Harikanta Overseas (BOM:544769) Beneish M-Score: 0.00 (As of Jul. 28, 2026)

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BOM:544769 Harikanta Overseas Ltd BOM:544769
18 GF Score
Price ₹81.48
! 2 Warning Signs
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What is Harikanta Overseas Beneish M-Score?

Harikanta Overseas BOM:544769 +9.38% 18 Beneish M-Score is 0.00 as of Jul. 28, 2026. GuruFocus rates BOM:544769 with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 1,000 Manufacturing - Apparel & Accessories companies, Harikanta Overseas ranks worse than 99999.9% 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.

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

During the past 3 years, the highest Beneish M-Score of Harikanta Overseas was 0.00. The lowest was 0.00. And the median was 0.00.

Harikanta Overseas Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Harikanta Overseas'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.

Harikanta Overseas Beneish M-Score Chart

Harikanta Overseas Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.00

Harikanta Overseas Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 0.00

Harikanta Overseas Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Harikanta Overseas'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.

Harikanta Overseas Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

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

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


BOM:544769
18GF Score
Harikanta Overseas Ltd BOM:544769
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Harikanta Overseas 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 Harikanta Overseas 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 * 0.9432+0.528 * 0.6286+0.404 * 0.3789+0.892 * 3.263+0.115 * 1.8991
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8882+4.679 * 0.21193-0.327 * 0.5744
=0.29

* 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 ₹40.7 Mil.
Revenue was ₹345.2 Mil.
Gross Profit was ₹131.8 Mil.
Total Current Assets was ₹129.3 Mil.
Total Assets was ₹231.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹65.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8.0 Mil.
Total Current Liabilities was ₹66.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹25.7 Mil.
Net Income was ₹44.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-4.3 Mil.
 Total Receivables was ₹13.2 Mil.
Revenue was ₹105.8 Mil.
Gross Profit was ₹25.4 Mil.
Total Current Assets was ₹28.2 Mil.
Total Assets was ₹66.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹10.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.8 Mil.
Total Current Liabilities was ₹36.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹9.5 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)
=(40.737 / 345.233) / (13.237 / 105.802)
=0.117999 / 0.125111
=0.9432

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)
=(25.388 / 105.802) / (131.784 / 345.233)
=0.239958 / 0.381725
=0.6286

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 - (129.303 + 65.459) / 231.194) / (1 - (28.214 + 10.365) / 66.05)
=0.157582 / 0.415912
=0.3789

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
=345.233 / 105.802
=3.263

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))
=(2.276 / (2.276 + 10.365)) / (6.856 / (6.856 + 65.459))
=0.180049 / 0.094807
=1.8991

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)
=(8.016 / 345.233) / (2.766 / 105.802)
=0.023219 / 0.026143
=0.8882

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)
=((25.652 + 66.771) / 231.194) / ((9.533 + 36.437) / 66.05)
=0.399764 / 0.695988
=0.5744

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
=(44.68 - 0 - -4.317) / 231.194
=0.21193

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.

Harikanta Overseas has a M-score of 0.29 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 0.00 mean?
Harikanta Overseas (BOM:544769) has a Beneish M-Score of 0.00 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Harikanta Overseas and its competitors. According to the industry distribution chart, Harikanta Overseas ranks #999999 out of 1000 companies in the Manufacturing - Apparel & Accessories industry.
Is Harikanta Overseas' Beneish M-Score too high?
Harikanta Overseas' current Beneish M-Score is 0.00. Based on the distribution chart, Harikanta Overseas ranks #999999 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Harikanta Overseas has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Harikanta Overseas' Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Harikanta Overseas ranks #999999 out of 1000 companies for Beneish M-Score. This places Harikanta Overseas 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 Harikanta Overseas and its competitors. Harikanta Overseas's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harikanta Overseas stock overvalued right now?
Harikanta Overseas (BOM:544769) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Harikanta Overseas' overall GF Score™ is 18/100 with 2 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 Harikanta Overseas (BOM:544769), the current Beneish M-Score is 0.00 as of Jul. 28, 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.

Harikanta Overseas Business Description

Address 28, Sairam Ind Estate Bamroli, Surat, GJ, IND, 394107
Harikanta Overseas Ltd is engaged in the manufacturing of Synthetic textile fabrics. Its product portfolio includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber. The company caters fabric to women's wear, producing fabrics for sarees, dress materials, and kurtas, while also offering fabrics for men's kurtas. It has single reportable segment namely Manufacturing and exporting of textile fabrics. The majority of the company's revenue is derived from the sale of Ikat Fabrics.
18GF 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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