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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.
Good Sign:
Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Natural Capsules's Beneish M-Score or its related term are showing as below:
BOM:524654'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.48 Max: -1.8
Current: -2.56
During the past 13 years, the highest Beneish M-Score of Natural Capsules was -1.80. The lowest was -3.26. And the median was -2.48.
The historical data trend for Natural Capsules'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.
For the Drug Manufacturers - Specialty & Generic subindustry, Natural Capsules'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.
Natural Capsules Beneish M-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Natural Capsules's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Natural Capsules's Beneish M-Score falls into.
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 Natural Capsules 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 * 1.0278
+
0.528 * 1.1169
+
0.404 * 1.5055
+
0.892 * 1.1154
+
0.115 * 0.5362
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8356
+
4.679 * -0.083885
-
0.327 * 1.1818
=
-2.56
* 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.
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.
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))
=
(91.18 / (91.18 + 2836.298))
/
(171.434 / (171.434 + 2780.168))
=
0.031146
/
0.058082
=
0.5362
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
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
=
(-246.634 - 0
-
109.17)
/
4241.578
=
-0.083885
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.
Natural Capsules has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Natural Capsules (BOM:524654) has a Beneish M-Score of -2.56 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Natural Capsules and its competitors. According to the industry distribution chart, Natural Capsules ranks #409 out of 913 companies in the Drug Manufacturers industry, placing it in the top 44.8%.
Is Natural Capsules' Beneish M-Score too high?
Natural Capsules' current Beneish M-Score is -2.56. Based on the distribution chart, Natural Capsules ranks #409 out of 913 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Natural Capsules has a GF Score™ of 46/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Natural Capsules' Beneish M-Score compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Natural Capsules ranks #409 out of 913 companies for Beneish M-Score. This puts Natural Capsules in the upper 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Natural Capsules and its competitors. Natural Capsules's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Natural Capsules stock overvalued right now?
Based on GuruFocus' analysis, Natural Capsules (BOM:524654) is currently considered Possible Value Trap. The stock's GF Value™ is ₹313.68, compared to a current price of ₹155.80 — trading 50.3% below its estimated fair value. The current Beneish M-Score is -2.56. Natural Capsules' overall GF Score™ is 46/100 with 4 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 Natural Capsules (BOM:524654), the current Beneish M-Score is -2.56 as of Aug. 09, 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.
Is Natural Capsules (BOM:524654) Overvalued in 2026?
Based on GuruFocus' analysis, Natural Capsules stock appears to be undervalued.
The current stock price of ₹155.80 is trading 50.3% below its estimated GF Value™ of ₹313.68.
GuruFocus considers Natural Capsules to be Possible Value Trap.
Key valuation signals for BOM:524654:
Beneish M-Score: -2.56
GF Value™: ₹313.68 vs. price of ₹155.80 (50.3% below fair value)
No single metric tells the full story. See the BOM:524654 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Natural Capsules Ltd is an India-based company engaged in the manufacturing and selling of empty hard gelatin capsules. The products of the company are Hard gelatin capsule shells, Hard cellulose capsule shells, Shiny gelatin capsule shells, Sweet gelatin capsule shells, Enteric capsule shells, Printed gelatin capsule shells, Vegetarian capsule shells, Fortified gelatin capsule shells, and other capsules. It is also involved in formulating pharmaceutical dosage forms in capsule dosage form, both pharma and nutraceutical products.
46GF Score
Get the complete analysis for BOM:524654
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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