Shiprocket (BOM:544871) Beneish M-Score: 0.00 (As of Sep. 02, 2026)

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BOM:544871 Shiprocket Ltd BOM:544871
9 GF Score
Price ₹134.50
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What is Shiprocket Beneish M-Score?

Shiprocket BOM:544871 -3.40% 9 Beneish M-Score is 0.00 as of Sep. 02, 2026. GuruFocus rates BOM:544871 with a GF Score™ of 9/100. Among 2,639 Software companies, Shiprocket ranks worse than 37893.1% 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 Shiprocket's Beneish M-Score or its related term are showing as below:

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

Shiprocket Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shiprocket'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.

Shiprocket Beneish M-Score Chart

Shiprocket Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00

Shiprocket Quarterly Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 0.00 0.00 0.00

BOM:544871 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Shiprocket'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.

Shiprocket Beneish M-Score vs Software Industry

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

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


BOM:544871
9GF Score
Shiprocket Ltd BOM:544871
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shiprocket 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 Shiprocket 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 * 1.0329+0.528 * 0.9628+0.404 * 1.3263+0.892 * 1.2403+0.115 * 1.0862
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2214+4.679 * -0.052652-0.327 * 1.1031
=-2.43

* 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 ₹4,309 Mil.
Revenue was ₹20,241 Mil.
Gross Profit was ₹2,506 Mil.
Total Current Assets was ₹10,166 Mil.
Total Assets was ₹25,048 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,139 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹363 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,220 Mil.
Total Current Liabilities was ₹8,928 Mil.
Long-Term Debt & Capital Lease Obligation was ₹752 Mil.
Net Income was ₹-792 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹526 Mil.
 Total Receivables was ₹3,363 Mil.
Revenue was ₹16,320 Mil.
Gross Profit was ₹1,946 Mil.
Total Current Assets was ₹12,546 Mil.
Total Assets was ₹23,086 Mil.
Property, Plant and Equipment(Net PPE) was ₹989 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹352 Mil.
Selling, General, & Admin. Expense(SGA) was ₹805 Mil.
Total Current Liabilities was ₹7,357 Mil.
Long-Term Debt & Capital Lease Obligation was ₹732 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)
=(4308.89 / 20241.41) / (3363.42 / 16320.12)
=0.212875 / 0.20609
=1.0329

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)
=(1945.58 / 16320.12) / (2506.19 / 20241.41)
=0.119214 / 0.123815
=0.9628

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 - (10165.62 + 1138.73) / 25047.68) / (1 - (12546.24 + 989.31) / 23086.22)
=0.548687 / 0.413696
=1.3263

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
=20241.41 / 16320.12
=1.2403

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))
=(352.2 / (352.2 + 989.31)) / (362.97 / (362.97 + 1138.73))
=0.26254 / 0.241706
=1.0862

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)
=(1220.01 / 20241.41) / (805.38 / 16320.12)
=0.060273 / 0.049349
=1.2214

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)
=((752.24 + 8928.42) / 25047.68) / ((732.37 + 7356.53) / 23086.22)
=0.386489 / 0.350378
=1.1031

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
=(-792.45 - 0 - 526.37) / 25047.68
=-0.052652

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.

Shiprocket has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Shiprocket (BOM:544871) has a Beneish M-Score of 0.00 as of Sep. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shiprocket and its competitors. According to the industry distribution chart, Shiprocket ranks #999999 out of 2639 companies in the Software industry.
Is Shiprocket's Beneish M-Score too high?
Shiprocket's current Beneish M-Score is 0.00. Based on the distribution chart, Shiprocket ranks #999999 out of 2639 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Shiprocket has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Shiprocket's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Shiprocket ranks #999999 out of 2639 companies for Beneish M-Score. This places Shiprocket 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 Software company?
A good Beneish M-Score depends on the Software 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 Shiprocket and its competitors. Shiprocket'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 Shiprocket stock overvalued right now?
Shiprocket (BOM:544871) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Shiprocket's overall GF Score™ is 9/100. 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 Shiprocket (BOM:544871), the current Beneish M-Score is 0.00 as of Sep. 02, 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.

Shiprocket Business Description

Other Exchanges SHIPROCKET:India
Address 416, Udyog Vihar, Phase III, Sector 20, Gurugram, HR, IND, 122 002
Shiprocket Ltd operates an API-led technology platform that enables e-commerce transactions for micro, small and medium-sized enterprises (MSMEs) and large retailers in India. Its platform provides logistics, checkout, payments, fulfilment, and cross-border trade services, supporting merchants that sell directly to consumers through websites, mobile applications, and social media channels. The company serves small businesses, retail brands, direct-to-consumer merchants, and social commerce retailers. It also facilitates financing arrangements between non-banking financial companies (NBFCs), lending partners, and merchants to support access to credit.
9GF Score

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

₹134.50
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