Aritas Vinyl (BOM:544683) Beneish M-Score: -1.41 (As of Aug. 08, 2026)

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BOM:544683 Aritas Vinyl Ltd BOM:544683
13 GF Score
Price ₹13.60
! 3 Warning Signs
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What is Aritas Vinyl Beneish M-Score?

Aritas Vinyl BOM:544683 -0.37% 13 Beneish M-Score is -1.41 as of Aug. 08, 2026. GuruFocus rates BOM:544683 with a GF Score™ of 13/100. The stock has 3 warning signs investors should review. Among 995 Manufacturing - Apparel & Accessories companies, Aritas Vinyl ranks worse than 85.53% 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 -1.41 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544683' s Beneish M-Score Range Over the Past 10 Years
Min: -2.24   Med: -1.88   Max: -1.41
Current: -1.41

During the past 5 years, the highest Beneish M-Score of Aritas Vinyl was -1.41. The lowest was -2.24. And the median was -1.88.

Aritas Vinyl Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aritas Vinyl'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.

Aritas Vinyl Beneish M-Score Chart

Aritas Vinyl Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.88 -2.24 -1.41

Aritas Vinyl Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.88 -2.24 -1.41

BOM:544683 vs RL, LEVI, VFC: Beneish M-Score Comparison

For the Apparel Manufacturing subindustry, Aritas Vinyl'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.

Aritas Vinyl Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

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

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


BOM:544683
13GF Score
Aritas Vinyl Ltd BOM:544683
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aritas Vinyl 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 Aritas Vinyl 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 * 0.974+0.528 * 0.9863+0.404 * 0.9188+0.892 * 1.0331+0.115 * 1.0691
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.171162-0.327 * 0.6343
=-1.41

* 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 ₹277.2 Mil.
Revenue was ₹1,009.0 Mil.
Gross Profit was ₹237.5 Mil.
Total Current Assets was ₹912.3 Mil.
Total Assets was ₹1,111.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹193.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹476.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹57.5 Mil.
Net Income was ₹47.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-142.6 Mil.
 Total Receivables was ₹275.5 Mil.
Revenue was ₹976.7 Mil.
Gross Profit was ₹226.8 Mil.
Total Current Assets was ₹772.2 Mil.
Total Assets was ₹952.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹175.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹42.4 Mil.
Total Current Liabilities was ₹614.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹107.1 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)
=(277.205 / 1009.034) / (275.488 / 976.732)
=0.274723 / 0.282051
=0.974

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)
=(226.759 / 976.732) / (237.51 / 1009.034)
=0.232161 / 0.235384
=0.9863

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 - (912.315 + 193.157) / 1111.015) / (1 - (772.209 + 175.248) / 952.63)
=0.004989 / 0.00543
=0.9188

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
=1009.034 / 976.732
=1.0331

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))
=(12.488 / (12.488 + 175.248)) / (12.816 / (12.816 + 193.157))
=0.066519 / 0.062222
=1.0691

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 / 1009.034) / (42.392 / 976.732)
=0 / 0.043402
=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)
=((57.45 + 476.35) / 1111.015) / ((107.072 + 614.505) / 952.63)
=0.480462 / 0.757458
=0.6343

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
=(47.521 - 0 - -142.643) / 1111.015
=0.171162

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.

Aritas Vinyl has a M-score of -1.41 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 -1.41 mean?
Aritas Vinyl (BOM:544683) has a Beneish M-Score of -1.41 as of Aug. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aritas Vinyl and its competitors. According to the industry distribution chart, Aritas Vinyl ranks #851 out of 995 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 85.5%.
Is Aritas Vinyl's Beneish M-Score too high?
Aritas Vinyl's current Beneish M-Score is -1.41. Based on the distribution chart, Aritas Vinyl ranks #851 out of 995 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Aritas Vinyl has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Aritas Vinyl's Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Aritas Vinyl ranks #851 out of 995 companies for Beneish M-Score. This places Aritas Vinyl 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 Aritas Vinyl and its competitors. Aritas Vinyl's current Beneish M-Score is -1.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aritas Vinyl stock overvalued right now?
Aritas Vinyl (BOM:544683) has a current Beneish M-Score of -1.41. The current Beneish M-Score is -1.41. Aritas Vinyl's overall GF Score™ is 13/100 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 Aritas Vinyl (BOM:544683), the current Beneish M-Score is -1.41 as of Aug. 08, 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.

Aritas Vinyl Business Description

Address Survey No. 1134, Near Elegant Vinyl Private Limited, Daskroi, Ahmedabad, GJ, IND, 382430
Aritas Vinyl Ltd is engaged in the manufacture of artificial leather, including PVC leather cloth, PVC vinyl, soft board, and PVC fabrics produced from PVC materials. These products are supplied for use in a range of applications, including travel goods, personal accessories, toys, stationery items, footwear, apparel, and other related products. The company operates in a single segment i.e. Artificial Leather (PVC Leather Cloth) Manufacturing. Geographically, it exports to various countries including Greece, Oman, UAE, etc. The company derives revenue from the sale of its products, with the majority generated from its sales in the domestic markets.
13GF 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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