Nishat (Chunian)KAR:NCL +2.42%64 Beneish M-Score is -2.14 as of Jun. 26, 2026. GuruFocus rates KAR:NCL with a GF Score™ of 64/100 and a GF Value™ of ₨31.52 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, Nishat (Chunian) ranks worse than 72.53% 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.
Good Sign:
Beneish M-Score -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nishat (Chunian)'s Beneish M-Score or its related term are showing as below:
KAR:NCL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.19 Max: -0.92
Current: -2.14
During the past 13 years, the highest Beneish M-Score of Nishat (Chunian) was -0.92. The lowest was -3.20. And the median was -2.19.
Nishat (Chunian) Beneish M-Score Related Terms
Nishat (Chunian) Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nishat (Chunian)'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.
For the Textile Manufacturing subindustry, Nishat (Chunian)'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.
Nishat (Chunian) Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nishat (Chunian)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nishat (Chunian)'s Beneish M-Score falls into.
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 Nishat (Chunian) 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 * 1.0221
+
0.528 * 0.9173
+
0.404 * 1.0215
+
0.892 * 0.9465
+
0.115 * 1.1464
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0358
+
4.679 * 0.087849
-
0.327 * 1.0672
=
-2.14
* 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.
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.
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))
=
(1854.032 / (1854.032 + 23640.749))
/
(1838.297 / (1838.297 + 27141.031))
=
0.072722
/
0.063435
=
1.1464
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
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
=
(1141.182 - 0
-
-6490.866)
/
86877.037
=
0.087849
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.
Nishat (Chunian) has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
Nishat (Chunian) (KAR:NCL) has a Beneish M-Score of -2.14 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nishat (Chunian) and its competitors. According to the industry distribution chart, Nishat (Chunian) ranks #726 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 72.5%.
Is Nishat (Chunian)'s Beneish M-Score too high?
Nishat (Chunian)'s current Beneish M-Score is -2.14. Based on the distribution chart, Nishat (Chunian) ranks #726 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Nishat (Chunian) has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nishat (Chunian)'s Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Nishat (Chunian) ranks #726 out of 1001 companies for Beneish M-Score. This places Nishat (Chunian) 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 Nishat (Chunian) and its competitors. Nishat (Chunian)'s current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nishat (Chunian) stock overvalued right now?
Based on GuruFocus' analysis, Nishat (Chunian) (KAR:NCL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₨31.52, compared to a current price of ₨40.21 — trading 27.6% above its estimated fair value. The current Beneish M-Score is -2.14. Nishat (Chunian)'s overall GF Score™ is 64/100 with 9 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 Nishat (Chunian) (KAR:NCL), the current Beneish M-Score is -2.14 as of Jun. 26, 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 Nishat (Chunian) (KAR:NCL) Overvalued in 2026?
Based on GuruFocus' analysis, Nishat (Chunian) stock appears to be overvalued.
The current stock price of ₨40.21 is trading 27.6% above its estimated GF Value™ of ₨31.52.
GuruFocus considers Nishat (Chunian) to be Modestly Overvalued.
Key valuation signals for KAR:NCL:
Beneish M-Score: -2.14
GF Value™: ₨31.52 vs. price of ₨40.21 (27.6% above fair value)
No single metric tells the full story. See the KAR:NCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nishat (Chunian) Ltd is engaged in the textile business. The company has the following segments namely Spinning; Weaving; Processing and Home Textile; and Power Generation. The company exports its products to Europe, Asia, Africa, Australia, the United States of America, and Pakistan. It is engaged in business of spinning, weaving, dyeing, printing, stitching, processing, doubling, sizing, buying, selling and otherwise dealing in yarn, fabrics and made-ups made from raw cotton, synthetic fibre and cloth and to generate, accumulate, distribute, supply and sell electricity and steam. The company earns the majority of its revenue from the Spinning Segment.
64GF Score
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