Chandan Healthcare (NSE:CHANDAN) Beneish M-Score: -0.76 (As of Jul. 06, 2026)


NSE:CHANDAN Chandan Healthcare Ltd NSE:CHANDAN
28 GF Score
Price ₹253.00
! 4 Warning Signs
View Full Analysis

What is Chandan Healthcare Beneish M-Score?

Chandan Healthcare NSE:CHANDAN +1.20% 28 Beneish M-Score is -0.76 as of Jul. 06, 2026. GuruFocus rates NSE:CHANDAN with a GF Score™ of 28/100. The stock has 4 warning signs investors should review. Among 197 Medical Diagnostics & Research companies, Chandan Healthcare ranks worse than 91.88% 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 -0.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CHANDAN' s Beneish M-Score Range Over the Past 10 Years
Min: -1.89   Med: -1.33   Max: -0.76
Current: -0.76

During the past 4 years, the highest Beneish M-Score of Chandan Healthcare was -0.76. The lowest was -1.89. And the median was -1.33.

Chandan Healthcare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chandan Healthcare'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.

Chandan Healthcare Beneish M-Score Chart

Chandan Healthcare Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.89 -0.76

Chandan Healthcare Quarterly Data
Mar22 Mar23 Mar24 Dec24 Mar25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial -1.89 0.00 -0.76 0.00 0.00

NSE:CHANDAN vs TMO, DHR, IDXX: Beneish M-Score Comparison

For the Diagnostics & Research subindustry, Chandan Healthcare'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.

Chandan Healthcare Beneish M-Score vs Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Chandan Healthcare's Beneish M-Score distribution charts can be found below:

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


NSE:CHANDAN
28GF Score
Chandan Healthcare Ltd NSE:CHANDAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chandan Healthcare 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 Chandan Healthcare 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 * 1.1454+0.528 * 1.0184+0.404 * 1.1104+0.892 * 1.3032+0.115 * 0.8723
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9193+4.679 * 0.243212-0.327 * 0.6329
=-0.76

* 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 ₹514 Mil.
Revenue was ₹2,301 Mil.
Gross Profit was ₹1,225 Mil.
Total Current Assets was ₹1,103 Mil.
Total Assets was ₹2,106 Mil.
Property, Plant and Equipment(Net PPE) was ₹760 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹67 Mil.
Selling, General, & Admin. Expense(SGA) was ₹146 Mil.
Total Current Liabilities was ₹569 Mil.
Long-Term Debt & Capital Lease Obligation was ₹221 Mil.
Net Income was ₹222 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-291 Mil.
 Total Receivables was ₹344 Mil.
Revenue was ₹1,766 Mil.
Gross Profit was ₹957 Mil.
Total Current Assets was ₹613 Mil.
Total Assets was ₹1,181 Mil.
Property, Plant and Equipment(Net PPE) was ₹445 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹34 Mil.
Selling, General, & Admin. Expense(SGA) was ₹122 Mil.
Total Current Liabilities was ₹578 Mil.
Long-Term Debt & Capital Lease Obligation was ₹122 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)
=(513.541 / 2301) / (344.035 / 1765.7)
=0.223182 / 0.194843
=1.1454

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)
=(957.201 / 1765.7) / (1224.83 / 2301)
=0.542109 / 0.532303
=1.0184

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 - (1103.096 + 760.21) / 2106.17) / (1 - (613.307 + 444.8) / 1180.72)
=0.115311 / 0.103846
=1.1104

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
=2301 / 1765.7
=1.3032

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))
=(34.04 / (34.04 + 444.8)) / (67.448 / (67.448 + 760.21))
=0.071088 / 0.081493
=0.8723

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)
=(146.051 / 2301) / (121.917 / 1765.7)
=0.063473 / 0.069047
=0.9193

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)
=((221.446 + 568.802) / 2106.17) / ((121.756 + 578.196) / 1180.72)
=0.375206 / 0.592818
=0.6329

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
=(221.712 - 0 - -290.534) / 2106.17
=0.243212

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.

Chandan Healthcare has a M-score of -0.76 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 -0.76 mean?
Chandan Healthcare (NSE:CHANDAN) has a Beneish M-Score of -0.76 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chandan Healthcare and its competitors. According to the industry distribution chart, Chandan Healthcare ranks #181 out of 197 companies in the Medical Diagnostics & Research industry, placing it in the top 91.9%.
Is Chandan Healthcare's Beneish M-Score too high?
Chandan Healthcare's current Beneish M-Score is -0.76. Based on the distribution chart, Chandan Healthcare ranks #181 out of 197 companies in the Medical Diagnostics & Research industry, which is in the bottom quartile relative to peers. Overall, Chandan Healthcare has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Chandan Healthcare's Beneish M-Score compare to TMO and DHR?
According to the Medical Diagnostics & Research industry distribution chart, Chandan Healthcare ranks #181 out of 197 companies for Beneish M-Score. This places Chandan Healthcare 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 Medical Diagnostics & Research company?
A good Beneish M-Score depends on the Medical Diagnostics & Research 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 Chandan Healthcare and its competitors. Chandan Healthcare's current Beneish M-Score is -0.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chandan Healthcare stock overvalued right now?
Chandan Healthcare (NSE:CHANDAN) has a current Beneish M-Score of -0.76. The current Beneish M-Score is -0.76. Chandan Healthcare's overall GF Score™ is 28/100 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 Chandan Healthcare (NSE:CHANDAN), the current Beneish M-Score is -0.76 as of Jul. 06, 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.

Chandan Healthcare Business Description

Address Kursi Road, Biotech Park, Sector G, Jankipuram, Lucknow, UP, IND, 226021
Chandan Healthcare Ltd operates laboratories that offer comprehensive pathological investigations. Its services encompass biochemistry, hematology, histopathology, microbiology, and immunology. Additionally, it provide an extensive array of radiology services, including CT scans, X-rays, and MRIs. The company operates single reportable business segment that is Diagnostics Services.
28GF Score

Get the complete analysis for NSE:CHANDAN

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

₹253.00
Price