Naman Industries Proxima (NSE:NAMAN) Beneish M-Score: 0.00 (As of Jun. 28, 2026)


NSE:NAMAN Naman Industries Proxima Ltd NSE:NAMAN
18 GF Score
Price ₹48.90
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What is Naman Industries Proxima Beneish M-Score?

Naman Industries Proxima NSE:NAMAN +3.82% 18 Beneish M-Score is 0.00 as of Jun. 28, 2026. GuruFocus rates NSE:NAMAN with a GF Score™ of 18/100. Among 416 Furnishings, Fixtures & Appliances companies, Naman Industries Proxima ranks worse than 93.75% 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.

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

During the past 5 years, the highest Beneish M-Score of Naman Industries Proxima was 0.00. The lowest was 0.00. And the median was 0.00.

Naman Industries Proxima Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Naman Industries Proxima'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.

Naman Industries Proxima Beneish M-Score Chart

Naman Industries Proxima Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -0.10 -2.90 -0.93

Naman Industries Proxima Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Mar25
Beneish M-Score Get a 7-Day Free Trial 0.00 -0.10 0.00 -2.90 -0.93

NSE:NAMAN vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Naman Industries Proxima'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.

Naman Industries Proxima Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Naman Industries Proxima's Beneish M-Score distribution charts can be found below:

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


NSE:NAMAN
18GF Score
Naman Industries Proxima Ltd NSE:NAMAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Naman Industries Proxima 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 Naman Industries Proxima 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 * 1.5867+0.528 * 1.3704+0.404 * 0.9008+0.892 * 1.0752+0.115 * 1.1473
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0204+4.679 * 0.132992-0.327 * 0.5433
=-0.93

* 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 ₹274 Mil.
Revenue was ₹1,556 Mil.
Gross Profit was ₹234 Mil.
Total Current Assets was ₹913 Mil.
Total Assets was ₹1,186 Mil.
Property, Plant and Equipment(Net PPE) was ₹214 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹40 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16 Mil.
Total Current Liabilities was ₹316 Mil.
Long-Term Debt & Capital Lease Obligation was ₹71 Mil.
Net Income was ₹63 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-95 Mil.
 Total Receivables was ₹160 Mil.
Revenue was ₹1,447 Mil.
Gross Profit was ₹298 Mil.
Total Current Assets was ₹738 Mil.
Total Assets was ₹970 Mil.
Property, Plant and Equipment(Net PPE) was ₹178 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹39 Mil.
Selling, General, & Admin. Expense(SGA) was ₹15 Mil.
Total Current Liabilities was ₹477 Mil.
Long-Term Debt & Capital Lease Obligation was ₹106 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)
=(273.718 / 1556.286) / (160.443 / 1447.44)
=0.175879 / 0.110846
=1.5867

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)
=(298.456 / 1447.44) / (234.158 / 1556.286)
=0.206196 / 0.150459
=1.3704

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 - (913.113 + 213.62) / 1186.183) / (1 - (738.353 + 177.878) / 970.214)
=0.050119 / 0.05564
=0.9008

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
=1556.286 / 1447.44
=1.0752

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))
=(38.896 / (38.896 + 177.878)) / (39.602 / (39.602 + 213.62))
=0.179431 / 0.156392
=1.1473

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)
=(16.334 / 1556.286) / (14.888 / 1447.44)
=0.010496 / 0.010286
=1.0204

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)
=((70.952 + 316.075) / 1186.183) / ((105.733 + 476.877) / 970.214)
=0.326279 / 0.600496
=0.5433

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
=(62.795 - 0 - -94.958) / 1186.183
=0.132992

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.

Naman Industries Proxima has a M-score of -0.93 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 0.00 mean?
Naman Industries Proxima (NSE:NAMAN) has a Beneish M-Score of 0.00 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Naman Industries Proxima and its competitors. According to the industry distribution chart, Naman Industries Proxima ranks #390 out of 416 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 93.7%.
Is Naman Industries Proxima's Beneish M-Score too high?
Naman Industries Proxima's current Beneish M-Score is 0.00. Based on the distribution chart, Naman Industries Proxima ranks #390 out of 416 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, Naman Industries Proxima has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Naman Industries Proxima's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Naman Industries Proxima ranks #390 out of 416 companies for Beneish M-Score. This places Naman Industries Proxima 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Naman Industries Proxima and its competitors. Naman Industries Proxima's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Naman Industries Proxima stock overvalued right now?
Naman Industries Proxima (NSE:NAMAN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Naman Industries Proxima's overall GF Score™ is 18/100. 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 Naman Industries Proxima (NSE:NAMAN), the current Beneish M-Score is 0.00 as of Jun. 28, 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.

Naman Industries Proxima Business Description

Address National Highway No. 8, Unit No. 04/47, Kantharia Industrial Estate, Survey No.: 90/3/2/B, Opposite Sopara Phata Police Station, At & Post-Pelhar, Taluka- Vasai, District-Palghar, Palghar, MH, IND, 401208
Naman Industries Proxima Ltd, formerly Naman In-Store (India) Ltd is a display and retail furniture and fixture company with a broad spectrum of offerings and in-store solutions for various industries and retail stores. It manufacture modular furniture for offices, beauty stores, low-housing kitchens, educational institution as well as supermarket shelving solutions. It is engaged in single segment that is in the manufacturing of customized Retail Store fixtures and furniture in Wood, Metal, Plastic, Display fixtures & Furniture's, Indoor fixtures, Full Shops, CTU, CDU, POSM merchandising and others.
18GF Score

Get the complete analysis for NSE:NAMAN

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

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