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Spice Islands IndustriesBOM:526827 +0.09%28 Piotroski F-Score is 7 as of Aug. 12, 2026, which is 40% above its 10-year median of 5.00. GuruFocus rates BOM:526827 with a GF Score™ of 28/100. The stock has 6 warning signs investors should review. Among 115 Beverages - Non-Alcoholic companies, Spice Islands Industries ranks better than 83.48% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Spice Islands Industries has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Spice Islands Industries's Piotroski F-Score or its related term are showing as below:
BOM:526827'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of Spice Islands Industries was 8. The lowest was 2. And the median was 5.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Spice Islands Industries Piotroski F-Score Related Terms
Spice Islands Industries Piotroski F-Score Historical Data
* 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.
BOM:526827 vs KO, PEP, MNST: Piotroski F-Score Comparison
For the Beverages - Non-Alcoholic subindustry, Spice Islands Industries's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.
Spice Islands Industries Piotroski F-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Spice Islands Industries's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Spice Islands Industries's Piotroski F-Score falls into.
* 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Spice Islands Industries's current Net Income (TTM) was 56.6.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Spice Islands Industries's current Cash Flow from Operations (TTM) was 29.4.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Spice Islands Industries's return on assets of this year was 1.11519449. Spice Islands Industries's return on assets of last year was 0.37615257.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Spice Islands Industries's gearing of this year was 0. Spice Islands Industries's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Spice Islands Industries's current ratio of this year was 2.85126358. Spice Islands Industries's current ratio of last year was 0.74099207.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Spice Islands Industries's number of shares in issue this year was 4.944. Spice Islands Industries's number of shares in issue last year was 4.3.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Spice Islands Industries's gross margin of this year was 0.52745515. Spice Islands Industries's gross margin of last year was 0.4001541.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Spice Islands Industries's asset turnover of this year was 3.52358444. Spice Islands Industries's asset turnover of last year was 0.61368114.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Spice Islands Industries has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Spice Islands Industries (BOM:526827) has a Piotroski F-Score of 7 as of Aug. 12, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Spice Islands Industries and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, Spice Islands Industries' Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Spice Islands Industries ranks #19 out of 115 companies in the Beverages - Non-Alcoholic industry, placing it in the top 16.5%.
Is Spice Islands Industries' Piotroski F-Score too high?
Spice Islands Industries' current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Beverages - Non-Alcoholic industry median Piotroski F-Score is 6.00. Spice Islands Industries' value of 7 is 16.7% above this industry median. Based on the distribution chart, Spice Islands Industries ranks #19 out of 115 companies in the Beverages - Non-Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, Spice Islands Industries has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Spice Islands Industries' Piotroski F-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Spice Islands Industries ranks #19 out of 115 companies for Piotroski F-Score. This places Spice Islands Industries in the top 17% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Spice Islands Industries' value of 7 is 16.7% above this benchmark. Historically, Spice Islands Industries' own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Spice Islands Industries has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Beverages - Non-Alcoholic company?
The median Piotroski F-Score among Beverages - Non-Alcoholic companies is 6.00, based on 115 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spice Islands Industries's current Piotroski F-Score of 7 is 16.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Spice Islands Industries and its competitors. For the Beverages - Non-Alcoholic industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spice Islands Industries's current Piotroski F-Score is 7, which is 40% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spice Islands Industries stock overvalued right now?
Spice Islands Industries (BOM:526827) has a current Piotroski F-Score of 7. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 16.7% above the Beverages - Non-Alcoholic industry median of 6.00. Spice Islands Industries' overall GF Score™ is 28/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Spice Islands Industries (BOM:526827), the current Piotroski F-Score is 7 as of Aug. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Spice Islands Industries Ltd operates mainly in three areas: i) trading branded packaged beverages, ii) providing hospitality services, and iii) renting electric vehicles (two-wheelers). The rental of electric vehicles: The company has purchased electric vehicles during the year and earns revenue from customers based on the right to use them. The Food and beverages: The company also trades various types of drinks, including carbonated and pulp-based drinks, as well as drinking water. The Hospitality business: It offers services such as room rentals and restaurant services, including banquet services, to various customers. To provide these services, the company has acquired a hotel in Gujarat on a rental basis. The majority of its revenue comes from the food and beverages sector.
28GF Score
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