Jindal Steel & Power Beneish M-Score Historical Data
The historical data trend for Jindal Steel & Power'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.
Jindal Steel & Power Beneish M-Score Chart
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Jindal Steel & Power Annual Data
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Mar15 |
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Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.79 |
-3.10 |
-3.04 |
-3.11 |
-1.71 |
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Jindal Steel & Power Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-3.11 |
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-1.71 |
Competitive Comparison of Jindal Steel & Power's Beneish M-Score
For the Steel subindustry, Jindal Steel & Power'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.
Jindal Steel & Power's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Jindal Steel & Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jindal Steel & Power's Beneish M-Score falls into.
Jindal Steel & Power 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 Jindal Steel & Power 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 * 1.4503 | + | 0.528 * 0.9551 | + | 0.404 * 1.6234 | + | 0.892 * 0.9491 | + | 0.115 * 1.0301 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.000888 | - | 0.327 * 1.0088 |
| = | -1.71 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹17,289 Mil.
Revenue was ₹500,268 Mil.
Gross Profit was ₹283,345 Mil.
Total Current Assets was ₹177,483 Mil.
Total Assets was ₹787,152 Mil.
Property, Plant and Equipment(Net PPE) was ₹546,617 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹28,218 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹160,096 Mil.
Long-Term Debt & Capital Lease Obligation was ₹106,200 Mil.
Net Income was ₹59,384 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹60,084 Mil.
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Total Receivables was ₹12,561 Mil.
Revenue was ₹527,112 Mil.
Gross Profit was ₹285,139 Mil.
Total Current Assets was ₹154,757 Mil.
Total Assets was ₹694,272 Mil.
Property, Plant and Equipment(Net PPE) was ₹505,259 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹26,910 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,087 Mil.
Total Current Liabilities was ₹154,987 Mil.
Long-Term Debt & Capital Lease Obligation was ₹77,831 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) |
| = | (17288.7 / 500267.6) | / | (12560.6 / 527111.8) |
| = | 0.034559 | / | 0.023829 |
| | = | 1.4503 |
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) |
| = | (285138.7 / 527111.8) | / | (283345 / 500267.6) |
| = | 0.540945 | / | 0.566387 |
| | = | 0.9551 |
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 - (177482.5 + 546616.7) / 787151.8) | / | (1 - (154756.8 + 505258.6) / 694272.3) |
| = | 0.080102 | / | 0.049342 |
| | = | 1.6234 |
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 |
| = | 500267.6 | / | 527111.8 |
| | = | 0.9491 |
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)) |
| = | (26909.5 / (26909.5 + 505258.6)) | / | (28217.5 / (28217.5 + 546616.7)) |
| = | 0.050566 | / | 0.049088 |
| | = | 1.0301 |
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) |
| = | (0 / 500267.6) | / | (1086.9 / 527111.8) |
| = | 0 | / | 0.002062 |
| | = | 0 |
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) |
| = | ((106200.1 + 160095.5) / 787151.8) | / | ((77830.9 + 154986.9) / 694272.3) |
| = | 0.338303 | / | 0.335341 |
| | = | 1.0088 |
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 |
| = | (59384.2 - 0 | - | 60083.5) | / | 787151.8 |
| | = | -0.000888 |
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.
Jindal Steel & Power has a M-score of -1.71 signals that the company is likely to be a manipulator.
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