Invicta Diagnostic (NSE:INVICTA) Beneish M-Score: 3.51 (As of Aug. 20, 2026) — Near Median

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NSE:INVICTA Invicta Diagnostic Ltd NSE:INVICTA
22 GF Score
Price ₹69.65
! 3 Warning Signs
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What is Invicta Diagnostic Beneish M-Score?

Invicta Diagnostic NSE:INVICTA +3.88% 22 Beneish M-Score is 3.51 as of Aug. 20, 2026, which is at its 10-year median of 3.51. GuruFocus rates NSE:INVICTA with a GF Score™ of 22/100. The stock has 3 warning signs investors should review. Among 192 Medical Diagnostics & Research companies, Invicta Diagnostic ranks worse than 97.4% 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 3.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:INVICTA' s Beneish M-Score Range Over the Past 10 Years
Min: 3.51   Med: 3.51   Max: 3.51
Current: 3.51

During the past 3 years, the highest Beneish M-Score of Invicta Diagnostic was 3.51. The lowest was 3.51. And the median was 3.51.

Invicta Diagnostic Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Invicta Diagnostic'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.

Invicta Diagnostic Beneish M-Score Chart

Invicta Diagnostic Annual Data
Trend Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 3.51

Invicta Diagnostic Semi-Annual Data
Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 0.00 3.51

NSE:INVICTA vs TMO, DHR, IDXX: Beneish M-Score Comparison

For the Diagnostics & Research subindustry, Invicta Diagnostic'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.

Invicta Diagnostic Beneish M-Score vs Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Invicta Diagnostic's Beneish M-Score distribution charts can be found below:

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


NSE:INVICTA
22GF Score
Invicta Diagnostic Ltd NSE:INVICTA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Invicta Diagnostic 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 Invicta Diagnostic 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 * 7.0727+0.528 * 1.0124+0.404 * 0.4521+0.892 * 1.075+0.115 * 1.4272
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.032771-0.327 * 0.4744
=3.51

* 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 ₹110.7 Mil.
Revenue was ₹323.5 Mil.
Gross Profit was ₹296.3 Mil.
Total Current Assets was ₹343.1 Mil.
Total Assets was ₹602.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹191.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹32.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹71.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12.4 Mil.
Net Income was ₹49.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹29.3 Mil.
 Total Receivables was ₹14.6 Mil.
Revenue was ₹301.0 Mil.
Gross Profit was ₹279.0 Mil.
Total Current Assets was ₹63.9 Mil.
Total Assets was ₹212.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹95.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹24.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹75.2 Mil.
Total Current Liabilities was ₹27.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹35.4 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)
=(110.72 / 323.536) / (14.562 / 300.952)
=0.342218 / 0.048386
=7.0727

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)
=(279.006 / 300.952) / (296.282 / 323.536)
=0.927078 / 0.915762
=1.0124

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 - (343.075 + 191.895) / 602.487) / (1 - (63.878 + 95.702) / 212.165)
=0.112064 / 0.24785
=0.4521

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
=323.536 / 300.952
=1.075

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))
=(24.912 / (24.912 + 95.702)) / (32.471 / (32.471 + 191.895))
=0.206543 / 0.144723
=1.4272

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 / 323.536) / (75.234 / 300.952)
=0 / 0.249987
=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)
=((12.411 + 71.596) / 602.487) / ((35.384 + 26.979) / 212.165)
=0.139434 / 0.293936
=0.4744

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
=(49.065 - 0 - 29.321) / 602.487
=0.032771

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.

Invicta Diagnostic has a M-score of 3.51 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 3.51 mean?
Invicta Diagnostic (NSE:INVICTA) has a Beneish M-Score of 3.51 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Invicta Diagnostic and its competitors. This is near median its historical median of 3.51. Over the past decade, Invicta Diagnostic's Beneish M-Score has ranged from 3.51 to 3.51. According to the industry distribution chart, Invicta Diagnostic ranks #187 out of 192 companies in the Medical Diagnostics & Research industry, placing it in the top 97.4%.
Is Invicta Diagnostic's Beneish M-Score too high?
Invicta Diagnostic's current Beneish M-Score of 3.51 is near median its 10-year median of 3.51. Over the past 10 years, this metric has ranged from a low of 3.51 to a high of 3.51. Based on the distribution chart, Invicta Diagnostic ranks #187 out of 192 companies in the Medical Diagnostics & Research industry, which is in the bottom quartile relative to peers. Overall, Invicta Diagnostic has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Invicta Diagnostic's Beneish M-Score compare to TMO and DHR?
According to the Medical Diagnostics & Research industry distribution chart, Invicta Diagnostic ranks #187 out of 192 companies for Beneish M-Score. This places Invicta Diagnostic in the lower half of its industry. Historically, Invicta Diagnostic's own Beneish M-Score has ranged from 3.51 to 3.51 over the past decade. 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 Diagnostics & Research company?
A good Beneish M-Score depends on the Medical Diagnostics & Research 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 Invicta Diagnostic and its competitors. Invicta Diagnostic's current Beneish M-Score is 3.51, which is near median its own 10-year median of 3.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Invicta Diagnostic stock overvalued right now?
Invicta Diagnostic (NSE:INVICTA) has a current Beneish M-Score of 3.51. The current Beneish M-Score is 3.51, which is near median its 10-year median of 3.51. Invicta Diagnostic's overall GF Score™ is 22/100 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 Invicta Diagnostic (NSE:INVICTA), the current Beneish M-Score is 3.51 as of Aug. 20, 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.

Invicta Diagnostic Business Description

Address Western Express Highway, Office No. 1012, 10th Floor, Hubtown Viva CHS Ltd, Mogra Village, Near Shankarwadi, Jogeshwari East, Mumbai, MH, IND, 400 060
Invicta Diagnostic Ltd is engaged in the business of medical and diagnostic services and operates diagnostic centres providing medical testing and allied healthcare services in the Mumbai Metropolitan Region. The Company runs a diagnostic chain comprising seven diagnostic centres and one centralised laboratory across MMR in Maharashtra and operates under a hub and spoke model with a flagship hub in Thane, additional hub centres, spoke centres, and a centralised laboratory. Its service offerings include radiology and imaging, pathology and clinical laboratory tests, teleradiology, and services such as ultrasound, X Ray, CT scan, MRI scan, PET scan, and cardiac diagnostics, with patient convenience supported through home sample collection, house calls, and multiple report delivery options.
22GF Score

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