VMS TMT ranks #542 out of 592 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, VMS TMT has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does VMS TMT's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, VMS TMT ranks #542 out of 592 companies for Beneish M-Score. This places VMS TMT 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 VMS TMT and its competitors. VMS TMT's current Beneish M-Score is -0.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VMS TMT stock overvalued right now?
VMS TMT (NSE:VMSTMT) has a current Beneish M-Score of -0.22. The current Beneish M-Score is -0.22. VMS TMT's overall GF Score™ is 12/100 with 3 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 VMS TMT (NSE:VMSTMT), the current Beneish M-Score is -0.22 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.

VMS TMT Business Description

Other Exchanges 544521:India
Address Survey No. 214, Near Water Tank, Bhayla, Ahmedabad, GJ, IND, 382220
VMS TMT Ltd is engaged in manufacturing of Thermo Mechanically Treated Bars (TMT Bars) at its manufacturing facility situated at Bhayla Village, Ahmedabad, Gujarat, India. TMT Bars are high-strength reinforcement steel used widely in construction industry due to their exceptional strength, ductility, and corrosion resistance. Its revenue from operations also includes sale of scrap, binding wires and billets.
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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