Galaxy Medicare (NSE:GML) Beneish M-Score: -2.08 (As of Jun. 26, 2026)


NSE:GML Galaxy Medicare Ltd NSE:GML
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What is Galaxy Medicare Beneish M-Score?

Galaxy Medicare NSE:GML -3.51% 19 Beneish M-Score is -2.08 as of Jun. 26, 2026. GuruFocus rates NSE:GML with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 766 Medical Devices & Instruments companies, Galaxy Medicare ranks worse than 78.46% 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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:GML' s Beneish M-Score Range Over the Past 10 Years
Min: -2.44   Med: -2.33   Max: -2.08
Current: -2.08

During the past 5 years, the highest Beneish M-Score of Galaxy Medicare was -2.08. The lowest was -2.44. And the median was -2.33.

Galaxy Medicare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Galaxy Medicare'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.

Galaxy Medicare Beneish M-Score Chart

Galaxy Medicare Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.33 -2.44 -2.08

Galaxy Medicare Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.33 0.00 -2.44 0.00 -2.08

NSE:GML vs ISRG, BDX, MDLN: Beneish M-Score Comparison

For the Medical Instruments & Supplies subindustry, Galaxy Medicare'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.

Galaxy Medicare Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Galaxy Medicare's Beneish M-Score distribution charts can be found below:

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


NSE:GML
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Galaxy Medicare Ltd NSE:GML
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Galaxy Medicare 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 Galaxy Medicare 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 * 1.1528+0.528 * 0.9434+0.404 * 0.65+0.892 * 1.0205+0.115 * 0.9611
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.033836-0.327 * 0.7307
=-2.08

* 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 ₹97.7 Mil.
Revenue was ₹400.0 Mil.
Gross Profit was ₹149.1 Mil.
Total Current Assets was ₹309.2 Mil.
Total Assets was ₹487.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹150.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹72.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4.9 Mil.
Net Income was ₹34.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹17.7 Mil.
 Total Receivables was ₹83.1 Mil.
Revenue was ₹392.0 Mil.
Gross Profit was ₹137.8 Mil.
Total Current Assets was ₹145.6 Mil.
Total Assets was ₹314.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹141.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25.4 Mil.
Total Current Liabilities was ₹66.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1.8 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)
=(97.74 / 400.033) / (83.083 / 392.016)
=0.24433 / 0.211938
=1.1528

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)
=(137.795 / 392.016) / (149.05 / 400.033)
=0.351504 / 0.372594
=0.9434

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 - (309.181 + 150.324) / 487.734) / (1 - (145.562 + 141.33) / 314.933)
=0.057878 / 0.089038
=0.65

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
=400.033 / 392.016
=1.0205

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))
=(4.995 / (4.995 + 141.33)) / (5.536 / (5.536 + 150.324))
=0.034136 / 0.035519
=0.9611

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 / 400.033) / (25.362 / 392.016)
=0 / 0.064696
=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)
=((4.869 + 72.85) / 487.734) / ((1.848 + 66.828) / 314.933)
=0.159347 / 0.218065
=0.7307

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
=(34.181 - 0 - 17.678) / 487.734
=0.033836

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.

Galaxy Medicare has a M-score of -2.08 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 -2.08 mean?
Galaxy Medicare (NSE:GML) has a Beneish M-Score of -2.08 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Galaxy Medicare and its competitors. According to the industry distribution chart, Galaxy Medicare ranks #601 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 78.5%.
Is Galaxy Medicare's Beneish M-Score too high?
Galaxy Medicare's current Beneish M-Score is -2.08. Based on the distribution chart, Galaxy Medicare ranks #601 out of 766 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Galaxy Medicare has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Galaxy Medicare's Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Galaxy Medicare ranks #601 out of 766 companies for Beneish M-Score. This places Galaxy Medicare 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Galaxy Medicare and its competitors. Galaxy Medicare's current Beneish M-Score is -2.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Galaxy Medicare stock overvalued right now?
Galaxy Medicare (NSE:GML) has a current Beneish M-Score of -2.08. The current Beneish M-Score is -2.08. Galaxy Medicare's overall GF Score™ is 19/100 with 2 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 Galaxy Medicare (NSE:GML), the current Beneish M-Score is -2.08 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.

Galaxy Medicare Business Description

Address Plot No-2, Zone D, Phase A, Mancheswar Industrial Estate, Khurda, Bhubaneswar, OR, IND, 751010
Galaxy Medicare Ltd is engaged into the manufacturing, trading and exporting of Medical Devices, Plasters of Paris Bandages (POP Bandage) and Other surgical dressings in India. Its business encompass: Manufacturing and Branding of its own products under its flagship brands i.e. POP BAND, POP CAST, G CAST, GYPSOSOFT, GYPSOPLAST, CARETAPE, GYPSOCREPE, CARECREPE, CAREPORE GYPSONET, GYPSOCHLOR, FIXCAN ETC.
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