Excellent Wires and Packaging (NSE:EXCELLENT) Beneish M-Score: -1.32 (As of Jun. 26, 2026)


NSE:EXCELLENT Excellent Wires and Packaging Ltd NSE:EXCELLENT
16 GF Score
Price ₹194.80
! 8 Warning Signs
View Full Analysis

What is Excellent Wires and Packaging Beneish M-Score?

Excellent Wires and Packaging NSE:EXCELLENT +0.88% 16 Beneish M-Score is -1.32 as of Jun. 26, 2026. GuruFocus rates NSE:EXCELLENT with a GF Score™ of 16/100. The stock has 8 warning signs investors should review. Among 2,926 Industrial Products companies, Excellent Wires and Packaging ranks worse than 90.81% 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 -1.32 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:EXCELLENT' s Beneish M-Score Range Over the Past 10 Years
Min: -1.41   Med: -1.32   Max: -0.23
Current: -1.32

During the past 5 years, the highest Beneish M-Score of Excellent Wires and Packaging was -0.23. The lowest was -1.41. And the median was -1.32.

Excellent Wires and Packaging Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Excellent Wires and Packaging'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.

Excellent Wires and Packaging Beneish M-Score Chart

Excellent Wires and Packaging Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.23 -1.41 -1.32

Excellent Wires and Packaging Semi-Annual Data
Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -0.23 0.00 -1.41 0.00 -1.32

NSE:EXCELLENT vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Excellent Wires and Packaging'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.

Excellent Wires and Packaging Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Excellent Wires and Packaging's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Excellent Wires and Packaging's Beneish M-Score falls into.


NSE:EXCELLENT
16GF Score
Excellent Wires and Packaging Ltd NSE:EXCELLENT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Excellent Wires and Packaging 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 Excellent Wires and Packaging 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 * 1.6534+0.528 * 1.1702+0.404 * 1.5907+0.892 * 1.0202+0.115 * 2.1311
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.119498-0.327 * 2.9772
=-1.32

* 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 ₹71.5 Mil.
Revenue was ₹226.4 Mil.
Gross Profit was ₹31.0 Mil.
Total Current Assets was ₹152.7 Mil.
Total Assets was ₹239.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹85.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹32.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹15.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-13.5 Mil.
 Total Receivables was ₹42.4 Mil.
Revenue was ₹221.9 Mil.
Gross Profit was ₹35.5 Mil.
Total Current Assets was ₹157.1 Mil.
Total Assets was ₹200.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹43.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7.0 Mil.
Total Current Liabilities was ₹9.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(71.5 / 226.442) / (42.385 / 221.949)
=0.315754 / 0.190967
=1.6534

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)
=(35.505 / 221.949) / (30.954 / 226.442)
=0.159969 / 0.136697
=1.1702

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 - (152.742 + 85.602) / 239.175) / (1 - (157.107 + 42.979) / 200.524)
=0.003474 / 0.002184
=1.5907

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
=226.442 / 221.949
=1.0202

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))
=(4.625 / (4.625 + 42.979)) / (4.089 / (4.089 + 85.602))
=0.097156 / 0.04559
=2.1311

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 / 226.442) / (7.003 / 221.949)
=0 / 0.031552
=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)
=((0 + 32.709) / 239.175) / ((0 + 9.211) / 200.524)
=0.136758 / 0.045935
=2.9772

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
=(15.096 - 0 - -13.485) / 239.175
=0.119498

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.

Excellent Wires and Packaging has a M-score of -1.32 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 -1.32 mean?
Excellent Wires and Packaging (NSE:EXCELLENT) has a Beneish M-Score of -1.32 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Excellent Wires and Packaging and its competitors. According to the industry distribution chart, Excellent Wires and Packaging ranks #2657 out of 2926 companies in the Industrial Products industry, placing it in the top 90.8%.
Is Excellent Wires and Packaging's Beneish M-Score too high?
Excellent Wires and Packaging's current Beneish M-Score is -1.32. Based on the distribution chart, Excellent Wires and Packaging ranks #2657 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Excellent Wires and Packaging has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Excellent Wires and Packaging's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Excellent Wires and Packaging ranks #2657 out of 2926 companies for Beneish M-Score. This places Excellent Wires and Packaging 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Excellent Wires and Packaging and its competitors. Excellent Wires and Packaging's current Beneish M-Score is -1.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Excellent Wires and Packaging stock overvalued right now?
Excellent Wires and Packaging (NSE:EXCELLENT) has a current Beneish M-Score of -1.32. The current Beneish M-Score is -1.32. Excellent Wires and Packaging's overall GF Score™ is 16/100 with 8 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 Excellent Wires and Packaging (NSE:EXCELLENT), the current Beneish M-Score is -1.32 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.

Excellent Wires and Packaging Business Description

Address Jay Chamundeshwari Industrial Complex, Unit No. 12,13,113 Building 2 S. No. 54, Naikpada, Palghar, Vasai, MH, IND, 401208
Excellent Wires and Packaging Ltd is a manufacturer and exporter of various types of wires, such as Spring Steel Wire, High Carbon Wire, Galvanised Wire or GI Wire, Round Stitching Wire, Flat Stitching Wire, Mild Steel (M.S.) & Low Carbon Wire, H.B. & H.H.B. Wire, Annealed Wire, Brass Wire, Copper Wire, Stainless Steel Wire, Spiral Wires, Binding Wires, Bailing Wires and all types & sizes of Wire Ropes made of high carbon or SS Wire With or without PVC Coating for multiple applications under the brand name of Excellent. It also manufactures packaging products like PP Strapping Rolls and BOPP Self-Adhesive Tapes under the brand name of Excellent. The company supplies its products to various industries, viz. Packaging, Engineering, Stationery, Imitation Jewelry, Wires & Cable, etc.
16GF Score

Get the complete analysis for NSE:EXCELLENT

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

₹194.80
Price