Ravelcare (BOM:544629) Beneish M-Score: 4.04 (As of Jul. 29, 2026) — 50% Below Median

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BOM:544629 Ravelcare Ltd BOM:544629
21 GF Score
Price ₹115.35
! 3 Warning Signs
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What is Ravelcare Beneish M-Score?

Ravelcare BOM:544629 -2.41% 21 Beneish M-Score is 4.04 as of Jul. 29, 2026, which is 50% below its 10-year median of 8.08. GuruFocus rates BOM:544629 with a GF Score™ of 21/100. The stock has 3 warning signs investors should review. Among 1,853 Consumer Packaged Goods companies, Ravelcare ranks worse than 97.41% 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 4.04 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544629' s Beneish M-Score Range Over the Past 10 Years
Min: 4.04   Med: 8.08   Max: 12.12
Current: 4.04

During the past 4 years, the highest Beneish M-Score of Ravelcare was 12.12. The lowest was 4.04. And the median was 8.08.

Ravelcare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ravelcare'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.

Ravelcare Beneish M-Score Chart

Ravelcare Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 12.12 4.04

Ravelcare Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 12.12 0.00 4.04

BOM:544629 vs PG, CL, KVUE: Beneish M-Score Comparison

For the Household & Personal Products subindustry, Ravelcare'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.

Ravelcare Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Ravelcare's Beneish M-Score distribution charts can be found below:

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


BOM:544629
21GF Score
Ravelcare Ltd BOM:544629
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ravelcare 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 Ravelcare 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 * 2.6594+0.528 * 1.028+0.404 * 1.2685+0.892 * 1.0791+0.115 * 14.088
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.601408-0.327 * 0.0544
=4.04

* 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 ₹71.1 Mil.
Revenue was ₹269.5 Mil.
Gross Profit was ₹208.0 Mil.
Total Current Assets was ₹99.5 Mil.
Total Assets was ₹376.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹25.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹2.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹51.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-174.7 Mil.
 Total Receivables was ₹24.8 Mil.
Revenue was ₹249.8 Mil.
Gross Profit was ₹198.2 Mil.
Total Current Assets was ₹53.6 Mil.
Total Assets was ₹116.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹1.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹118.4 Mil.
Total Current Liabilities was ₹12.4 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)
=(71.061 / 269.543) / (24.762 / 249.789)
=0.263635 / 0.099132
=2.6594

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)
=(198.186 / 249.789) / (208.033 / 269.543)
=0.793414 / 0.771799
=1.028

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 - (99.5 + 25.871) / 376.262) / (1 - (53.553 + 1.634) / 116.347)
=0.666799 / 0.525669
=1.2685

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
=269.543 / 249.789
=1.0791

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))
=(0.988 / (0.988 + 1.634)) / (0.711 / (0.711 + 25.871))
=0.376812 / 0.026747
=14.088

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 / 269.543) / (118.447 / 249.789)
=0 / 0.474188
=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 + 2.178) / 376.262) / ((0 + 12.39) / 116.347)
=0.005789 / 0.106492
=0.0544

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
=(51.54 - 0 - -174.747) / 376.262
=0.601408

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.

Ravelcare has a M-score of 4.04 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 4.04 mean?
Ravelcare (BOM:544629) has a Beneish M-Score of 4.04 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ravelcare and its competitors. This is 50% below median its historical median of 8.08. Over the past decade, Ravelcare's Beneish M-Score has ranged from 4.04 to 12.12. According to the industry distribution chart, Ravelcare ranks #1805 out of 1853 companies in the Consumer Packaged Goods industry, placing it in the top 97.4%.
Is Ravelcare's Beneish M-Score too high?
Ravelcare's current Beneish M-Score of 4.04 is 50% below median its 10-year median of 8.08. Over the past 10 years, this metric has ranged from a low of 4.04 to a high of 12.12. Based on the distribution chart, Ravelcare ranks #1805 out of 1853 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Ravelcare has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Ravelcare's Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Ravelcare ranks #1805 out of 1853 companies for Beneish M-Score. This places Ravelcare in the lower half of its industry. Historically, Ravelcare's own Beneish M-Score has ranged from 4.04 to 12.12 over the past decade. 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Ravelcare and its competitors. Ravelcare's current Beneish M-Score is 4.04, which is 50% below median its own 10-year median of 8.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ravelcare stock overvalued right now?
Ravelcare (BOM:544629) has a current Beneish M-Score of 4.04. The current Beneish M-Score is 4.04, which is 50% below median its 10-year median of 8.08. Ravelcare's overall GF Score™ is 21/100 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 Ravelcare (BOM:544629), the current Beneish M-Score is 4.04 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.

Ravelcare Business Description

Address Office 126, Ramchandra Lane Extension, Neo Corporate Plaza, Cabin B, Malad West, Mumbai, MH, IND, 400064
Ravelcare Ltd is engaged in the trading of a variety of Personal Care Products such as Haircare, Skincare, Body care and other related products through its own website and other E-Commerce platforms such as Amazon, Flipkart, which are manufactured through third party manufacturers under the brand name of "Ravel". The company's product offerings include Haircare, Skincare, Bodycare and Scalp Care products. The majority of its revenue is generated from Haircare products.
21GF Score

Get the complete analysis for BOM:544629

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

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