Manoj Jewellers (BOM:544400) Beneish M-Score: 0.11 (As of Aug. 15, 2026) — Near Median

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BOM:544400 Manoj Jewellers Ltd BOM:544400
48 GF Score
Price ₹42.00
! 5 Warning Signs
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What is Manoj Jewellers Beneish M-Score?

Manoj Jewellers BOM:544400 48 Beneish M-Score is 0.11 as of Aug. 15, 2026, which is at its 10-year median of 0.11. GuruFocus rates BOM:544400 with a GF Score™ of 48/100. The stock has 5 warning signs investors should review. Among 1,091 Retail - Cyclical companies, Manoj Jewellers ranks worse than 93.68% 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 0.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544400' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: 0.11   Max: 1.45
Current: 0.11

During the past 7 years, the highest Beneish M-Score of Manoj Jewellers was 1.45. The lowest was -3.58. And the median was 0.11.

Manoj Jewellers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Manoj Jewellers'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.

Manoj Jewellers Beneish M-Score Chart

Manoj Jewellers Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -3.58 -3.03 1.45 0.81 0.11

Manoj Jewellers Semi-Annual Data
Mar20 Mar21 Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 1.45 0.00 0.81 0.00 0.11

BOM:544400 vs TPR: Beneish M-Score Comparison

For the Luxury Goods subindustry, Manoj Jewellers'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.

Manoj Jewellers Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Manoj Jewellers's Beneish M-Score distribution charts can be found below:

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


BOM:544400
48GF Score
Manoj Jewellers Ltd BOM:544400
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Manoj Jewellers 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 Manoj Jewellers 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 * 1.0277+0.528 * 1.1363+0.404 * 0.6478+0.892 * 1.9149+0.115 * 0.8809
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.327526-0.327 * 0.6091
=0.11

* 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 ₹86 Mil.
Revenue was ₹1,142 Mil.
Gross Profit was ₹176 Mil.
Total Current Assets was ₹596 Mil.
Total Assets was ₹606 Mil.
Property, Plant and Equipment(Net PPE) was ₹4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹125 Mil.
Long-Term Debt & Capital Lease Obligation was ₹91 Mil.
Net Income was ₹90 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-108 Mil.
 Total Receivables was ₹44 Mil.
Revenue was ₹596 Mil.
Gross Profit was ₹104 Mil.
Total Current Assets was ₹342 Mil.
Total Assets was ₹353 Mil.
Property, Plant and Equipment(Net PPE) was ₹6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3 Mil.
Total Current Liabilities was ₹81 Mil.
Long-Term Debt & Capital Lease Obligation was ₹125 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)
=(85.854 / 1141.612) / (43.625 / 596.181)
=0.075204 / 0.073174
=1.0277

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)
=(104.308 / 596.181) / (175.781 / 1141.612)
=0.17496 / 0.153976
=1.1363

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 - (596.152 + 4.42) / 605.68) / (1 - (341.978 + 5.954) / 352.521)
=0.008433 / 0.013018
=0.6478

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
=1141.612 / 596.181
=1.9149

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))
=(2.104 / (2.104 + 5.954)) / (1.862 / (1.862 + 4.42))
=0.261107 / 0.296402
=0.8809

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 / 1141.612) / (3.477 / 596.181)
=0 / 0.005832
=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)
=((90.539 + 125.149) / 605.68) / ((124.602 + 81.495) / 352.521)
=0.356109 / 0.584638
=0.6091

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
=(90.236 - 0 - -108.14) / 605.68
=0.327526

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.

Manoj Jewellers has a M-score of 0.11 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 0.11 mean?
Manoj Jewellers (BOM:544400) has a Beneish M-Score of 0.11 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Manoj Jewellers and its competitors. This is near median its historical median of 0.11. According to the industry distribution chart, Manoj Jewellers ranks #1022 out of 1091 companies in the Retail - Cyclical industry, placing it in the top 93.7%.
Is Manoj Jewellers' Beneish M-Score too high?
Manoj Jewellers' current Beneish M-Score of 0.11 is near median its 10-year median of 0.11. Based on the distribution chart, Manoj Jewellers ranks #1022 out of 1091 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Manoj Jewellers has a GF Score™ of 48/100, reflecting its overall financial health beyond just this single metric.
How does Manoj Jewellers' Beneish M-Score compare to TPR?
According to the Retail - Cyclical industry distribution chart, Manoj Jewellers ranks #1022 out of 1091 companies for Beneish M-Score. This places Manoj Jewellers 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Manoj Jewellers and its competitors. Manoj Jewellers's current Beneish M-Score is 0.11, which is near median its own 10-year median of 0.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manoj Jewellers stock overvalued right now?
Manoj Jewellers (BOM:544400) has a current Beneish M-Score of 0.11. The current Beneish M-Score is 0.11, which is near median its 10-year median of 0.11. Manoj Jewellers' overall GF Score™ is 48/100 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 Manoj Jewellers (BOM:544400), the current Beneish M-Score is 0.11 as of Aug. 15, 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.

Manoj Jewellers Business Description

Address No. 59, NSC Bose Road, Sowcarpet, Chennai, TN, IND, 600001
Manoj Jewellers Ltd is engaged in the retail and wholesale business of jewellery and ornaments made from gold and diamonds, embellished with precious and semiprecious stones. Its extensive portfolio includes a wide range of items such as rings, earrings, armlets, pendants, nose rings, bracelets, chains, necklaces, bangles, and other wedding jewellery pieces. Its diverse collection caters to various tastes and occasions, offering customers a selection of exquisite pieces to choose from. The company aims to provide high-quality and beautifully crafted jewellery to meet the needs and preferences of its clients.
48GF Score

Get the complete analysis for BOM:544400

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

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