DSM Fresh Foods (BOM:544568) Beneish M-Score: 2.10 (As of Jul. 29, 2026) — 256% Above Median

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BOM:544568 DSM Fresh Foods Ltd BOM:544568
17 GF Score
Price ₹81.33
! 4 Warning Signs
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What is DSM Fresh Foods Beneish M-Score?

DSM Fresh Foods BOM:544568 -7.73% 17 Beneish M-Score is 2.10 as of Jul. 29, 2026, which is 256% above its 10-year median of 0.59. GuruFocus rates BOM:544568 with a GF Score™ of 17/100. The stock has 4 warning signs investors should review. Among 294 Retail - Defensive companies, DSM Fresh Foods ranks worse than 97.28% 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 2.1 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544568' s Beneish M-Score Range Over the Past 10 Years
Min: -0.55   Med: 0.59   Max: 2.1
Current: 2.1

During the past 5 years, the highest Beneish M-Score of DSM Fresh Foods was 2.10. The lowest was -0.55. And the median was 0.59.

DSM Fresh Foods Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DSM Fresh Foods'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.

DSM Fresh Foods Beneish M-Score Chart

DSM Fresh Foods Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.55 0.59 2.10

DSM Fresh Foods Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -0.55 0.59 2.10

BOM:544568 vs SYY, USFD, PFGC: Beneish M-Score Comparison

For the Food Distribution subindustry, DSM Fresh Foods'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.

DSM Fresh Foods Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, DSM Fresh Foods's Beneish M-Score distribution charts can be found below:

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


BOM:544568
17GF Score
DSM Fresh Foods Ltd BOM:544568
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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DSM Fresh Foods 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 DSM Fresh Foods 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 * 3.6125+0.528 * 1.1949+0.404 * 0.4711+0.892 * 1.6891+0.115 * 0.9605
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.320045-0.327 * 0.9711
=2.10

* 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 ₹1,085 Mil.
Revenue was ₹2,208 Mil.
Gross Profit was ₹644 Mil.
Total Current Assets was ₹1,495 Mil.
Total Assets was ₹1,944 Mil.
Property, Plant and Equipment(Net PPE) was ₹79 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹22 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹688 Mil.
Long-Term Debt & Capital Lease Obligation was ₹91 Mil.
Net Income was ₹144 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-478 Mil.
 Total Receivables was ₹178 Mil.
Revenue was ₹1,307 Mil.
Gross Profit was ₹456 Mil.
Total Current Assets was ₹442 Mil.
Total Assets was ₹840 Mil.
Property, Plant and Equipment(Net PPE) was ₹59 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16 Mil.
Selling, General, & Admin. Expense(SGA) was ₹76 Mil.
Total Current Liabilities was ₹241 Mil.
Long-Term Debt & Capital Lease Obligation was ₹106 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)
=(1084.746 / 2208.181) / (177.775 / 1307.338)
=0.49124 / 0.135982
=3.6125

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)
=(455.561 / 1307.338) / (643.987 / 2208.181)
=0.348465 / 0.291637
=1.1949

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 - (1495.243 + 79.182) / 1943.762) / (1 - (442.392 + 59.071) / 840.406)
=0.190011 / 0.403309
=0.4711

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
=2208.181 / 1307.338
=1.6891

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))
=(15.517 / (15.517 + 59.071)) / (21.893 / (21.893 + 79.182))
=0.208036 / 0.216602
=0.9605

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 / 2208.181) / (76.459 / 1307.338)
=0 / 0.058484
=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)
=((91.332 + 687.907) / 1943.762) / ((106.23 + 240.697) / 840.406)
=0.400892 / 0.412809
=0.9711

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
=(143.678 - 0 - -478.414) / 1943.762
=0.320045

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.

DSM Fresh Foods has a M-score of 2.10 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 2.10 mean?
DSM Fresh Foods (BOM:544568) has a Beneish M-Score of 2.10 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DSM Fresh Foods and its competitors. This is 256% above median its historical median of 0.59. According to the industry distribution chart, DSM Fresh Foods ranks #286 out of 294 companies in the Retail - Defensive industry, placing it in the top 97.3%.
Is DSM Fresh Foods' Beneish M-Score too high?
DSM Fresh Foods' current Beneish M-Score of 2.10 is 256% above median its 10-year median of 0.59. Based on the distribution chart, DSM Fresh Foods ranks #286 out of 294 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, DSM Fresh Foods has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does DSM Fresh Foods' Beneish M-Score compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, DSM Fresh Foods ranks #286 out of 294 companies for Beneish M-Score. This places DSM Fresh Foods 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 Retail - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 DSM Fresh Foods and its competitors. DSM Fresh Foods's current Beneish M-Score is 2.10, which is 256% above median its own 10-year median of 0.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DSM Fresh Foods stock overvalued right now?
DSM Fresh Foods (BOM:544568) has a current Beneish M-Score of 2.10. The current Beneish M-Score is 2.10, which is 256% above median its 10-year median of 0.59. DSM Fresh Foods' overall GF Score™ is 17/100 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 DSM Fresh Foods (BOM:544568), the current Beneish M-Score is 2.10 as of Jul. 29, 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.

DSM Fresh Foods Business Description

Address Janakpuri B-1, 115-116, First Floor, Vishal Tower, District Centre, Janakpuri, West Delhi, Delhi, IND, 110058
DSM Fresh Foods Ltd is a fresh meat and ready-to-cook/eat non-veg products retailer. It is an online meat delivery company committed to revolutionize the way customers experience and enjoy quality non-veg food. With a user-friendly website and mobile application that offers a diverse selection of fresh and hygienically sourced meats, ranging from succulent cuts of mutton, poultry and seafood to exotic options.
17GF 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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