Nidan Laboratories and Healthcare (NSE:NIDAN) Beneish M-Score: 0.00 (As of Jul. 04, 2026)


NSE:NIDAN Nidan Laboratories and Healthcare Ltd NSE:NIDAN
67 GF Score
Price ₹13.60
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What is Nidan Laboratories and Healthcare Beneish M-Score?

Nidan Laboratories and Healthcare NSE:NIDAN -3.89% 67 Beneish M-Score is 0.00 as of Jul. 04, 2026. GuruFocus rates NSE:NIDAN with a GF Score™ of 67/100.

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 Nidan Laboratories and Healthcare's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Nidan Laboratories and Healthcare was 0.00. The lowest was 0.00. And the median was 0.00.

Nidan Laboratories and Healthcare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nidan Laboratories and Healthcare'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.

Nidan Laboratories and Healthcare Beneish M-Score Chart

Nidan Laboratories and Healthcare Annual Data
Trend Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial -1.87 0.41 -3.16 -1.70 -2.87

Nidan Laboratories and Healthcare Semi-Annual Data
Mar19 Mar20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -3.16 0.00 -1.70 0.00 -2.87

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

For the Diagnostics & Research subindustry, Nidan Laboratories and Healthcare'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.

Nidan Laboratories and Healthcare Beneish M-Score vs Medical Diagnostics & Research Industry

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

* The bar in red indicates where Nidan Laboratories and Healthcare's Beneish M-Score falls into.


NSE:NIDAN
67GF Score
Nidan Laboratories and Healthcare Ltd NSE:NIDAN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nidan Laboratories and Healthcare 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 Nidan Laboratories and Healthcare 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 * 0.2449+0.528 * 0.9894+0.404 * 1.6911+0.892 * 1.0145+0.115 * 1.0929
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0468+4.679 * -0.003611-0.327 * 0.8982
=-2.87

* 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 ₹62.7 Mil.
Revenue was ₹245.3 Mil.
Gross Profit was ₹237.5 Mil.
Total Current Assets was ₹112.0 Mil.
Total Assets was ₹829.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹205.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹24.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹37.6 Mil.
Total Current Liabilities was ₹102.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹39.0 Mil.
Net Income was ₹19.8 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹22.8 Mil.
 Total Receivables was ₹252.3 Mil.
Revenue was ₹241.8 Mil.
Gross Profit was ₹231.6 Mil.
Total Current Assets was ₹302.8 Mil.
Total Assets was ₹825.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹221.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹28.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹35.4 Mil.
Total Current Liabilities was ₹113.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹42.9 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)
=(62.683 / 245.275) / (252.277 / 241.774)
=0.255562 / 1.043441
=0.2449

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)
=(231.641 / 241.774) / (237.512 / 245.275)
=0.958089 / 0.96835
=0.9894

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 - (112.022 + 205.824) / 829.411) / (1 - (302.777 + 221.65) / 825.506)
=0.616781 / 0.364721
=1.6911

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
=245.275 / 241.774
=1.0145

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))
=(28.66 / (28.66 + 221.65)) / (24.086 / (24.086 + 205.824))
=0.114498 / 0.104763
=1.0929

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)
=(37.626 / 245.275) / (35.429 / 241.774)
=0.153403 / 0.146538
=1.0468

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)
=((38.95 + 101.958) / 829.411) / ((42.938 + 113.196) / 825.506)
=0.169889 / 0.189137
=0.8982

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
=(19.769 - 0 - 22.764) / 829.411
=-0.003611

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.

Nidan Laboratories and Healthcare has a M-score of -2.87 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 0.00 mean?
Nidan Laboratories and Healthcare (NSE:NIDAN) has a Beneish M-Score of 0.00 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nidan Laboratories and Healthcare and its competitors.
Is Nidan Laboratories and Healthcare's Beneish M-Score too high?
Nidan Laboratories and Healthcare's current Beneish M-Score is 0.00. Overall, Nidan Laboratories and Healthcare has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.
How does Nidan Laboratories and Healthcare's Beneish M-Score compare to TMO and DHR?
Nidan Laboratories and Healthcare's Beneish M-Score of 0.00 can be compared against companies in the Medical Diagnostics & Research 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 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 Nidan Laboratories and Healthcare and its competitors. Nidan Laboratories and Healthcare'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 Nidan Laboratories and Healthcare stock overvalued right now?
Nidan Laboratories and Healthcare (NSE:NIDAN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Nidan Laboratories and Healthcare's overall GF Score™ is 67/100. 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 Nidan Laboratories and Healthcare (NSE:NIDAN), the current Beneish M-Score is 0.00 as of Jul. 04, 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.

Nidan Laboratories and Healthcare Business Description

Address Vartak Road, SY No. 294/A H. No. 18, Swapnshilpa Bunglow, Behind Aarti Apartment, Virar West, Palghar, Virar, MH, IND, 401303
Nidan Laboratories and Healthcare Ltd offer diagnostic services including radiology, neurology, cardiology, dental as well as pathology services. The company provides pathology tests ranging from basic biochemistry and clinical pathology to cytogenetic and high-end molecular diagnostic tests, and radiology tests ranging from basic echocardiograms, X-Rays, and ultrasounds to radiology tests including computerized tomography scans, magnetic resonance imaging scans.
67GF 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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