Elfin Agro India (BOM:544724) Beneish M-Score: -2.96 (As of Jul. 04, 2026)


BOM:544724 Elfin Agro India Ltd BOM:544724
19 GF Score
Price ₹74.80
! 4 Warning Signs
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What is Elfin Agro India Beneish M-Score?

Elfin Agro India BOM:544724 +2.19% 19 Beneish M-Score is -2.96 as of Jul. 04, 2026. GuruFocus rates BOM:544724 with a GF Score™ of 19/100. The stock has 4 warning signs investors should review. Among 1,847 Consumer Packaged Goods companies, Elfin Agro India ranks better than 81.43% 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.

Good Sign:

Beneish M-Score -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544724' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96   Med: -2.01   Max: -1.06
Current: -2.96

During the past 4 years, the highest Beneish M-Score of Elfin Agro India was -1.06. The lowest was -2.96. And the median was -2.01.

Elfin Agro India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Elfin 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.

Elfin Agro India Beneish M-Score Chart

Elfin Agro India Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.06 -2.96

Elfin Agro India Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.06 -2.96

BOM:544724 vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Elfin 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.

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

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

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


BOM:544724
19GF Score
Elfin Agro India Ltd BOM:544724
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Elfin 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 Elfin 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 * 0.9318+0.528 * 0.8991+0.404 * 0.5822+0.892 * 1.2119+0.115 * 0.9712
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.16991-0.327 * 0.2735
=-2.96

* 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 ₹105 Mil.
Revenue was ₹1,768 Mil.
Gross Profit was ₹199 Mil.
Total Current Assets was ₹412 Mil.
Total Assets was ₹523 Mil.
Property, Plant and Equipment(Net PPE) was ₹107 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹71 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11 Mil.
Net Income was ₹58 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹147 Mil.
 Total Receivables was ₹93 Mil.
Revenue was ₹1,459 Mil.
Gross Profit was ₹147 Mil.
Total Current Assets was ₹225 Mil.
Total Assets was ₹334 Mil.
Property, Plant and Equipment(Net PPE) was ₹104 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24 Mil.
Total Current Liabilities was ₹175 Mil.
Long-Term Debt & Capital Lease Obligation was ₹17 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)
=(104.554 / 1767.768) / (92.581 / 1458.634)
=0.059145 / 0.063471
=0.9318

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)
=(147.29 / 1458.634) / (198.531 / 1767.768)
=0.100978 / 0.112306
=0.8991

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 - (411.803 + 106.512) / 523.496) / (1 - (224.759 + 103.97) / 334.414)
=0.009897 / 0.017
=0.5822

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
=1767.768 / 1458.634
=1.2119

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))
=(4.87 / (4.87 + 103.97)) / (5.144 / (5.144 + 106.512))
=0.044745 / 0.04607
=0.9712

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 / 1767.768) / (23.782 / 1458.634)
=0 / 0.016304
=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)
=((11.225 + 70.842) / 523.496) / ((16.808 + 174.894) / 334.414)
=0.156767 / 0.573248
=0.2735

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
=(57.698 - 0 - 146.645) / 523.496
=-0.16991

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.

Elfin Agro India has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.96 mean?
Elfin Agro India (BOM:544724) has a Beneish M-Score of -2.96 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elfin Agro India and its competitors. According to the industry distribution chart, Elfin Agro India ranks #343 out of 1847 companies in the Consumer Packaged Goods industry, placing it in the top 18.6%.
Is Elfin Agro India's Beneish M-Score too high?
Elfin Agro India's current Beneish M-Score is -2.96. Based on the distribution chart, Elfin Agro India ranks #343 out of 1847 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Elfin Agro India has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Elfin Agro India's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Elfin Agro India ranks #343 out of 1847 companies for Beneish M-Score. This places Elfin Agro India in the top 19% of its industry — outperforming the majority of peers. 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 Elfin Agro India and its competitors. Elfin Agro India's current Beneish M-Score is -2.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Elfin Agro India stock overvalued right now?
Elfin Agro India (BOM:544724) has a current Beneish M-Score of -2.96. The current Beneish M-Score is -2.96. Elfin Agro India's overall GF Score™ is 19/100 with 4 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 Elfin Agro India (BOM:544724), the current Beneish M-Score is -2.96 as of Jul. 04, 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.

Elfin Agro India Business Description

Elfin Agro India Ltd is engaged in the business of manufacturing of Chakki Atta (High fibre whole wheat flour), R Atta (Refined whole wheat flour), Tandoori Atta (Specialized flour), Sooji (Semolina flour), Maida (Refined Flour) and yellow mustard oil. The company sells processed wheat flour under the brands "Shiv Nandi" and "ELFIN'S Shri Shyam BHOG" to wholesalers and retailers. It is also engaged in the extraction, filtering and manufacturing of Edible mustard oil from raw mustard seeds. The company also engage in the trading of certain agro-products, including Chana, Maize, Soyabean Refined Oil, Rice Bran Refined Oil, Wheat, cattle feed, groundnut oil etc. The company's majority of revenue is derived from the sale of its products, mainly Maida.
19GF Score

Get the complete analysis for BOM:544724

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

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