Highness Microelectronics (BOM:544741) Beneish M-Score: 20.23 (As of Aug. 09, 2026) — Near Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BOM:544741 Highness Microelectronics Ltd BOM:544741
18 GF Score
Price ₹182.50
! 8 Warning Signs
View Full Analysis

What is Highness Microelectronics Beneish M-Score?

Highness Microelectronics BOM:544741 +1.39% 18 Beneish M-Score is 20.23 as of Aug. 09, 2026, which is at its 10-year median of 20.23. GuruFocus rates BOM:544741 with a GF Score™ of 18/100. The stock has 8 warning signs investors should review. Among 2,398 Hardware companies, Highness Microelectronics ranks worse than 99.46% 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 20.23 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544741' s Beneish M-Score Range Over the Past 10 Years
Min: 20.23   Med: 20.23   Max: 20.23
Current: 20.23

During the past 3 years, the highest Beneish M-Score of Highness Microelectronics was 20.23. The lowest was 20.23. And the median was 20.23.

Highness Microelectronics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Highness Microelectronics'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.

Highness Microelectronics Beneish M-Score Chart

Highness Microelectronics Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 20.23

Highness Microelectronics Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 20.23

BOM:544741 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Highness Microelectronics'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.

Highness Microelectronics Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Highness Microelectronics's Beneish M-Score distribution charts can be found below:

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


BOM:544741
18GF Score
Highness Microelectronics Ltd BOM:544741
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Highness Microelectronics 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 Highness Microelectronics 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 * 23.7017+0.528 * 1.2876+0.404 * 1.3735+0.892 * 1.3147+0.115 * 1.357
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3702+4.679 * 0.27598-0.327 * 1.0856
=20.23

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹46.4 Mil.
Revenue was ₹140.7 Mil.
Gross Profit was ₹97.2 Mil.
Total Current Assets was ₹117.2 Mil.
Total Assets was ₹143.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹6.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16.3 Mil.
Total Current Liabilities was ₹53.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹21.5 Mil.
Net Income was ₹25.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-14.3 Mil.
 Total Receivables was ₹1.5 Mil.
Revenue was ₹107.0 Mil.
Gross Profit was ₹95.2 Mil.
Total Current Assets was ₹66.2 Mil.
Total Assets was ₹82.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹7.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹29.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹9.1 Mil.
Total Current Liabilities was ₹36.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3.6 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)
=(46.4 / 140.738) / (1.489 / 107.046)
=0.329691 / 0.01391
=23.7017

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)
=(95.224 / 107.046) / (97.229 / 140.738)
=0.889561 / 0.690851
=1.2876

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 - (117.175 + 6.666) / 143.054) / (1 - (66.248 + 7.769) / 82.039)
=0.134306 / 0.097783
=1.3735

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
=140.738 / 107.046
=1.3147

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))
=(29.107 / (29.107 + 7.769)) / (9.269 / (9.269 + 6.666))
=0.789321 / 0.581676
=1.357

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)
=(16.307 / 140.738) / (9.052 / 107.046)
=0.115868 / 0.084562
=1.3702

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)
=((21.533 + 53.505) / 143.054) / ((3.619 + 36.021) / 82.039)
=0.524543 / 0.483185
=1.0856

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
=(25.226 - 0 - -14.254) / 143.054
=0.27598

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.

Highness Microelectronics has a M-score of 20.23 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 20.23 mean?
Highness Microelectronics (BOM:544741) has a Beneish M-Score of 20.23 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Highness Microelectronics and its competitors. This is near median its historical median of 20.23. Over the past decade, Highness Microelectronics' Beneish M-Score has ranged from 20.23 to 20.23. According to the industry distribution chart, Highness Microelectronics ranks #2385 out of 2398 companies in the Hardware industry, placing it in the top 99.5%.
Is Highness Microelectronics' Beneish M-Score too high?
Highness Microelectronics' current Beneish M-Score of 20.23 is near median its 10-year median of 20.23. Over the past 10 years, this metric has ranged from a low of 20.23 to a high of 20.23. Based on the distribution chart, Highness Microelectronics ranks #2385 out of 2398 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Highness Microelectronics has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Highness Microelectronics' Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Highness Microelectronics ranks #2385 out of 2398 companies for Beneish M-Score. This places Highness Microelectronics in the lower half of its industry. Historically, Highness Microelectronics' own Beneish M-Score has ranged from 20.23 to 20.23 over the past decade. 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Highness Microelectronics and its competitors. Highness Microelectronics's current Beneish M-Score is 20.23, which is near median its own 10-year median of 20.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Highness Microelectronics stock overvalued right now?
Highness Microelectronics (BOM:544741) has a current Beneish M-Score of 20.23. The current Beneish M-Score is 20.23, which is near median its 10-year median of 20.23. Highness Microelectronics' overall GF Score™ is 18/100 with 8 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 Highness Microelectronics (BOM:544741), the current Beneish M-Score is 20.23 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.

Highness Microelectronics Business Description

Address Kherani Road, Office 1C3, 1st Floor, Gundecha Onclave, Saki Vihar, Andheri (East, Mumbai, MH, IND, 400072
Highness Microelectronics Ltd is engaged in the Design, Development, Integration, Assembly and Manufacture of Digital-Imaging Solutions. The company operates in two main categories, namely 'Off the Shelf Products' and 'Market Specific Solutions/Project'. Its offerings include display modules and components such as TFT and LCD modules, display controllers, touch screens, backlight drivers, and related assemblies, as well as display systems, including Open-Frame Displays, Panel-Mount Displays, Industrial Grade Displays and Medical Grade Display Monitors for industrial and medical applications. The majority of the company's revenue is derived from designing, developing, integrating, assembling and manufacturing of Digital-Imaging Solutions.
18GF Score

Get the complete analysis for BOM:544741

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

₹182.50
Price