Astonea Labs (BOM:544409) Beneish M-Score: -1.79 (As of Jul. 31, 2026)

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BOM:544409 Astonea Labs Ltd BOM:544409
12 GF Score
Price ₹273.75
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What is Astonea Labs Beneish M-Score?

Astonea Labs BOM:544409 12 Beneish M-Score is -1.79 as of Jul. 31, 2026. GuruFocus rates BOM:544409 with a GF Score™ of 12/100. The stock has 4 warning signs investors should review. Among 911 Drug Manufacturers companies, Astonea Labs ranks worse than 91.22% 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 -1.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544409' s Beneish M-Score Range Over the Past 10 Years
Min: -2.28   Med: -1.68   Max: -1.09
Current: -1.79

During the past 5 years, the highest Beneish M-Score of Astonea Labs was -1.09. The lowest was -2.28. And the median was -1.68.

Astonea Labs Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Astonea Labs'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.

Astonea Labs Beneish M-Score Chart

Astonea Labs Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.28 -2.31 -1.79

Astonea Labs Quarterly Data
Mar22 Mar23 Mar24 Dec24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.28 0.00 -2.31 0.00 -1.79

BOM:544409 vs ZTS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Astonea Labs'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.

Astonea Labs Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Astonea Labs's Beneish M-Score distribution charts can be found below:

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


BOM:544409
12GF Score
Astonea Labs Ltd BOM:544409
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Astonea Labs 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 Astonea Labs 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 * 0.9045+0.528 * 0.8559+0.404 * 2.4506+0.892 * 1.5184+0.115 * 1.1669
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 6.1341+4.679 * 0.124189-0.327 * 0.7403
=-1.79

* 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 ₹520.3 Mil.
Revenue was ₹1,475.8 Mil.
Gross Profit was ₹425.7 Mil.
Total Current Assets was ₹980.9 Mil.
Total Assets was ₹1,462.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹387.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹49.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹206.8 Mil.
Total Current Liabilities was ₹678.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹207.3 Mil.
Net Income was ₹45.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-136.5 Mil.
 Total Receivables was ₹378.8 Mil.
Revenue was ₹972.0 Mil.
Gross Profit was ₹240.0 Mil.
Total Current Assets was ₹708.5 Mil.
Total Assets was ₹1,033.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹298.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹45.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹22.2 Mil.
Total Current Liabilities was ₹650.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹196.1 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)
=(520.284 / 1475.795) / (378.822 / 971.964)
=0.352545 / 0.389749
=0.9045

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)
=(239.974 / 971.964) / (425.726 / 1475.795)
=0.246896 / 0.288472
=0.8559

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 - (980.887 + 387.146) / 1462.597) / (1 - (708.499 + 298.033) / 1033.807)
=0.064655 / 0.026383
=2.4506

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
=1475.795 / 971.964
=1.5184

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))
=(45.813 / (45.813 + 298.033)) / (49.903 / (49.903 + 387.146))
=0.133237 / 0.114182
=1.1669

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)
=(206.774 / 1475.795) / (22.201 / 971.964)
=0.14011 / 0.022841
=6.1341

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)
=((207.309 + 678.878) / 1462.597) / ((196.054 + 650.018) / 1033.807)
=0.6059 / 0.818404
=0.7403

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
=(45.155 - 0 - -136.483) / 1462.597
=0.124189

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.

Astonea Labs has a M-score of -1.79 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 -1.79 mean?
Astonea Labs (BOM:544409) has a Beneish M-Score of -1.79 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Astonea Labs and its competitors. According to the industry distribution chart, Astonea Labs ranks #831 out of 911 companies in the Drug Manufacturers industry, placing it in the top 91.2%.
Is Astonea Labs' Beneish M-Score too high?
Astonea Labs' current Beneish M-Score is -1.79. Based on the distribution chart, Astonea Labs ranks #831 out of 911 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Astonea Labs has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Astonea Labs' Beneish M-Score compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Astonea Labs ranks #831 out of 911 companies for Beneish M-Score. This places Astonea Labs 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Astonea Labs and its competitors. Astonea Labs's current Beneish M-Score is -1.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Astonea Labs stock overvalued right now?
Astonea Labs (BOM:544409) has a current Beneish M-Score of -1.79. The current Beneish M-Score is -1.79. Astonea Labs' overall GF Score™ is 12/100 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 Astonea Labs (BOM:544409), the current Beneish M-Score is -1.79 as of Jul. 31, 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.

Astonea Labs Business Description

Address SCO 186-187, 2nd Floor, Cabin No. 306, SECTOR 8-C, Sector 8, Chandigarh, HR, IND, 160009
Astonea Labs Ltd is an India-based pharmaceutical and cosmetics company engaged in the manufacturing and development of healthcare and personal care products. The Company operates in the pharmaceuticals and cosmetics & personal care space, offering products that include generic medicines, OTC products, specialty therapeutics, nutraceuticals, and biosimilars, as well as skincare, haircare, anti-aging, ethical, and organic cosmetic products, supported by in-house research and development and contract manufacturing services. Its business activities are organized across key segments comprising Pharmaceuticals, Cosmetics & Personal Care, R&D & Innovation, and Contract Manufacturing (CDMO).
12GF Score

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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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