Vikram Solar (BOM:544488) Beneish M-Score: -1.23 (As of Jun. 30, 2026)


BOM:544488 Vikram Solar Ltd BOM:544488
18 GF Score
Price ₹185.85
! 3 Warning Signs
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What is Vikram Solar Beneish M-Score?

Vikram Solar BOM:544488 +0.22% 18 Beneish M-Score is -1.23 as of Jun. 30, 2026. GuruFocus rates BOM:544488 with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 986 Semiconductors companies, Vikram Solar ranks worse than 87.53% 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 -1.23 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544488' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86   Med: -2.36   Max: -1.23
Current: -1.23

During the past 5 years, the highest Beneish M-Score of Vikram Solar was -1.23. The lowest was -2.86. And the median was -2.36.

Vikram Solar Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vikram Solar'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.

Vikram Solar Beneish M-Score Chart

Vikram Solar Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.86 -2.36 -1.23

Vikram Solar Quarterly Data
Mar22 Mar23 Mar24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -2.36 0.00 0.00 -1.23

BOM:544488 vs FSLR, NXT, ENPH: Beneish M-Score Comparison

For the Solar subindustry, Vikram Solar'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.

Vikram Solar Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Vikram Solar's Beneish M-Score distribution charts can be found below:

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


BOM:544488
18GF Score
Vikram Solar Ltd BOM:544488
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vikram Solar 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 Vikram Solar 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 * 0.5848+0.528 * 0.8302+0.404 * 3.7885+0.892 * 1.4028+0.115 * 2.1238
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.027778-0.327 * 0.7968
=-1.23

* 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 ₹12,144 Mil.
Revenue was ₹48,023 Mil.
Gross Profit was ₹14,680 Mil.
Total Current Assets was ₹37,271 Mil.
Total Assets was ₹57,285 Mil.
Property, Plant and Equipment(Net PPE) was ₹15,259 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,620 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹19,775 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,512 Mil.
Net Income was ₹4,704 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹6,295 Mil.
 Total Receivables was ₹14,803 Mil.
Revenue was ₹34,235 Mil.
Gross Profit was ₹8,689 Mil.
Total Current Assets was ₹21,608 Mil.
Total Assets was ₹28,322 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,093 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,560 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,073 Mil.
Total Current Liabilities was ₹13,974 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,095 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)
=(12143.53 / 48022.51) / (14802.83 / 34234.53)
=0.252872 / 0.432395
=0.5848

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)
=(8688.56 / 34234.53) / (14680.44 / 48022.51)
=0.253795 / 0.305699
=0.8302

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 - (37271.34 + 15259.48) / 57284.79) / (1 - (21608.07 + 6093.07) / 28321.51)
=0.082988 / 0.021905
=3.7885

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
=48022.51 / 34234.53
=1.4028

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))
=(1560.02 / (1560.02 + 6093.07)) / (1620.1 / (1620.1 + 15259.48))
=0.203842 / 0.09598
=2.1238

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 / 48022.51) / (1072.92 / 34234.53)
=0 / 0.03134
=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)
=((4511.74 + 19775.45) / 57284.79) / ((1095.31 + 13974.27) / 28321.51)
=0.423973 / 0.53209
=0.7968

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
=(4704.21 - 0 - 6295.48) / 57284.79
=-0.027778

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.

Vikram Solar has a M-score of -1.23 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 -1.23 mean?
Vikram Solar (BOM:544488) has a Beneish M-Score of -1.23 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vikram Solar and its competitors. According to the industry distribution chart, Vikram Solar ranks #863 out of 986 companies in the Semiconductors industry, placing it in the top 87.5%.
Is Vikram Solar's Beneish M-Score too high?
Vikram Solar's current Beneish M-Score is -1.23. Based on the distribution chart, Vikram Solar ranks #863 out of 986 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Vikram Solar has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Vikram Solar's Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Vikram Solar ranks #863 out of 986 companies for Beneish M-Score. This places Vikram Solar 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Vikram Solar and its competitors. Vikram Solar's current Beneish M-Score is -1.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vikram Solar stock overvalued right now?
Vikram Solar (BOM:544488) has a current Beneish M-Score of -1.23. The current Beneish M-Score is -1.23. Vikram Solar's overall GF Score™ is 18/100 with 3 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 Vikram Solar (BOM:544488), the current Beneish M-Score is -1.23 as of Jun. 30, 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.

Vikram Solar Business Description

Other Exchanges VIKRAMSOLR:India
Address Rajdanga Main Road, The Chambers, 8th Floor, 1865, E.K.T, Kolkata, WB, IND, 700107
Vikram Solar Ltd is one of the India's solar photo-voltaic (PV) modules manufacturers. It is currently undertaking greenfield and brownfield expansion plans, which are expected to increase its installed solar PV module manufacturing capacity to up to 15.50 GW and up to 20.50 GW. Its portfolio of solar energy products consists of the following high-efficiency solar PV modules: (i) p-type monocrystalline silicon based Passivated Emitter and Rear Contact (PERC) modules; (ii) N-Type monocrystalline silicon (N-Type) modules; and (iii) n-type monocrystalline silicon based heterojunction technology (HJT) modules; all of these being either bifacial (glass-to-glass/ glass-to-transparent back sheet) or monofacial (glass-to-white/black back sheet) modules.
18GF 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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