On Door Concepts (NSE:ONDOOR) Beneish M-Score: -2.38 (As of Jun. 26, 2026)


NSE:ONDOOR On Door Concepts Ltd NSE:ONDOOR
13 GF Score
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! 6 Warning Signs
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What is On Door Concepts Beneish M-Score?

On Door Concepts NSE:ONDOOR -0.35% 13 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates NSE:ONDOOR with a GF Score™ of 13/100. The stock has 6 warning signs investors should review. Among 1,087 Retail - Cyclical companies, On Door Concepts ranks worse than 64.58% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:ONDOOR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.38   Med: -1.55   Max: -0.88
Current: -2.38

During the past 5 years, the highest Beneish M-Score of On Door Concepts was -0.88. The lowest was -2.38. And the median was -1.55.

On Door Concepts Beneish M-Score Historical Data

* Premium members only.

The historical data trend for On Door Concepts'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.

On Door Concepts Beneish M-Score Chart

On Door Concepts Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.55 -0.88 -2.38

On Door Concepts Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.55 -0.88 -2.38

NSE:ONDOOR vs DDS, M: Beneish M-Score Comparison

For the Department Stores subindustry, On Door Concepts'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.

On Door Concepts Beneish M-Score vs Retail - Cyclical Industry

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

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


NSE:ONDOOR
13GF Score
On Door Concepts Ltd NSE:ONDOOR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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On Door Concepts 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 On Door Concepts 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 * 0.8641+0.528 * 1.0034+0.404 * 0.8922+0.892 * 1.1691+0.115 * 1.0293
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5392+4.679 * 0.021723-0.327 * 1.1953
=-2.38

* 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 ₹163 Mil.
Revenue was ₹2,730 Mil.
Gross Profit was ₹319 Mil.
Total Current Assets was ₹785 Mil.
Total Assets was ₹1,300 Mil.
Property, Plant and Equipment(Net PPE) was ₹215 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹40 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21 Mil.
Total Current Liabilities was ₹302 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹78 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹50 Mil.
 Total Receivables was ₹162 Mil.
Revenue was ₹2,335 Mil.
Gross Profit was ₹274 Mil.
Total Current Assets was ₹634 Mil.
Total Assets was ₹1,142 Mil.
Property, Plant and Equipment(Net PPE) was ₹213 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹41 Mil.
Selling, General, & Admin. Expense(SGA) was ₹33 Mil.
Total Current Liabilities was ₹222 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)
=(163.24 / 2730.107) / (161.576 / 2335.154)
=0.059793 / 0.069193
=0.8641

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)
=(273.993 / 2335.154) / (319.259 / 2730.107)
=0.117334 / 0.11694
=1.0034

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 - (785.222 + 214.584) / 1299.984) / (1 - (633.785 + 212.848) / 1142.242)
=0.230909 / 0.258797
=0.8922

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
=2730.107 / 2335.154
=1.1691

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))
=(40.602 / (40.602 + 212.848)) / (39.553 / (39.553 + 214.584))
=0.160197 / 0.155637
=1.0293

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)
=(20.828 / 2730.107) / (33.042 / 2335.154)
=0.007629 / 0.01415
=0.5392

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)
=((0 + 301.811) / 1299.984) / ((0 + 221.866) / 1142.242)
=0.232165 / 0.194237
=1.1953

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
=(77.796 - 0 - 49.556) / 1299.984
=0.021723

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.

On Door Concepts has a M-score of -2.38 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 -2.38 mean?
On Door Concepts (NSE:ONDOOR) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on On Door Concepts and its competitors. According to the industry distribution chart, On Door Concepts ranks #702 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 64.6%.
Is On Door Concepts' Beneish M-Score too high?
On Door Concepts' current Beneish M-Score is -2.38. Based on the distribution chart, On Door Concepts ranks #702 out of 1087 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, On Door Concepts has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does On Door Concepts' Beneish M-Score compare to DDS and M?
According to the Retail - Cyclical industry distribution chart, On Door Concepts ranks #702 out of 1087 companies for Beneish M-Score. This places On Door Concepts 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 On Door Concepts and its competitors. On Door Concepts's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is On Door Concepts stock overvalued right now?
On Door Concepts (NSE:ONDOOR) has a current Beneish M-Score of -2.38. The current Beneish M-Score is -2.38. On Door Concepts' overall GF Score™ is 13/100 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 On Door Concepts (NSE:ONDOOR), the current Beneish M-Score is -2.38 as of Jun. 26, 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.

On Door Concepts Business Description

Address E-8, Arera Colony, 1st and 2nd Floor, Plot No. 13 Railway Colony, Trilanga, Huzur, Bhopal, MP, IND, 462039
On Door Concepts Ltd is engaged in retailing household and consumer products through an e-commerce platform and departmental stores. It offers customers the convenience of both walk-in shopping and online ordering with prompt home delivery. Currently focused on B2B sales, the company is actively exploring growth opportunities within the B2B segment to expand its market presence, deepen customer relationships, and increase revenue streams. It's Concepts, an e-commerce venture, delivers food staples and household items to the doorstep. Its product range includes groceries, vegetables, fruits, household items, personal care products, and everyday essentials.
13GF 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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