Naps Global India (BOM:544373) Beneish M-Score: -1.01 (As of Aug. 26, 2026)

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BOM:544373 Naps Global India Ltd BOM:544373
17 GF Score
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What is Naps Global India Beneish M-Score?

Naps Global India BOM:544373 +0.10% 17 Beneish M-Score is -1.01 as of Aug. 26, 2026. GuruFocus rates BOM:544373 with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 1,000 Manufacturing - Apparel & Accessories companies, Naps Global India ranks worse than 90.6% 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 -1.01 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544373' s Beneish M-Score Range Over the Past 10 Years
Min: -1.01   Med: -0.8   Max: -0.2
Current: -1.01

During the past 5 years, the highest Beneish M-Score of Naps Global India was -0.20. The lowest was -1.01. And the median was -0.80.

Naps Global India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Naps Global 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.

Naps Global India Beneish M-Score Chart

Naps Global India Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.80 -0.20 -1.01

Naps Global India Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -0.80 0.00 -0.20 0.00 -1.01

Naps Global India Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Naps Global 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.

Naps Global India Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

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

* The bar in red indicates where Naps Global India's Beneish M-Score falls into.


BOM:544373
17GF Score
Naps Global India Ltd BOM:544373
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Naps Global 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 Naps Global 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 * 1.2814+0.528 * 1.5831+0.404 * 1.1007+0.892 * 1.8807+0.115 * 0.9013
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.013584-0.327 * 1.4638
=-1.01

* 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 ₹248 Mil.
Revenue was ₹1,336 Mil.
Gross Profit was ₹44 Mil.
Total Current Assets was ₹366 Mil.
Total Assets was ₹372 Mil.
Property, Plant and Equipment(Net PPE) was ₹2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹173 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4 Mil.
Net Income was ₹15 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹10 Mil.
 Total Receivables was ₹103 Mil.
Revenue was ₹710 Mil.
Gross Profit was ₹37 Mil.
Total Current Assets was ₹252 Mil.
Total Assets was ₹257 Mil.
Property, Plant and Equipment(Net PPE) was ₹2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1 Mil.
Total Current Liabilities was ₹84 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(247.785 / 1336.001) / (102.818 / 710.361)
=0.185468 / 0.14474
=1.2814

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)
=(36.799 / 710.361) / (43.718 / 1336.001)
=0.051803 / 0.032723
=1.5831

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 - (365.705 + 1.573) / 372.289) / (1 - (252.072 + 1.713) / 256.927)
=0.01346 / 0.012229
=1.1007

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
=1336.001 / 710.361
=1.8807

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))
=(0.704 / (0.704 + 1.713)) / (0.751 / (0.751 + 1.573))
=0.29127 / 0.32315
=0.9013

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 / 1336.001) / (0.766 / 710.361)
=0 / 0.001078
=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)
=((4.461 + 172.661) / 372.289) / ((0 + 83.506) / 256.927)
=0.475765 / 0.325018
=1.4638

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
=(15.402 - 0 - 10.345) / 372.289
=0.013584

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.

Naps Global India has a M-score of -1.01 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 -1.01 mean?
Naps Global India (BOM:544373) has a Beneish M-Score of -1.01 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Naps Global India and its competitors. According to the industry distribution chart, Naps Global India ranks #906 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 90.6%.
Is Naps Global India's Beneish M-Score too high?
Naps Global India's current Beneish M-Score is -1.01. Based on the distribution chart, Naps Global India ranks #906 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Naps Global India has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Naps Global India's Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Naps Global India ranks #906 out of 1000 companies for Beneish M-Score. This places Naps Global India 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 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 Naps Global India and its competitors. Naps Global India's current Beneish M-Score is -1.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Naps Global India stock overvalued right now?
Naps Global India (BOM:544373) has a current Beneish M-Score of -1.01. The current Beneish M-Score is -1.01. Naps Global India's overall GF Score™ is 17/100 with 5 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 Naps Global India (BOM:544373), the current Beneish M-Score is -1.01 as of Aug. 26, 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.

Naps Global India Business Description

Address Kalbadevi Road, Office No. 11, 2nd Floor, 436 Shree Nath Bhuvan, Mumbai, MH, IND, 400002
Naps Global India Ltd is a wholesale importer of textile products and acts as an player in the garment manufacturing supply chain in Maharashtra, India. It import cotton and man-made fabrics from manufacturers in China and Hongkong in bulk quantities and provide supply to vendors of garment manufacturing companies.
17GF Score

Get the complete analysis for BOM:544373

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

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