Indogulf Cropsciences (NSE:IGCL) Beneish M-Score: -1.86 (As of Jun. 27, 2026)


NSE:IGCL Indogulf Cropsciences Ltd NSE:IGCL
16 GF Score
Price ₹59.39
! 4 Warning Signs
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What is Indogulf Cropsciences Beneish M-Score?

Indogulf Cropsciences NSE:IGCL -3.40% 16 Beneish M-Score is -1.86 as of Jun. 27, 2026. GuruFocus rates NSE:IGCL with a GF Score™ of 16/100. The stock has 4 warning signs investors should review. Among 246 Agriculture companies, Indogulf Cropsciences ranks worse than 71.95% 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 -1.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:IGCL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.86   Med: -1.86   Max: -1.86
Current: -1.86

During the past 5 years, the highest Beneish M-Score of Indogulf Cropsciences was -1.86. The lowest was -1.86. And the median was -1.86.

Indogulf Cropsciences Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Indogulf Cropsciences'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.

Indogulf Cropsciences Beneish M-Score Chart

Indogulf Cropsciences Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00 -1.86

Indogulf Cropsciences 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 0.00 0.00 0.00 -1.86

NSE:IGCL vs CTVA, CF: Beneish M-Score Comparison

For the Agricultural Inputs subindustry, Indogulf Cropsciences'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.

Indogulf Cropsciences Beneish M-Score vs Agriculture Industry

For the Agriculture industry and Basic Materials sector, Indogulf Cropsciences's Beneish M-Score distribution charts can be found below:

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


NSE:IGCL
16GF Score
Indogulf Cropsciences Ltd NSE:IGCL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Indogulf Cropsciences 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 Indogulf Cropsciences 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 * 0.7383+0.528 * 0.8407+0.404 * 1.4214+0.892 * 1.3668+0.115 * 0.7754
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.050904-0.327 * 0.7937
=-1.86

* 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 (Dec24) TTM:
Total Receivables was ₹2,406 Mil.
Revenue was 1508.18 + 1161 + 2483.43 + 1262.33 = ₹6,415 Mil.
Gross Profit was 605.9 + 427.69 + 731.16 + 518.91 = ₹2,284 Mil.
Total Current Assets was ₹6,656 Mil.
Total Assets was ₹8,234 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,182 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹125 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹3,476 Mil.
Long-Term Debt & Capital Lease Obligation was ₹61 Mil.
Net Income was 116.12 + 38.63 + 206.85 + 97.95 = ₹460 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 40.41 = ₹40 Mil.
 Total Receivables was ₹2,384 Mil.
Revenue was 992.13 + 2328.49 + 1372.89 + 0 = ₹4,694 Mil.
Gross Profit was 353.71 + 560.43 + 490.59 + 0 = ₹1,405 Mil.
Total Current Assets was ₹4,868 Mil.
Total Assets was ₹5,978 Mil.
Property, Plant and Equipment(Net PPE) was ₹908 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹73 Mil.
Selling, General, & Admin. Expense(SGA) was ₹145 Mil.
Total Current Liabilities was ₹2,902 Mil.
Long-Term Debt & Capital Lease Obligation was ₹335 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)
=(2405.68 / 6414.94) / (2384.03 / 4693.51)
=0.375012 / 0.507942
=0.7383

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)
=(1404.73 / 4693.51) / (2283.66 / 6414.94)
=0.299292 / 0.355991
=0.8407

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 - (6655.69 + 1182.12) / 8233.89) / (1 - (4867.88 + 907.95) / 5978.14)
=0.048104 / 0.033842
=1.4214

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
=6414.94 / 4693.51
=1.3668

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))
=(72.57 / (72.57 + 907.95)) / (124.74 / (124.74 + 1182.12))
=0.074012 / 0.09545
=0.7754

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 / 6414.94) / (144.72 / 4693.51)
=0 / 0.030834
=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)
=((61.46 + 3476.34) / 8233.89) / ((334.54 + 2901.77) / 5978.14)
=0.429663 / 0.541357
=0.7937

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
=(459.55 - 0 - 40.41) / 8233.89
=0.050904

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.

Indogulf Cropsciences has a M-score of -1.86 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 -1.86 mean?
Indogulf Cropsciences (NSE:IGCL) has a Beneish M-Score of -1.86 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Indogulf Cropsciences and its competitors. According to the industry distribution chart, Indogulf Cropsciences ranks #177 out of 246 companies in the Agriculture industry, placing it in the top 72%.
Is Indogulf Cropsciences' Beneish M-Score too high?
Indogulf Cropsciences' current Beneish M-Score is -1.86. Based on the distribution chart, Indogulf Cropsciences ranks #177 out of 246 companies in the Agriculture industry, which is below the industry midpoint. Overall, Indogulf Cropsciences has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Indogulf Cropsciences' Beneish M-Score compare to CTVA and CF?
According to the Agriculture industry distribution chart, Indogulf Cropsciences ranks #177 out of 246 companies for Beneish M-Score. This places Indogulf Cropsciences 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 Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 Indogulf Cropsciences and its competitors. Indogulf Cropsciences's current Beneish M-Score is -1.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indogulf Cropsciences stock overvalued right now?
Indogulf Cropsciences (NSE:IGCL) has a current Beneish M-Score of -1.86. The current Beneish M-Score is -1.86. Indogulf Cropsciences' overall GF Score™ is 16/100 with 4 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 Indogulf Cropsciences (NSE:IGCL), the current Beneish M-Score is -1.86 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.

Indogulf Cropsciences Business Description

Other Exchanges 544432:India
Address Netaji Subhash Place, 501, Gopal Heights Plot No - D-9, New Delhi, IND, 110034
Indogulf Cropsciences Ltd is engaged in the manufacturing and trading activities of Agro chemicals, viz. Micro Nutrients, Pesticides, Fertilizers, etc, for agricultural purposes. Its products are Crop Protection, Biostimulant, Plant Supplements, Adjuvants, Technical & Formulations, and Public Health & Veterinary.
16GF 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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