Fonebox Retail (NSE:FONEBOX) Beneish M-Score: -2.18 (As of Jul. 01, 2026)


NSE:FONEBOX Fonebox Retail Ltd NSE:FONEBOX
16 GF Score
Price ₹72.50
! 1 Warning Sign
View Full Analysis

What is Fonebox Retail Beneish M-Score?

Fonebox Retail NSE:FONEBOX 16 Beneish M-Score is -2.18 as of Jul. 01, 2026. GuruFocus rates NSE:FONEBOX with a GF Score™ of 16/100. The stock has 1 warning sign investors should review. Among 1,084 Retail - Cyclical companies, Fonebox Retail ranks worse than 72.97% 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.

Good Sign:

Beneish M-Score -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:FONEBOX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.18   Med: -2.11   Max: -0.81
Current: -2.18

During the past 5 years, the highest Beneish M-Score of Fonebox Retail was -0.81. The lowest was -2.18. And the median was -2.11.

Fonebox Retail Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fonebox Retail'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.

Fonebox Retail Beneish M-Score Chart

Fonebox Retail Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -0.81 -2.11 -2.18

Fonebox Retail Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.11 0.00 -2.18 0.00

NSE:FONEBOX vs CASY, WSM, DKS: Beneish M-Score Comparison

For the Specialty Retail subindustry, Fonebox Retail'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.

Fonebox Retail Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Fonebox Retail's Beneish M-Score distribution charts can be found below:

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


NSE:FONEBOX
16GF Score
Fonebox Retail Ltd NSE:FONEBOX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fonebox Retail 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 Fonebox Retail 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 * 1.3843+0.528 * 0.9581+0.404 * 0.9078+0.892 * 1.1525+0.115 * 0.9443
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0824+4.679 * -0.018694-0.327 * 1.0806
=-2.18

* 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 ₹85 Mil.
Revenue was ₹3,420 Mil.
Gross Profit was ₹336 Mil.
Total Current Assets was ₹794 Mil.
Total Assets was ₹846 Mil.
Property, Plant and Equipment(Net PPE) was ₹36 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12 Mil.
Total Current Liabilities was ₹203 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹45 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹61 Mil.
 Total Receivables was ₹53 Mil.
Revenue was ₹2,967 Mil.
Gross Profit was ₹280 Mil.
Total Current Assets was ₹563 Mil.
Total Assets was ₹615 Mil.
Property, Plant and Equipment(Net PPE) was ₹40 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹9 Mil.
Total Current Liabilities was ₹136 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(85.296 / 3419.853) / (53.461 / 2967.266)
=0.024941 / 0.018017
=1.3843

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)
=(279.559 / 2967.266) / (336.276 / 3419.853)
=0.094214 / 0.098331
=0.9581

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 - (793.773 + 36.455) / 845.893) / (1 - (562.72 + 39.633) / 614.896)
=0.018519 / 0.020399
=0.9078

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
=3419.853 / 2967.266
=1.1525

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))
=(8.265 / (8.265 + 39.633)) / (8.151 / (8.151 + 36.455))
=0.172554 / 0.182733
=0.9443

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)
=(11.64 / 3419.853) / (9.333 / 2967.266)
=0.003404 / 0.003145
=1.0824

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 + 202.778) / 845.893) / ((0.428 + 135.976) / 614.896)
=0.239721 / 0.221833
=1.0806

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
=(45.461 - 0 - 61.274) / 845.893
=-0.018694

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.

Fonebox Retail has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.18 mean?
Fonebox Retail (NSE:FONEBOX) has a Beneish M-Score of -2.18 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fonebox Retail and its competitors. According to the industry distribution chart, Fonebox Retail ranks #791 out of 1084 companies in the Retail - Cyclical industry, placing it in the top 73%.
Is Fonebox Retail's Beneish M-Score too high?
Fonebox Retail's current Beneish M-Score is -2.18. Based on the distribution chart, Fonebox Retail ranks #791 out of 1084 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Fonebox Retail has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Fonebox Retail's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Fonebox Retail ranks #791 out of 1084 companies for Beneish M-Score. This places Fonebox Retail 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Fonebox Retail and its competitors. Fonebox Retail's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fonebox Retail stock overvalued right now?
Fonebox Retail (NSE:FONEBOX) has a current Beneish M-Score of -2.18. The current Beneish M-Score is -2.18. Fonebox Retail's overall GF Score™ is 16/100 with 1 warning sign 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 Fonebox Retail (NSE:FONEBOX), the current Beneish M-Score is -2.18 as of Jul. 01, 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.

Fonebox Retail Business Description

Address S G Road, 702/703, 7th Floor, Satyam 64, Opposite Gujarat High Court, Ahmedabad, GJ, IND, 380061
Fonebox Retail Ltd is engaged in multi-brand retail selling of Smart Phones and allied accessories from manufacturers like Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG, and Micromax. It is also engaged in multi-brand retail selling of consumer durable electronics goods like laptops, Washing Machines, Smart TVs, Air Conditioners, Fridges, etc., from brands like TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme, and OnePlus. It mainly operates under the brand names of Fonebook and Fonebox and operates in stores across the state of Gujarat. The company's business activity falls within a single business segment of retail, and geographically it operates only in India.
16GF Score

Get the complete analysis for NSE:FONEBOX

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

₹72.50
Price