New Swan Multitech (BOM:544082) Beneish M-Score: -1.44 (As of Jul. 07, 2026)


BOM:544082 New Swan Multitech Ltd BOM:544082
44 GF Score
Price ₹45.80
! 4 Warning Signs
View Full Analysis

What is New Swan Multitech Beneish M-Score?

New Swan Multitech BOM:544082 +6.26% 44 Beneish M-Score is -1.44 as of Jul. 07, 2026. GuruFocus rates BOM:544082 with a GF Score™ of 44/100. The stock has 4 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, New Swan Multitech ranks worse than 88.29% 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 -1.44 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544082' s Beneish M-Score Range Over the Past 10 Years
Min: -2.5   Med: -1.93   Max: -1.44
Current: -1.44

During the past 6 years, the highest Beneish M-Score of New Swan Multitech was -1.44. The lowest was -2.50. And the median was -1.93.

New Swan Multitech Beneish M-Score Historical Data

* Premium members only.

The historical data trend for New Swan Multitech'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.

New Swan Multitech Beneish M-Score Chart

New Swan Multitech Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.50 -1.98 -1.87 -1.44

New Swan Multitech Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -1.98 0.00 -1.87 0.00 -1.44

BOM:544082 vs CAT, DE, PCAR: Beneish M-Score Comparison

For the Farm & Heavy Construction Machinery subindustry, New Swan Multitech'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.

New Swan Multitech Beneish M-Score vs Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, New Swan Multitech's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where New Swan Multitech's Beneish M-Score falls into.


BOM:544082
44GF Score
New Swan Multitech Ltd BOM:544082
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

New Swan Multitech 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 New Swan Multitech 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 * 1.8028+0.528 * 1.0283+0.404 * 0.856+0.892 * 1.1094+0.115 * 0.7083
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.015874-0.327 * 0.9012
=-1.44

* 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 ₹343 Mil.
Revenue was ₹1,772 Mil.
Gross Profit was ₹644 Mil.
Total Current Assets was ₹1,141 Mil.
Total Assets was ₹1,658 Mil.
Property, Plant and Equipment(Net PPE) was ₹490 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹51 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹641 Mil.
Long-Term Debt & Capital Lease Obligation was ₹88 Mil.
Net Income was ₹96 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹70 Mil.
 Total Receivables was ₹171 Mil.
Revenue was ₹1,597 Mil.
Gross Profit was ₹597 Mil.
Total Current Assets was ₹1,044 Mil.
Total Assets was ₹1,646 Mil.
Property, Plant and Equipment(Net PPE) was ₹572 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹41 Mil.
Selling, General, & Admin. Expense(SGA) was ₹38 Mil.
Total Current Liabilities was ₹678 Mil.
Long-Term Debt & Capital Lease Obligation was ₹126 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)
=(342.541 / 1772.336) / (171.258 / 1597.493)
=0.193271 / 0.107204
=1.8028

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)
=(596.689 / 1597.493) / (643.799 / 1772.336)
=0.373516 / 0.363249
=1.0283

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 - (1141.051 + 490.195) / 1658.013) / (1 - (1043.538 + 571.611) / 1646.195)
=0.016144 / 0.018859
=0.856

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
=1772.336 / 1597.493
=1.1094

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))
=(40.859 / (40.859 + 571.611)) / (50.974 / (50.974 + 490.195))
=0.066712 / 0.094192
=0.7083

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 / 1772.336) / (38.211 / 1597.493)
=0 / 0.023919
=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)
=((88.27 + 641.202) / 1658.013) / ((125.764 + 677.925) / 1646.195)
=0.439968 / 0.48821
=0.9012

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
=(95.856 - 0 - 69.536) / 1658.013
=0.015874

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.

New Swan Multitech has a M-score of -1.44 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 -1.44 mean?
New Swan Multitech (BOM:544082) has a Beneish M-Score of -1.44 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New Swan Multitech and its competitors. According to the industry distribution chart, New Swan Multitech ranks #181 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 88.3%.
Is New Swan Multitech's Beneish M-Score too high?
New Swan Multitech's current Beneish M-Score is -1.44. Based on the distribution chart, New Swan Multitech ranks #181 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is in the bottom quartile relative to peers. Overall, New Swan Multitech has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does New Swan Multitech's Beneish M-Score compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, New Swan Multitech ranks #181 out of 205 companies for Beneish M-Score. This places New Swan Multitech 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 Farm & Heavy Construction Machinery company?
A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 New Swan Multitech and its competitors. New Swan Multitech's current Beneish M-Score is -1.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is New Swan Multitech stock overvalued right now?
New Swan Multitech (BOM:544082) has a current Beneish M-Score of -1.44. The current Beneish M-Score is -1.44. New Swan Multitech's overall GF Score™ is 44/100 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 New Swan Multitech (BOM:544082), the current Beneish M-Score is -1.44 as of Jul. 07, 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.

New Swan Multitech Business Description

Address District Court Complex, Shop No. 310, 3rd Floor, Vardhman Crown Mall, Plot No. 2, Sector-19, Dwarka, South West Delhi, New Delhi, IND, 110075
New Swan Multitech Ltd manufactures and exports high-quality farm machinery and implements under the brand name Swan Agro. Its product range includes rotary tillers, disc ploughs, disc harrows, potato planters, seed drills, reapers, binders, mulchers, sub soilers, trailers, fertilizer spreaders, and combine harvesters. The company serves the agricultural sector with such machineries that are designed to improve farming efficiency and productivity. It operates from Punjab, India, with a dominant distribution and after-sales service network that supports customers domestically and internationally. Revenue is predominantly generated through sales of its wide range of agriculture-related machinery and related services.
44GF Score

Get the complete analysis for BOM:544082

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

₹45.80
Price