Subam Papers (BOM:544267) Beneish M-Score: -2.14 (As of Jul. 12, 2026)


BOM:544267 Subam Papers Ltd BOM:544267
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What is Subam Papers Beneish M-Score?

Subam Papers BOM:544267 -1.90% 12 Beneish M-Score is -2.14 as of Jul. 12, 2026. GuruFocus rates BOM:544267 with a GF Score™ of 12/100. The stock has 6 warning signs investors should review. Among 272 Forest Products companies, Subam Papers ranks worse than 77.21% 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.

Good Sign:

Beneish M-Score -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544267' s Beneish M-Score Range Over the Past 10 Years
Min: -2.53   Med: -2.24   Max: -2.14
Current: -2.14

During the past 5 years, the highest Beneish M-Score of Subam Papers was -2.14. The lowest was -2.53. And the median was -2.24.

Subam Papers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Subam Papers'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.

Subam Papers Beneish M-Score Chart

Subam Papers Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.53 -2.24 -2.14

Subam Papers Quarterly Data
Mar22 Mar23 Mar24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.53 -2.24 0.00 0.00 -2.14

Subam Papers Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Subam Papers'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.

Subam Papers Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Subam Papers's Beneish M-Score distribution charts can be found below:

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


BOM:544267
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Subam Papers Ltd BOM:544267
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Subam Papers 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 Subam Papers 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 * 0.9074+0.528 * 1.1315+0.404 * 1.5314+0.892 * 1.0833+0.115 * 1.2988
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.034594-0.327 * 0.933
=-2.14

* 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 ₹1,373 Mil.
Revenue was ₹5,841 Mil.
Gross Profit was ₹1,116 Mil.
Total Current Assets was ₹2,752 Mil.
Total Assets was ₹7,112 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,906 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹192 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,081 Mil.
Long-Term Debt & Capital Lease Obligation was ₹677 Mil.
Net Income was ₹108 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹354 Mil.
 Total Receivables was ₹1,397 Mil.
Revenue was ₹5,392 Mil.
Gross Profit was ₹1,165 Mil.
Total Current Assets was ₹2,738 Mil.
Total Assets was ₹5,781 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,802 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹182 Mil.
Selling, General, & Admin. Expense(SGA) was ₹112 Mil.
Total Current Liabilities was ₹1,640 Mil.
Long-Term Debt & Capital Lease Obligation was ₹764 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)
=(1372.923 / 5840.877) / (1396.731 / 5391.671)
=0.235054 / 0.259053
=0.9074

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)
=(1165.416 / 5391.671) / (1115.755 / 5840.877)
=0.216151 / 0.191025
=1.1315

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 - (2752.166 + 3906.19) / 7112.294) / (1 - (2737.596 + 2802.295) / 5780.824)
=0.063824 / 0.041678
=1.5314

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
=5840.877 / 5391.671
=1.0833

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))
=(181.964 / (181.964 + 2802.295)) / (192.418 / (192.418 + 3906.19))
=0.060975 / 0.046947
=1.2988

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 / 5840.877) / (112.378 / 5391.671)
=0 / 0.020843
=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)
=((677.495 + 2081.179) / 7112.294) / ((763.737 + 1639.537) / 5780.824)
=0.387874 / 0.415732
=0.933

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
=(107.82 - 0 - 353.865) / 7112.294
=-0.034594

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.

Subam Papers has a M-score of -2.14 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 -2.14 mean?
Subam Papers (BOM:544267) has a Beneish M-Score of -2.14 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Subam Papers and its competitors. According to the industry distribution chart, Subam Papers ranks #210 out of 272 companies in the Forest Products industry, placing it in the top 77.2%.
Is Subam Papers' Beneish M-Score too high?
Subam Papers' current Beneish M-Score is -2.14. Based on the distribution chart, Subam Papers ranks #210 out of 272 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Subam Papers has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Subam Papers' Beneish M-Score compare to competitors?
According to the Forest Products industry distribution chart, Subam Papers ranks #210 out of 272 companies for Beneish M-Score. This places Subam Papers 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Subam Papers and its competitors. Subam Papers's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Subam Papers stock overvalued right now?
Subam Papers (BOM:544267) has a current Beneish M-Score of -2.14. The current Beneish M-Score is -2.14. Subam Papers' overall GF Score™ is 12/100 with 6 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 Subam Papers (BOM:544267), the current Beneish M-Score is -2.14 as of Jul. 12, 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.

Subam Papers Business Description

Address S.F. No. 143-146 Vaduganpatti Village, Nadukallur to Tirunelveli, Tirunelveli Taluk, Tirunelveli, TN, IND, 627010
Subam Papers Ltd is engaged in the manufacturing, sale, and distribution of Kraft Paper and Paper Products. The company does not manufacture its products from wood pulp, but instead, it uses waste paper as its raw material. Its products include Kraft Paper, Paper Cones & Tubes, Duplex Boards, and Corrugated Boxes. Geographically, the company derives a majority of its revenue through domestic sales and also exports its products to other countries.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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