Bindal Exports (BOM:540148) Beneish M-Score: -3.68 (As of Jul. 01, 2026)

What is Bindal Exports Beneish M-Score?

Bindal Exports BOM:540148 +4.51% 52 Beneish M-Score is -3.68 as of Jul. 01, 2026. GuruFocus rates BOM:540148 with a GF Score™ of 52/100 and a GF Value™ of ₹17.00. The stock has 7 warning signs investors should review.

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 -3.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:540148' s Beneish M-Score Range Over the Past 10 Years
Min: -5.72 Med: -2.97 Max: -0.3
Current: -3.68

During the past 13 years, the highest Beneish M-Score of Bindal Exports was -0.30. The lowest was -5.72. And the median was -2.97.

Bindal Exports Beneish M-Score Related Terms

Bindal Exports Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bindal 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.

Bindal Exports Beneish M-Score Chart

Bindal Exports Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-0.30

-2.98

-3.38

-4.40

-3.68

Bindal Exports Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.38	0.00	-4.40	0.00	-3.68

Bindal Exports Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Bindal 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.

Bindal Exports Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Bindal Exports's Beneish M-Score distribution charts can be found below:

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

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52GF Score

Bindal Exports Ltd BOM:540148

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

View Full Analysis

Bindal 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 Bindal 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 * 0.8104

0.528 * 0.8154

0.404 * 0.3671

0.892 * 0.8321

0.115 * 0.6767

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.119119

0.327 * 1.3063

-3.68

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₹36.2 Mil.
Revenue was ₹224.7 Mil.
Gross Profit was ₹132.8 Mil.
Total Current Assets was ₹108.7 Mil.
Total Assets was ₹118.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹6.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹25.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹2.8 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹17.0 Mil.

Total Receivables was ₹53.7 Mil.
Revenue was ₹270.1 Mil.
Gross Profit was ₹130.1 Mil.
Total Current Assets was ₹92.1 Mil.
Total Assets was ₹108.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹6.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹32.5 Mil.
Total Current Liabilities was ₹17.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
	=	(36.233 / 224.707)	/	(53.736 / 270.058)
	=	0.161246	/	0.198979
	=	0.8104

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)
	=	(130.125 / 270.058)	/	(132.791 / 224.707)
	=	0.481841	/	0.590952
	=	0.8154

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 - (108.695 + 6.15) / 118.848)	/	(1 - (92.136 + 6.468) / 108.566)
	=	0.033682	/	0.09176
	=	0.3671

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
	=	224.707	/	270.058
	=	0.8321

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))
	=	(1.023 / (1.023 + 6.468))	/	(1.555 / (1.555 + 6.15))
	=	0.136564	/	0.201817
	=	0.6767

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 / 224.707)	/	(32.548 / 270.058)
	=	0	/	0.120522
	=	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 + 25.109) / 118.848)	/	((0 + 17.558) / 108.566)
	=	0.21127	/	0.161727
	=	1.3063

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
	=	(2.81 - 0	-	16.967)	/	118.848
	=	-0.119119

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.

Bindal Exports has a M-score of -3.68 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.68 mean?

Bindal Exports (BOM:540148) has a Beneish M-Score of -3.68 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bindal Exports and its competitors.

Is Bindal Exports' Beneish M-Score too high?

Bindal Exports' current Beneish M-Score is -3.68. Overall, Bindal Exports has a GF Score™ of 52/100, reflecting its overall financial health beyond just this single metric.

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

Bindal Exports' Beneish M-Score of -3.68 can be compared against companies in the Manufacturing - Apparel & Accessories 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 Manufacturing - Apparel & Accessories company?

A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Bindal Exports and its competitors. Bindal Exports's current Beneish M-Score is -3.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bindal Exports stock overvalued right now?

Bindal Exports (BOM:540148) has a current Beneish M-Score of -3.68. The stock's GF Value™ is ₹17.00, compared to a current price of ₹27.80 — trading 63.5% above its estimated fair value. The current Beneish M-Score is -3.68. Bindal Exports' overall GF Score™ is 52/100 with 7 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 Bindal Exports (BOM:540148), the current Beneish M-Score is -3.68 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.

Is Bindal Exports (BOM:540148) Overvalued in 2026?

Based on GuruFocus' analysis, Bindal Exports stock appears to be overvalued. The current stock price of ₹27.80 is trading 63.5% above its estimated GF Value™ of ₹17.00.

Key valuation signals for BOM:540148:

Beneish M-Score: -3.68
GF Value™: ₹17.00 vs. price of ₹27.80 (63.5% above fair value)
GF Score™: 52/100 with 7 warning signs

No single metric tells the full story. See the BOM:540148 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bindal Exports Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies BOM:530445 BOM:521234 BOM:514264 BOM:514400 BOM:532744 BOM:507808 BOM:514240 BOM:530035 BOM:531411 BOM:500192 SZSE:301526 TSE:3402 HKSE:02313 SHSE:601233 SHSE:603306 TSE:3110 SHSE:600295 TPE:1402 SZSE:000158 BOM:532889

Address Surat-Kadodara Road, Block No. 270, Bindal House, Near Kumbharia Bus Stand, Kumbharia, Choryasi, Surat, GJ, IND, 395010

Website https://www.bindalexports.com

Bindal Exports Ltd is involved in the manufacturing and export of textiles, garments, and made-ups. The company specializes in diverse international styles, varied colors, and specialty finishes, which are tailor-made to customers' requirements. Its fabric portfolio comprises different blends of polyester, rayon, cotton, satin, chiffon, knitted fabric, viscose, etc., which are supplied in domestic and international markets. It derives the majority of its revenue from Fabrics and Fants.

52GF Score

Get the complete analysis for BOM:540148

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹27.80

Price

₹17.00

GF Value

View BOM:540148 Analysis

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