Star Imaging And Path Lab (BOM:544482) Beneish M-Score: -1.90 (As of Aug. 09, 2026)

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BOM:544482 Star Imaging And Path Lab Ltd BOM:544482
21 GF Score
Price ₹82.21
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What is Star Imaging And Path Lab Beneish M-Score?

Star Imaging And Path Lab BOM:544482 -2.22% 21 Beneish M-Score is -1.90 as of Aug. 09, 2026. GuruFocus rates BOM:544482 with a GF Score™ of 21/100. Among 193 Medical Diagnostics & Research companies, Star Imaging And Path Lab ranks worse than 80.83% 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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Star Imaging And Path Lab's Beneish M-Score or its related term are showing as below:

BOM:544482' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -1.9   Max: -1.15
Current: -1.9

During the past 5 years, the highest Beneish M-Score of Star Imaging And Path Lab was -1.15. The lowest was -2.51. And the median was -1.90.

Star Imaging And Path Lab Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Star Imaging And Path Lab'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.

Star Imaging And Path Lab Beneish M-Score Chart

Star Imaging And Path Lab Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.51 -1.15 -1.90

Star Imaging And Path Lab Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.51 0.00 -1.15 0.00 -1.90

BOM:544482 vs TMO, DHR, IDXX: Beneish M-Score Comparison

For the Diagnostics & Research subindustry, Star Imaging And Path Lab'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.

Star Imaging And Path Lab Beneish M-Score vs Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Star Imaging And Path Lab's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Star Imaging And Path Lab's Beneish M-Score falls into.


BOM:544482
21GF Score
Star Imaging And Path Lab Ltd BOM:544482
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Star Imaging And Path Lab 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 Star Imaging And Path Lab 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 * 1.0301+0.528 * 0.9619+0.404 * 1.7731+0.892 * 1.0602+0.115 * 0.8399
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.026434-0.327 * 0.4602
=-1.90

* 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 ₹554.3 Mil.
Revenue was ₹885.3 Mil.
Gross Profit was ₹496.4 Mil.
Total Current Assets was ₹1,148.0 Mil.
Total Assets was ₹1,535.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹252.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹59.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹287.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹65.8 Mil.
Net Income was ₹192.8 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹233.4 Mil.
 Total Receivables was ₹507.6 Mil.
Revenue was ₹835.0 Mil.
Gross Profit was ₹450.4 Mil.
Total Current Assets was ₹672.3 Mil.
Total Assets was ₹981.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹260.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹49.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹10.4 Mil.
Total Current Liabilities was ₹341.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹148.7 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)
=(554.299 / 885.269) / (507.553 / 835.001)
=0.626136 / 0.607847
=1.0301

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)
=(450.428 / 835.001) / (496.449 / 885.269)
=0.539434 / 0.560789
=0.9619

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 - (1148.007 + 252.14) / 1535.848) / (1 - (672.332 + 260.321) / 981.565)
=0.088356 / 0.049831
=1.7731

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
=885.269 / 835.001
=1.0602

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))
=(49.585 / (49.585 + 260.321)) / (59.337 / (59.337 + 252.14))
=0.16 / 0.190502
=0.8399

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 / 885.269) / (10.445 / 835.001)
=0 / 0.012509
=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)
=((65.836 + 287.244) / 1535.848) / ((148.707 + 341.63) / 981.565)
=0.229893 / 0.499546
=0.4602

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
=(192.802 - 0 - 233.4) / 1535.848
=-0.026434

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.

Star Imaging And Path Lab has a M-score of -1.90 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 -1.90 mean?
Star Imaging And Path Lab (BOM:544482) has a Beneish M-Score of -1.90 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Star Imaging And Path Lab and its competitors. According to the industry distribution chart, Star Imaging And Path Lab ranks #156 out of 193 companies in the Medical Diagnostics & Research industry, placing it in the top 80.8%.
Is Star Imaging And Path Lab's Beneish M-Score too high?
Star Imaging And Path Lab's current Beneish M-Score is -1.90. Based on the distribution chart, Star Imaging And Path Lab ranks #156 out of 193 companies in the Medical Diagnostics & Research industry, which is in the bottom quartile relative to peers. Overall, Star Imaging And Path Lab has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Star Imaging And Path Lab's Beneish M-Score compare to TMO and DHR?
According to the Medical Diagnostics & Research industry distribution chart, Star Imaging And Path Lab ranks #156 out of 193 companies for Beneish M-Score. This places Star Imaging And Path Lab 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 Medical Diagnostics & Research company?
A good Beneish M-Score depends on the Medical Diagnostics & Research 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 Star Imaging And Path Lab and its competitors. Star Imaging And Path Lab's current Beneish M-Score is -1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Star Imaging And Path Lab stock overvalued right now?
Star Imaging And Path Lab (BOM:544482) has a current Beneish M-Score of -1.90. The current Beneish M-Score is -1.90. Star Imaging And Path Lab's overall GF Score™ is 21/100. 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 Star Imaging And Path Lab (BOM:544482), the current Beneish M-Score is -1.90 as of Aug. 09, 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.

Star Imaging And Path Lab Business Description

Address 4B/3, Tilak Nagar, Second Floor, West Delhi, Delhi, IND, 110018
Star Imaging And Path Lab Ltd operates a diagnostic testing network, NABL accredited, delivering pathology, radiology, Cardiology, and Neurology services in Delhi and Uttar Pradesh. It offers a comprehensive range of diagnostic imaging services and clinical laboratory tests, including both routine and specialized studies and profiles. These services are essential for the prediction, early detection, diagnostic screening, confirmation, and monitoring of diseases. The company's diagnostic imaging and radiology services encompass X-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI) scans, ultrasounds, bone mineral densitometry, and mammography.
21GF Score

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