Vegorama Punjabi Angithi (BOM:544765) Beneish M-Score: 0.04 (As of Aug. 09, 2026) — Near Median

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BOM:544765 Vegorama Punjabi Angithi Ltd BOM:544765
18 GF Score
Price ₹202.70
! 6 Warning Signs
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What is Vegorama Punjabi Angithi Beneish M-Score?

Vegorama Punjabi Angithi BOM:544765 +0.82% 18 Beneish M-Score is 0.04 as of Aug. 09, 2026, which is at its 10-year median of 0.04. GuruFocus rates BOM:544765 with a GF Score™ of 18/100. The stock has 6 warning signs investors should review. Among 357 Restaurants companies, Vegorama Punjabi Angithi ranks worse than 97.48% 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 Vegorama Punjabi Angithi's Beneish M-Score or its related term are showing as below:

BOM:544765' s Beneish M-Score Range Over the Past 10 Years
Min: 0.04   Med: 0.04   Max: 0.04
Current: 0.04

During the past 3 years, the highest Beneish M-Score of Vegorama Punjabi Angithi was 0.04. The lowest was 0.04. And the median was 0.04.

Vegorama Punjabi Angithi Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vegorama Punjabi Angithi'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.

Vegorama Punjabi Angithi Beneish M-Score Chart

Vegorama Punjabi Angithi Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.04

Vegorama Punjabi Angithi Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 0.04

BOM:544765 vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, Vegorama Punjabi Angithi'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.

Vegorama Punjabi Angithi Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Vegorama Punjabi Angithi's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vegorama Punjabi Angithi's Beneish M-Score falls into.


BOM:544765
18GF Score
Vegorama Punjabi Angithi Ltd BOM:544765
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vegorama Punjabi Angithi 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 Vegorama Punjabi Angithi 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 * 1.2084+0.528 * 0.921+0.404 * 4.2076+0.892 * 1.5362+0.115 * 1.4276
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5416+4.679 * 0.110854-0.327 * 0.6272
=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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹24 Mil.
Revenue was ₹1,013 Mil.
Gross Profit was ₹437 Mil.
Total Current Assets was ₹115 Mil.
Total Assets was ₹248 Mil.
Property, Plant and Equipment(Net PPE) was ₹129 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6 Mil.
Total Current Liabilities was ₹68 Mil.
Long-Term Debt & Capital Lease Obligation was ₹36 Mil.
Net Income was ₹82 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹55 Mil.
 Total Receivables was ₹13 Mil.
Revenue was ₹659 Mil.
Gross Profit was ₹262 Mil.
Total Current Assets was ₹119 Mil.
Total Assets was ₹183 Mil.
Property, Plant and Equipment(Net PPE) was ₹64 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3 Mil.
Total Current Liabilities was ₹84 Mil.
Long-Term Debt & Capital Lease Obligation was ₹38 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)
=(24.153 / 1013.052) / (13.012 / 659.459)
=0.023842 / 0.019731
=1.2084

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)
=(262.173 / 659.459) / (437.301 / 1013.052)
=0.397558 / 0.431667
=0.921

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 - (115.475 + 128.74) / 247.714) / (1 - (119.071 + 63.789) / 183.476)
=0.014125 / 0.003357
=4.2076

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
=1013.052 / 659.459
=1.5362

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))
=(2.023 / (2.023 + 63.789)) / (2.833 / (2.833 + 128.74))
=0.030739 / 0.021532
=1.4276

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)
=(6.306 / 1013.052) / (2.663 / 659.459)
=0.006225 / 0.004038
=1.5416

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)
=((35.868 + 67.6) / 247.714) / ((37.93 + 84.252) / 183.476)
=0.417691 / 0.665929
=0.6272

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
=(82.204 - 0 - 54.744) / 247.714
=0.110854

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.

Vegorama Punjabi Angithi 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?
Vegorama Punjabi Angithi (BOM:544765) has a Beneish M-Score of 0.04 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vegorama Punjabi Angithi and its competitors. This is near median its historical median of 0.04. Over the past decade, Vegorama Punjabi Angithi's Beneish M-Score has ranged from 0.04 to 0.04. According to the industry distribution chart, Vegorama Punjabi Angithi ranks #348 out of 357 companies in the Restaurants industry, placing it in the top 97.5%.
Is Vegorama Punjabi Angithi's Beneish M-Score too high?
Vegorama Punjabi Angithi's current Beneish M-Score of 0.04 is near median its 10-year median of 0.04. Over the past 10 years, this metric has ranged from a low of 0.04 to a high of 0.04. Based on the distribution chart, Vegorama Punjabi Angithi ranks #348 out of 357 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Vegorama Punjabi Angithi has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Vegorama Punjabi Angithi's Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Vegorama Punjabi Angithi ranks #348 out of 357 companies for Beneish M-Score. This places Vegorama Punjabi Angithi in the lower half of its industry. Historically, Vegorama Punjabi Angithi's own Beneish M-Score has ranged from 0.04 to 0.04 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Vegorama Punjabi Angithi and its competitors. Vegorama Punjabi Angithi's current Beneish M-Score is 0.04, which is near median its own 10-year median of 0.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vegorama Punjabi Angithi stock overvalued right now?
Vegorama Punjabi Angithi (BOM:544765) has a current Beneish M-Score of 0.04. The current Beneish M-Score is 0.04, which is near median its 10-year median of 0.04. Vegorama Punjabi Angithi's overall GF Score™ is 18/100 with 6 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 Vegorama Punjabi Angithi (BOM:544765), the current Beneish M-Score is 0.04 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.

Vegorama Punjabi Angithi Business Description

Address Outer Ring Road, B-376, Third Floor, Meera Bagh, Paschim Vihar, West Delhi, New Delhi, IND, 110063
Vegorama Punjabi Angithi Ltd is engaged in the business of operating restaurants and follows a Cloud Kitchen model. The company runs a multi-format food service business: cloud kitchens, takeaway outlets, "corporate thali services" and bulk meal services, compact catering for small events, and full service dine-in restaurants. The majority of the company's revenue is derived from the E-Commerce Portal Sales through third-party online food delivery platforms.
18GF Score

Get the complete analysis for BOM:544765

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

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