EPW India (NSE:EPWINDIA) Beneish M-Score: 1.61 (As of Jun. 27, 2026) — 20% Below Median


NSE:EPWINDIA EPW India Ltd NSE:EPWINDIA
18 GF Score
Price ₹191.35
! 4 Warning Signs
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What is EPW India Beneish M-Score?

EPW India NSE:EPWINDIA +4.99% 18 Beneish M-Score is 1.61 as of Jun. 27, 2026, which is 20% below its 10-year median of 2.00. GuruFocus rates NSE:EPWINDIA with a GF Score™ of 18/100. The stock has 4 warning signs investors should review. Among 2,404 Hardware companies, EPW India ranks worse than 97.5% 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 1.61 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:EPWINDIA' s Beneish M-Score Range Over the Past 10 Years
Min: 1.61   Med: 2   Max: 2.39
Current: 1.61

During the past 4 years, the highest Beneish M-Score of EPW India was 2.39. The lowest was 1.61. And the median was 2.00.

EPW India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EPW India'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.

EPW India Beneish M-Score Chart

EPW India Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 2.39 1.61

EPW India Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 2.39 0.00 1.61

NSE:EPWINDIA vs SNX, ARW, AVT: Beneish M-Score Comparison

For the Electronics & Computer Distribution subindustry, EPW India'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.

EPW India Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, EPW India's Beneish M-Score distribution charts can be found below:

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


NSE:EPWINDIA
18GF Score
EPW India Ltd NSE:EPWINDIA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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EPW India 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 EPW India 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 * 2.0454+0.528 * 0.9366+0.404 * 0.8231+0.892 * 2.0158+0.115 * 5.9792
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.305619-0.327 * 0.5338
=1.61

* 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 ₹393 Mil.
Revenue was ₹1,075 Mil.
Gross Profit was ₹216 Mil.
Total Current Assets was ₹684 Mil.
Total Assets was ₹751 Mil.
Property, Plant and Equipment(Net PPE) was ₹65 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹318 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2 Mil.
Net Income was ₹103 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-126 Mil.
 Total Receivables was ₹95 Mil.
Revenue was ₹533 Mil.
Gross Profit was ₹100 Mil.
Total Current Assets was ₹261 Mil.
Total Assets was ₹266 Mil.
Property, Plant and Equipment(Net PPE) was ₹4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1 Mil.
Total Current Liabilities was ₹211 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1 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)
=(392.982 / 1074.59) / (95.314 / 533.091)
=0.365704 / 0.178795
=2.0454

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)
=(100.196 / 533.091) / (215.645 / 1074.59)
=0.187953 / 0.200677
=0.9366

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 - (684.32 + 64.565) / 750.929) / (1 - (260.583 + 4.062) / 265.523)
=0.002722 / 0.003307
=0.8231

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
=1074.59 / 533.091
=2.0158

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))
=(0.925 / (0.925 + 4.062)) / (2.067 / (2.067 + 64.565))
=0.185482 / 0.031021
=5.9792

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 / 1074.59) / (1.298 / 533.091)
=0 / 0.002435
=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)
=((2.135 + 318.31) / 750.929) / ((0.857 + 211.42) / 265.523)
=0.426731 / 0.799467
=0.5338

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
=(103.125 - 0 - -126.373) / 750.929
=0.305619

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.

EPW India has a M-score of 1.61 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 1.61 mean?
EPW India (NSE:EPWINDIA) has a Beneish M-Score of 1.61 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EPW India and its competitors. This is 20% below median its historical median of 2.00. Over the past decade, EPW India's Beneish M-Score has ranged from 1.61 to 2.39. According to the industry distribution chart, EPW India ranks #2344 out of 2404 companies in the Hardware industry, placing it in the top 97.5%.
Is EPW India's Beneish M-Score too high?
EPW India's current Beneish M-Score of 1.61 is 20% below median its 10-year median of 2.00. Over the past 10 years, this metric has ranged from a low of 1.61 to a high of 2.39. Based on the distribution chart, EPW India ranks #2344 out of 2404 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, EPW India has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does EPW India's Beneish M-Score compare to SNX and ARW?
According to the Hardware industry distribution chart, EPW India ranks #2344 out of 2404 companies for Beneish M-Score. This places EPW India in the lower half of its industry. Historically, EPW India's own Beneish M-Score has ranged from 1.61 to 2.39 over the past decade. 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 EPW India and its competitors. EPW India's current Beneish M-Score is 1.61, which is 20% below median its own 10-year median of 2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EPW India stock overvalued right now?
EPW India (NSE:EPWINDIA) has a current Beneish M-Score of 1.61. The current Beneish M-Score is 1.61, which is 20% below median its 10-year median of 2.00. EPW India's overall GF Score™ is 18/100 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 EPW India (NSE:EPWINDIA), the current Beneish M-Score is 1.61 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.

EPW India Business Description

Address Shop No. 131 & 132, Ground Floor, C-Block Chenoy Trade Center, Parklane, Secunderabad, Hyderabad, TG, IND, 500003
EPW India Ltd is an IT electronics refurbishing business that supplies refurbished electronic products through both direct-to-consumer and business-to-business channels. Its operations cover the end-to-end reverse supply chain for IT assets, including the procurement of used devices, refurbishment to resale condition, and distribution to end users. The product portfolio includes laptops, desktops, Chromebooks, monitors, and related accessories, which are sold through company-operated retail outlets and an online platform. The company generates revenue from sales of refurbished laptops, desktops, monitors, accessories and new IT products (laptops, desktops, etc.).
18GF 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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