1
Beneish M-score (FY2026)
Mildly outside-1.89
Well outside above −1.78, mildly outside above −2.22
Earlier years: FY2024 -3.07, FY2025 -2.83
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
A higher score only means more of this company's figures sit outside ranges the checks treat as typical, often for ordinary business reasons. It is not a judgement on the company. Every value below links to the filing it came from.
Earnings quality
2
Operating cash flow / net profit, FY2022-FY2026
Within range1.30
Well outside below 0.5, mildly outside below 0.8
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
3
Accruals ratio, average FY2024-FY2026
Within range-4.1%
Well outside above 10%, mildly outside above 5%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
4
Receivable days, FY2023 to FY2026
Within range12 to 15 days (+18%)
Well outside if up more than 50%, mildly outside if up 25% to 50%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
5
Inventory days, FY2023 to FY2026
Mildly outside48 to 63 days (+33%)
Well outside if up more than 50%, mildly outside if up 25% to 50%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
6
Other income / profit before tax, FY2024-FY2026
Within range5.5%
Well outside above 30%, mildly outside above 15%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
Balance sheet
7
Contingent liabilities / net worth (31 Mar 2026)
Within range3.2%
Well outside above 50%, mildly outside above 25%
Items (i) to (vii) of note 42, including 9255.64 under a High Court stay
8
Loans to related parties / net worth (31 Mar 2026)
Within range0.1%
Well outside above 20%, mildly outside above 10%
Loans given to Suryalaxmi Technologies 92.36 and GL Steel and Power 285.03 outstanding at year end
9
Capital work in progress older than 3 years (31 Mar 2026)
Within range0.0%
Well outside above 25%, mildly outside above 10%
10
Borrowings growth minus revenue growth, FY2023-FY2026
Within range-2.5 points a year
Well outside above 20 points a year, mildly outside above 10 points
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
Governance
11
Promoter shares pledged or encumbered (31 Mar 2026)
Within range0.0%
Well outside above 25%, mildly outside above 10%
12
Change in promoter holding, Mar 2022 to Mar 2026
Within range67.24% to 70.00% (+2.76 points)
Well outside if down more than 10 points, mildly outside if down 5 to 10 points
13
Statutory auditor resigned before the end of its term, FY2022-FY2026
Within rangeno
Well outside if yes
The statutory auditor resignation of 21 Jul 2026 is after the study period and not scored
NSE announcements (announcement 27 Jul 2026) (NSE filings)
14
Audit opinion (qualified FY2023-FY2026, emphasis of matter FY2026)
Mildly outsideemphasis of matter
Well outside for a qualified, adverse or disclaimer opinion, mildly outside for an emphasis of matter
Emphasis of matter on an April 2023 income tax search that the auditor notes was concluded without additions up to AY 2024-25
15
Related party sales and purchases / revenue (FY2026)
Within range0.3%
Well outside above 25%, mildly outside above 10%
Sale and purchase of products with three related companies; loans and interest left out
16
CFO and company secretary resignations, FY2022-FY2026
Well outside2
Well outside for two or more, mildly outside for one
Company secretary resigned Aug 2022 and CFO resigned w.e.f. 31 Mar 2026; a CFO resignation in Jul 2026 is after the study period and not counted
NSE announcements (announcements 11 Aug 2022 and 31 Mar 2026) (NSE filings)
Altman Z score
12.31
Range above 5.85. This looks at financial strain rather than accounting quality, so it is shown separately and not added into the indicator score. It uses the emerging markets version of the formula, set out on the how it works page.