Speciality Medicines (BOM:544738) Beneish M-Score: 0.43 (As of Aug. 09, 2026) — Near Median

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BOM:544738 Speciality Medicines Ltd BOM:544738
21 GF Score
Price ₹156.65
! 3 Warning Signs
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What is Speciality Medicines Beneish M-Score?

Speciality Medicines BOM:544738 -6.76% 21 Beneish M-Score is 0.43 as of Aug. 09, 2026, which is at its 10-year median of 0.43. GuruFocus rates BOM:544738 with a GF Score™ of 21/100. The stock has 3 warning signs investors should review. Among 913 Drug Manufacturers companies, Speciality Medicines ranks worse than 94.96% 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 0.43 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544738' s Beneish M-Score Range Over the Past 10 Years
Min: -1.15   Med: 0.43   Max: 1.03
Current: 0.43

During the past 5 years, the highest Beneish M-Score of Speciality Medicines was 1.03. The lowest was -1.15. And the median was 0.43.

Speciality Medicines Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Speciality Medicines'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.

Speciality Medicines Beneish M-Score Chart

Speciality Medicines Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.15 1.03 0.43

Speciality Medicines Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.15 1.03 0.43

BOM:544738 vs ZTS: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Speciality Medicines'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.

Speciality Medicines Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Speciality Medicines's Beneish M-Score distribution charts can be found below:

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


BOM:544738
21GF Score
Speciality Medicines Ltd BOM:544738
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Speciality Medicines 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 Speciality Medicines 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 * 2.9031+0.528 * 0.9833+0.404 * 1.1265+0.892 * 1.292+0.115 * 1.0502
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.15032-0.327 * 1.0642
=0.43

* 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 ₹361.0 Mil.
Revenue was ₹752.9 Mil.
Gross Profit was ₹211.5 Mil.
Total Current Assets was ₹889.7 Mil.
Total Assets was ₹952.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹17.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹188.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹50.2 Mil.
Net Income was ₹130.3 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-12.8 Mil.
 Total Receivables was ₹96.3 Mil.
Revenue was ₹582.7 Mil.
Gross Profit was ₹161.0 Mil.
Total Current Assets was ₹364.2 Mil.
Total Assets was ₹399.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹18.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.0 Mil.
Total Current Liabilities was ₹68.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26.1 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)
=(361.049 / 752.851) / (96.262 / 582.714)
=0.479576 / 0.165196
=2.9031

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)
=(160.994 / 582.714) / (211.534 / 752.851)
=0.276283 / 0.280977
=0.9833

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 - (889.671 + 17.129) / 952.231) / (1 - (364.209 + 18.665) / 399.807)
=0.04771 / 0.042353
=1.1265

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
=752.851 / 582.714
=1.292

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))
=(1.976 / (1.976 + 18.665)) / (1.718 / (1.718 + 17.129))
=0.095732 / 0.091155
=1.0502

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 / 752.851) / (2 / 582.714)
=0 / 0.003432
=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)
=((50.184 + 188.257) / 952.231) / ((26.084 + 67.991) / 399.807)
=0.250402 / 0.235301
=1.0642

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
=(130.329 - 0 - -12.81) / 952.231
=0.15032

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.

Speciality Medicines has a M-score of 0.43 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 0.43 mean?
Speciality Medicines (BOM:544738) has a Beneish M-Score of 0.43 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Speciality Medicines and its competitors. This is near median its historical median of 0.43. According to the industry distribution chart, Speciality Medicines ranks #867 out of 913 companies in the Drug Manufacturers industry, placing it in the top 95%.
Is Speciality Medicines' Beneish M-Score too high?
Speciality Medicines' current Beneish M-Score of 0.43 is near median its 10-year median of 0.43. Based on the distribution chart, Speciality Medicines ranks #867 out of 913 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Speciality Medicines has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Speciality Medicines' Beneish M-Score compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Speciality Medicines ranks #867 out of 913 companies for Beneish M-Score. This places Speciality Medicines 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Speciality Medicines and its competitors. Speciality Medicines's current Beneish M-Score is 0.43, which is near median its own 10-year median of 0.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Speciality Medicines stock overvalued right now?
Speciality Medicines (BOM:544738) has a current Beneish M-Score of 0.43. The current Beneish M-Score is 0.43, which is near median its 10-year median of 0.43. Speciality Medicines' 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 Speciality Medicines (BOM:544738), the current Beneish M-Score is 0.43 as of Aug. 09, 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.

Speciality Medicines Business Description

Address 20 Mahakali Caves Road, Unit 27, Ground Floor, Andheri Sainath Premises Co Soc, Andheri (East, Mumbai, MH, IND, 400093
Speciality Medicines Ltd is engaged in the marketing and distribution of finished formulations of specialty pharmaceutical products, comprising oral and injectable medications used in the treatment of complex and chronic medical conditions in therapeutic areas like oncology, immunology, neurology and rare diseases. Its product range includes various dosage forms such as tablets, capsules, syrups, injections, infusions, inhalers, sprays, and topical formulations. The company operates through two business models: (a) Manufacturing, through contract manufacturing basis, and (b) Marketing and distribution of specialty pharmaceutical products sourced from manufacturers. The majority of the company's revenue is derived from the sale of its projects, mainly through exports to other countries.
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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