Khulna Power Co (DHA:KPCL) Beneish M-Score: 0.00 (As of Jul. 14, 2026)

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Khulna Power Co Ltd DHA:KPCL

57 GF Score

Price BDT10.40

GF Value BDT4.06

Valuation Significantly Overvalued

4 Warning Signs

View Full Analysis

What is Khulna Power Co Beneish M-Score?

Khulna Power Co DHA:KPCL +0.97% 57 Beneish M-Score is 0.00 as of Jul. 14, 2026. GuruFocus rates DHA:KPCL with a GF Score™ of 57/100 and a GF Value™ of BDT4.06 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 487 Utilities - Regulated companies, Khulna Power Co ranks worse than 205338.6% 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 Khulna Power Co's Beneish M-Score or its related term are showing as below:

During the past 12 years, the highest Beneish M-Score of Khulna Power Co was 110.42. The lowest was -7.19. And the median was -2.44.

Khulna Power Co Beneish M-Score Related Terms

Khulna Power Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Khulna Power Co'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.

Khulna Power Co Beneish M-Score Chart

Khulna Power Co Annual Data

Trend

Dec15

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-3.23

-2.11

-2.57

-1.33

-2.01

Khulna Power Co 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															-2.96	-2.01	0.00	0.00	0.00

DHA:KPCL vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Khulna Power Co'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.

Khulna Power Co Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Khulna Power Co's Beneish M-Score distribution charts can be found below:

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

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57GF Score

Khulna Power Co Ltd DHA:KPCL

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

View Full Analysis

Khulna Power Co 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 Khulna Power Co 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 BDT1,518.0 Mil.
Revenue was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Gross Profit was -2.493 + -1.514 + -3.359 + 9.494 = BDT2.1 Mil.
Total Current Assets was BDT7,563.0 Mil.
Total Assets was BDT9,441.1 Mil.
Property, Plant and Equipment(Net PPE) was BDT52.1 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT3.0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT10.8 Mil.
Total Current Liabilities was BDT1,592.3 Mil.
Long-Term Debt & Capital Lease Obligation was BDT3.5 Mil.
Net Income was 87.81 + 105.619 + 97.374 + 62.795 = BDT353.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Cash Flow from Operations was 7.544 + -9.756 + -2.354 + 292.782 = BDT288.2 Mil.

Total Receivables was BDT1,525.1 Mil.
Revenue was 0 + 0 + 822.212 + 648.249 = BDT1,470.5 Mil.
Gross Profit was -60.49 + -69.193 + -44.015 + 66.218 = BDT-107.5 Mil.
Total Current Assets was BDT2,411.0 Mil.
Total Assets was BDT8,184.4 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,097.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT234.1 Mil.
Selling, General, & Admin. Expense(SGA) was BDT12.6 Mil.
Total Current Liabilities was BDT632.5 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0.0 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)
	=	(1518.011 / 0)	/	(1525.071 / 1470.461)
	=		/	1.037138
	=

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)
	=	(-107.48 / 1470.461)	/	(2.128 / 0)
	=	-0.073093	/
	=

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 - (7563.007 + 52.121) / 9441.102)	/	(1 - (2411.018 + 4097.22) / 8184.4)
	=	0.193407	/	0.2048
	=

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
	=	0	/	1470.461
	=

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))
	=	(234.095 / (234.095 + 4097.22))	/	(2.993 / (2.993 + 52.121))
	=	0.054047	/	0.054306
	=

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)
	=	(10.814 / 0)	/	(12.591 / 1470.461)
	=		/	0.008563
	=

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)
	=	((3.531 + 1592.304) / 9441.102)	/	((0 + 632.467) / 8184.4)
	=	0.169031	/	0.077277
	=

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
	=	(353.598 - 0	-	288.216)	/	9441.102
	=	0.006925

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?

Khulna Power Co (DHA:KPCL) has a Beneish M-Score of 0.00 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Khulna Power Co and its competitors. According to the industry distribution chart, Khulna Power Co ranks #999999 out of 487 companies in the Utilities - Regulated industry.

Is Khulna Power Co's Beneish M-Score too high?

Khulna Power Co's current Beneish M-Score is 0.00. Based on the distribution chart, Khulna Power Co ranks #999999 out of 487 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Khulna Power Co has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Khulna Power Co's Beneish M-Score compare to NEE and SO?

According to the Utilities - Regulated industry distribution chart, Khulna Power Co ranks #999999 out of 487 companies for Beneish M-Score. This places Khulna Power Co 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 an Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated 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 Khulna Power Co and its competitors. Khulna Power Co'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 Khulna Power Co stock overvalued right now?

Based on GuruFocus' analysis, Khulna Power Co (DHA:KPCL) is currently considered Significantly Overvalued. The stock's GF Value™ is BDT4.06, compared to a current price of BDT10.40 — trading 156.2% above its estimated fair value. The current Beneish M-Score is 0.00. Khulna Power Co's overall GF Score™ is 57/100 with 4 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 Khulna Power Co (DHA:KPCL), the current Beneish M-Score is 0.00 as of Jul. 14, 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 Khulna Power Co (DHA:KPCL) Overvalued in 2026?

Based on GuruFocus' analysis, Khulna Power Co stock appears to be overvalued. The current stock price of BDT10.40 is trading 156.2% above its estimated GF Value™ of BDT4.06. GuruFocus considers Khulna Power Co to be Significantly Overvalued.

Key valuation signals for DHA:KPCL:

Beneish M-Score: 0.00
GF Value™: BDT4.06 vs. price of BDT10.40 (156.2% above fair value)
GF Score™: 57/100 with 4 warning signs

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

Khulna Power Co Business Description

Industry Utilities Utilities - Regulated

Comparable Companies DHA:BPPL DHA:BARKAPOWER DHA:GBBPOWER DHA:DESCO DHA:SUMITPOWER NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE PEG ED WEC PCG BOM:532555

Address United House, Madani Avenue, United City, Dhaka, BGD, 1212

Website https://www.khulnapower.com

Khulna Power Co Ltd is engaged in generating electricity, selling such generated electricity to the Bangladesh Power Development Board, and acquiring fuel required for such electricity generation from home and abroad. The company receives revenue in the form of capacity, rental, and energy. The energy payment generates maximum revenue for the company.

57GF Score

Get the complete analysis for DHA:KPCL

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

BDT10.40

Price

BDT4.06

GF Value

View DHA:KPCL Analysis

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