Nikita Greentech Recycling (NSE:NIKITA) Beneish M-Score: 0.00 (As of Aug. 31, 2026)

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NSE:NIKITA Nikita Greentech Recycling Ltd NSE:NIKITA
11 GF Score
Price ₹76.90
! 6 Warning Signs
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What is Nikita Greentech Recycling Beneish M-Score?

Nikita Greentech Recycling NSE:NIKITA 11 Beneish M-Score is 0.00 as of Aug. 31, 2026. GuruFocus rates NSE:NIKITA with a GF Score™ of 11/100. The stock has 6 warning signs investors should review. Among 272 Forest Products companies, Nikita Greentech Recycling ranks worse than 367646.69% 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 Nikita Greentech Recycling's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Nikita Greentech Recycling was -1.19. The lowest was -1.56. And the median was -1.38.

Nikita Greentech Recycling Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nikita Greentech Recycling'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.

Nikita Greentech Recycling Beneish M-Score Chart

Nikita Greentech Recycling Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.56 -1.19 0.00

Nikita Greentech Recycling Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.56 0.00 -1.19 0.00 0.00

Nikita Greentech Recycling Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Nikita Greentech Recycling'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.

Nikita Greentech Recycling Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Nikita Greentech Recycling's Beneish M-Score distribution charts can be found below:

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


NSE:NIKITA
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Nikita Greentech Recycling Ltd NSE:NIKITA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nikita Greentech Recycling 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 Nikita Greentech Recycling 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ₹2,272 Mil.
Revenue was ₹3,501 Mil.
Gross Profit was ₹1,058 Mil.
Total Current Assets was ₹3,284 Mil.
Total Assets was ₹4,899 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,569 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹91 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,014 Mil.
Long-Term Debt & Capital Lease Obligation was ₹849 Mil.
Net Income was ₹111 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹190 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹3,644 Mil.
Gross Profit was ₹1,161 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹0 Mil.
Property, Plant and Equipment(Net PPE) was ₹0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹101 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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)
=(2271.665 / 3500.717) / (0 / 3644.243)
=0.648914 / 0
=

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)
=(1161.267 / 3644.243) / (1058.315 / 3500.717)
=0.318658 / 0.302314
=

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 - (3283.573 + 1569.222) / 4898.502) / (1 - (0 + 0) / 0)
=0.009331 /
=

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
=3500.717 / 3644.243
=

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))
=(101.254 / (101.254 + 0)) / (90.859 / (90.859 + 1569.222))
=1 / 0.054732
=

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 / 3500.717) / (0 / 3644.243)
=0 / 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)
=((849.321 + 2014.422) / 4898.502) / ((0 + 0) / 0)
=0.584616 /
=

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
=(111.389 - 0 - 190.442) / 4898.502
=-0.016138

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Nikita Greentech Recycling (NSE:NIKITA) has a Beneish M-Score of 0.00 as of Aug. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nikita Greentech Recycling and its competitors. According to the industry distribution chart, Nikita Greentech Recycling ranks #999999 out of 272 companies in the Forest Products industry.
Is Nikita Greentech Recycling's Beneish M-Score too high?
Nikita Greentech Recycling's current Beneish M-Score is 0.00. Based on the distribution chart, Nikita Greentech Recycling ranks #999999 out of 272 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Nikita Greentech Recycling has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Nikita Greentech Recycling's Beneish M-Score compare to competitors?
According to the Forest Products industry distribution chart, Nikita Greentech Recycling ranks #999999 out of 272 companies for Beneish M-Score. This places Nikita Greentech Recycling 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Nikita Greentech Recycling and its competitors. Nikita Greentech Recycling'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 Nikita Greentech Recycling stock overvalued right now?
Nikita Greentech Recycling (NSE:NIKITA) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Nikita Greentech Recycling's overall GF Score™ is 11/100 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 Nikita Greentech Recycling (NSE:NIKITA), the current Beneish M-Score is 0.00 as of Aug. 31, 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.

Nikita Greentech Recycling Business Description

Address Industrial Estate Panipat Road, C-10, Shamli, Muzaffarnagar, UP, IND, 247776
Nikita Greentech Recycling Ltd, formerly Nikita Papers Ltd is a manufacturers of recycled kraft paper. It is manufacturing Kraft paper ranging from 80 to 200 GSM in various Burst Factor (B.F.) ranges. The company has only one segment: Business of Kraft Paper Manufacturing.
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