Earkart (BOM:544549) Beneish M-Score: -0.76 (As of Jul. 16, 2026)

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BOM:544549 Earkart Ltd BOM:544549
19 GF Score
Price ₹160.00
! 4 Warning Signs
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What is Earkart Beneish M-Score?

Earkart BOM:544549 19 Beneish M-Score is -0.76 as of Jul. 16, 2026. GuruFocus rates BOM:544549 with a GF Score™ of 19/100. The stock has 4 warning signs investors should review. Among 763 Medical Devices & Instruments companies, Earkart ranks worse than 91.61% 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 -0.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544549' s Beneish M-Score Range Over the Past 10 Years
Min: -0.83   Med: -0.76   Max: -0.3
Current: -0.76

During the past 5 years, the highest Beneish M-Score of Earkart was -0.30. The lowest was -0.83. And the median was -0.76.

Earkart Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Earkart'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.

Earkart Beneish M-Score Chart

Earkart Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.83 -0.30 -0.76

Earkart Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -0.83 -0.30 -0.76

BOM:544549 vs ABT, SYK, MDT: Beneish M-Score Comparison

For the Medical Devices subindustry, Earkart'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.

Earkart Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Earkart's Beneish M-Score distribution charts can be found below:

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


BOM:544549
19GF Score
Earkart Ltd BOM:544549
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Earkart 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 Earkart 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 * 0.9046+0.528 * 1.0379+0.404 * 0.5119+0.892 * 1.2535+0.115 * 2.2965
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.251747-0.327 * 0.208
=-0.76

* 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 ₹210.7 Mil.
Revenue was ₹540.4 Mil.
Gross Profit was ₹211.2 Mil.
Total Current Assets was ₹616.8 Mil.
Total Assets was ₹694.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹51.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹48.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹49.3 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-125.6 Mil.
 Total Receivables was ₹185.8 Mil.
Revenue was ₹431.1 Mil.
Gross Profit was ₹174.9 Mil.
Total Current Assets was ₹270.0 Mil.
Total Assets was ₹302.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹10.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹22.6 Mil.
Total Current Liabilities was ₹102.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(210.69 / 540.353) / (185.812 / 431.062)
=0.389912 / 0.431056
=0.9046

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)
=(174.899 / 431.062) / (211.23 / 540.353)
=0.40574 / 0.390911
=1.0379

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 - (616.81 + 51.163) / 694.919) / (1 - (269.956 + 10.035) / 302.938)
=0.038776 / 0.075748
=0.5119

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
=540.353 / 431.062
=1.2535

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))
=(4.381 / (4.381 + 10.035)) / (7.803 / (7.803 + 51.163))
=0.303898 / 0.13233
=2.2965

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 / 540.353) / (22.594 / 431.062)
=0 / 0.052415
=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 + 48.681) / 694.919) / ((0 + 102.031) / 302.938)
=0.070053 / 0.336805
=0.208

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
=(49.323 - 0 - -125.621) / 694.919
=0.251747

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.

Earkart has a M-score of -0.76 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 -0.76 mean?
Earkart (BOM:544549) has a Beneish M-Score of -0.76 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Earkart and its competitors. According to the industry distribution chart, Earkart ranks #699 out of 763 companies in the Medical Devices & Instruments industry, placing it in the top 91.6%.
Is Earkart's Beneish M-Score too high?
Earkart's current Beneish M-Score is -0.76. Based on the distribution chart, Earkart ranks #699 out of 763 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Earkart has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Earkart's Beneish M-Score compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, Earkart ranks #699 out of 763 companies for Beneish M-Score. This places Earkart 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 Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Earkart and its competitors. Earkart's current Beneish M-Score is -0.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Earkart stock overvalued right now?
Earkart (BOM:544549) has a current Beneish M-Score of -0.76. The current Beneish M-Score is -0.76. Earkart's overall GF Score™ is 19/100 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 Earkart (BOM:544549), the current Beneish M-Score is -0.76 as of Jul. 16, 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.

Earkart Business Description

Address Street No. 6, Shop No. 8-P, Vasundhara Enclave, East Delhi, Delhi, IND, 110096
Earkart Ltd is a hearing care company based in India that manufactures and distributes modern hearing aids and related accessories at affordable prices. The company also trades in hearing aids and parts from both Indian and foreign brands. Earkart has expanded its product range to include mobility aids like adjustable foldable walkers and therapy kits for children with disabilities. It developed a remote audiometry machine operated by audiologists to facilitate hearing tests remotely, improving access to hearing care services across India. Earkart operates through a wide network of clinics and hearing solution dispensers, blending manufacturing with a customer-focused approach to reach underserved regions.
19GF 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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