Glottis (NSE:GLOTTIS) Beneish M-Score: 4.02 (As of Jun. 27, 2026)


NSE:GLOTTIS Glottis Ltd NSE:GLOTTIS
19 GF Score
Price ₹67.51
! 3 Warning Signs
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What is Glottis Beneish M-Score?

Glottis NSE:GLOTTIS +1.26% 19 Beneish M-Score is 4.02 as of Jun. 27, 2026. GuruFocus rates NSE:GLOTTIS with a GF Score™ of 19/100. The stock has 3 warning signs investors should review. Among 966 Transportation companies, Glottis ranks worse than 97.41% 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 4.02 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:GLOTTIS' s Beneish M-Score Range Over the Past 10 Years
Min: -0.65   Med: -0.21   Max: 4.02
Current: 4.02

During the past 5 years, the highest Beneish M-Score of Glottis was 4.02. The lowest was -0.65. And the median was -0.21.

Glottis Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Glottis'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.

Glottis Beneish M-Score Chart

Glottis Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.21 -0.65 4.02

Glottis Quarterly Data
Mar22 Mar23 Mar24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -0.65 0.00 0.00 4.02

NSE:GLOTTIS vs FDX, UPS, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Glottis'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.

Glottis Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Glottis's Beneish M-Score distribution charts can be found below:

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


NSE:GLOTTIS
19GF Score
Glottis Ltd NSE:GLOTTIS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Glottis 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 Glottis 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 * 2.0178+0.528 * 1.144+0.404 * 10.9157+0.892 * 0.7678+0.115 * 1.3348
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.290055-0.327 * 0.6365
=4.02

* 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 ₹1,718 Mil.
Revenue was ₹7,226 Mil.
Gross Profit was ₹650 Mil.
Total Current Assets was ₹3,091 Mil.
Total Assets was ₹3,670 Mil.
Property, Plant and Equipment(Net PPE) was ₹344 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹812 Mil.
Long-Term Debt & Capital Lease Obligation was ₹48 Mil.
Net Income was ₹377 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-688 Mil.
 Total Receivables was ₹1,109 Mil.
Revenue was ₹9,412 Mil.
Gross Profit was ₹968 Mil.
Total Current Assets was ₹1,389 Mil.
Total Assets was ₹1,561 Mil.
Property, Plant and Equipment(Net PPE) was ₹163 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16 Mil.
Selling, General, & Admin. Expense(SGA) was ₹48 Mil.
Total Current Liabilities was ₹524 Mil.
Long-Term Debt & Capital Lease Obligation was ₹51 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)
=(1717.942 / 7225.881) / (1108.96 / 9411.73)
=0.237748 / 0.117827
=2.0178

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)
=(968.2 / 9411.73) / (649.801 / 7225.881)
=0.102872 / 0.089927
=1.144

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 - (3090.517 + 344.05) / 3670.433) / (1 - (1389.3 + 162.51) / 1561)
=0.064261 / 0.005887
=10.9157

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
=7225.881 / 9411.73
=0.7678

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))
=(16.21 / (16.21 + 162.51)) / (25.083 / (25.083 + 344.05))
=0.090701 / 0.067951
=1.3348

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 / 7225.881) / (48.02 / 9411.73)
=0 / 0.005102
=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)
=((48.494 + 811.515) / 3670.433) / ((50.7 + 523.95) / 1561)
=0.234307 / 0.368129
=0.6365

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
=(376.754 - 0 - -687.875) / 3670.433
=0.290055

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.

Glottis has a M-score of 4.02 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 4.02 mean?
Glottis (NSE:GLOTTIS) has a Beneish M-Score of 4.02 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Glottis and its competitors. According to the industry distribution chart, Glottis ranks #941 out of 966 companies in the Transportation industry, placing it in the top 97.4%.
Is Glottis' Beneish M-Score too high?
Glottis' current Beneish M-Score is 4.02. Based on the distribution chart, Glottis ranks #941 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Glottis has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Glottis' Beneish M-Score compare to FDX and UPS?
According to the Transportation industry distribution chart, Glottis ranks #941 out of 966 companies for Beneish M-Score. This places Glottis 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Glottis and its competitors. Glottis's current Beneish M-Score is 4.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Glottis stock overvalued right now?
Glottis (NSE:GLOTTIS) has a current Beneish M-Score of 4.02. The current Beneish M-Score is 4.02. Glottis' overall GF Score™ is 19/100 with 3 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 Glottis (NSE:GLOTTIS), the current Beneish M-Score is 4.02 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.

Glottis Business Description

Other Exchanges 544557:India
Address Plot No. 164, 13th Cross Street, Defence Officers Colony, Ekkattuthangal, Nandambakkam, Chennai, TN, IND, 600032
Glottis Ltd offers multi-modal integrated logistics solutions, which include end-to-end transportation solutions through ocean, air, and road logistics services. The Company delivers end-to-end logistics solutions with multimodal capabilities across verticals to optimize the movement of goods across geographies including (i) ocean freight forwarding (project cargo load and full container load, import as well as export); (ii) air freight forwarding (import as well as export); (iii) road transportation; along with other ancillary services, including warehousing, storage, cargo handling, third-party logistics (3PL) services and custom clearance, among others.
19GF 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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