Pajson Agro India (BOM:544657) Beneish M-Score: 0.94 (As of Aug. 03, 2026)

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BOM:544657 Pajson Agro India Ltd BOM:544657
21 GF Score
Price ₹191.00
! 3 Warning Signs
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What is Pajson Agro India Beneish M-Score?

Pajson Agro India BOM:544657 +4.09% 21 Beneish M-Score is 0.94 as of Aug. 03, 2026. GuruFocus rates BOM:544657 with a GF Score™ of 21/100. The stock has 3 warning signs investors should review. Among 1,854 Consumer Packaged Goods companies, Pajson Agro India ranks worse than 95.63% 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 0.94 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544657' s Beneish M-Score Range Over the Past 10 Years
Min: -2.14   Med: -0.6   Max: 0.94
Current: 0.94

During the past 4 years, the highest Beneish M-Score of Pajson Agro India was 0.94. The lowest was -2.14. And the median was -0.60.

Pajson Agro India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pajson Agro India'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.

Pajson Agro India Beneish M-Score Chart

Pajson Agro India Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.14 0.94

Pajson Agro India Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -2.14 0.00 0.94

BOM:544657 vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Pajson Agro India'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.

Pajson Agro India Beneish M-Score vs Consumer Packaged Goods Industry

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

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


BOM:544657
21GF Score
Pajson Agro India Ltd BOM:544657
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pajson Agro India 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 Pajson Agro India 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 * 3.7427+0.528 * 1.0414+0.404 * 0.1715+0.892 * 1.366+0.115 * 1.1413
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4349+4.679 * 0.19782-0.327 * 0.9541
=0.94

* 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 ₹183 Mil.
Revenue was ₹2,557 Mil.
Gross Profit was ₹610 Mil.
Total Current Assets was ₹1,435 Mil.
Total Assets was ₹1,956 Mil.
Property, Plant and Equipment(Net PPE) was ₹521 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹19 Mil.
Selling, General, & Admin. Expense(SGA) was ₹28 Mil.
Total Current Liabilities was ₹571 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2 Mil.
Net Income was ₹248 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-139 Mil.
 Total Receivables was ₹36 Mil.
Revenue was ₹1,872 Mil.
Gross Profit was ₹465 Mil.
Total Current Assets was ₹330 Mil.
Total Assets was ₹658 Mil.
Property, Plant and Equipment(Net PPE) was ₹328 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹14 Mil.
Total Current Liabilities was ₹201 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1 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)
=(183.423 / 2557.011) / (35.877 / 1871.864)
=0.071733 / 0.019166
=3.7427

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)
=(464.959 / 1871.864) / (609.873 / 2557.011)
=0.248394 / 0.23851
=1.0414

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 - (1434.986 + 521.017) / 1956.176) / (1 - (330.163 + 327.749) / 658.25)
=8.8E-5 / 0.000513
=0.1715

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
=2557.011 / 1871.864
=1.366

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))
=(13.844 / (13.844 + 327.749)) / (19.183 / (19.183 + 521.017))
=0.040528 / 0.035511
=1.1413

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)
=(28.032 / 2557.011) / (14.301 / 1871.864)
=0.010963 / 0.00764
=1.4349

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)
=((1.815 + 571.431) / 1956.176) / ((0.964 + 201.206) / 658.25)
=0.293044 / 0.307133
=0.9541

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
=(247.838 - 0 - -139.133) / 1956.176
=0.19782

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.

Pajson Agro India has a M-score of 0.94 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 0.94 mean?
Pajson Agro India (BOM:544657) has a Beneish M-Score of 0.94 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pajson Agro India and its competitors. According to the industry distribution chart, Pajson Agro India ranks #1773 out of 1854 companies in the Consumer Packaged Goods industry, placing it in the top 95.6%.
Is Pajson Agro India's Beneish M-Score too high?
Pajson Agro India's current Beneish M-Score is 0.94. Based on the distribution chart, Pajson Agro India ranks #1773 out of 1854 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Pajson Agro India has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Pajson Agro India's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Pajson Agro India ranks #1773 out of 1854 companies for Beneish M-Score. This places Pajson Agro India 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 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 Pajson Agro India and its competitors. Pajson Agro India's current Beneish M-Score is 0.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pajson Agro India stock overvalued right now?
Pajson Agro India (BOM:544657) has a current Beneish M-Score of 0.94. The current Beneish M-Score is 0.94. Pajson Agro India'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 Pajson Agro India (BOM:544657), the current Beneish M-Score is 0.94 as of Aug. 03, 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.

Pajson Agro India Business Description

Address Shakur Pur I Block, 510, 5th Floor, Pearl Omaxe Tower, Netaji Subhash Place, Pitampura, North West Delhi, Delhi, IND, 110034
Pajson Agro India Ltd is engaged in the processing of raw cashew nuts into cashew kernels and supplies to domestic and international markets. Its product portfolio comprises various grades of cashew nuts, which are processed and packaged in bulk as well as consumer-oriented retail packs. Additionally, the company markets select dry fruits under its brand 'Royal Mewa' through a combination of e-commerce platforms and offline distribution channels. It operates through a multi-channel sales and distribution structure comprising four key verticals: Wholesale Mandis, Institutional Sales, Exports, and the B2C brand, Royal Mewa. The wholesale mandi segment contributes significantly to domestic distribution. The company derives the majority of its revenue from the sale of cashew kernels.
21GF 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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