Avana Electrosystems (NSE:AVANA) Beneish M-Score: -2.31 (As of Jul. 09, 2026)


NSE:AVANA Avana Electrosystems Ltd NSE:AVANA
17 GF Score
Price ₹123.85
! 2 Warning Signs
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What is Avana Electrosystems Beneish M-Score?

Avana Electrosystems NSE:AVANA -3.99% 17 Beneish M-Score is -2.31 as of Jul. 09, 2026. GuruFocus rates NSE:AVANA with a GF Score™ of 17/100. The stock has 2 warning signs investors should review. Among 2,916 Industrial Products companies, Avana Electrosystems ranks worse than 62.07% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:AVANA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.31   Med: -2.31   Max: -2.31
Current: -2.31

During the past 3 years, the highest Beneish M-Score of Avana Electrosystems was -2.31. The lowest was -2.31. And the median was -2.31.

Avana Electrosystems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Avana Electrosystems'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.

Avana Electrosystems Beneish M-Score Chart

Avana Electrosystems Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.31

Avana Electrosystems Semi-Annual Data
Mar23 Mar24 Mar25 Sep25
Beneish M-Score 0.00 0.00 -2.31 0.00

NSE:AVANA vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Avana Electrosystems'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.

Avana Electrosystems Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Avana Electrosystems's Beneish M-Score distribution charts can be found below:

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


NSE:AVANA
17GF Score
Avana Electrosystems Ltd NSE:AVANA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Avana Electrosystems 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 Avana Electrosystems 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 * 1.2401+0.528 * 0.8113+0.404 * 0.483+0.892 * 1.1604+0.115 * 0.4492
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0462+4.679 * 0.031276-0.327 * 0.8655
=-2.31

* 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 ₹216.7 Mil.
Revenue was ₹614.9 Mil.
Gross Profit was ₹293.9 Mil.
Total Current Assets was ₹457.5 Mil.
Total Assets was ₹494.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹31.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹54.7 Mil.
Total Current Liabilities was ₹263.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12.6 Mil.
Net Income was ₹83.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹67.7 Mil.
 Total Receivables was ₹150.6 Mil.
Revenue was ₹529.9 Mil.
Gross Profit was ₹205.5 Mil.
Total Current Assets was ₹335.9 Mil.
Total Assets was ₹380.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹37.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹45.1 Mil.
Total Current Liabilities was ₹216.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹29.2 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)
=(216.678 / 614.857) / (150.579 / 529.877)
=0.352404 / 0.284177
=1.2401

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)
=(205.499 / 529.877) / (293.928 / 614.857)
=0.387824 / 0.478043
=0.8113

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 - (457.524 + 31.727) / 494.213) / (1 - (335.862 + 36.976) / 380.752)
=0.01004 / 0.020785
=0.483

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
=614.857 / 529.877
=1.1604

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))
=(3.5 / (3.5 + 36.976)) / (7.563 / (7.563 + 31.727))
=0.086471 / 0.192492
=0.4492

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)
=(54.736 / 614.857) / (45.087 / 529.877)
=0.089022 / 0.08509
=1.0462

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)
=((12.616 + 263.596) / 494.213) / ((29.155 + 216.709) / 380.752)
=0.558893 / 0.645733
=0.8655

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
=(83.123 - 0 - 67.666) / 494.213
=0.031276

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.

Avana Electrosystems has a M-score of -2.31 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 -2.31 mean?
Avana Electrosystems (NSE:AVANA) has a Beneish M-Score of -2.31 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Avana Electrosystems and its competitors. According to the industry distribution chart, Avana Electrosystems ranks #1810 out of 2916 companies in the Industrial Products industry, placing it in the top 62.1%.
Is Avana Electrosystems' Beneish M-Score too high?
Avana Electrosystems' current Beneish M-Score is -2.31. Based on the distribution chart, Avana Electrosystems ranks #1810 out of 2916 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Avana Electrosystems has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Avana Electrosystems' Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Avana Electrosystems ranks #1810 out of 2916 companies for Beneish M-Score. This places Avana Electrosystems 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Avana Electrosystems and its competitors. Avana Electrosystems's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Avana Electrosystems stock overvalued right now?
Avana Electrosystems (NSE:AVANA) has a current Beneish M-Score of -2.31. The current Beneish M-Score is -2.31. Avana Electrosystems' overall GF Score™ is 17/100 with 2 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 Avana Electrosystems (NSE:AVANA), the current Beneish M-Score is -2.31 as of Jul. 09, 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.

Avana Electrosystems Business Description

Address 1st Main Road, 2nd Phase, No: 8, KIADB, Plot No. 35, Peenya Industrial Area, Nelagadaranahalli Village, Peenya Small Industries, Bengaluru, KA, IND, 560 058
Avana Electrosystems Ltd is engaged in the manufacturing and dealing of electronic and switchgear products, including circuit breakers, relays, control and protection panels, electric distribution boards, electronic meters, transformers, assemblies, spares, accessories, tools, and test and measuring equipment. The Company is a manufacturer and solution provider of custom-engineered control and relay panels, substation automation, numerical and electro-mechanical relays, and power system panel accessories, specializing in the design, engineering, and supply of feeder, transformer, busbar, and capacitor bank protection panels up to 220kV, including indoor and outdoor, medium- and low-voltage panels.
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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