Meesho (NSE:MEESHO) Beneish M-Score: 0.91 (As of Jul. 06, 2026)


NSE:MEESHO Meesho Ltd NSE:MEESHO
22 GF Score
Price ₹189.94
! 2 Warning Signs
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What is Meesho Beneish M-Score?

Meesho NSE:MEESHO +1.75% 22 Beneish M-Score is 0.91 as of Jul. 06, 2026. GuruFocus rates NSE:MEESHO with a GF Score™ of 22/100. The stock has 2 warning signs investors should review. Among 1,083 Retail - Cyclical companies, Meesho ranks worse than 95.94% 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 0.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:MEESHO' s Beneish M-Score Range Over the Past 10 Years
Min: -5.7   Med: -2.4   Max: 0.91
Current: 0.91

During the past 4 years, the highest Beneish M-Score of Meesho was 0.91. The lowest was -5.70. And the median was -2.40.

Meesho Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Meesho'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.

Meesho Beneish M-Score Chart

Meesho Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -5.70 0.91

Meesho Quarterly Data
Mar23 Mar24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -5.70 0.00 0.00 0.91

NSE:MEESHO vs AMZN, BABA, PDD: Beneish M-Score Comparison

For the Internet Retail subindustry, Meesho'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.

Meesho Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Meesho's Beneish M-Score distribution charts can be found below:

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


NSE:MEESHO
22GF Score
Meesho Ltd NSE:MEESHO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Meesho 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 Meesho 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 * 0.0178+0.528 * 1+0.404 * 6.412+0.892 * 1.3447+0.115 * 0.9694
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.318411-0.327 * 0.5542
=0.91

* 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 ₹117 Mil.
Revenue was ₹126,263 Mil.
Gross Profit was ₹126,263 Mil.
Total Current Assets was ₹53,716 Mil.
Total Assets was ₹79,067 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,257 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹468 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹34,577 Mil.
Long-Term Debt & Capital Lease Obligation was ₹348 Mil.
Net Income was ₹-13,577 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-38,753 Mil.
 Total Receivables was ₹4,879 Mil.
Revenue was ₹93,899 Mil.
Gross Profit was ₹93,899 Mil.
Total Current Assets was ₹67,873 Mil.
Total Assets was ₹72,261 Mil.
Property, Plant and Equipment(Net PPE) was ₹953 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹340 Mil.
Selling, General, & Admin. Expense(SGA) was ₹82,760 Mil.
Total Current Liabilities was ₹57,170 Mil.
Long-Term Debt & Capital Lease Obligation was ₹424 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)
=(116.85 / 126263.48) / (4878.79 / 93899.03)
=0.000925 / 0.051958
=0.0178

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)
=(93899.03 / 93899.03) / (126263.48 / 126263.48)
=1 / 1
=1

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 - (53716.3 + 1257.45) / 79067.46) / (1 - (67873.31 + 953.44) / 72260.87)
=0.304723 / 0.047524
=6.412

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
=126263.48 / 93899.03
=1.3447

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))
=(340.27 / (340.27 + 953.44)) / (468.21 / (468.21 + 1257.45))
=0.263019 / 0.271322
=0.9694

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 / 126263.48) / (82759.79 / 93899.03)
=0 / 0.88137
=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)
=((347.56 + 34577.31) / 79067.46) / ((424.08 + 57169.59) / 72260.87)
=0.44171 / 0.797024
=0.5542

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
=(-13577.38 - 0 - -38753.36) / 79067.46
=0.318411

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.

Meesho has a M-score of 0.91 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 0.91 mean?
Meesho (NSE:MEESHO) has a Beneish M-Score of 0.91 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Meesho and its competitors. According to the industry distribution chart, Meesho ranks #1039 out of 1083 companies in the Retail - Cyclical industry, placing it in the top 95.9%.
Is Meesho's Beneish M-Score too high?
Meesho's current Beneish M-Score is 0.91. Based on the distribution chart, Meesho ranks #1039 out of 1083 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Meesho has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Meesho's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Meesho ranks #1039 out of 1083 companies for Beneish M-Score. This places Meesho 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Meesho and its competitors. Meesho's current Beneish M-Score is 0.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Meesho stock overvalued right now?
Meesho (NSE:MEESHO) has a current Beneish M-Score of 0.91. The current Beneish M-Score is 0.91. Meesho's overall GF Score™ is 22/100 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 Meesho (NSE:MEESHO), the current Beneish M-Score is 0.91 as of Jul. 06, 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.

Meesho Business Description

Other Exchanges 544632:India
Address Outer Ring Road, Varthur Hobli, 3rd Floor, Wing - E Helios Business Park, Kadubeesanahalli Village, Bengaluru, KA, IND, 560 103
Meesho Ltd is a technology platform that integrates commerce, logistics, and content creation to support e-commerce activities under the Meesho brand. The Company also provides digital financial services by facilitating financing arrangements between non-banking financial companies and sellers to support access to credit, and it operates a supply-chain service for the delivery of groceries and other products. The Company operates through the Marketplace segment, which is a technology platform connecting consumers, sellers, logistics partners, and content creators, and the New Initiatives segment, which includes a low-cost local logistics network for daily essentials and a digital financial services platform. The majority of the Company's revenue is generated from the Marketplace segment.
22GF 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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