Brandman Retail (NSE:BRANDMAN) Beneish M-Score: 0.25 (As of Aug. 11, 2026) — 88% Below Median

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NSE:BRANDMAN Brandman Retail Ltd NSE:BRANDMAN
21 GF Score
Price ₹192.10
! 4 Warning Signs
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What is Brandman Retail Beneish M-Score?

Brandman Retail NSE:BRANDMAN +7.92% 21 Beneish M-Score is 0.25 as of Aug. 11, 2026, which is 88% below its 10-year median of 2.00. GuruFocus rates NSE:BRANDMAN with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 1,090 Retail - Cyclical companies, Brandman Retail ranks worse than 94.04% 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 0.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:BRANDMAN' s Beneish M-Score Range Over the Past 10 Years
Min: 0.25   Med: 2   Max: 3.74
Current: 0.25

During the past 4 years, the highest Beneish M-Score of Brandman Retail was 3.74. The lowest was 0.25. And the median was 2.00.

Brandman Retail Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Brandman Retail'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.

Brandman Retail Beneish M-Score Chart

Brandman Retail Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 3.74 0.25

Brandman Retail Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 3.74 0.25

NSE:BRANDMAN vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, Brandman Retail'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.

Brandman Retail Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Brandman Retail's Beneish M-Score distribution charts can be found below:

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


NSE:BRANDMAN
21GF Score
Brandman Retail Ltd NSE:BRANDMAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Brandman Retail 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 Brandman Retail 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 * 1.7734+0.528 * 1.3867+0.404 * 0.5964+0.892 * 1.2004+0.115 * 1.0794
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.310489-0.327 * 0.4894
=0.25

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹795 Mil.
Revenue was ₹1,624 Mil.
Gross Profit was ₹647 Mil.
Total Current Assets was ₹1,873 Mil.
Total Assets was ₹2,080 Mil.
Property, Plant and Equipment(Net PPE) was ₹115 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹608 Mil.
Long-Term Debt & Capital Lease Obligation was ₹50 Mil.
Net Income was ₹253 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-393 Mil.
 Total Receivables was ₹374 Mil.
Revenue was ₹1,353 Mil.
Gross Profit was ₹748 Mil.
Total Current Assets was ₹710 Mil.
Total Assets was ₹847 Mil.
Property, Plant and Equipment(Net PPE) was ₹74 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹233 Mil.
Total Current Liabilities was ₹508 Mil.
Long-Term Debt & Capital Lease Obligation was ₹40 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)
=(795.373 / 1624.087) / (373.617 / 1352.949)
=0.489735 / 0.27615
=1.7734

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)
=(747.598 / 1352.949) / (647.177 / 1624.087)
=0.552569 / 0.398487
=1.3867

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 - (1872.545 + 115.113) / 2079.997) / (1 - (709.953 + 74.273) / 847.292)
=0.044394 / 0.074432
=0.5964

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
=1624.087 / 1352.949
=1.2004

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))
=(8.767 / (8.767 + 74.273)) / (12.48 / (12.48 + 115.113))
=0.105576 / 0.097811
=1.0794

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)
=(0 / 1624.087) / (233.275 / 1352.949)
=0 / 0.17242
=0

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)
=((49.985 + 608.384) / 2079.997) / ((40.083 + 507.877) / 847.292)
=0.316524 / 0.646719
=0.4894

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
=(252.944 - 0 - -392.873) / 2079.997
=0.310489

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.

Brandman Retail has a M-score of 0.25 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 0.25 mean?
Brandman Retail (NSE:BRANDMAN) has a Beneish M-Score of 0.25 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Brandman Retail and its competitors. This is 88% below median its historical median of 2.00. Over the past decade, Brandman Retail's Beneish M-Score has ranged from 0.25 to 3.74. According to the industry distribution chart, Brandman Retail ranks #1025 out of 1090 companies in the Retail - Cyclical industry, placing it in the top 94%.
Is Brandman Retail's Beneish M-Score too high?
Brandman Retail's current Beneish M-Score of 0.25 is 88% below median its 10-year median of 2.00. Over the past 10 years, this metric has ranged from a low of 0.25 to a high of 3.74. Based on the distribution chart, Brandman Retail ranks #1025 out of 1090 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Brandman Retail has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Brandman Retail's Beneish M-Score compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Brandman Retail ranks #1025 out of 1090 companies for Beneish M-Score. This places Brandman Retail in the lower half of its industry. Historically, Brandman Retail's own Beneish M-Score has ranged from 0.25 to 3.74 over the past decade. 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Brandman Retail and its competitors. Brandman Retail's current Beneish M-Score is 0.25, which is 88% below median its own 10-year median of 2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Brandman Retail stock overvalued right now?
Brandman Retail (NSE:BRANDMAN) has a current Beneish M-Score of 0.25. The current Beneish M-Score is 0.25, which is 88% below median its 10-year median of 2.00. Brandman Retail's overall GF Score™ is 21/100 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 Brandman Retail (NSE:BRANDMAN), the current Beneish M-Score is 0.25 as of Aug. 11, 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.

Brandman Retail Business Description

Address Okhla Phase-1, Okhla Industrial Area Phase-I, DPT 718-719, 7th Floor, DLF Prime Tower, South Delhi, New Delhi, Delhi, IND, 110020
Brandman Retail Ltd is engaged in the distribution and retail of premium international brands through non-exclusive distribution agreements. Its sales are carried out through multiple channels, including Exclusive Brand Outlets ( EBOs ) operated under specific brand arrangements, Multi-Brand Outlets ( MBOs) under its trademark Sneakrz, e-commerce marketplaces and its own website. In addition to the offline stores, the Company has entered into agreements with retailers of shoes under which, the Company supplies its products to stores and the same are thereafter sold to end-customers through online and offline modes. This multi-channel presence allows the company to cater to customers across physical retail formats as well as online platforms.
21GF 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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