Welspun Enterprises Beneish M-Score Historical Data
The historical data trend for Welspun Enterprises'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.
Welspun Enterprises Beneish M-Score Chart
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Welspun Enterprises Annual Data
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| Beneish M-Score |
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-0.52 |
-2.56 |
-2.56 |
-2.50 |
-1.48 |
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Welspun Enterprises Quarterly Data
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| Beneish M-Score |
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-1.48 |
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Competitive Comparison of Welspun Enterprises's Beneish M-Score
For the Engineering & Construction subindustry, Welspun Enterprises'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.
Welspun Enterprises's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Welspun Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Welspun Enterprises's Beneish M-Score falls into.
Welspun Enterprises 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 Welspun Enterprises 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 * 0.757 | + | 0.528 * 1.3171 | + | 0.404 * 0.3366 | + | 0.892 * 2.0222 | + | 0.115 * 0.3712 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7971 | + | 4.679 * 0.074046 | - | 0.327 * 0.698 |
| = | -1.48 |
* 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 ₹10,315 Mil.
Revenue was ₹27,021 Mil.
Gross Profit was ₹5,869 Mil.
Total Current Assets was ₹38,729 Mil.
Total Assets was ₹51,062 Mil.
Property, Plant and Equipment(Net PPE) was ₹264 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹131 Mil.
Selling, General, & Admin. Expense(SGA) was ₹979 Mil.
Total Current Liabilities was ₹20,398 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,927 Mil.
Net Income was ₹7,228 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹3,447 Mil.
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Total Receivables was ₹6,738 Mil.
Revenue was ₹13,362 Mil.
Gross Profit was ₹3,822 Mil.
Total Current Assets was ₹16,417 Mil.
Total Assets was ₹58,946 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,134 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹159 Mil.
Selling, General, & Admin. Expense(SGA) was ₹607 Mil.
Total Current Liabilities was ₹15,494 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23,085 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) |
| = | (10314.5 / 27020.7) | / | (6737.9 / 13362.3) |
| = | 0.381726 | / | 0.504247 |
| | = | 0.757 |
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) |
| = | (3822.4 / 13362.3) | / | (5868.5 / 27020.7) |
| = | 0.286059 | / | 0.217185 |
| | = | 1.3171 |
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 - (38728.9 + 263.9) / 51061.7) | / | (1 - (16417.3 + 1134.2) / 58945.9) |
| = | 0.236359 | / | 0.702244 |
| | = | 0.3366 |
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 |
| = | 27020.7 | / | 13362.3 |
| | = | 2.0222 |
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)) |
| = | (159.3 / (159.3 + 1134.2)) | / | (131 / (131 + 263.9)) |
| = | 0.123154 | / | 0.33173 |
| | = | 0.3712 |
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) |
| = | (979.1 / 27020.7) | / | (607.4 / 13362.3) |
| = | 0.036235 | / | 0.045456 |
| | = | 0.7971 |
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) |
| = | ((2927.4 + 20398.1) / 51061.7) | / | ((23084.5 + 15493.5) / 58945.9) |
| = | 0.45681 | / | 0.654465 |
| | = | 0.698 |
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 |
| = | (7227.6 - 0 | - | 3446.7) | / | 51061.7 |
| | = | 0.074046 |
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.
Welspun Enterprises has a M-score of -1.48 signals that the company is likely to be a manipulator.
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