Rikhav Securities (BOM:544340) Beneish M-Score: 3.71 (As of Jul. 23, 2026) — Near Median

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BOM:544340 Rikhav Securities Ltd BOM:544340
21 GF Score
Price ₹46.65
! 3 Warning Signs
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What is Rikhav Securities Beneish M-Score?

Rikhav Securities BOM:544340 -0.74% 21 Beneish M-Score is 3.71 as of Jul. 23, 2026, which is at its 10-year median of 3.71. GuruFocus rates BOM:544340 with a GF Score™ of 21/100. The stock has 3 warning signs investors should review. Among 704 Capital Markets companies, Rikhav Securities ranks worse than 90.48% 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 3.71 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544340' s Beneish M-Score Range Over the Past 10 Years
Min: -2.47   Med: 3.71   Max: 4.79
Current: 3.71

During the past 5 years, the highest Beneish M-Score of Rikhav Securities was 4.79. The lowest was -2.47. And the median was 3.71.

Rikhav Securities Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rikhav Securities'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.

Rikhav Securities Beneish M-Score Chart

Rikhav Securities Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.47 4.79 3.71

Rikhav Securities Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.47 0.00 4.79 0.00 3.71

BOM:544340 vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, Rikhav Securities'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.

Rikhav Securities Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Rikhav Securities's Beneish M-Score distribution charts can be found below:

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


BOM:544340
21GF Score
Rikhav Securities Ltd BOM:544340
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rikhav Securities 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 Rikhav Securities 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 * 0.1846+0.528 * 7.1316+0.404 * 0.0156+0.892 * 6.2155+0.115 * 1.6326
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.11638-0.327 * 1.765
=3.71

* 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 ₹164 Mil.
Revenue was ₹19,760 Mil.
Gross Profit was ₹430 Mil.
Total Current Assets was ₹3,881 Mil.
Total Assets was ₹3,984 Mil.
Property, Plant and Equipment(Net PPE) was ₹65 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,503 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23 Mil.
Net Income was ₹190 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹653 Mil.
 Total Receivables was ₹143 Mil.
Revenue was ₹3,179 Mil.
Gross Profit was ₹494 Mil.
Total Current Assets was ₹1,123 Mil.
Total Assets was ₹2,907 Mil.
Property, Plant and Equipment(Net PPE) was ₹20 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹63 Mil.
Total Current Liabilities was ₹629 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2 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)
=(163.7 / 19759.6) / (142.659 / 3179.1)
=0.008285 / 0.044874
=0.1846

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)
=(493.5 / 3179.1) / (430.1 / 19759.6)
=0.155233 / 0.021767
=7.1316

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 - (3880.6 + 65.2) / 3983.5) / (1 - (1122.968 + 19.913) / 2906.742)
=0.009464 / 0.606817
=0.0156

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
=19759.6 / 3179.1
=6.2155

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))
=(6.9 / (6.9 + 19.913)) / (12.2 / (12.2 + 65.2))
=0.257338 / 0.157623
=1.6326

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 / 19759.6) / (63.256 / 3179.1)
=0 / 0.019897
=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)
=((23 + 1502.8) / 3983.5) / ((1.717 + 629.088) / 2906.742)
=0.38303 / 0.217014
=1.765

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
=(189.6 - 0 - 653.2) / 3983.5
=-0.11638

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.

Rikhav Securities has a M-score of 3.71 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 3.71 mean?
Rikhav Securities (BOM:544340) has a Beneish M-Score of 3.71 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rikhav Securities and its competitors. This is near median its historical median of 3.71. According to the industry distribution chart, Rikhav Securities ranks #637 out of 704 companies in the Capital Markets industry, placing it in the top 90.5%.
Is Rikhav Securities' Beneish M-Score too high?
Rikhav Securities' current Beneish M-Score of 3.71 is near median its 10-year median of 3.71. Based on the distribution chart, Rikhav Securities ranks #637 out of 704 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Rikhav Securities has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Rikhav Securities' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Rikhav Securities ranks #637 out of 704 companies for Beneish M-Score. This places Rikhav Securities 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Rikhav Securities and its competitors. Rikhav Securities's current Beneish M-Score is 3.71, which is near median its own 10-year median of 3.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rikhav Securities stock overvalued right now?
Rikhav Securities (BOM:544340) has a current Beneish M-Score of 3.71. The current Beneish M-Score is 3.71, which is near median its 10-year median of 3.71. Rikhav Securities' overall GF Score™ is 21/100 with 3 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 Rikhav Securities (BOM:544340), the current Beneish M-Score is 3.71 as of Jul. 23, 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.

Rikhav Securities Business Description

Address Dalal Street, Office No. 922 - A, 9th Floor, P. J. Towers, Fort, Mumbai, MH, IND, 400 001
Rikhav Securities Ltd is engaged in the business of equity broking, investing, and trading activities. Its services encompass a comprehensive range of financial activities such as equity broking, It offers cash delivery, intra-day trading, futures, and options. The company is actively involved in trading across various derivative and commodity segments. The Company is also engaged in making proprietary investments in various tradable securities.
21GF Score

Get the complete analysis for BOM:544340

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

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