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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Indus Gas's Sloan Ratio for the quarter that ended in Sep. 2025 was -40.69%.
Warning Sign:
When sloan ratio (-39.65)% higher than 25% or lower than -25%, earnings are more likely to be made up of accruals.
As of Sep. 2025, Indus Gas has a Sloan Ratio of -40.69%, indicating earnings are more likely to be made up of accruals.
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Sep. 2025, Indus Gas has a Sloan Ratio of -40.69%, indicating earnings are more likely to be made up of accruals.
Indus Gas Sloan Ratio % Related Terms
Indus Gas Sloan Ratio % Historical Data
* Premium members only.
The historical data trend for Indus Gas's Sloan Ratio % 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.
LSE:INDI vs COP, EOG, FANG: Sloan Ratio % Comparison
For the Oil & Gas E&P subindustry, Indus Gas's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Indus Gas Sloan Ratio % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indus Gas's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Indus Gas's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Indus Gas's Sloan Ratio for the fiscal year that ended in Mar. 2025 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Indus Gas's Net Income for the trailing twelve months (TTM) ended in Sep. 2025 was -277.258 (Mar. 2025 ) + 0.847 (Sep. 2025 ) = £-276.41 Mil.
Indus Gas's Cash Flow from Operations for the trailing twelve months (TTM) ended in Sep. 2025 was 2.192 (Mar. 2025 ) + 4.002 (Sep. 2025 ) = £6.19 Mil.
Indus Gas's Cash Flow from Investing for the trailing twelve months (TTM) ended in Sep. 2025 was -2.897 (Mar. 2025 ) + -6.833 (Sep. 2025 ) = £-9.73 Mil.
* 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.
Indus Gas (LSE:INDI) has a Sloan Ratio % of -40.69% as of Sep. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Indus Gas and its competitors.
Is Indus Gas' Sloan Ratio % too high?
Indus Gas' current Sloan Ratio % is -40.69%.
How does Indus Gas' Sloan Ratio % compare to COP and EOG?
Indus Gas' Sloan Ratio % of -40.69% can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Oil & Gas company?
A good Sloan Ratio % depends on the Oil & Gas industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Indus Gas and its competitors. Indus Gas's current Sloan Ratio % is -40.69%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indus Gas stock overvalued right now?
Indus Gas (LSE:INDI) has a current Sloan Ratio % of -40.69%. The stock's GF Value™ is £0.14, compared to a current price of £0.01 — trading 90.3% below its estimated fair value. The current Sloan Ratio % is -40.69%. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Indus Gas (LSE:INDI), the current Sloan Ratio % is -40.69% as of Sep. 2025. 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.
Indus Gas Ltd is an oil and gas exploration and development company. It predominantly operates in India, focusing on exploration, development, production, distribution, and marketing of hydrocarbons, including natural gas. The company holds a participating interest in Block RJ-ON/6, an onshore petroleum concession in Rajasthan, India, covering a large area in the Indus Basin. Its operations involve partnerships with entities like Oil and Natural Gas Corporation Ltd. (ONGC) and Focus Energy Ltd., with ONGC having back-in rights for participating interests in discovered fields. Indus Gas sells natural gas prominently to GAIL (India) Ltd and continues to evaluate other opportunities in the oil and gas sector.
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