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Montier C-score: what it means and how to read it
Counts 0 to 6 signs that accounts look better than the business, such as profit rising while cash flow falls, or receivables piling up.
What is Montier C-score?
Counts 0 to 6 signs that accounts look better than the business, such as profit rising while cash flow falls, or receivables piling up.
A worked example
Profit up while cash flow is down, receivables growing faster than sales, and stock piling up are three signs: a score of 3 out of 6.
Why does Montier C-score matter?
Simple checks that catch flattering accounts.
How do you read Montier C-score?
Lower is better. 5 or 6 is a warning.
Lower is usually better.
What is a typical Montier C-score in India today?
The median across the 3315 listed companies that report it, as of 12 Oct 2026. Half sit above each figure and half below.
By company size
Median
Large Cap · 64 companies4
Mid Cap · 103 companies3
Small Cap · 3148 companies3
By industry
Median, largest industries first
Pharmaceuticals · 1533
Computers - Software & Consulting · 503
Refineries & Marketing · 84
Power Generation · 253
Auto Components & Equipments · 983
Heavy Electrical Equipment · 334
Cement & Cement Products · 283
Civil Construction · 813
Iron & Steel · 112
Aerospace & Defense · 253
Compare a company with its own industry before the whole market. Every industry, and each company's rank within it, is in the screener.