Modern Diagnostic & Research Centre (BOM:544673) Beneish M-Score: -0.04 (As of Aug. 27, 2026)

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BOM:544673 Modern Diagnostic & Research Centre Ltd BOM:544673
15 GF Score
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What is Modern Diagnostic & Research Centre Beneish M-Score?

Modern Diagnostic & Research Centre BOM:544673 15 Beneish M-Score is -0.04 as of Aug. 27, 2026. GuruFocus rates BOM:544673 with a GF Score™ of 15/100. The stock has 7 warning signs investors should review. Among 193 Medical Diagnostics & Research companies, Modern Diagnostic & Research Centre ranks worse than 94.82% 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 -0.04 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Modern Diagnostic & Research Centre's Beneish M-Score or its related term are showing as below:

BOM:544673' s Beneish M-Score Range Over the Past 10 Years
Min: -2.57   Med: -1.31   Max: -0.04
Current: -0.04

During the past 4 years, the highest Beneish M-Score of Modern Diagnostic & Research Centre was -0.04. The lowest was -2.57. And the median was -1.31.

Modern Diagnostic & Research Centre Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Modern Diagnostic & Research Centre'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.

Modern Diagnostic & Research Centre Beneish M-Score Chart

Modern Diagnostic & Research Centre Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.57 -0.04

Modern Diagnostic & Research Centre Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.57 -0.04

BOM:544673 vs TMO, DHR, IDXX: Beneish M-Score Comparison

For the Diagnostics & Research subindustry, Modern Diagnostic & Research Centre'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.

Modern Diagnostic & Research Centre Beneish M-Score vs Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Modern Diagnostic & Research Centre's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Modern Diagnostic & Research Centre's Beneish M-Score falls into.


BOM:544673
15GF Score
Modern Diagnostic & Research Centre Ltd BOM:544673
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Modern Diagnostic & Research Centre 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 Modern Diagnostic & Research Centre 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 * 1.5719+0.528 * 1.0253+0.404 * 4.7712+0.892 * 1.0663+0.115 * 1.1678
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.012051-0.327 * 0.7759
=-0.04

* 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 ₹263.6 Mil.
Revenue was ₹831.1 Mil.
Gross Profit was ₹614.9 Mil.
Total Current Assets was ₹433.5 Mil.
Total Assets was ₹1,186.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹567.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹51.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹434.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹138.7 Mil.
Net Income was ₹52.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹38.2 Mil.
 Total Receivables was ₹157.3 Mil.
Revenue was ₹779.5 Mil.
Gross Profit was ₹591.3 Mil.
Total Current Assets was ₹238.3 Mil.
Total Assets was ₹645.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹386.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹41.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹76.4 Mil.
Total Current Liabilities was ₹319.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹83.0 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)
=(263.591 / 831.106) / (157.266 / 779.454)
=0.317157 / 0.201764
=1.5719

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)
=(591.305 / 779.454) / (614.94 / 831.106)
=0.758614 / 0.739906
=1.0253

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 - (433.499 + 567.019) / 1185.982) / (1 - (238.331 + 386.247) / 645.743)
=0.15638 / 0.032776
=4.7712

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
=831.106 / 779.454
=1.0663

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))
=(41.897 / (41.897 + 386.247)) / (51.861 / (51.861 + 567.019))
=0.097857 / 0.083798
=1.1678

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 / 831.106) / (76.424 / 779.454)
=0 / 0.098048
=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)
=((138.684 + 434.413) / 1185.982) / ((83.014 + 319.172) / 645.743)
=0.483226 / 0.622827
=0.7759

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
=(52.533 - 0 - 38.241) / 1185.982
=0.012051

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.

Modern Diagnostic & Research Centre has a M-score of -0.04 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 -0.04 mean?
Modern Diagnostic & Research Centre (BOM:544673) has a Beneish M-Score of -0.04 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Modern Diagnostic & Research Centre and its competitors. According to the industry distribution chart, Modern Diagnostic & Research Centre ranks #183 out of 193 companies in the Medical Diagnostics & Research industry, placing it in the top 94.8%.
Is Modern Diagnostic & Research Centre's Beneish M-Score too high?
Modern Diagnostic & Research Centre's current Beneish M-Score is -0.04. Based on the distribution chart, Modern Diagnostic & Research Centre ranks #183 out of 193 companies in the Medical Diagnostics & Research industry, which is in the bottom quartile relative to peers. Overall, Modern Diagnostic & Research Centre has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Modern Diagnostic & Research Centre's Beneish M-Score compare to TMO and DHR?
According to the Medical Diagnostics & Research industry distribution chart, Modern Diagnostic & Research Centre ranks #183 out of 193 companies for Beneish M-Score. This places Modern Diagnostic & Research Centre 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 Diagnostics & Research company?
A good Beneish M-Score depends on the Medical Diagnostics & Research 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 Modern Diagnostic & Research Centre and its competitors. Modern Diagnostic & Research Centre's current Beneish M-Score is -0.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Modern Diagnostic & Research Centre stock overvalued right now?
Modern Diagnostic & Research Centre (BOM:544673) has a current Beneish M-Score of -0.04. The current Beneish M-Score is -0.04. Modern Diagnostic & Research Centre's overall GF Score™ is 15/100 with 7 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 Modern Diagnostic & Research Centre (BOM:544673), the current Beneish M-Score is -0.04 as of Aug. 27, 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.

Modern Diagnostic & Research Centre Business Description

Address New Railway Road, 363/4 Jawahar Nagar, Sadar Bazar, Gurugram, HR, IND, 122001
Modern Diagnostic & Research Centre Ltd is a services provider in diagnostic and related healthcare tests services in India. It offers a one-stop solution for pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory. Through Its integrated, nationwide network, it offers a complete range of diagnostic facilities in radiology and pathology. The company provides healthcare tests and services for use in core testing, patients' diagnosis and prevention, monitoring of disease and other health conditions. Its customers include individual patients, hospitals and other healthcare providers and corporate customers.
15GF Score

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