Kaytex Fabrics (NSE:KAYTEX) Beneish M-Score: -1.97 (As of Jun. 29, 2026)


NSE:KAYTEX Kaytex Fabrics Ltd NSE:KAYTEX
19 GF Score
Price ₹60.45
! 2 Warning Signs
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What is Kaytex Fabrics Beneish M-Score?

Kaytex Fabrics NSE:KAYTEX -3.28% 19 Beneish M-Score is -1.97 as of Jun. 29, 2026. GuruFocus rates NSE:KAYTEX with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, Kaytex Fabrics ranks worse than 77.82% 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 -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:KAYTEX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.3   Med: -2.14   Max: -1.97
Current: -1.97

During the past 4 years, the highest Beneish M-Score of Kaytex Fabrics was -1.97. The lowest was -2.30. And the median was -2.14.

Kaytex Fabrics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kaytex Fabrics'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.

Kaytex Fabrics Beneish M-Score Chart

Kaytex Fabrics Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.30 -1.97

Kaytex Fabrics Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.30 0.00 -1.97 0.00

Kaytex Fabrics Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Kaytex Fabrics'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.

Kaytex Fabrics Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Kaytex Fabrics's Beneish M-Score distribution charts can be found below:

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


NSE:KAYTEX
19GF Score
Kaytex Fabrics Ltd NSE:KAYTEX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kaytex Fabrics 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 Kaytex Fabrics 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 * 1.0222+0.528 * 0.9046+0.404 * 1.7942+0.892 * 1.2228+0.115 * 1.0173
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8835+4.679 * 0.031393-0.327 * 0.922
=-1.97

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹355 Mil.
Revenue was ₹1,518 Mil.
Gross Profit was ₹444 Mil.
Total Current Assets was ₹948 Mil.
Total Assets was ₹1,253 Mil.
Property, Plant and Equipment(Net PPE) was ₹284 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹42 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5 Mil.
Total Current Liabilities was ₹556 Mil.
Long-Term Debt & Capital Lease Obligation was ₹153 Mil.
Net Income was ₹169 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹130 Mil.
 Total Receivables was ₹284 Mil.
Revenue was ₹1,242 Mil.
Gross Profit was ₹329 Mil.
Total Current Assets was ₹727 Mil.
Total Assets was ₹959 Mil.
Property, Plant and Equipment(Net PPE) was ₹223 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹34 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2 Mil.
Total Current Liabilities was ₹404 Mil.
Long-Term Debt & Capital Lease Obligation was ₹185 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)
=(354.57 / 1518.408) / (283.678 / 1241.796)
=0.233514 / 0.228442
=1.0222

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)
=(328.604 / 1241.796) / (444.192 / 1518.408)
=0.26462 / 0.292538
=0.9046

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 - (948.35 + 283.681) / 1252.664) / (1 - (727.432 + 222.921) / 959.158)
=0.016471 / 0.00918
=1.7942

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
=1518.408 / 1241.796
=1.2228

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))
=(33.868 / (33.868 + 222.921)) / (42.255 / (42.255 + 283.681))
=0.13189 / 0.129642
=1.0173

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)
=(4.885 / 1518.408) / (2.121 / 1241.796)
=0.003217 / 0.001708
=1.8835

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)
=((152.868 + 555.702) / 1252.664) / ((184.692 + 403.745) / 959.158)
=0.56565 / 0.613493
=0.922

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
=(169.047 - 0 - 129.722) / 1252.664
=0.031393

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.

Kaytex Fabrics has a M-score of -1.97 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 -1.97 mean?
Kaytex Fabrics (NSE:KAYTEX) has a Beneish M-Score of -1.97 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kaytex Fabrics and its competitors. According to the industry distribution chart, Kaytex Fabrics ranks #779 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 77.8%.
Is Kaytex Fabrics' Beneish M-Score too high?
Kaytex Fabrics' current Beneish M-Score is -1.97. Based on the distribution chart, Kaytex Fabrics ranks #779 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Kaytex Fabrics has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Kaytex Fabrics' Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Kaytex Fabrics ranks #779 out of 1001 companies for Beneish M-Score. This places Kaytex Fabrics 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Kaytex Fabrics and its competitors. Kaytex Fabrics's current Beneish M-Score is -1.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kaytex Fabrics stock overvalued right now?
Kaytex Fabrics (NSE:KAYTEX) has a current Beneish M-Score of -1.97. The current Beneish M-Score is -1.97. Kaytex Fabrics' 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 Kaytex Fabrics (NSE:KAYTEX), the current Beneish M-Score is -1.97 as of Jun. 29, 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.

Kaytex Fabrics Business Description

Address Batala Road, Post Office Khanna Nagar, Amritsar, PB, IND, 143 001
Kaytex Fabrics Ltd is engaged in manufacturing, buying, selling and exporting fabrics, offering fast-fashion fabric solutions that blend technology, design and craftsmanship. It manages the full process from yarn to finished fabric and specializes in cotton, viscose, modal, acrylic, nylon, linen and polyester. With a focus on digital printing, it delivers designs for the fast-paced fashion industry and also produces womenswear such as ready-to-stitch suits, co-ord sets, shawls, scarves and stoles. The business operates across three areas: supplying fabrics and designs to apparel brands, marketing its own brands Rasiya, Kaytex and Darbaar e Khaas in North India, and providing non-branded fabrics and garments to bulk buyers, wholesalers and retailers. The company operates in India.
19GF Score

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