Ecoline Exim (NSE:ECOLINE) Beneish M-Score: -1.40 (As of Jun. 27, 2026)


NSE:ECOLINE Ecoline Exim Ltd NSE:ECOLINE
18 GF Score
Price ₹205.45
! 6 Warning Signs
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What is Ecoline Exim Beneish M-Score?

Ecoline Exim NSE:ECOLINE -0.60% 18 Beneish M-Score is -1.40 as of Jun. 27, 2026. GuruFocus rates NSE:ECOLINE with a GF Score™ of 18/100. The stock has 6 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, Ecoline Exim ranks worse than 85.61% 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 -1.4 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:ECOLINE' s Beneish M-Score Range Over the Past 10 Years
Min: -1.4   Med: -1.4   Max: -1.4
Current: -1.4

During the past 3 years, the highest Beneish M-Score of Ecoline Exim was -1.40. The lowest was -1.40. And the median was -1.40.

Ecoline Exim Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ecoline Exim'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.

Ecoline Exim Beneish M-Score Chart

Ecoline Exim Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.40

Ecoline Exim Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.40

NSE:ECOLINE vs NKE, DECK, ONON: Beneish M-Score Comparison

For the Footwear & Accessories subindustry, Ecoline Exim'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.

Ecoline Exim Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Ecoline Exim's Beneish M-Score distribution charts can be found below:

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


NSE:ECOLINE
18GF Score
Ecoline Exim Ltd NSE:ECOLINE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ecoline Exim 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 Ecoline Exim 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 * 1.5048+0.528 * 0.861+0.404 * 0.6916+0.892 * 0.9952+0.115 * 1.1907
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9991+4.679 * 0.162699-0.327 * 0.8907
=-1.40

* 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 ₹468 Mil.
Revenue was ₹2,540 Mil.
Gross Profit was ₹321 Mil.
Total Current Assets was ₹1,154 Mil.
Total Assets was ₹1,463 Mil.
Property, Plant and Equipment(Net PPE) was ₹162 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹29 Mil.
Selling, General, & Admin. Expense(SGA) was ₹113 Mil.
Total Current Liabilities was ₹571 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1 Mil.
Net Income was ₹188 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-50 Mil.
 Total Receivables was ₹312 Mil.
Revenue was ₹2,552 Mil.
Gross Profit was ₹278 Mil.
Total Current Assets was ₹956 Mil.
Total Assets was ₹1,287 Mil.
Property, Plant and Equipment(Net PPE) was ₹144 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹31 Mil.
Selling, General, & Admin. Expense(SGA) was ₹113 Mil.
Total Current Liabilities was ₹538 Mil.
Long-Term Debt & Capital Lease Obligation was ₹27 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)
=(467.751 / 2540.144) / (312.33 / 2552.344)
=0.184143 / 0.12237
=1.5048

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)
=(277.709 / 2552.344) / (321.01 / 2540.144)
=0.108805 / 0.126375
=0.861

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 - (1154.249 + 161.749) / 1463.073) / (1 - (956.236 + 143.902) / 1287.245)
=0.100525 / 0.145355
=0.6916

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
=2540.144 / 2552.344
=0.9952

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))
=(31.298 / (31.298 + 143.902)) / (28.551 / (28.551 + 161.749))
=0.178642 / 0.150032
=1.1907

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)
=(112.789 / 2540.144) / (113.429 / 2552.344)
=0.044403 / 0.044441
=0.9991

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)
=((1.371 + 570.783) / 1463.073) / ((26.915 + 538.233) / 1287.245)
=0.391063 / 0.439037
=0.8907

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
=(188.225 - 0 - -49.815) / 1463.073
=0.162699

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.

Ecoline Exim has a M-score of -1.40 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 -1.40 mean?
Ecoline Exim (NSE:ECOLINE) has a Beneish M-Score of -1.40 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ecoline Exim and its competitors. According to the industry distribution chart, Ecoline Exim ranks #857 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 85.6%.
Is Ecoline Exim's Beneish M-Score too high?
Ecoline Exim's current Beneish M-Score is -1.40. Based on the distribution chart, Ecoline Exim ranks #857 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Ecoline Exim has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Ecoline Exim's Beneish M-Score compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Ecoline Exim ranks #857 out of 1001 companies for Beneish M-Score. This places Ecoline Exim 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Ecoline Exim and its competitors. Ecoline Exim's current Beneish M-Score is -1.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ecoline Exim stock overvalued right now?
Ecoline Exim (NSE:ECOLINE) has a current Beneish M-Score of -1.40. The current Beneish M-Score is -1.40. Ecoline Exim's overall GF Score™ is 18/100 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 Ecoline Exim (NSE:ECOLINE), the current Beneish M-Score is -1.40 as of Jun. 27, 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.

Ecoline Exim Business Description

Address 8, G.C. Ghosh Road, Kolkata, WB, IND, 700048
Ecoline Exim Ltd is engaged in the manufacturing of a wide range of sustainable packaging and promotional bags made out of cotton and jute. The company is engaged in the export of these bags globally. It exports its products to more than 27 countries. Its export market is the European Union, the USA, Japan, Southeast Asia, and Mexico etc. The company offers a variety of eco-conscious cotton and jute bags. Its offerings include: Recycled Cotton Bags, Organic Cotton Bags, Fairtrade Cotton Bags, Conventional Cotton Bags, and Jute Bags.
18GF Score

Get the complete analysis for NSE:ECOLINE

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

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