Merritronix (BOM:544773) Beneish M-Score: -0.92 (As of Aug. 13, 2026)

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BOM:544773 Merritronix Ltd BOM:544773
19 GF Score
Price ₹336.15
! 3 Warning Signs
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What is Merritronix Beneish M-Score?

Merritronix BOM:544773 -0.44% 19 Beneish M-Score is -0.92 as of Aug. 13, 2026. GuruFocus rates BOM:544773 with a GF Score™ of 19/100. The stock has 3 warning signs investors should review. Among 2,401 Hardware companies, Merritronix ranks worse than 93.21% 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 -0.92 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544773' s Beneish M-Score Range Over the Past 10 Years
Min: -0.92   Med: 0   Max: 0
Current: -0.92

During the past 4 years, the highest Beneish M-Score of Merritronix was 0.00. The lowest was -0.92. And the median was 0.00.

Merritronix Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Merritronix'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.

Merritronix Beneish M-Score Chart

Merritronix Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.29 -0.92

Merritronix Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -1.29 0.00 -0.92

BOM:544773 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Merritronix'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.

Merritronix Beneish M-Score vs Hardware Industry

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

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


BOM:544773
19GF Score
Merritronix Ltd BOM:544773
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Merritronix 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 Merritronix 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 * 1.3077+0.528 * 0.8323+0.404 * 0.1566+0.892 * 1.3728+0.115 * 1.2789
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4339+4.679 * 0.255731-0.327 * 0.8531
=-0.92

* 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 ₹365 Mil.
Revenue was ₹1,559 Mil.
Gross Profit was ₹317 Mil.
Total Current Assets was ₹1,484 Mil.
Total Assets was ₹1,544 Mil.
Property, Plant and Equipment(Net PPE) was ₹59 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12 Mil.
Total Current Liabilities was ₹953 Mil.
Long-Term Debt & Capital Lease Obligation was ₹53 Mil.
Net Income was ₹161 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-234 Mil.
 Total Receivables was ₹204 Mil.
Revenue was ₹1,136 Mil.
Gross Profit was ₹192 Mil.
Total Current Assets was ₹701 Mil.
Total Assets was ₹742 Mil.
Property, Plant and Equipment(Net PPE) was ₹37 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21 Mil.
Total Current Liabilities was ₹518 Mil.
Long-Term Debt & Capital Lease Obligation was ₹48 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)
=(365.465 / 1558.956) / (203.591 / 1135.638)
=0.234429 / 0.179275
=1.3077

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)
=(192.313 / 1135.638) / (317.18 / 1558.956)
=0.169344 / 0.203457
=0.8323

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 - (1484.287 + 58.599) / 1544.007) / (1 - (700.991 + 37.376) / 741.805)
=0.000726 / 0.004635
=0.1566

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
=1558.956 / 1135.638
=1.3728

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))
=(3.937 / (3.937 + 37.376)) / (4.718 / (4.718 + 58.599))
=0.095297 / 0.074514
=1.2789

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)
=(12.434 / 1558.956) / (20.874 / 1135.638)
=0.007976 / 0.018381
=0.4339

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)
=((52.956 + 953.055) / 1544.007) / ((48.107 + 518.456) / 741.805)
=0.651559 / 0.763763
=0.8531

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
=(161.03 - 0 - -233.821) / 1544.007
=0.255731

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.

Merritronix has a M-score of -0.92 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 -0.92 mean?
Merritronix (BOM:544773) has a Beneish M-Score of -0.92 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Merritronix and its competitors. According to the industry distribution chart, Merritronix ranks #2238 out of 2401 companies in the Hardware industry, placing it in the top 93.2%.
Is Merritronix's Beneish M-Score too high?
Merritronix's current Beneish M-Score is -0.92. Based on the distribution chart, Merritronix ranks #2238 out of 2401 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Merritronix has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Merritronix's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Merritronix ranks #2238 out of 2401 companies for Beneish M-Score. This places Merritronix 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 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 Merritronix and its competitors. Merritronix's current Beneish M-Score is -0.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merritronix stock overvalued right now?
Merritronix (BOM:544773) has a current Beneish M-Score of -0.92. The current Beneish M-Score is -0.92. Merritronix's overall GF Score™ is 19/100 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 Merritronix (BOM:544773), the current Beneish M-Score is -0.92 as of Aug. 13, 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.

Merritronix Business Description

Address C-22, Electronic Complex, Kushaiguda, Hyderabad, TG, IND, 500062
Merritronix Ltd operates as an electronics manufacturing services (EMS) provider in India. It is engaged in the business of manufacturing and assembly of electronic components, including engineering design and development services. The company's offerings include electronic manufacturing services, encompassing component sourcing, printed circuit board ("PCB") assembly, system integration, testing, box-build solutions and delivery of finished electronic products. It serves various industries, including defence, aerospace, industrial electronics, and scientific research sectors. The company derives the majority of its revenue from the sale of its products in India.
19GF Score

Get the complete analysis for BOM:544773

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

₹336.15
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