Dhansa Labs (NSE:DHANSA) Beneish M-Score: -1.43 (As of Jun. 26, 2026)


NSE:DHANSA Dhansa Labs Ltd NSE:DHANSA
34 GF Score
Price ₹21.00
! 12 Warning Signs
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What is Dhansa Labs Beneish M-Score?

Dhansa Labs NSE:DHANSA +2.69% 34 Beneish M-Score is -1.43 as of Jun. 26, 2026. GuruFocus rates NSE:DHANSA with a GF Score™ of 34/100. The stock has 12 warning signs investors should review. Among 246 Agriculture companies, Dhansa Labs ranks worse than 83.33% 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 -1.43 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:DHANSA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13   Med: -0.8   Max: 2.2
Current: -1.43

During the past 6 years, the highest Beneish M-Score of Dhansa Labs was 2.20. The lowest was -3.13. And the median was -0.80.

Dhansa Labs Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dhansa Labs'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.

Dhansa Labs Beneish M-Score Chart

Dhansa Labs Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.13 2.20 -0.16 -1.43

Dhansa Labs Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 2.20 0.00 -0.16 0.00 -1.43

NSE:DHANSA vs CTVA, CF: Beneish M-Score Comparison

For the Agricultural Inputs subindustry, Dhansa Labs'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.

Dhansa Labs Beneish M-Score vs Agriculture Industry

For the Agriculture industry and Basic Materials sector, Dhansa Labs's Beneish M-Score distribution charts can be found below:

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


NSE:DHANSA
34GF Score
Dhansa Labs Ltd NSE:DHANSA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dhansa Labs 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 Dhansa Labs 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 * 1.4263+0.528 * 1.017+0.404 * 1.041+0.892 * 1.0782+0.115 * 1.3871
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.065537-0.327 * 0.8651
=-1.43

* 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 ₹622 Mil.
Revenue was ₹1,415 Mil.
Gross Profit was ₹151 Mil.
Total Current Assets was ₹1,012 Mil.
Total Assets was ₹1,509 Mil.
Property, Plant and Equipment(Net PPE) was ₹466 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹22 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹327 Mil.
Long-Term Debt & Capital Lease Obligation was ₹189 Mil.
Net Income was ₹55 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-44 Mil.
 Total Receivables was ₹404 Mil.
Revenue was ₹1,313 Mil.
Gross Profit was ₹143 Mil.
Total Current Assets was ₹865 Mil.
Total Assets was ₹1,272 Mil.
Property, Plant and Equipment(Net PPE) was ₹382 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹10 Mil.
Total Current Liabilities was ₹396 Mil.
Long-Term Debt & Capital Lease Obligation was ₹107 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)
=(621.764 / 1415.372) / (404.319 / 1312.699)
=0.439294 / 0.308006
=1.4263

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)
=(142.726 / 1312.699) / (151.311 / 1415.372)
=0.108727 / 0.106905
=1.017

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 - (1012.083 + 466.492) / 1509.167) / (1 - (865.321 + 382.028) / 1272.121)
=0.020271 / 0.019473
=1.041

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
=1415.372 / 1312.699
=1.0782

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))
=(25.43 / (25.43 + 382.028)) / (21.978 / (21.978 + 466.492))
=0.062411 / 0.044994
=1.3871

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 / 1415.372) / (10.371 / 1312.699)
=0 / 0.007901
=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)
=((189.251 + 327.246) / 1509.167) / ((107.482 + 395.777) / 1272.121)
=0.34224 / 0.395606
=0.8651

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
=(55.226 - 0 - -43.68) / 1509.167
=0.065537

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.

Dhansa Labs has a M-score of -1.43 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 -1.43 mean?
Dhansa Labs (NSE:DHANSA) has a Beneish M-Score of -1.43 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dhansa Labs and its competitors. According to the industry distribution chart, Dhansa Labs ranks #205 out of 246 companies in the Agriculture industry, placing it in the top 83.3%.
Is Dhansa Labs' Beneish M-Score too high?
Dhansa Labs' current Beneish M-Score is -1.43. Based on the distribution chart, Dhansa Labs ranks #205 out of 246 companies in the Agriculture industry, which is in the bottom quartile relative to peers. Overall, Dhansa Labs has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does Dhansa Labs' Beneish M-Score compare to CTVA and CF?
According to the Agriculture industry distribution chart, Dhansa Labs ranks #205 out of 246 companies for Beneish M-Score. This places Dhansa Labs 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 Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 Dhansa Labs and its competitors. Dhansa Labs's current Beneish M-Score is -1.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dhansa Labs stock overvalued right now?
Dhansa Labs (NSE:DHANSA) has a current Beneish M-Score of -1.43. The current Beneish M-Score is -1.43. Dhansa Labs' overall GF Score™ is 34/100 with 12 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 Dhansa Labs (NSE:DHANSA), the current Beneish M-Score is -1.43 as of Jun. 26, 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.

Dhansa Labs Business Description

Address Sector 26A, B-18/9, 2nd Floor, DLF Phase-1, Gurugram, HR, IND, 122002
Dhansa Labs Ltd, formerly Ambey Laboratories Ltd manufactures agrochemical products focused on crop protection, specializing in 2,4-D base chemicals. The company operates a certified manufacturing facility in Rajasthan, adhering to high environmental, health, and safety standards. It serves customers through the production and supply of herbicides, insecticides, and fungicides used in agriculture. Revenue is generated through sales to large corporate clients and distributors, supporting crop protection efforts globally. Additionally, the company is part of a broader group with divisions in FMCG and natural gums, contributing to a diversified business model.
34GF 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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