Global Heavy Chemicals (DHA:GHCL) Beneish M-Score: 0.00 (As of Jul. 06, 2026)

What is Global Heavy Chemicals Beneish M-Score?

Global Heavy Chemicals DHA:GHCL 59 Beneish M-Score is 0.00 as of Jul. 06, 2026. GuruFocus rates DHA:GHCL with a GF Score™ of 59/100 and a GF Value™ of BDT5.07 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,524 Chemicals companies, Global Heavy Chemicals ranks worse than 65616.73% 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 Global Heavy Chemicals's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Global Heavy Chemicals was 0.00. The lowest was 0.00. And the median was 0.00.

Global Heavy Chemicals Beneish M-Score Related Terms

Global Heavy Chemicals Beneish M-Score Historical Data

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The historical data trend for Global Heavy Chemicals'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.

Global Heavy Chemicals Beneish M-Score Chart

Global Heavy Chemicals Annual Data

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Beneish M-Score

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Global Heavy Chemicals Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

DHA:GHCL vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Global Heavy Chemicals'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.

Global Heavy Chemicals Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Global Heavy Chemicals's Beneish M-Score distribution charts can be found below:

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

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59GF Score

Global Heavy Chemicals Ltd DHA:GHCL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Global Heavy Chemicals 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 Global Heavy Chemicals for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was BDT29.03 Mil.
Revenue was 14.16 + 24.727 + 21.854 + 22.823 = BDT83.56 Mil.
Gross Profit was -11.279 + -19.336 + -19.457 + -26.997 = BDT-77.07 Mil.
Total Current Assets was BDT170.22 Mil.
Total Assets was BDT7,181.02 Mil.
Property, Plant and Equipment(Net PPE) was BDT7,010.80 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT83.28 Mil.
Selling, General, & Admin. Expense(SGA) was BDT36.74 Mil.
Total Current Liabilities was BDT1,477.02 Mil.
Long-Term Debt & Capital Lease Obligation was BDT55.26 Mil.
Net Income was -70.848 + -64.639 + -60.975 + -82.664 = BDT-279.13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.00 Mil.
Cash Flow from Operations was -74.192 + -108.551 + 60.983 + -154.552 = BDT-276.31 Mil.

Total Receivables was BDT13.56 Mil.
Revenue was 57.498 + 61.636 + 171.266 + 248.264 = BDT538.66 Mil.
Gross Profit was 35.009 + 32.257 + -44.534 + -239.671 = BDT-216.94 Mil.
Total Current Assets was BDT146.32 Mil.
Total Assets was BDT7,209.88 Mil.
Property, Plant and Equipment(Net PPE) was BDT7,063.56 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT85.74 Mil.
Selling, General, & Admin. Expense(SGA) was BDT29.42 Mil.
Total Current Liabilities was BDT1,296.67 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0.00 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)
	=	(29.026 / 83.564)	/	(13.564 / 538.664)
	=	0.347351	/	0.025181
	=

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)
	=	(-216.939 / 538.664)	/	(-77.069 / 83.564)
	=	-0.402735	/	-0.922275
	=

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 - (170.218 + 7010.801) / 7181.019)	/	(1 - (146.319 + 7063.563) / 7209.881)
	=	0	/	-0
	=

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
	=	83.564	/	538.664
	=

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))
	=	(85.737 / (85.737 + 7063.563))	/	(83.278 / (83.278 + 7010.801))
	=	0.011992	/	0.011739
	=

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)
	=	(36.742 / 83.564)	/	(29.419 / 538.664)
	=	0.439687	/	0.054615
	=

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)
	=	((55.257 + 1477.016) / 7181.019)	/	((0 + 1296.674) / 7209.881)
	=	0.213378	/	0.179847
	=

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
	=	(-279.126 - 0	-	-276.312)	/	7181.019
	=	-0.000392

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Global Heavy Chemicals (DHA:GHCL) has a Beneish M-Score of 0.00 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Global Heavy Chemicals and its competitors. According to the industry distribution chart, Global Heavy Chemicals ranks #999999 out of 1524 companies in the Chemicals industry.

Is Global Heavy Chemicals' Beneish M-Score too high?

Global Heavy Chemicals' current Beneish M-Score is 0.00. Based on the distribution chart, Global Heavy Chemicals ranks #999999 out of 1524 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Global Heavy Chemicals has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Global Heavy Chemicals' Beneish M-Score compare to DOW?

According to the Chemicals industry distribution chart, Global Heavy Chemicals ranks #999999 out of 1524 companies for Beneish M-Score. This places Global Heavy Chemicals 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 Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 Global Heavy Chemicals and its competitors. Global Heavy Chemicals'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 Global Heavy Chemicals stock overvalued right now?

Based on GuruFocus' analysis, Global Heavy Chemicals (DHA:GHCL) is currently considered Significantly Overvalued. The stock's GF Value™ is BDT5.07, compared to a current price of BDT19.80 — trading 290.5% above its estimated fair value. The current Beneish M-Score is 0.00. Global Heavy Chemicals' overall GF Score™ is 59/100 with 7 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 Global Heavy Chemicals (DHA:GHCL), the current Beneish M-Score is 0.00 as of Jul. 06, 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.

Is Global Heavy Chemicals (DHA:GHCL) Overvalued in 2026?

Based on GuruFocus' analysis, Global Heavy Chemicals stock appears to be overvalued. The current stock price of BDT19.80 is trading 290.5% above its estimated GF Value™ of BDT5.07. GuruFocus considers Global Heavy Chemicals to be Significantly Overvalued.

Key valuation signals for DHA:GHCL:

Beneish M-Score: 0.00
GF Value™: BDT5.07 vs. price of BDT19.80 (290.5% above fair value)
GF Score™: 59/100 with 7 warning signs

No single metric tells the full story. See the DHA:GHCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Global Heavy Chemicals Business Description

Industry Basic Materials Chemicals

Comparable Companies DHA:SALVO TSE:4063 XTER:BAS SAU:2010 SZSE:002080 SHSE:600989 DOW SHSE:600160 TSE:4004 SHSE:600346 SZSE:002460 SZSE:002493 TSE:4091 SZSE:000408 XKRX:051910 SHSE:600378 SZSE:000301 SHSE:601208 SHSE:605376 TPE:1326

Address 37, Segun Bagicha, Dhaka, BGD, 1000

Website http://www.ghclbd.com

Global Heavy Chemicals Ltd is Bangladesh-Based a chemical manufacturing company. The principal business activity of the company is to manufacture and distribute Sodium hydroxide, Chlorine and other chemical products. Its product portfolio includes certain brands for retail purposes such as Clotech Liquid Bleach, Tuffclean Tiles Cleaner and others.

59GF Score

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

BDT19.80

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BDT5.07

GF Value

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