Pushpa Jewellers (NSE:PUSHPA) Beneish M-Score: 0.41 (As of Jun. 28, 2026) — Near Median


NSE:PUSHPA Pushpa Jewellers Ltd NSE:PUSHPA
18 GF Score
Price ₹103.95
! 3 Warning Signs
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What is Pushpa Jewellers Beneish M-Score?

Pushpa Jewellers NSE:PUSHPA -2.44% 18 Beneish M-Score is 0.41 as of Jun. 28, 2026, which is at its 10-year median of 0.41. GuruFocus rates NSE:PUSHPA with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 1,084 Retail - Cyclical companies, Pushpa Jewellers ranks worse than 94.56% 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 0.41 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:PUSHPA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.15   Med: 0.41   Max: 6.76
Current: 0.41

During the past 5 years, the highest Beneish M-Score of Pushpa Jewellers was 6.76. The lowest was -2.15. And the median was 0.41.

Pushpa Jewellers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pushpa Jewellers'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.

Pushpa Jewellers Beneish M-Score Chart

Pushpa Jewellers Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.15 6.76 0.41

Pushpa Jewellers Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.15 6.76 0.41

NSE:PUSHPA vs TPR: Beneish M-Score Comparison

For the Luxury Goods subindustry, Pushpa Jewellers'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.

Pushpa Jewellers Beneish M-Score vs Retail - Cyclical Industry

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

* The bar in red indicates where Pushpa Jewellers's Beneish M-Score falls into.


NSE:PUSHPA
18GF Score
Pushpa Jewellers Ltd NSE:PUSHPA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pushpa Jewellers 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 Pushpa Jewellers 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 * 1.2251+0.528 * 1.1589+0.404 * 0.4076+0.892 * 1.4886+0.115 * 0.8955
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.434748-0.327 * 0.3507
=0.41

* 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 ₹359 Mil.
Revenue was ₹4,184 Mil.
Gross Profit was ₹515 Mil.
Total Current Assets was ₹1,477 Mil.
Total Assets was ₹1,775 Mil.
Property, Plant and Equipment(Net PPE) was ₹263 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹65 Mil.
Long-Term Debt & Capital Lease Obligation was ₹156 Mil.
Net Income was ₹259 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-513 Mil.
 Total Receivables was ₹197 Mil.
Revenue was ₹2,811 Mil.
Gross Profit was ₹401 Mil.
Total Current Assets was ₹708 Mil.
Total Assets was ₹911 Mil.
Property, Plant and Equipment(Net PPE) was ₹159 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹26 Mil.
Total Current Liabilities was ₹215 Mil.
Long-Term Debt & Capital Lease Obligation was ₹109 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)
=(358.973 / 4183.887) / (196.839 / 2810.607)
=0.085799 / 0.070034
=1.2251

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)
=(400.549 / 2810.607) / (514.513 / 4183.887)
=0.142513 / 0.122975
=1.1589

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 - (1477.004 + 263.18) / 1775.251) / (1 - (707.759 + 159.131) / 911.046)
=0.019753 / 0.048467
=0.4076

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
=4183.887 / 2810.607
=1.4886

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))
=(5.567 / (5.567 + 159.131)) / (10.324 / (10.324 + 263.18))
=0.033801 / 0.037747
=0.8955

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 / 4183.887) / (25.618 / 2810.607)
=0 / 0.009115
=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)
=((156.424 + 65.109) / 1775.251) / ((109.285 + 214.88) / 911.046)
=0.12479 / 0.355816
=0.3507

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
=(258.85 - 0 - -512.937) / 1775.251
=0.434748

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.

Pushpa Jewellers has a M-score of 0.41 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 0.41 mean?
Pushpa Jewellers (NSE:PUSHPA) has a Beneish M-Score of 0.41 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pushpa Jewellers and its competitors. This is near median its historical median of 0.41. According to the industry distribution chart, Pushpa Jewellers ranks #1025 out of 1084 companies in the Retail - Cyclical industry, placing it in the top 94.6%.
Is Pushpa Jewellers' Beneish M-Score too high?
Pushpa Jewellers' current Beneish M-Score of 0.41 is near median its 10-year median of 0.41. Based on the distribution chart, Pushpa Jewellers ranks #1025 out of 1084 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Pushpa Jewellers has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Pushpa Jewellers' Beneish M-Score compare to TPR?
According to the Retail - Cyclical industry distribution chart, Pushpa Jewellers ranks #1025 out of 1084 companies for Beneish M-Score. This places Pushpa Jewellers 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 Pushpa Jewellers and its competitors. Pushpa Jewellers's current Beneish M-Score is 0.41, which is near median its own 10-year median of 0.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pushpa Jewellers stock overvalued right now?
Pushpa Jewellers (NSE:PUSHPA) has a current Beneish M-Score of 0.41. The current Beneish M-Score is 0.41, which is near median its 10-year median of 0.41. Pushpa Jewellers' overall GF Score™ is 18/100 with 3 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 Pushpa Jewellers (NSE:PUSHPA), the current Beneish M-Score is 0.41 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.

Pushpa Jewellers Business Description

Address Premises No. 22, East Topsia Road, 4th Floor, Flat No.4A, Tirumala 22, Kolkata, WB, IND, 700046
Pushpa Jewellers Ltd is a wholesale B2B jewellery maker with a presence across India. Its jewellery business includes the sale of a range of Traditional and Modern Gold jewellery. Its main focus is in detailing and highlighting small areas minutely as its jewellery consists of some of the world's finest stones, namely Emerald, Jade, Pearl and Meena. The company has a presence across multiple regions in India, and it also exports its jewellery in international markets like Dubai, the United States and Australia. The company generates the majority of its revenue from sales in the Domestic market.
18GF 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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