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National General IndustriesBOM:531651 52 Altman Z-Score is 4.63 as of Aug. 01, 2026, which is 24% above its 10-year median of 3.74. GuruFocus rates BOM:531651 with a GF Score™ of 52/100 and a GF Value™ of ₹53.42 (Fairly Valued). The stock has 4 warning signs investors should review. Among 610 Steel companies, National General Industries ranks better than 80.66% on this metric.
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 4.64 is strong.
National General Industries has a Altman Z-Score of 4.63, 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 National General Industries's Altman Z-Score or its related term are showing as below:
BOM:531651'
s Altman Z-Score Range Over the Past 10 Years
Min: 2.79 Med: 3.74 Max: 38.61
Current: 4.64
During the past 13 years, National General Industries's highest Altman Z-Score was 38.61. The lowest was 2.79. And the median was 3.74.
National General Industries (BOM:531651) 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:531651 vs NUE, STLD, RS: Altman Z-Score Comparison
For the Steel subindustry, National General Industries'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.
National General Industries Altman Z-Score vs Steel Industry
For the Steel industry and Basic Materials sector, National General Industries's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where National General Industries's Altman Z-Score falls into.
National General Industries 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.
National General Industries (BOM:531651) has a Altman Z-Score of 4.63 as of Aug. 01, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on National General Industries and its competitors. This is 24% above median its historical median of 3.74. Over the past decade, National General Industries' Altman Z-Score has ranged from 2.79 to 38.61. According to the industry distribution chart, National General Industries ranks #118 out of 610 companies in the Steel industry, placing it in the top 19.3%.
Is National General Industries' Altman Z-Score too high?
National General Industries' current Altman Z-Score of 4.63 is 24% above median its 10-year median of 3.74. Over the past 10 years, this metric has ranged from a low of 2.79 to a high of 38.61. The Steel industry median Altman Z-Score is 2.49. National General Industries' value of 4.63 is 86.3% above this industry median. Based on the distribution chart, National General Industries ranks #118 out of 610 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, National General Industries has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National General Industries' Altman Z-Score compare to NUE and STLD?
According to the Steel industry distribution chart, National General Industries ranks #118 out of 610 companies for Altman Z-Score. This places National General Industries in the top 19% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 2.49. National General Industries' value of 4.63 is 86.3% above this benchmark. Historically, National General Industries' own Altman Z-Score has ranged from 2.79 to 38.61 over the past decade. While the company's 10-year median is 3.74 vs. the industry median of 2.49, National General Industries 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 Steel company?
The median Altman Z-Score among Steel companies is 2.49, based on 610 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. National General Industries's current Altman Z-Score of 4.63 is 86.3% 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 National General Industries and its competitors. For the Steel industry, the median Altman Z-Score is 2.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National General Industries's current Altman Z-Score is 4.63, which is 24% above median its own 10-year median of 3.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National General Industries stock overvalued right now?
Based on GuruFocus' analysis, National General Industries (BOM:531651) is currently considered Fairly Valued. The stock's GF Value™ is ₹53.42, compared to a current price of ₹57.69 — trading 8% above its estimated fair value. The current Altman Z-Score is 4.63, which is 24% above median its 10-year median of 3.74 and 86.3% above the Steel industry median of 2.49. National General Industries' overall GF Score™ is 52/100 with 4 warning signs to review. 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 National General Industries (BOM:531651), the current Altman Z-Score is 4.63 as of Aug. 01, 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 National General Industries (BOM:531651) Overvalued in 2026?
Based on GuruFocus' analysis, National General Industries stock appears to be overvalued.
The current stock price of ₹57.69 is trading 8% above its estimated GF Value™ of ₹53.42.
GuruFocus considers National General Industries to be Fairly Valued.
Key valuation signals for BOM:531651:
Altman Z-Score: 4.63 (24% above median its 10-year median of 3.74)
GF Value™: ₹53.42 vs. price of ₹57.69 (8% above fair value)
Industry Position: 86.3% above the Steel median (#118 of 610)
No single metric tells the full story. See the BOM:531651 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National General Industries Ltd is active in the steel industry, engaged in the production and sale of steel through its rolling unit located in Ghaziabad, Uttar Pradesh. It manufactures hot-rolled steel rounds, steel squares, and steel flats. The company operates in two segments: steel manufacturing and investments, with the majority of its revenue generated from steel manufacturing.
52GF Score
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