Quest Laboratories (NSE:QUESTLAB) Beneish M-Score: -0.74 (As of Jun. 26, 2026)


NSE:QUESTLAB Quest Laboratories Ltd NSE:QUESTLAB
44 GF Score
Price ₹98.05
! 8 Warning Signs
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What is Quest Laboratories Beneish M-Score?

Quest Laboratories NSE:QUESTLAB -1.56% 44 Beneish M-Score is -0.74 as of Jun. 26, 2026. GuruFocus rates NSE:QUESTLAB with a GF Score™ of 44/100. The stock has 8 warning signs investors should review. Among 911 Drug Manufacturers companies, Quest Laboratories ranks worse than 93.19% 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 -0.74 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:QUESTLAB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56   Med: -2.15   Max: -0.74
Current: -0.74

During the past 6 years, the highest Beneish M-Score of Quest Laboratories was -0.74. The lowest was -3.56. And the median was -2.15.

Quest Laboratories Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Quest Laboratories'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.

Quest Laboratories Beneish M-Score Chart

Quest Laboratories Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.56 0.00 0.00 -0.74

Quest Laboratories Quarterly Data
Mar21 Mar22 Mar23 Sep23 Dec23 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 -0.74

NSE:QUESTLAB vs LLY, JNJ, ABBV: Beneish M-Score Comparison

For the Drug Manufacturers - General subindustry, Quest Laboratories'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.

Quest Laboratories Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Quest Laboratories's Beneish M-Score distribution charts can be found below:

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


NSE:QUESTLAB
44GF Score
Quest Laboratories Ltd NSE:QUESTLAB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Quest Laboratories 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 Quest Laboratories 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 * 1.0973+0.528 * 1.0336+0.404 * 1.2515+0.892 * 1.0756+0.115 * 1.0617
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.23152-0.327 * 0.3813
=-0.74

* 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 ₹362.1 Mil.
Revenue was ₹1,118.2 Mil.
Gross Profit was ₹243.4 Mil.
Total Current Assets was ₹915.4 Mil.
Total Assets was ₹1,111.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹162.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹125.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹9.1 Mil.
Net Income was ₹150.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-107.2 Mil.
 Total Receivables was ₹306.8 Mil.
Revenue was ₹1,039.7 Mil.
Gross Profit was ₹233.9 Mil.
Total Current Assets was ₹1,069.5 Mil.
Total Assets was ₹1,216.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹117.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.1 Mil.
Total Current Liabilities was ₹371.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹13.6 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)
=(362.144 / 1118.218) / (306.841 / 1039.658)
=0.323858 / 0.295136
=1.0973

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)
=(233.876 / 1039.658) / (243.382 / 1118.218)
=0.224955 / 0.217652
=1.0336

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 - (915.418 + 162.741) / 1111.504) / (1 - (1069.453 + 117.873) / 1216.486)
=0.03 / 0.023971
=1.2515

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
=1118.218 / 1039.658
=1.0756

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))
=(6.36 / (6.36 + 117.873)) / (8.245 / (8.245 + 162.741))
=0.051194 / 0.04822
=1.0617

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 / 1118.218) / (4.123 / 1039.658)
=0 / 0.003966
=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)
=((9.094 + 125.167) / 1111.504) / ((13.568 + 371.759) / 1216.486)
=0.120792 / 0.316754
=0.3813

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
=(150.174 - 0 - -107.161) / 1111.504
=0.23152

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.

Quest Laboratories has a M-score of -0.74 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 -0.74 mean?
Quest Laboratories (NSE:QUESTLAB) has a Beneish M-Score of -0.74 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Quest Laboratories and its competitors. According to the industry distribution chart, Quest Laboratories ranks #849 out of 911 companies in the Drug Manufacturers industry, placing it in the top 93.2%.
Is Quest Laboratories' Beneish M-Score too high?
Quest Laboratories' current Beneish M-Score is -0.74. Based on the distribution chart, Quest Laboratories ranks #849 out of 911 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Quest Laboratories has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Quest Laboratories' Beneish M-Score compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Quest Laboratories ranks #849 out of 911 companies for Beneish M-Score. This places Quest Laboratories 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 Quest Laboratories and its competitors. Quest Laboratories's current Beneish M-Score is -0.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Quest Laboratories stock overvalued right now?
Quest Laboratories (NSE:QUESTLAB) has a current Beneish M-Score of -0.74. The current Beneish M-Score is -0.74. Quest Laboratories' overall GF Score™ is 44/100 with 8 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 Quest Laboratories (NSE:QUESTLAB), the current Beneish M-Score is -0.74 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.

Quest Laboratories Business Description

Address Sector III, Plot No. 45, Pithampur Industrial Area, Opposite Kissan Pipe Unit 4, District Dhar, Pithampur, Dhar, MP, IND, 454775
Quest Laboratories Ltd is engaged in the business of manufacturing pharmaceutical formulations across a broad spectrum, including antibiotics, antimalarials, antispasmodics, anti-inflammatories, antiemetics, respiratory medications, diabetes treatments, antidepressants, and more. It produces various products, comprising ethical drugs, generic drugs, and over-the-counter drugs, and is also available in various forms such as tablets, liquid orals, oral dry powders, oral powders (ORS), ointments, and external liquids, among others. The company operates in a single segment of Drugs and Chemicals.
44GF 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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