Waterways Leisure Tourism (NSE:CORDELIA) Beneish M-Score: 6.44 (As of Sep. 10, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:CORDELIA Waterways Leisure Tourism Ltd NSE:CORDELIA
20 GF Score
Price ₹104.25
! 9 Warning Signs
View Full Analysis

What is Waterways Leisure Tourism Beneish M-Score?

Waterways Leisure Tourism NSE:CORDELIA -2.31% 20 Beneish M-Score is 6.44 as of Sep. 10, 2026. GuruFocus rates NSE:CORDELIA with a GF Score™ of 20/100. The stock has 9 warning signs investors should review. Among 979 Transportation companies, Waterways Leisure Tourism ranks worse than 98.57% 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 6.44 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CORDELIA' s Beneish M-Score Range Over the Past 10 Years
Min: -6.04   Med: -2.95   Max: 6.44
Current: 6.44

During the past 5 years, the highest Beneish M-Score of Waterways Leisure Tourism was 6.44. The lowest was -6.04. And the median was -2.95.

Waterways Leisure Tourism Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Waterways Leisure Tourism'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.

Waterways Leisure Tourism Beneish M-Score Chart

Waterways Leisure Tourism Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -6.04 -2.95 6.44

Waterways Leisure Tourism Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -6.04 -2.95 6.44

Waterways Leisure Tourism Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Waterways Leisure Tourism'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.

Waterways Leisure Tourism Beneish M-Score vs Transportation Industry

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

* The bar in red indicates where Waterways Leisure Tourism's Beneish M-Score falls into.


NSE:CORDELIA
20GF Score
Waterways Leisure Tourism Ltd NSE:CORDELIA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Waterways Leisure Tourism 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 Waterways Leisure Tourism 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 * 2.2098+0.528 * 1.2323+0.404 * 14.9594+0.892 * 0.9826+0.115 * 1.371
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.312+4.679 * 0.43472-0.327 * 0.8785
=6.44

* 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 ₹79 Mil.
Revenue was ₹5,794 Mil.
Gross Profit was ₹1,696 Mil.
Total Current Assets was ₹1,027 Mil.
Total Assets was ₹3,418 Mil.
Property, Plant and Equipment(Net PPE) was ₹715 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹305 Mil.
Selling, General, & Admin. Expense(SGA) was ₹531 Mil.
Total Current Liabilities was ₹1,974 Mil.
Long-Term Debt & Capital Lease Obligation was ₹593 Mil.
Net Income was ₹521 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-964 Mil.
 Total Receivables was ₹37 Mil.
Revenue was ₹5,897 Mil.
Gross Profit was ₹2,127 Mil.
Total Current Assets was ₹1,485 Mil.
Total Assets was ₹2,474 Mil.
Property, Plant and Equipment(Net PPE) was ₹908 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹630 Mil.
Selling, General, & Admin. Expense(SGA) was ₹412 Mil.
Total Current Liabilities was ₹1,936 Mil.
Long-Term Debt & Capital Lease Obligation was ₹180 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)
=(79.35 / 5794.32) / (36.54 / 5896.72)
=0.013694 / 0.006197
=2.2098

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)
=(2126.94 / 5896.72) / (1696.01 / 5794.32)
=0.360699 / 0.292702
=1.2323

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 - (1026.83 + 715.39) / 3417.79) / (1 - (1485.17 + 907.5) / 2473.74)
=0.49025 / 0.032772
=14.9594

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
=5794.32 / 5896.72
=0.9826

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))
=(629.88 / (629.88 + 907.5)) / (304.89 / (304.89 + 715.39))
=0.40971 / 0.29883
=1.371

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)
=(530.62 / 5794.32) / (411.58 / 5896.72)
=0.091576 / 0.069798
=1.312

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)
=((593.46 + 1974.36) / 3417.79) / ((179.99 + 1935.55) / 2473.74)
=0.75131 / 0.855199
=0.8785

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
=(521.43 - 0 - -964.35) / 3417.79
=0.43472

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.

Waterways Leisure Tourism has a M-score of 6.44 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 6.44 mean?
Waterways Leisure Tourism (NSE:CORDELIA) has a Beneish M-Score of 6.44 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Waterways Leisure Tourism and its competitors. According to the industry distribution chart, Waterways Leisure Tourism ranks #965 out of 979 companies in the Transportation industry, placing it in the top 98.6%.
Is Waterways Leisure Tourism's Beneish M-Score too high?
Waterways Leisure Tourism's current Beneish M-Score is 6.44. Based on the distribution chart, Waterways Leisure Tourism ranks #965 out of 979 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Waterways Leisure Tourism has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Waterways Leisure Tourism's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Waterways Leisure Tourism ranks #965 out of 979 companies for Beneish M-Score. This places Waterways Leisure Tourism 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 Waterways Leisure Tourism and its competitors. Waterways Leisure Tourism's current Beneish M-Score is 6.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waterways Leisure Tourism stock overvalued right now?
Waterways Leisure Tourism (NSE:CORDELIA) has a current Beneish M-Score of 6.44. The current Beneish M-Score is 6.44. Waterways Leisure Tourism's overall GF Score™ is 20/100 with 9 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 Waterways Leisure Tourism (NSE:CORDELIA), the current Beneish M-Score is 6.44 as of Sep. 10, 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.

Waterways Leisure Tourism Business Description

Other Exchanges 544802:India
Address NM Joshi Marg, Delisle Road, A-1601, Marathon Futurex, Lower Parel, Mumbai, MH, IND, 400013
Waterways Leisure Tourism Ltd is one of the domestic ocean cruise operators in India, offering luxurious and authentic Indian experiences. It is engaged in the business of cruise lines, shipping, organizing, and conducting cruises, tours, holidays, maintaining, and providing related services. The company currently operates a cruise vessel, the MV Empress. Its cruise vessel sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam(Andhra Pradesh), and Puducherry. Its cruise vessel MV Empress offers a variety of cabin options, including one chairman's suite, suites, mini suites, ocean-view staterooms, and interior staterooms.
20GF Score

Get the complete analysis for NSE:CORDELIA

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

₹104.25
Price