Himalaya Food International (BOM:526899) Beneish M-Score: -1.54 (As of Jul. 01, 2026)


What is Himalaya Food International Beneish M-Score?

Himalaya Food International BOM:526899 -2.13% Beneish M-Score is -1.54 as of Jul. 01, 2026. The stock has 6 warning signs investors should review. Among 1,847 Consumer Packaged Goods companies, Himalaya Food International ranks worse than 86.57% 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.

Warning Sign:

Beneish M-Score -1.54 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:526899' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.33   Max: 160.13
Current: -1.54

During the past 13 years, the highest Beneish M-Score of Himalaya Food International was 160.13. The lowest was -3.42. And the median was -2.33.

Himalaya Food International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Himalaya Food International'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.

Himalaya Food International Beneish M-Score Chart

Himalaya Food International Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.44 -2.72 -1.73 -2.18 -1.54

Himalaya Food International Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.18 0.00 0.00 -1.54

BOM:526899 vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Himalaya Food International'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.

Himalaya Food International Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Himalaya Food International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Himalaya Food International's Beneish M-Score falls into.


Himalaya Food International 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 Himalaya Food International 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 * 0.9336+0.528 * 0.8874+0.404 * 1.0885+0.892 * 0.9865+0.115 * 0.9741
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.155327-0.327 * 0.5562
=-1.54

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹409.4 Mil.
Revenue was ₹395.4 Mil.
Gross Profit was ₹231.9 Mil.
Total Current Assets was ₹501.4 Mil.
Total Assets was ₹2,067.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,140.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹62.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹295.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹37.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-284.1 Mil.
 Total Receivables was ₹444.5 Mil.
Revenue was ₹400.8 Mil.
Gross Profit was ₹208.6 Mil.
Total Current Assets was ₹570.7 Mil.
Total Assets was ₹2,161.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,182.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹63.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹51.6 Mil.
Total Current Liabilities was ₹518.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹36.4 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)
=(409.4 / 395.4) / (444.5 / 400.8)
=1.035407 / 1.109032
=0.9336

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)
=(208.6 / 400.8) / (231.9 / 395.4)
=0.520459 / 0.586495
=0.8874

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 - (501.4 + 1140.9) / 2067.9) / (1 - (570.7 + 1182.2) / 2161.6)
=0.205813 / 0.189073
=1.0885

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
=395.4 / 400.8
=0.9865

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))
=(63.2 / (63.2 + 1182.2)) / (62.7 / (62.7 + 1140.9))
=0.050747 / 0.052094
=0.9741

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 / 395.4) / (51.6 / 400.8)
=0 / 0.128743
=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 + 295.2) / 2067.9) / ((36.4 + 518.4) / 2161.6)
=0.142754 / 0.256662
=0.5562

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
=(37.1 - 0 - -284.1) / 2067.9
=0.155327

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.

Himalaya Food International has a M-score of -1.54 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 -1.54 mean?
Himalaya Food International (BOM:526899) has a Beneish M-Score of -1.54 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Himalaya Food International and its competitors. According to the industry distribution chart, Himalaya Food International ranks #1599 out of 1847 companies in the Consumer Packaged Goods industry, placing it in the top 86.6%.
Is Himalaya Food International's Beneish M-Score too high?
Himalaya Food International's current Beneish M-Score is -1.54. Based on the distribution chart, Himalaya Food International ranks #1599 out of 1847 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers.
How does Himalaya Food International's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Himalaya Food International ranks #1599 out of 1847 companies for Beneish M-Score. This places Himalaya Food International 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Himalaya Food International and its competitors. Himalaya Food International's current Beneish M-Score is -1.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Himalaya Food International stock overvalued right now?
Based on GuruFocus' analysis, Himalaya Food International (BOM:526899) is currently considered Fairly Valued. The stock's GF Value™ is ₹9.28, compared to a current price of ₹8.71 — trading 6.1% below its estimated fair value. The current Beneish M-Score is -1.54. 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 Himalaya Food International (BOM:526899), the current Beneish M-Score is -1.54 as of Jul. 01, 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.

Himalaya Food International Business Description

Address Village Shubh Khera, Paonta Sahib, Sirmour, HP, IND, 173025
Himalaya Food International Ltd is a food processing company engaged in growing & processing mushrooms and manufacturing IQF ready-to-eat items. Its product portfolio includes Mushrooms, Dairy, French Fries, Potato Specialty products, Appetizers, Ethnic Indian Snacks, canned products, yogurt smoothies, and Sweets. The company carries business in India and also outside India. Its products are sold under various brands including Himalaya, Himalaya Natural, Bufalabella, Himalaya Fresh, GuiltFree, Finger Food Factory, etc. It has two segments: Agriculture and Processed foods. In Agriculture company produces fresh mushrooms, sale as fresh, chilled, and Processed food- and sells canned mushrooms and frozen Appetizers. Key revenue is generated from processed foods.