Chemkart India (BOM:544442) Beneish M-Score: 11.82 (As of Aug. 25, 2026) — Near Median

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BOM:544442 Chemkart India Ltd BOM:544442
22 GF Score
Price ₹183.00
! 2 Warning Signs
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What is Chemkart India Beneish M-Score?

Chemkart India BOM:544442 +0.94% 22 Beneish M-Score is 11.82 as of Aug. 25, 2026, which is at its 10-year median of 11.82. GuruFocus rates BOM:544442 with a GF Score™ of 22/100. The stock has 2 warning signs investors should review. Among 1,535 Chemicals companies, Chemkart India ranks worse than 98.96% 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 11.82 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544442' s Beneish M-Score Range Over the Past 10 Years
Min: -0.08   Med: 11.82   Max: 124.92
Current: 11.82

During the past 5 years, the highest Beneish M-Score of Chemkart India was 124.92. The lowest was -0.08. And the median was 11.82.

Chemkart India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chemkart 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.

Chemkart India Beneish M-Score Chart

Chemkart India Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 124.92 -0.08 11.82

Chemkart India Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 124.92 0.00 -0.08 0.00 11.82

BOM:544442 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Chemkart 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.

Chemkart India Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Chemkart India's Beneish M-Score distribution charts can be found below:

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


BOM:544442
22GF Score
Chemkart India Ltd BOM:544442
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Chemkart 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 Chemkart 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 * 1.1156+0.528 * 1.121+0.404 * 33.037+0.892 * 1.0568+0.115 * 2.033
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.142502-0.327 * 0.4555
=11.82

* 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 ₹540 Mil.
Revenue was ₹2,148 Mil.
Gross Profit was ₹370 Mil.
Total Current Assets was ₹1,283 Mil.
Total Assets was ₹1,571 Mil.
Property, Plant and Equipment(Net PPE) was ₹132 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹272 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹197 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-27 Mil.
 Total Receivables was ₹458 Mil.
Revenue was ₹2,033 Mil.
Gross Profit was ₹393 Mil.
Total Current Assets was ₹770 Mil.
Total Assets was ₹861 Mil.
Property, Plant and Equipment(Net PPE) was ₹88 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25 Mil.
Total Current Liabilities was ₹326 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(540.223 / 2148.291) / (458.214 / 2032.785)
=0.251466 / 0.225412
=1.1156

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)
=(392.543 / 2032.785) / (370.058 / 2148.291)
=0.193106 / 0.172257
=1.121

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 - (1283.22 + 132.061) / 1570.752) / (1 - (770.241 + 88.341) / 861.162)
=0.098979 / 0.002996
=33.037

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
=2148.291 / 2032.785
=1.0568

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))
=(7.025 / (7.025 + 88.341)) / (4.965 / (4.965 + 132.061))
=0.073664 / 0.036234
=2.033

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 / 2148.291) / (25.421 / 2032.785)
=0 / 0.012506
=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)
=((0 + 271.536) / 1570.752) / ((1.02 + 325.832) / 861.162)
=0.17287 / 0.379548
=0.4555

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
=(196.582 - 0 - -27.253) / 1570.752
=0.142502

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.

Chemkart India has a M-score of 11.82 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 11.82 mean?
Chemkart India (BOM:544442) has a Beneish M-Score of 11.82 as of Aug. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chemkart India and its competitors. This is near median its historical median of 11.82. According to the industry distribution chart, Chemkart India ranks #1519 out of 1535 companies in the Chemicals industry, placing it in the top 99%.
Is Chemkart India's Beneish M-Score too high?
Chemkart India's current Beneish M-Score of 11.82 is near median its 10-year median of 11.82. Based on the distribution chart, Chemkart India ranks #1519 out of 1535 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Chemkart India has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Chemkart India's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Chemkart India ranks #1519 out of 1535 companies for Beneish M-Score. This places Chemkart 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Chemkart India and its competitors. Chemkart India's current Beneish M-Score is 11.82, which is near median its own 10-year median of 11.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chemkart India stock overvalued right now?
Chemkart India (BOM:544442) has a current Beneish M-Score of 11.82. The current Beneish M-Score is 11.82, which is near median its 10-year median of 11.82. Chemkart India's overall GF Score™ is 22/100 with 2 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 Chemkart India (BOM:544442), the current Beneish M-Score is 11.82 as of Aug. 25, 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.

Chemkart India Business Description

Address K.L. Accolade, 6th Road, Office No. 403/404, 4th Floor, TPS III, Santacruz East, Mumbai, MH, IND, 400055
Chemkart India Ltd is a one stop destination for various nutritional, Health and sports supplement products, which are largely biased towards the food products providing health benefits in addition to their nutritional values, reflecting its ability in catering to nutritional as well as health needs of the end customers. It offers products across mainly seven product categories, i.e. Amino Acids, Health Supplement, Herbal Extract, Nucleotide, Protein, Sports Nutrition, and Vitamin. The company targets the Business to Business (B-to-B) platform which uses its products into manufacturing of finished supplements which includes sports supplements, health supplements, vitamins, protein products etc.
22GF Score

Get the complete analysis for BOM:544442

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

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