Durlax Top Surface (NSE:DURLAX) Beneish M-Score: -1.01 (As of Jul. 08, 2026)


NSE:DURLAX Durlax Top Surface Ltd NSE:DURLAX
43 GF Score
Price ₹52.00
! 5 Warning Signs
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What is Durlax Top Surface Beneish M-Score?

Durlax Top Surface NSE:DURLAX 43 Beneish M-Score is -1.01 as of Jul. 08, 2026. GuruFocus rates NSE:DURLAX with a GF Score™ of 43/100. The stock has 5 warning signs investors should review. Among 388 Building Materials companies, Durlax Top Surface ranks worse than 93.81% 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 -1.01 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:DURLAX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.38   Med: -1   Max: -0.88
Current: -1.01

During the past 6 years, the highest Beneish M-Score of Durlax Top Surface was -0.88. The lowest was -2.38. And the median was -1.00.

Durlax Top Surface Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Durlax Top Surface'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.

Durlax Top Surface Beneish M-Score Chart

Durlax Top Surface Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.38 -0.99 -0.88 -1.01

Durlax Top Surface Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.38 -0.99 -0.88 -1.01

NSE:DURLAX vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, Durlax Top Surface'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.

Durlax Top Surface Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, Durlax Top Surface's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Durlax Top Surface's Beneish M-Score falls into.


NSE:DURLAX
43GF Score
Durlax Top Surface Ltd NSE:DURLAX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Durlax Top Surface 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 Durlax Top Surface 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 * 1.2119+0.528 * 0.9949+0.404 * 0.5605+0.892 * 1.5047+0.115 * 1.5019
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.142565-0.327 * 0.6706
=-1.01

* 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 ₹641 Mil.
Revenue was ₹1,846 Mil.
Gross Profit was ₹374 Mil.
Total Current Assets was ₹1,429 Mil.
Total Assets was ₹1,754 Mil.
Property, Plant and Equipment(Net PPE) was ₹290 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹530 Mil.
Long-Term Debt & Capital Lease Obligation was ₹49 Mil.
Net Income was ₹126 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-124 Mil.
 Total Receivables was ₹352 Mil.
Revenue was ₹1,227 Mil.
Gross Profit was ₹248 Mil.
Total Current Assets was ₹923 Mil.
Total Assets was ₹1,148 Mil.
Property, Plant and Equipment(Net PPE) was ₹184 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11 Mil.
Total Current Liabilities was ₹498 Mil.
Long-Term Debt & Capital Lease Obligation was ₹67 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)
=(641.473 / 1845.535) / (351.767 / 1226.525)
=0.347581 / 0.2868
=1.2119

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)
=(247.508 / 1226.525) / (374.335 / 1845.535)
=0.201796 / 0.202833
=0.9949

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 - (1428.666 + 289.826) / 1753.606) / (1 - (922.846 + 183.943) / 1147.793)
=0.020024 / 0.035724
=0.5605

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
=1845.535 / 1226.525
=1.5047

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))
=(24.543 / (24.543 + 183.943)) / (24.649 / (24.649 + 289.826))
=0.11772 / 0.078381
=1.5019

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 / 1845.535) / (10.922 / 1226.525)
=0 / 0.008905
=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)
=((48.641 + 529.878) / 1753.606) / ((66.711 + 497.985) / 1147.793)
=0.329902 / 0.491984
=0.6706

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
=(126.365 - 0 - -123.637) / 1753.606
=0.142565

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.

Durlax Top Surface has a M-score of -1.01 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 -1.01 mean?
Durlax Top Surface (NSE:DURLAX) has a Beneish M-Score of -1.01 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Durlax Top Surface and its competitors. According to the industry distribution chart, Durlax Top Surface ranks #364 out of 388 companies in the Building Materials industry, placing it in the top 93.8%.
Is Durlax Top Surface's Beneish M-Score too high?
Durlax Top Surface's current Beneish M-Score is -1.01. Based on the distribution chart, Durlax Top Surface ranks #364 out of 388 companies in the Building Materials industry, which is in the bottom quartile relative to peers. Overall, Durlax Top Surface has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Durlax Top Surface's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Durlax Top Surface ranks #364 out of 388 companies for Beneish M-Score. This places Durlax Top Surface 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Durlax Top Surface and its competitors. Durlax Top Surface's current Beneish M-Score is -1.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Durlax Top Surface stock overvalued right now?
Durlax Top Surface (NSE:DURLAX) has a current Beneish M-Score of -1.01. The current Beneish M-Score is -1.01. Durlax Top Surface's overall GF Score™ is 43/100 with 5 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 Durlax Top Surface (NSE:DURLAX), the current Beneish M-Score is -1.01 as of Jul. 08, 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.

Durlax Top Surface Business Description

Address Off Vishweshwar Nagar Road, Unit No. 1601, 16th Floor, Synergy Business Park, Premises Co-op Society Ltd, Behind Virwani Industrial Estate, Sahakarwadi, Goregaon (E), Mumbai, MH, IND, 400 063
Durlax Top Surface Ltd is engaged in the business of manufacturing solid surface material in India. The company operates through two brands namely LUXOR and ASPIRON, that provide a wide range of solid surfaces. LUXOR brand offers Acrylic UV Solid Surfaces, while ASPIRON offers Modified Solid Surfaces.
43GF 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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