Haria Exports (BOM:512604) Beneish M-Score: 0.00 (As of Jun. 29, 2026)

What is Haria Exports Beneish M-Score?

Haria Exports BOM:512604 +4.96% 36 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates BOM:512604 with a GF Score™ of 36/100. The stock has 2 warning signs investors should review. Among 273 Forest Products companies, Haria Exports ranks worse than 366300% on this metric.

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Haria Exports's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Haria Exports was 185.69. The lowest was -3.06. And the median was 81.98.

Haria Exports Beneish M-Score Related Terms

Haria Exports Beneish M-Score Historical Data

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The historical data trend for Haria Exports'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.

Haria Exports Beneish M-Score Chart

Haria Exports Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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0.00

Haria Exports Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

Haria Exports Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Haria Exports'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.

Haria Exports Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Haria Exports's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Haria Exports's Beneish M-Score falls into.

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36GF Score

Haria Exports Ltd BOM:512604

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Haria Exports 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 Haria Exports for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₹0.00 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹0.00 Mil.
Total Current Assets was ₹1.40 Mil.
Total Assets was ₹142.54 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹0.23 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Net Income was ₹0.95 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹-2.98 Mil.

Total Receivables was ₹0.04 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹0.00 Mil.
Total Current Assets was ₹1.65 Mil.
Total Assets was ₹141.49 Mil.
Property, Plant and Equipment(Net PPE) was ₹100.48 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.54 Mil.
Total Current Liabilities was ₹0.14 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.

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)
	=	(0 / 0)	/	(0.04 / 0)
	=		/
	=

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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (1.404 + 0) / 142.536)	/	(1 - (1.645 + 100.476) / 141.49)
	=	0.99015	/	0.278246
	=

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
	=	0	/	0
	=

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))
	=	(0 / (0 + 100.476))	/	(0 / (0 + 0))
	=	0	/
	=

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 / 0)	/	(0.539 / 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)
	=	((0 + 0.231) / 142.536)	/	((0 + 0.135) / 141.49)
	=	0.001621	/	0.000954
	=

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
	=	(0.95 - 0	-	-2.984)	/	142.536
	=	0.0276

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Haria Exports (BOM:512604) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Haria Exports and its competitors. According to the industry distribution chart, Haria Exports ranks #999999 out of 273 companies in the Forest Products industry.

Is Haria Exports' Beneish M-Score too high?

Haria Exports' current Beneish M-Score is 0.00. Based on the distribution chart, Haria Exports ranks #999999 out of 273 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Haria Exports has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.

How does Haria Exports' Beneish M-Score compare to competitors?

According to the Forest Products industry distribution chart, Haria Exports ranks #999999 out of 273 companies for Beneish M-Score. This places Haria Exports in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Forest Products company?

A good Beneish M-Score depends on the Forest Products industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Haria Exports and its competitors. Haria Exports's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Haria Exports stock overvalued right now?

Haria Exports (BOM:512604) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Haria Exports' overall GF Score™ is 36/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Haria Exports (BOM:512604), the current Beneish M-Score is 0.00 as of Jun. 29, 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.

Haria Exports Business Description

Industry Basic Materials Forest Products

Comparable Companies BOM:516020 BOM:530755 BOM:533019 BOM:516106 BOM:532397 BOM:500357 BOM:540824 BOM:531436 BOM:516096 BOM:531227 OHEL:UPM BSP:SUZB3 OSTO:SCA A SZSE:002078 OSTO:HOLM A LSE:MNDI TSE:3861 BSP:KLBN3 HKSE:02689 XSGO:CMPC

Address 8, Subhash Road, Haria Centre, Vile Parle (East), Mumbai, MH, IND, 400057

Website https://www.hariaexports.com

Haria Exports Ltd is engaged in the manufacture and export of garments comprising men's and women's cotton shirts, towels, and napkins, as well as cotton fabrics. The company operates in one segment, i.e., Fabrics & Garments. Geographically, the company caters to India.

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