Financial Distress Analysis Using The Altman Z Score Model, The Springate Model, And The Grainger Model In The Indian Cement Industry

Abstract

The paper's main objective is financial distress analysis in the cement industry in India, to fulfill the objective of this paper to collect the data from 2019 to 2023 and select 14 cement companies that were listed in NSE. Selected Springate Model, Z Score Model, and Grover Model to achieve the objective of this paper. The result states that Shree Cement Company, ACC, and Star Cement Company have Grey Zone and the remaining selected cement companies are bankrupt as per Altman Z Score, according to Grover score all selected cement companies have not bankrupt and the Spring Model implies Dalmia Cement Company have non-bankrupt and rest of the cement companies have bankrupt. The percentage of accuracy of the Z score is (21.43), the Grover score is (100) and the Spring score is (7.14) and the error percentage of the Z score is 78.57, the Grover score is 0.00 and the Spring score is 92.86.