Vashishtha Luxury Fashion (BOM:544508) Beneish M-Score: -1.04 (As of Aug. 05, 2026)

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BOM:544508 Vashishtha Luxury Fashion Ltd BOM:544508
19 GF Score
Price ₹56.16
! 2 Warning Signs
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What is Vashishtha Luxury Fashion Beneish M-Score?

Vashishtha Luxury Fashion BOM:544508 19 Beneish M-Score is -1.04 as of Aug. 05, 2026. GuruFocus rates BOM:544508 with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 998 Manufacturing - Apparel & Accessories companies, Vashishtha Luxury Fashion ranks worse than 89.98% 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 -1.04 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544508' s Beneish M-Score Range Over the Past 10 Years
Min: -2.42   Med: -1.2   Max: -1.04
Current: -1.04

During the past 5 years, the highest Beneish M-Score of Vashishtha Luxury Fashion was -1.04. The lowest was -2.42. And the median was -1.20.

Vashishtha Luxury Fashion Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vashishtha Luxury Fashion'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.

Vashishtha Luxury Fashion Beneish M-Score Chart

Vashishtha Luxury Fashion Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.42 -1.20 -1.04

Vashishtha Luxury Fashion Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.42 -1.20 0.00 -1.04

BOM:544508 vs RL, LEVI, VFC: Beneish M-Score Comparison

For the Apparel Manufacturing subindustry, Vashishtha Luxury Fashion'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.

Vashishtha Luxury Fashion Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Vashishtha Luxury Fashion's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vashishtha Luxury Fashion's Beneish M-Score falls into.


BOM:544508
19GF Score
Vashishtha Luxury Fashion Ltd BOM:544508
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vashishtha Luxury Fashion 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 Vashishtha Luxury Fashion 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 * 0.9616+0.528 * 1.0286+0.404 * 0.474+0.892 * 1.3437+0.115 * 1.1507
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.203591-0.327 * 0.3224
=-1.04

* 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 ₹27.8 Mil.
Revenue was ₹142.9 Mil.
Gross Profit was ₹80.9 Mil.
Total Current Assets was ₹125.9 Mil.
Total Assets was ₹177.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹38.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹22.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹20.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-16.0 Mil.
 Total Receivables was ₹21.5 Mil.
Revenue was ₹106.4 Mil.
Gross Profit was ₹62.0 Mil.
Total Current Assets was ₹36.5 Mil.
Total Assets was ₹83.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹34.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.9 Mil.
Total Current Liabilities was ₹33.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.2 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)
=(27.751 / 142.912) / (21.477 / 106.36)
=0.194182 / 0.201927
=0.9616

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)
=(61.964 / 106.36) / (80.945 / 142.912)
=0.582587 / 0.566398
=1.0286

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 - (125.861 + 38.321) / 177.405) / (1 - (36.478 + 34.22) / 83.891)
=0.074536 / 0.157264
=0.474

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
=142.912 / 106.36
=1.3437

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))
=(2.759 / (2.759 + 34.22)) / (2.657 / (2.657 + 38.321))
=0.07461 / 0.06484
=1.1507

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 / 142.912) / (4.942 / 106.36)
=0 / 0.046465
=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 + 22.869) / 177.405) / ((0.243 + 33.301) / 83.891)
=0.128908 / 0.399852
=0.3224

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
=(20.07 - 0 - -16.048) / 177.405
=0.203591

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.

Vashishtha Luxury Fashion has a M-score of -1.04 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 -1.04 mean?
Vashishtha Luxury Fashion (BOM:544508) has a Beneish M-Score of -1.04 as of Aug. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vashishtha Luxury Fashion and its competitors. According to the industry distribution chart, Vashishtha Luxury Fashion ranks #898 out of 998 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 90%.
Is Vashishtha Luxury Fashion's Beneish M-Score too high?
Vashishtha Luxury Fashion's current Beneish M-Score is -1.04. Based on the distribution chart, Vashishtha Luxury Fashion ranks #898 out of 998 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Vashishtha Luxury Fashion has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Vashishtha Luxury Fashion's Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Vashishtha Luxury Fashion ranks #898 out of 998 companies for Beneish M-Score. This places Vashishtha Luxury Fashion 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Vashishtha Luxury Fashion and its competitors. Vashishtha Luxury Fashion's current Beneish M-Score is -1.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vashishtha Luxury Fashion stock overvalued right now?
Vashishtha Luxury Fashion (BOM:544508) has a current Beneish M-Score of -1.04. The current Beneish M-Score is -1.04. Vashishtha Luxury Fashion's overall GF Score™ is 19/100 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 Vashishtha Luxury Fashion (BOM:544508), the current Beneish M-Score is -1.04 as of Aug. 05, 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.

Vashishtha Luxury Fashion Business Description

Address Delisle Road, 307 and 308, Sun Industrial Estate, Sun Mill Compound, Lower Parel West, Mumbai, MH, IND, 400013
Vashishtha Luxury Fashion Ltd is engaged in the business of exporting high-fashion hand-embroidery work, accessories & finished garments. It caters to various brands and fashion houses across Europe, UK, USA, Australia, European countries & Turkey. Further, it also provides services in customised designs in the apparel segment.
19GF Score

Get the complete analysis for BOM:544508

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

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