Mono Pharmacare (NSE:MONOPHARMA) Beneish M-Score: -2.13 (As of Jul. 08, 2026)


NSE:MONOPHARMA Mono Pharmacare Ltd NSE:MONOPHARMA
9 GF Score
Price ₹11.00
! 6 Warning Signs
View Full Analysis

What is Mono Pharmacare Beneish M-Score?

Mono Pharmacare NSE:MONOPHARMA -1.79% 9 Beneish M-Score is -2.13 as of Jul. 08, 2026. GuruFocus rates NSE:MONOPHARMA with a GF Score™ of 9/100. The stock has 6 warning signs investors should review. Among 630 Healthcare Providers & Services companies, Mono Pharmacare ranks worse than 76.67% 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:MONOPHARMA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.13   Med: -1.71   Max: 565.6
Current: -2.13

During the past 5 years, the highest Beneish M-Score of Mono Pharmacare was 565.60. The lowest was -2.13. And the median was -1.71.

Mono Pharmacare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mono Pharmacare'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.

Mono Pharmacare Beneish M-Score Chart

Mono Pharmacare Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 565.60 -1.71 -2.13

Mono Pharmacare Semi-Annual Data
Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -1.71 0.00 -2.13 0.00

Mono Pharmacare Beneish M-Score Competitor Comparison

For the Pharmaceutical Retailers subindustry, Mono Pharmacare'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.

Mono Pharmacare Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Mono Pharmacare's Beneish M-Score distribution charts can be found below:

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


NSE:MONOPHARMA
9GF Score
Mono Pharmacare Ltd NSE:MONOPHARMA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mono Pharmacare 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 Mono Pharmacare 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 * 0.9636+0.528 * 1.0014+0.404 * 0.9968+0.892 * 1.376+0.115 * 0.9961
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.3582+4.679 * 0.067176-0.327 * 1.0961
=-2.13

* 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 ₹419 Mil.
Revenue was ₹1,683 Mil.
Gross Profit was ₹160 Mil.
Total Current Assets was ₹1,090 Mil.
Total Assets was ₹1,101 Mil.
Property, Plant and Equipment(Net PPE) was ₹10 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹23 Mil.
Total Current Liabilities was ₹528 Mil.
Long-Term Debt & Capital Lease Obligation was ₹260 Mil.
Net Income was ₹31 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-43 Mil.
 Total Receivables was ₹316 Mil.
Revenue was ₹1,223 Mil.
Gross Profit was ₹117 Mil.
Total Current Assets was ₹802 Mil.
Total Assets was ₹811 Mil.
Property, Plant and Equipment(Net PPE) was ₹9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7 Mil.
Total Current Liabilities was ₹358 Mil.
Long-Term Debt & Capital Lease Obligation was ₹171 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)
=(418.875 / 1683.449) / (315.903 / 1223.402)
=0.24882 / 0.258217
=0.9636

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)
=(116.642 / 1223.402) / (160.271 / 1683.449)
=0.095342 / 0.095204
=1.0014

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 - (1089.873 + 10.001) / 1100.55) / (1 - (801.636 + 8.991) / 811.127)
=0.000614 / 0.000616
=0.9968

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
=1683.449 / 1223.402
=1.376

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))
=(1.152 / (1.152 + 8.991)) / (1.287 / (1.287 + 10.001))
=0.113576 / 0.114015
=0.9961

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)
=(22.91 / 1683.449) / (7.06 / 1223.402)
=0.013609 / 0.005771
=2.3582

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)
=((259.614 + 527.755) / 1100.55) / ((171.249 + 358.166) / 811.127)
=0.715432 / 0.652691
=1.0961

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
=(30.902 - 0 - -43.028) / 1100.55
=0.067176

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.

Mono Pharmacare has a M-score of -2.13 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 -2.13 mean?
Mono Pharmacare (NSE:MONOPHARMA) has a Beneish M-Score of -2.13 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mono Pharmacare and its competitors. According to the industry distribution chart, Mono Pharmacare ranks #483 out of 630 companies in the Healthcare Providers & Services industry, placing it in the top 76.7%.
Is Mono Pharmacare's Beneish M-Score too high?
Mono Pharmacare's current Beneish M-Score is -2.13. Based on the distribution chart, Mono Pharmacare ranks #483 out of 630 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, Mono Pharmacare has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Mono Pharmacare's Beneish M-Score compare to competitors?
According to the Healthcare Providers & Services industry distribution chart, Mono Pharmacare ranks #483 out of 630 companies for Beneish M-Score. This places Mono Pharmacare 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 Mono Pharmacare and its competitors. Mono Pharmacare's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mono Pharmacare stock overvalued right now?
Mono Pharmacare (NSE:MONOPHARMA) has a current Beneish M-Score of -2.13. The current Beneish M-Score is -2.13. Mono Pharmacare's overall GF Score™ is 9/100 with 6 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 Mono Pharmacare (NSE:MONOPHARMA), the current Beneish M-Score is -2.13 as of Jul. 08, 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.

Mono Pharmacare Business Description

Address 1A, Krinkal Apartment, Opposite Mahalaxmi Temple, Paldi, Ahmedabad, GJ, IND, 380007
Mono Pharmacare Ltd distributes a broad range of pharmaceutical products across India. Its portfolio includes antibiotics, antifungal medicines, cough and cold remedies, antacids, analgesics, nutraceuticals, skincare, antiseptics, cardiac and diabetic drugs, and cosmetic items. The company operates through contract manufacturing, sourcing products from various manufacturers and supplying them to healthcare providers and pharmacies. Revenue is generated through the sales and distribution of these pharmaceutical and healthcare products in the Indian market.
9GF Score

Get the complete analysis for NSE:MONOPHARMA

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹11.00
Price