Polysil Irrigation Systems (NSE:POLYSIL) Beneish M-Score: -1.23 (As of Jun. 27, 2026)


NSE:POLYSIL Polysil Irrigation Systems Ltd NSE:POLYSIL
7 GF Score
Price ₹139.00
! 10 Warning Signs
View Full Analysis

What is Polysil Irrigation Systems Beneish M-Score?

Polysil Irrigation Systems NSE:POLYSIL -3.84% 7 Beneish M-Score is -1.23 as of Jun. 27, 2026. GuruFocus rates NSE:POLYSIL with a GF Score™ of 7/100. The stock has 10 warning signs investors should review. Among 2,926 Industrial Products companies, Polysil Irrigation Systems ranks worse than 92.07% 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.

Warning Sign:

Beneish M-Score -1.23 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:POLYSIL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.39   Med: -1.35   Max: -1.23
Current: -1.23

During the past 5 years, the highest Beneish M-Score of Polysil Irrigation Systems was -1.23. The lowest was -1.39. And the median was -1.35.

Polysil Irrigation Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Polysil Irrigation Systems'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.

Polysil Irrigation Systems Beneish M-Score Chart

Polysil Irrigation Systems Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.35 -1.39 -1.23

Polysil Irrigation Systems Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.35 -1.39 -1.23

NSE:POLYSIL vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Polysil Irrigation Systems'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.

Polysil Irrigation Systems Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Polysil Irrigation Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Polysil Irrigation Systems's Beneish M-Score falls into.


NSE:POLYSIL
7GF Score
Polysil Irrigation Systems Ltd NSE:POLYSIL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Polysil Irrigation Systems 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 Polysil Irrigation Systems 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 * 2.8462+0.528 * 1.0034+0.404 * 1.8077+0.892 * 0.3124+0.115 * 0.9623
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6783+4.679 * -0.037791-0.327 * 1.1095
=-1.23

* 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 ₹422.9 Mil.
Revenue was ₹138.9 Mil.
Gross Profit was ₹48.9 Mil.
Total Current Assets was ₹785.8 Mil.
Total Assets was ₹889.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹72.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5.1 Mil.
Total Current Liabilities was ₹622.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5.4 Mil.
Net Income was ₹-18.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹15.1 Mil.
 Total Receivables was ₹475.7 Mil.
Revenue was ₹444.6 Mil.
Gross Profit was ₹157.1 Mil.
Total Current Assets was ₹692.3 Mil.
Total Assets was ₹784.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹77.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24.0 Mil.
Total Current Liabilities was ₹487.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11.6 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)
=(422.949 / 138.884) / (475.748 / 444.642)
=3.04534 / 1.069957
=2.8462

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)
=(157.093 / 444.642) / (48.902 / 138.884)
=0.353302 / 0.352107
=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 - (785.784 + 72.816) / 889.525) / (1 - (692.306 + 77.43) / 784.83)
=0.034766 / 0.019232
=1.8077

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
=138.884 / 444.642
=0.3124

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))
=(7.248 / (7.248 + 77.43)) / (7.109 / (7.109 + 72.816))
=0.085595 / 0.088946
=0.9623

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)
=(5.092 / 138.884) / (24.034 / 444.642)
=0.036664 / 0.054052
=0.6783

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)
=((5.37 + 622.022) / 889.525) / ((11.572 + 487.344) / 784.83)
=0.705311 / 0.635699
=1.1095

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
=(-18.519 - 0 - 15.097) / 889.525
=-0.037791

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.

Polysil Irrigation Systems has a M-score of -1.23 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 -1.23 mean?
Polysil Irrigation Systems (NSE:POLYSIL) has a Beneish M-Score of -1.23 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Polysil Irrigation Systems and its competitors. According to the industry distribution chart, Polysil Irrigation Systems ranks #2694 out of 2926 companies in the Industrial Products industry, placing it in the top 92.1%.
Is Polysil Irrigation Systems' Beneish M-Score too high?
Polysil Irrigation Systems' current Beneish M-Score is -1.23. Based on the distribution chart, Polysil Irrigation Systems ranks #2694 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Polysil Irrigation Systems has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Polysil Irrigation Systems' Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Polysil Irrigation Systems ranks #2694 out of 2926 companies for Beneish M-Score. This places Polysil Irrigation Systems 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial 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 Polysil Irrigation Systems and its competitors. Polysil Irrigation Systems's current Beneish M-Score is -1.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Polysil Irrigation Systems stock overvalued right now?
Polysil Irrigation Systems (NSE:POLYSIL) has a current Beneish M-Score of -1.23. The current Beneish M-Score is -1.23. Polysil Irrigation Systems' overall GF Score™ is 7/100 with 10 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 Polysil Irrigation Systems (NSE:POLYSIL), the current Beneish M-Score is -1.23 as of Jun. 27, 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.

Polysil Irrigation Systems Business Description

Address Survey No- 340/1, Beside Hystuff Steel, At Post Raniya, Taluka Savli, District Vadodara, Vadodara, GJ, IND, 391780
Polysil Irrigation Systems Ltd is an integrated player within the drip irrigation and sprinkler irrigation sectors, with a presence in the micro irrigation industry. Its product range includes HDPE Pipes, pipe fittings, and irrigation equipment, including disc filters, screen filters, hydro-cyclone filters, sand filters, compression fittings, valves, fertilizer tanks, digital controllers, pressure gauges, etc. These products are sold under the brand Polysil. The company sells its products through institutional markets and open market sales. It has one segment, which is High-Density Polyethylene Pipe (HDPE)/Linear Low Density Polyethylene Pipe (LLDPE)/Low Density Polyethylene Pipe (LDPE) and Micro irrigation Systems. Geographically, the company operates across different regions in India.
7GF Score

Get the complete analysis for NSE:POLYSIL

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

₹139.00
Price