Wardwizard Innovations & Mobility (BOM:538970) Beneish M-Score : 0.44 (As of Apr. 17, 2025)

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What is Wardwizard Innovations & Mobility Beneish M-Score?

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 0.44 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Wardwizard Innovations & Mobility's Beneish M-Score or its related term are showing as below:

BOM:538970' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39 Med: 0.08 Max: 491
Current: 0.44

During the past 11 years, the highest Beneish M-Score of Wardwizard Innovations & Mobility was 491.00. The lowest was -2.39. And the median was 0.08.

Wardwizard Innovations & Mobility Beneish M-Score Historical Data

The historical data trend for Wardwizard Innovations & Mobility'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.

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Wardwizard Innovations & Mobility Beneish M-Score Chart

Wardwizard Innovations & Mobility Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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330.00

-0.29

-0.60

0.44

Wardwizard Innovations & Mobility Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-	0.44	-	-	-

Competitive Comparison of Wardwizard Innovations & Mobility's Beneish M-Score

For the Auto Manufacturers subindustry, Wardwizard Innovations & Mobility'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.

Wardwizard Innovations & Mobility's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Wardwizard Innovations & Mobility's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Wardwizard Innovations & Mobility's Beneish M-Score falls into.

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Wardwizard Innovations & Mobility 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 Wardwizard Innovations & Mobility 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 * 3.061

0.528 * 0.6857

0.404 * 0.579

0.892 * 1.3432

0.115 * 0.7689

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.8575

4.679 * 0.267013

0.327 * 1.0622

0.44

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹665 Mil.
Revenue was ₹3,202 Mil.
Gross Profit was ₹909 Mil.
Total Current Assets was ₹2,114 Mil.
Total Assets was ₹2,854 Mil.
Property, Plant and Equipment(Net PPE) was ₹480 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹67 Mil.
Selling, General, & Admin. Expense(SGA) was ₹393 Mil.
Total Current Liabilities was ₹1,722 Mil.
Long-Term Debt & Capital Lease Obligation was ₹108 Mil.
Net Income was ₹134 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-628 Mil.

Total Receivables was ₹162 Mil.
Revenue was ₹2,384 Mil.
Gross Profit was ₹464 Mil.
Total Current Assets was ₹1,403 Mil.
Total Assets was ₹2,232 Mil.
Property, Plant and Equipment(Net PPE) was ₹478 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹49 Mil.
Selling, General, & Admin. Expense(SGA) was ₹158 Mil.
Total Current Liabilities was ₹1,209 Mil.
Long-Term Debt & Capital Lease Obligation was ₹138 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)
	=	(664.578 / 3202.467)	/	(161.641 / 2384.215)
	=	0.207521	/	0.067796
	=	3.061

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)
	=	(463.936 / 2384.215)	/	(908.741 / 3202.467)
	=	0.194586	/	0.283763
	=	0.6857

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 - (2113.847 + 479.574) / 2853.936)	/	(1 - (1402.639 + 477.547) / 2232.06)
	=	0.091283	/	0.157645
	=	0.579

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
	=	3202.467	/	2384.215
	=	1.3432

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))
	=	(49.494 / (49.494 + 477.547))	/	(66.723 / (66.723 + 479.574))
	=	0.093909	/	0.122137
	=	0.7689

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)
	=	(393.442 / 3202.467)	/	(157.692 / 2384.215)
	=	0.122856	/	0.06614
	=	1.8575

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)
	=	((108.088 + 1721.652) / 2853.936)	/	((137.98 + 1209.229) / 2232.06)
	=	0.641129	/	0.603572
	=	1.0622

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
	=	(134.351 - 0	-	-627.686)	/	2853.936
	=	0.267013

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.

Wardwizard Innovations & Mobility has a M-score of 0.44 signals that the company is likely to be a manipulator.

Wardwizard Innovations & Mobility Beneish M-Score Related Terms

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Wardwizard Innovations & Mobility Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Wardwizard Innovations & Mobility Ltd (BOM:538970) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Survey 26/2, Ajwa Road, Opposite Pooja Farm Sayajipura, Vadodara, GJ, IND, 390019

Website

https://www.wardwizard.in

Wardwizard Innovations & Mobility Ltd is involved in manufacturing and selling electrical vehicles, spare parts, and related services. The company's operating segments include the sale of electric vehicles, components, and related services, Vyom Innovation, sale of services, and others. The majority of its revenue comes from the sale of electric vehicles, components, and related services. The company's geographical segments include domestic and overseas. The overseas segment includes Uganda and Nepal.

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