Sihora Industries (BOM:544585) Beneish M-Score: -1.06 (As of Jul. 28, 2026)

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BOM:544585 Sihora Industries Ltd BOM:544585
18 GF Score
Price ₹59.00
! 5 Warning Signs
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What is Sihora Industries Beneish M-Score?

Sihora Industries BOM:544585 18 Beneish M-Score is -1.06 as of Jul. 28, 2026. GuruFocus rates BOM:544585 with a GF Score™ of 18/100. The stock has 5 warning signs investors should review. Among 1,000 Manufacturing - Apparel & Accessories companies, Sihora Industries ranks worse than 90.3% 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 -1.06 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544585' s Beneish M-Score Range Over the Past 10 Years
Min: -1.06   Med: -0.38   Max: 0.3
Current: -1.06

During the past 4 years, the highest Beneish M-Score of Sihora Industries was 0.30. The lowest was -1.06. And the median was -0.38.

Sihora Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sihora Industries'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.

Sihora Industries Beneish M-Score Chart

Sihora Industries Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.30 -1.06

Sihora Industries Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 0.30 -1.06

Sihora Industries Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Sihora Industries'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.

Sihora Industries Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

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

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


BOM:544585
18GF Score
Sihora Industries Ltd BOM:544585
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sihora Industries 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 Sihora Industries 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 * 0.8196+0.528 * 1.253+0.404 * 0.7336+0.892 * 1.2993+0.115 * 1.0574
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.18848-0.327 * 0.2873
=-1.06

* 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 ₹26.1 Mil.
Revenue was ₹189.2 Mil.
Gross Profit was ₹78.7 Mil.
Total Current Assets was ₹131.2 Mil.
Total Assets was ₹194.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹60.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹32.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹9.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-27.1 Mil.
 Total Receivables was ₹24.5 Mil.
Revenue was ₹145.6 Mil.
Gross Profit was ₹75.9 Mil.
Total Current Assets was ₹73.2 Mil.
Total Assets was ₹126.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹50.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.4 Mil.
Total Current Liabilities was ₹48.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹24.4 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)
=(26.057 / 189.198) / (24.47 / 145.62)
=0.137723 / 0.16804
=0.8196

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)
=(75.876 / 145.62) / (78.675 / 189.198)
=0.521055 / 0.415834
=1.253

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 - (131.154 + 60.143) / 194.721) / (1 - (73.187 + 50.273) / 126.492)
=0.017584 / 0.02397
=0.7336

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
=189.198 / 145.62
=1.2993

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))
=(8.699 / (8.699 + 50.273)) / (9.75 / (9.75 + 60.143))
=0.147511 / 0.139499
=1.0574

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 / 189.198) / (1.377 / 145.62)
=0 / 0.009456
=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 + 32.051) / 194.721) / ((24.353 + 48.12) / 126.492)
=0.1646 / 0.572945
=0.2873

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
=(9.65 - 0 - -27.051) / 194.721
=0.18848

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.

Sihora Industries has a M-score of -1.06 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 -1.06 mean?
Sihora Industries (BOM:544585) has a Beneish M-Score of -1.06 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sihora Industries and its competitors. According to the industry distribution chart, Sihora Industries ranks #903 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 90.3%.
Is Sihora Industries' Beneish M-Score too high?
Sihora Industries' current Beneish M-Score is -1.06. Based on the distribution chart, Sihora Industries ranks #903 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Sihora Industries has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Sihora Industries' Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Sihora Industries ranks #903 out of 1000 companies for Beneish M-Score. This places Sihora Industries 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 Sihora Industries and its competitors. Sihora Industries's current Beneish M-Score is -1.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sihora Industries stock overvalued right now?
Sihora Industries (BOM:544585) has a current Beneish M-Score of -1.06. The current Beneish M-Score is -1.06. Sihora Industries' overall GF Score™ is 18/100 with 5 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 Sihora Industries (BOM:544585), the current Beneish M-Score is -1.06 as of Jul. 28, 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.

Sihora Industries Business Description

Address Plot 34/D-1, Laxminarayan, BRC Compound, Udhna, Mangrol, Surat, GJ, IND, 394210
Sihora Industries Ltd is engaged in the business of manufacturing and sale of narrow woven fabrics, lace, digitally printed narrow fabrics, woven labels, tapes, zippers, elastics and other textile products, including technical textiles, for use in fashion and industrial sectors. Its business integrates technology with traditional manufacturing processes for apparel clients, proprietary brands, and contract customers. The company manufactures customizable products for brands, retailers, wholesalers, and end consumers.
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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