Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Zarneni Hrani OXBUL:ZHBG Beneish M-Score is -2.54 as of Aug. 09, 2026. The stock has 4 warning signs investors should review. Among 1,853 Consumer Packaged Goods companies, Zarneni Hrani O ranks better than 51.7% 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.
Good Sign:
Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Zarneni Hrani O's Beneish M-Score or its related term are showing as below:
XBUL:ZHBG'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.53 Max: -1.47
Current: -2.54
During the past 13 years, the highest Beneish M-Score of Zarneni Hrani O was -1.47. The lowest was -3.18. And the median was -2.53.
The historical data trend for Zarneni Hrani O'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.
XBUL:ZHBG vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, Zarneni Hrani O'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.
Zarneni Hrani O Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Zarneni Hrani O's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zarneni Hrani O's Beneish M-Score falls into.
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 Zarneni Hrani O 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 * 1.2613
+
0.528 * 0.8343
+
0.404 * 0.9865
+
0.892 * 0.8126
+
0.115 * 1.042
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2869
+
4.679 * -0.001661
-
0.327 * 0.9549
=
-2.54
* 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.
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.
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))
=
(2.895 / (2.895 + 34.523))
/
(2.884 / (2.884 + 35.957))
=
0.077369
/
0.074251
=
1.042
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
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
=
(1.855 - 0
-
2.209)
/
213.15
=
-0.001661
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.
Zarneni Hrani O has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
Zarneni Hrani O (XBUL:ZHBG) has a Beneish M-Score of -2.54 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zarneni Hrani O and its competitors. According to the industry distribution chart, Zarneni Hrani O ranks #895 out of 1853 companies in the Consumer Packaged Goods industry, placing it in the top 48.3%.
Is Zarneni Hrani O's Beneish M-Score too high?
Zarneni Hrani O's current Beneish M-Score is -2.54. Based on the distribution chart, Zarneni Hrani O ranks #895 out of 1853 companies in the Consumer Packaged Goods industry, which is above the industry midpoint.
How does Zarneni Hrani O's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Zarneni Hrani O ranks #895 out of 1853 companies for Beneish M-Score. This puts Zarneni Hrani O in the upper 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Zarneni Hrani O and its competitors. Zarneni Hrani O's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zarneni Hrani O stock overvalued right now?
Based on GuruFocus' analysis, Zarneni Hrani O (XBUL:ZHBG) is currently considered Possible Value Trap. The stock's GF Value™ is €0.10, compared to a current price of €0.07 — trading 35% below its estimated fair value. The current Beneish M-Score is -2.54. 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 Zarneni Hrani O (XBUL:ZHBG), the current Beneish M-Score is -2.54 as of Aug. 09, 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.
Zarneni Hrani O is an agribusiness company. It is engaged in the distribution of fertilizers and chemicals, oilseed processing, storage & trade in grains and oilseeds, biodiesel production & logistics services. It offers services to farmers. The company has three segments Manufacturing, Trading and services, of which Manufacturing segment derives maximum revenue. The Manufacturing segment includes production of vegetable oils; production of biodiesel; processing and extraction of technical oils; extraction of crude oil and natural gas; processing of oil and condensate, production of petroleum products, polymers and synthetic fibers; production of low-voltage electrical equipment; processing and trading of plastics; production and trading of polyethylene products.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XBUL:ZHBG has been successfully added to your 
