Net Avenue Technologies (NSE:CBAZAAR) Beneish M-Score: -0.85 (As of Jul. 05, 2026)


NSE:CBAZAAR Net Avenue Technologies Ltd NSE:CBAZAAR
27 GF Score
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What is Net Avenue Technologies Beneish M-Score?

Net Avenue Technologies NSE:CBAZAAR +4.59% 27 Beneish M-Score is -0.85 as of Jul. 05, 2026. GuruFocus rates NSE:CBAZAAR with a GF Score™ of 27/100. The stock has 6 warning signs investors should review. Among 1,082 Retail - Cyclical companies, Net Avenue Technologies ranks worse than 90.85% 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 -0.85 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CBAZAAR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.62   Med: -1.19   Max: -0.85
Current: -0.85

During the past 6 years, the highest Beneish M-Score of Net Avenue Technologies was -0.85. The lowest was -4.62. And the median was -1.19.

Net Avenue Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Net Avenue Technologies'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.

Net Avenue Technologies Beneish M-Score Chart

Net Avenue Technologies Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.41 -0.96 -4.62 -0.85

Net Avenue Technologies Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.41 -0.96 -4.62 -0.85

NSE:CBAZAAR vs AMZN, BABA, PDD: Beneish M-Score Comparison

For the Internet Retail subindustry, Net Avenue Technologies'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.

Net Avenue Technologies Beneish M-Score vs Retail - Cyclical Industry

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

* The bar in red indicates where Net Avenue Technologies's Beneish M-Score falls into.


NSE:CBAZAAR
27GF Score
Net Avenue Technologies Ltd NSE:CBAZAAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Net Avenue Technologies 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 Net Avenue Technologies 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 * 3.6273+0.528 * 0.9381+0.404 * 0.627+0.892 * 0.925+0.115 * 1.2905
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.143272-0.327 * 1.2213
=-0.85

* 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 ₹12.5 Mil.
Revenue was ₹250.8 Mil.
Gross Profit was ₹180.7 Mil.
Total Current Assets was ₹110.9 Mil.
Total Assets was ₹118.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹2.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹73.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹-20.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-3.3 Mil.
 Total Receivables was ₹3.7 Mil.
Revenue was ₹271.1 Mil.
Gross Profit was ₹183.3 Mil.
Total Current Assets was ₹122.4 Mil.
Total Assets was ₹134.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹2.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹113.5 Mil.
Total Current Liabilities was ₹68.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(12.455 / 250.818) / (3.712 / 271.149)
=0.049658 / 0.01369
=3.6273

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)
=(183.286 / 271.149) / (180.724 / 250.818)
=0.67596 / 0.720538
=0.9381

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 - (110.895 + 2.381) / 118.334) / (1 - (122.402 + 2.564) / 134.109)
=0.042743 / 0.068176
=0.627

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
=250.818 / 271.149
=0.925

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))
=(0.95 / (0.95 + 2.564)) / (0.631 / (0.631 + 2.381))
=0.270347 / 0.209495
=1.2905

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 / 250.818) / (113.45 / 271.149)
=0 / 0.418405
=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)
=((0 + 73.832) / 118.334) / ((0 + 68.512) / 134.109)
=0.623929 / 0.510868
=1.2213

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
=(-20.247 - 0 - -3.293) / 118.334
=-0.143272

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.

Net Avenue Technologies has a M-score of -0.85 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 -0.85 mean?
Net Avenue Technologies (NSE:CBAZAAR) has a Beneish M-Score of -0.85 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Net Avenue Technologies and its competitors. According to the industry distribution chart, Net Avenue Technologies ranks #983 out of 1082 companies in the Retail - Cyclical industry, placing it in the top 90.9%.
Is Net Avenue Technologies' Beneish M-Score too high?
Net Avenue Technologies' current Beneish M-Score is -0.85. Based on the distribution chart, Net Avenue Technologies ranks #983 out of 1082 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Net Avenue Technologies has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does Net Avenue Technologies' Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Net Avenue Technologies ranks #983 out of 1082 companies for Beneish M-Score. This places Net Avenue Technologies 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 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 Net Avenue Technologies and its competitors. Net Avenue Technologies's current Beneish M-Score is -0.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Net Avenue Technologies stock overvalued right now?
Net Avenue Technologies (NSE:CBAZAAR) has a current Beneish M-Score of -0.85. The current Beneish M-Score is -0.85. Net Avenue Technologies' overall GF Score™ is 27/100 with 6 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 Net Avenue Technologies (NSE:CBAZAAR), the current Beneish M-Score is -0.85 as of Jul. 05, 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.

Net Avenue Technologies Business Description

Address Prithvi Avenue, New No. 16, Old No. 13, 1st Floor, Teynampet, Alwarpet, Chennai, TN, IND, 600018
Net Avenue Technologies Ltd is engaged in an online digital direct-to-consumer business for Indian Ethnic wear and accessories. Its core business sells Indian Ethnic wear and accessories, catering to the South Asian Diaspora, and its product range includes Indian ethnic wear and accessories for women, men, teens, and kids. The company distributes its products through various prominent E-commerce platforms, including but not limited to Myntra, Nykaa, and Ajio, among others. Its primary markets are the United States, the United Kingdom, Canada, Australia, and India.
27GF 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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