Polycab India Beneish M-Score Historical Data
The historical data trend for Polycab India'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.
Polycab India Beneish M-Score Chart
|
Polycab India Annual Data
|
|
Trend |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
-1.98 |
-2.65 |
-2.19 |
-2.87 |
-1.08 |
|
Polycab India Quarterly Data
|
|
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.63 |
-1.43 |
-1.08 |
-1.25 |
-1.64 |
Competitive Comparison of Polycab India's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Polycab India'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.
Polycab India's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Polycab India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Polycab India's Beneish M-Score falls into.
Polycab India 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 Polycab India 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 * 1.4234 | + | 0.528 * 1.0737 | + | 0.404 * 1.3328 | + | 0.892 * 1.2391 | + | 0.115 * 1.1063 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.892 | + | 4.679 * 0.033969 | - | 0.327 * 1.3708 |
| = | -1.64 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₹23,497 Mil.
Revenue was 54984.23 + 45999.07 + 53128.65 + 43404.7 = ₹197,517 Mil.
Gross Profit was 12959.55 + 10308.62 + 10187.36 + 11712.84 = ₹45,168 Mil.
Total Current Assets was ₹97,630 Mil.
Total Assets was ₹137,111 Mil.
Property, Plant and Equipment(Net PPE) was ₹32,667 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,668 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6,837 Mil.
Total Current Liabilities was ₹46,848 Mil.
Long-Term Debt & Capital Lease Obligation was ₹987 Mil.
Net Income was 4398.11 + 3959.54 + 5460.04 + 4128.5 = ₹17,946 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 15463.74 + -2175.09 + 0 + 0 = ₹13,289 Mil.
|
Total Receivables was ₹13,322 Mil.
Revenue was 42176.97 + 38496.96 + 41577.93 + 37151.82 = ₹159,404 Mil.
Gross Profit was 11438.32 + 9658.8 + 8495.47 + 9548.41 = ₹39,141 Mil.
Total Current Assets was ₹70,801 Mil.
Total Assets was ₹99,000 Mil.
Property, Plant and Equipment(Net PPE) was ₹24,507 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,234 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6,186 Mil.
Total Current Liabilities was ₹24,801 Mil.
Long-Term Debt & Capital Lease Obligation was ₹394 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) |
| = | (23496.5 / 197516.65) | / | (13321.8 / 159403.68) |
| = | 0.11896 | / | 0.083573 |
| | = | 1.4234 |
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) |
| = | (39141 / 159403.68) | / | (45168.37 / 197516.65) |
| = | 0.245546 | / | 0.228681 |
| | = | 1.0737 |
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 - (97629.71 + 32666.74) / 137111.39) | / | (1 - (70800.81 + 24506.77) / 98999.66) |
| = | 0.049704 | / | 0.037294 |
| | = | 1.3328 |
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 |
| = | 197516.65 | / | 159403.68 |
| | = | 1.2391 |
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)) |
| = | (2233.52 / (2233.52 + 24506.77)) | / | (2667.83 / (2667.83 + 32666.74)) |
| = | 0.083526 | / | 0.075502 |
| | = | 1.1063 |
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) |
| = | (6837.47 / 197516.65) | / | (6186.18 / 159403.68) |
| = | 0.034617 | / | 0.038808 |
| | = | 0.892 |
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) |
| = | ((986.51 + 46847.85) / 137111.39) | / | ((394.4 + 24801.35) / 98999.66) |
| = | 0.348872 | / | 0.254503 |
| | = | 1.3708 |
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 |
| = | (17946.19 - 0 | - | 13288.65) | / | 137111.39 |
| | = | 0.033969 |
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.
Polycab India has a M-score of -1.64 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BOM:542652 has been successfully added to your