Indian Oil Beneish M-Score Historical Data
The historical data trend for Indian Oil'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.
Indian Oil Beneish M-Score Chart
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Indian Oil Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.72 |
-2.83 |
-3.55 |
-1.83 |
-2.14 |
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Indian Oil Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.14 |
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Competitive Comparison of Indian Oil's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Indian Oil'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.
Indian Oil's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Indian Oil's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Indian Oil's Beneish M-Score falls into.
Indian Oil Beneish M-Score Calculation
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 Indian Oil 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 * 0.6883 | + | 0.528 * 1.9141 | + | 0.404 * 0.8689 | + | 0.892 * 1.4121 | + | 0.115 * 1.0411 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7637 | + | 4.679 * -0.044937 | - | 0.327 * 1.007 |
| = | -2.14 |
* 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.
| This Year (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹221,060 Mil.
Revenue was ₹8,275,473 Mil.
Gross Profit was ₹562,769 Mil.
Total Current Assets was ₹1,588,655 Mil.
Total Assets was ₹4,417,621 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,257,160 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹131,811 Mil.
Selling, General, & Admin. Expense(SGA) was ₹180,269 Mil.
Total Current Liabilities was ₹2,066,583 Mil.
Long-Term Debt & Capital Lease Obligation was ₹697,899 Mil.
Net Income was ₹97,921 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹296,437 Mil.
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Total Receivables was ₹227,434 Mil.
Revenue was ₹5,860,329 Mil.
Gross Profit was ₹762,822 Mil.
Total Current Assets was ₹1,468,607 Mil.
Total Assets was ₹4,106,249 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,025,975 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹123,476 Mil.
Selling, General, & Admin. Expense(SGA) was ₹167,157 Mil.
Total Current Liabilities was ₹1,928,646 Mil.
Long-Term Debt & Capital Lease Obligation was ₹623,082 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (221060.4 / 8275473.3) | / | (227433.6 / 5860328.5) |
| = | 0.026713 | / | 0.038809 |
| | = | 0.6883 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (762822.4 / 5860328.5) | / | (562768.6 / 8275473.3) |
| = | 0.130167 | / | 0.068004 |
| | = | 1.9141 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1588654.9 + 2257160) / 4417620.9) | / | (1 - (1468606.9 + 2025975.4) / 4106248.5) |
| = | 0.129438 | / | 0.14896 |
| | = | 0.8689 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 8275473.3 | / | 5860328.5 |
| | = | 1.4121 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
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)) |
| = | (123475.8 / (123475.8 + 2025975.4)) | / | (131810.5 / (131810.5 + 2257160)) |
| = | 0.057445 | / | 0.055175 |
| | = | 1.0411 |
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
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (180268.5 / 8275473.3) | / | (167157.2 / 5860328.5) |
| = | 0.021783 | / | 0.028524 |
| | = | 0.7637 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((697898.5 + 2066583.3) / 4417620.9) | / | ((623081.6 + 1928646.2) / 4106248.5) |
| = | 0.625785 | / | 0.621426 |
| | = | 1.007 |
8. TATA = Total Accruals to Total Assets
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 |
| = | (97921.2 - 0 | - | 296437.2) | / | 4417620.9 |
| | = | -0.044937 |
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.
Indian Oil has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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