Ashapura Logistics (NSE:ASHALOG) Beneish M-Score: -0.88 (As of Jun. 26, 2026)


NSE:ASHALOG Ashapura Logistics Ltd NSE:ASHALOG
17 GF Score
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! 5 Warning Signs
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What is Ashapura Logistics Beneish M-Score?

Ashapura Logistics NSE:ASHALOG 17 Beneish M-Score is -0.88 as of Jun. 26, 2026. GuruFocus rates NSE:ASHALOG with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 966 Transportation companies, Ashapura Logistics ranks worse than 92.96% 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 -0.88 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:ASHALOG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83   Med: -2.24   Max: -0.88
Current: -0.88

During the past 5 years, the highest Beneish M-Score of Ashapura Logistics was -0.88. The lowest was -2.83. And the median was -2.24.

Ashapura Logistics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ashapura Logistics'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.

Ashapura Logistics Beneish M-Score Chart

Ashapura Logistics Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.83 -2.24 -0.88

Ashapura Logistics Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25
Beneish M-Score Get a 7-Day Free Trial -2.83 0.00 -2.24 0.00 -0.88

NSE:ASHALOG vs FDX, UPS, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Ashapura Logistics'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.

Ashapura Logistics Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Ashapura Logistics's Beneish M-Score distribution charts can be found below:

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


NSE:ASHALOG
17GF Score
Ashapura Logistics Ltd NSE:ASHALOG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ashapura Logistics 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 Ashapura Logistics 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 * 1.2707+0.528 * 1.1077+0.404 * 1.5356+0.892 * 1.1606+0.115 * 1.6923
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.676+4.679 * 0.156064-0.327 * 0.8013
=-0.88

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹1,057 Mil.
Revenue was ₹2,310 Mil.
Gross Profit was ₹356 Mil.
Total Current Assets was ₹1,406 Mil.
Total Assets was ₹2,135 Mil.
Property, Plant and Equipment(Net PPE) was ₹613 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹70 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12 Mil.
Total Current Liabilities was ₹670 Mil.
Long-Term Debt & Capital Lease Obligation was ₹126 Mil.
Net Income was ₹123 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-210 Mil.
 Total Receivables was ₹716 Mil.
Revenue was ₹1,990 Mil.
Gross Profit was ₹340 Mil.
Total Current Assets was ₹906 Mil.
Total Assets was ₹1,264 Mil.
Property, Plant and Equipment(Net PPE) was ₹314 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹66 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16 Mil.
Total Current Liabilities was ₹505 Mil.
Long-Term Debt & Capital Lease Obligation was ₹83 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)
=(1056.576 / 2309.664) / (716.461 / 1990.091)
=0.457459 / 0.360014
=1.2707

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)
=(340.207 / 1990.091) / (356.454 / 2309.664)
=0.17095 / 0.154332
=1.1077

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 - (1406.476 + 612.674) / 2134.887) / (1 - (905.859 + 313.987) / 1264.488)
=0.054212 / 0.035304
=1.5356

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
=2309.664 / 1990.091
=1.1606

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))
=(66.094 / (66.094 + 313.987)) / (70.165 / (70.165 + 612.674))
=0.173895 / 0.102755
=1.6923

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)
=(12.2 / 2309.664) / (15.55 / 1990.091)
=0.005282 / 0.007814
=0.676

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)
=((126.163 + 669.713) / 2134.887) / ((83.006 + 505.253) / 1264.488)
=0.372795 / 0.465215
=0.8013

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
=(122.857 - 0 - -210.323) / 2134.887
=0.156064

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.

Ashapura Logistics has a M-score of -0.88 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 -0.88 mean?
Ashapura Logistics (NSE:ASHALOG) has a Beneish M-Score of -0.88 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ashapura Logistics and its competitors. According to the industry distribution chart, Ashapura Logistics ranks #898 out of 966 companies in the Transportation industry, placing it in the top 93%.
Is Ashapura Logistics' Beneish M-Score too high?
Ashapura Logistics' current Beneish M-Score is -0.88. Based on the distribution chart, Ashapura Logistics ranks #898 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Ashapura Logistics has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Ashapura Logistics' Beneish M-Score compare to FDX and UPS?
According to the Transportation industry distribution chart, Ashapura Logistics ranks #898 out of 966 companies for Beneish M-Score. This places Ashapura Logistics 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Ashapura Logistics and its competitors. Ashapura Logistics's current Beneish M-Score is -0.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ashapura Logistics stock overvalued right now?
Ashapura Logistics (NSE:ASHALOG) has a current Beneish M-Score of -0.88. The current Beneish M-Score is -0.88. Ashapura Logistics' overall GF Score™ is 17/100 with 5 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 Ashapura Logistics (NSE:ASHALOG), the current Beneish M-Score is -0.88 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.

Ashapura Logistics Business Description

Address S.G. Highway, B-902 Shapath Hexa, Opposite High Court, Sola, Ahmedabad, GJ, IND, 380060
Ashapura Logistics Ltd is an integrated logistics company in India. It operates in (i) Cargo handling and freight forwarding segment; (ii) Transportation (including project logistics and third-party logistics (3PL)); (iii) Warehousing and Distribution and (iv) other services (including coastal movement). The transportation business segment generated key revenue for the company.
17GF Score

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

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