Freshara Agro Exports (NSE:FRESHARA) Beneish M-Score: -0.91 (As of Sep. 22, 2026)

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NSE:FRESHARA Freshara Agro Exports Ltd NSE:FRESHARA
19 GF Score
Price ₹428.45
! 7 Warning Signs
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What is Freshara Agro Exports Beneish M-Score?

Freshara Agro Exports NSE:FRESHARA +1.58% 19 Beneish M-Score is -0.91 as of Sep. 22, 2026. GuruFocus rates NSE:FRESHARA with a GF Score™ of 19/100. The stock has 7 warning signs investors should review. Among 1,885 Consumer Packaged Goods companies, Freshara Agro Exports ranks worse than 91.3% 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 -0.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:FRESHARA' s Beneish M-Score Range Over the Past 10 Years
Min: -0.91   Med: 0.38   Max: 3.6
Current: -0.91

During the past 5 years, the highest Beneish M-Score of Freshara Agro Exports was 3.60. The lowest was -0.91. And the median was 0.38.

Freshara Agro Exports Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Freshara Agro Exports'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.

Freshara Agro Exports Beneish M-Score Chart

Freshara Agro Exports Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
- -2.51 3.24 0.39 -1.20

Freshara Agro Exports Semi-Annual Data
Sep24 Mar25 Sep25 Mar26
Beneish M-Score - - -0.13 -1.28

NSE:FRESHARA vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Freshara Agro Exports'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.

Freshara Agro Exports Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Freshara Agro Exports's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Freshara Agro Exports's Beneish M-Score falls into.


NSE:FRESHARA
19GF Score
Freshara Agro Exports Ltd NSE:FRESHARA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Freshara Agro Exports 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 Freshara Agro Exports 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 * 1.2187+0.528 * 0.946+0.404 * 0.9107+0.892 * 1.3657+0.115 * 0.839
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.332+4.679 * 0.230078-0.327 * 1.233
=-1.09

* 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 ₹1,595 Mil.
Revenue was ₹3,423 Mil.
Gross Profit was ₹624 Mil.
Total Current Assets was ₹3,350 Mil.
Total Assets was ₹4,363 Mil.
Property, Plant and Equipment(Net PPE) was ₹969 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹36 Mil.
Selling, General, & Admin. Expense(SGA) was ₹148 Mil.
Total Current Liabilities was ₹2,241 Mil.
Long-Term Debt & Capital Lease Obligation was ₹344 Mil.
Net Income was ₹375 Mil.
Gross Profit was ₹ Mil.
Cash Flow from Operations was ₹-629 Mil.
 Total Receivables was ₹958 Mil.
Revenue was ₹2,506 Mil.
Gross Profit was ₹432 Mil.
Total Current Assets was ₹1,972 Mil.
Total Assets was ₹2,493 Mil.
Property, Plant and Equipment(Net PPE) was ₹494 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15 Mil.
Selling, General, & Admin. Expense(SGA) was ₹81 Mil.
Total Current Liabilities was ₹1,119 Mil.
Long-Term Debt & Capital Lease Obligation was ₹79 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)
=(1595.192 / 3422.854) / (958.475 / 2506.355)
=0.466041 / 0.382418
=1.2187

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)
=(432.115 / 2506.355) / (623.809 / 3422.854)
=0.172408 / 0.182248
=0.946

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 - (3350.441 + 969.447) / 4363.07) / (1 - (1971.63 + 494.33) / 2493.053)
=0.009897 / 0.010867
=0.9107

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
=3422.854 / 2506.355
=1.3657

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))
=(15.265 / (15.265 + 494.33)) / (35.896 / (35.896 + 969.447))
=0.029955 / 0.035705
=0.839

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)
=(148.204 / 3422.854) / (81.473 / 2506.355)
=0.043298 / 0.032507
=1.332

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)
=((343.542 + 2240.932) / 4363.07) / ((78.575 + 1119.089) / 2493.053)
=0.592352 / 0.480401
=1.233

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
=(375.096 - 0 - -628.75) / 4363.07
=0.230078

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.

Freshara Agro Exports has a M-score of -1.09 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 -0.91 mean?
Freshara Agro Exports (NSE:FRESHARA) has a Beneish M-Score of -0.91 as of Sep. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Freshara Agro Exports and its competitors. According to the industry distribution chart, Freshara Agro Exports ranks #1721 out of 1885 companies in the Consumer Packaged Goods industry, placing it in the top 91.3%.
Is Freshara Agro Exports' Beneish M-Score too high?
Freshara Agro Exports' current Beneish M-Score is -0.91. Based on the distribution chart, Freshara Agro Exports ranks #1721 out of 1885 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Freshara Agro Exports has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Freshara Agro Exports' Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Freshara Agro Exports ranks #1721 out of 1885 companies for Beneish M-Score. This places Freshara Agro Exports 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Freshara Agro Exports and its competitors. Freshara Agro Exports's current Beneish M-Score is -0.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Freshara Agro Exports stock overvalued right now?
Freshara Agro Exports (NSE:FRESHARA) has a current Beneish M-Score of -0.91. The current Beneish M-Score is -0.91. Freshara Agro Exports' overall GF Score™ is 19/100 with 7 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 Freshara Agro Exports (NSE:FRESHARA), the current Beneish M-Score is -0.91 as of Sep. 22, 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.

Freshara Agro Exports Business Description

Address Puram Prakasam Road, Old No.3, New No.9, Balaji Nagar, Royapettah, Chennai, TN, IND, 600014
Freshara Agro Exports Ltd is an Indian agri-processing and export company engaged in the procurement, processing, and export of preserved gherkins and other pickled commodities. It sources raw materials directly from accredited farms and farmers that follow sustainable agricultural practices, then processes and packs the produce at its facilities. Its product range includes pickled gherkins, jalapenos, banderillas, babycorns, chillies, cherry tomatoes, silver skin onions, red bell peppers, and gherkins with tomatoes. The company serves international food buyers, including importers, distributors, and food service and retail customers, with exports accounting for nearly all of its revenue. Its primary markets are overseas, particularly in developed regions such as Europe and North America, where demand for preserved and pickled vegetables is established. Revenue is generated mainly through export sales of processed, shelf-stable pickled products, with procurement and processing costs tied to agricultural cycles and farm-gate sourcing.
19GF Score

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