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.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 8.93 is strong.
Indian Toners & Developers has a Altman Z-Score of 8.93, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Indian Toners & Developers's Altman Z-Score or its related term are showing as below:
BOM:523586'
s Altman Z-Score Range Over the Past 10 Years
Min: 3.84 Med: 7.22 Max: 10.14
Current: 8.93
During the past 13 years, Indian Toners & Developers's highest Altman Z-Score was 10.14. The lowest was 3.84. And the median was 7.22.
Indian Toners & Developers (BOM:523586) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* 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.
BOM:523586 vs LIN, SHW, ECL: Altman Z-Score Comparison
For the Specialty Chemicals subindustry, Indian Toners & Developers's Altman Z-Score, along with its competitors' market caps and Altman Z-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.
Indian Toners & Developers Altman Z-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Indian Toners & Developers's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Indian Toners & Developers's Altman Z-Score falls into.
Indian Toners & Developers Altman Z-Score Calculation
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Indian Toners & Developers (BOM:523586) has a Altman Z-Score of 8.93 as of Jul. 14, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Indian Toners & Developers and its competitors. This is 24% above median its historical median of 7.22. Over the past decade, Indian Toners & Developers' Altman Z-Score has ranged from 3.84 to 10.14. According to the industry distribution chart, Indian Toners & Developers ranks #226 out of 1562 companies in the Chemicals industry, placing it in the top 14.5%.
Is Indian Toners & Developers' Altman Z-Score too high?
Indian Toners & Developers' current Altman Z-Score of 8.93 is 24% above median its 10-year median of 7.22. Over the past 10 years, this metric has ranged from a low of 3.84 to a high of 10.14. The Chemicals industry median Altman Z-Score is 3.14. Indian Toners & Developers' value of 8.93 is 184.4% above this industry median. Based on the distribution chart, Indian Toners & Developers ranks #226 out of 1562 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Indian Toners & Developers has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Indian Toners & Developers' Altman Z-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Indian Toners & Developers ranks #226 out of 1562 companies for Altman Z-Score. This places Indian Toners & Developers in the top 15% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 3.14. Indian Toners & Developers' value of 8.93 is 184.4% above this benchmark. Historically, Indian Toners & Developers' own Altman Z-Score has ranged from 3.84 to 10.14 over the past decade. While the company's 10-year median is 7.22 vs. the industry median of 3.14, Indian Toners & Developers has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Chemicals company?
The median Altman Z-Score among Chemicals companies is 3.14, based on 1,562 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indian Toners & Developers's current Altman Z-Score of 8.93 is 184.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Indian Toners & Developers and its competitors. For the Chemicals industry, the median Altman Z-Score is 3.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indian Toners & Developers's current Altman Z-Score is 8.93, which is 24% above median its own 10-year median of 7.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indian Toners & Developers stock overvalued right now?
Based on GuruFocus' analysis, Indian Toners & Developers (BOM:523586) is currently considered Fairly Valued. The stock's GF Value™ is ₹301.50, compared to a current price of ₹292.25 — trading 3.1% below its estimated fair value. The current Altman Z-Score is 8.93, which is 24% above median its 10-year median of 7.22 and 184.4% above the Chemicals industry median of 3.14. Indian Toners & Developers' overall GF Score™ is 80/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Indian Toners & Developers (BOM:523586), the current Altman Z-Score is 8.93 as of Jul. 14, 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.
Is Indian Toners & Developers (BOM:523586) Overvalued in 2026?
Based on GuruFocus' analysis, Indian Toners & Developers stock appears to be undervalued.
The current stock price of ₹292.25 is trading 3.1% below its estimated GF Value™ of ₹301.50.
GuruFocus considers Indian Toners & Developers to be Fairly Valued.
Key valuation signals for BOM:523586:
Altman Z-Score: 8.93 (24% above median its 10-year median of 7.22)
GF Value™: ₹301.50 vs. price of ₹292.25 (3.1% below fair value)
Industry Position: 184.4% above the Chemicals median (#226 of 1562)
No single metric tells the full story. See the BOM:523586 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Indian Toners & Developers Ltd is a manufacturer of toners and developers. The company is engaged in the business of producing and exporting compatible toners for use in laser printers, the new age digital machines, multi-function printers, analogue copiers as well as wide-format printers and copiers. The only reporting segment of the company is a manufacturer of compatible toner. Its geographical segment includes Domestic sales and Export sales. The company's product consists of chemical color toner, laser toner, copier or digital toner, wide format copiers and printer toner and packaging.
80GF Score
Get the complete analysis for BOM:523586
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BOM:523586 has been successfully added to your 
