Saatvik Green Energy (NSE:SAATVIKGL) Beneish M-Score: 1.66 (As of Jun. 29, 2026) — Near Median


NSE:SAATVIKGL Saatvik Green Energy Ltd NSE:SAATVIKGL
17 GF Score
Price ₹475.35
! 4 Warning Signs
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What is Saatvik Green Energy Beneish M-Score?

Saatvik Green Energy NSE:SAATVIKGL -2.52% 17 Beneish M-Score is 1.66 as of Jun. 29, 2026, which is at its 10-year median of 1.66. GuruFocus rates NSE:SAATVIKGL with a GF Score™ of 17/100. The stock has 4 warning signs investors should review. Among 986 Semiconductors companies, Saatvik Green Energy ranks worse than 97.16% 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 1.66 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SAATVIKGL' s Beneish M-Score Range Over the Past 10 Years
Min: 1.66   Med: 1.66   Max: 1.66
Current: 1.66

During the past 5 years, the highest Beneish M-Score of Saatvik Green Energy was 1.66. The lowest was 1.66. And the median was 1.66.

Saatvik Green Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Saatvik Green Energy'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.

Saatvik Green Energy Beneish M-Score Chart

Saatvik Green Energy Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00 1.66

Saatvik Green Energy Quarterly Data
Mar22 Mar23 Mar24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 1.66

NSE:SAATVIKGL vs FSLR, NXT, ENPH: Beneish M-Score Comparison

For the Solar subindustry, Saatvik Green Energy'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.

Saatvik Green Energy Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Saatvik Green Energy's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Saatvik Green Energy's Beneish M-Score falls into.


NSE:SAATVIKGL
17GF Score
Saatvik Green Energy Ltd NSE:SAATVIKGL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Saatvik Green Energy 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 Saatvik Green Energy 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 * 1.3651+0.528 * 1.2099+0.404 * 3.4392+0.892 * 3.1471+0.115 * 0.7801
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.120703-0.327 * 0.7371
=1.66

* 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 (Dec24) TTM:
Total Receivables was ₹7,064 Mil.
Revenue was 16076.57 + 12570.22 + 7680.29 + 9189.37 = ₹45,516 Mil.
Gross Profit was 2499.75 + 2592.79 + 2272.32 + 2488.34 = ₹9,853 Mil.
Total Current Assets was ₹20,736 Mil.
Total Assets was ₹31,146 Mil.
Property, Plant and Equipment(Net PPE) was ₹8,349 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹636 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹14,506 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,623 Mil.
Net Income was 606.09 + 987.2 + 832.38 + 947.1 = ₹3,373 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + -386.65 = ₹-387 Mil.
 Total Receivables was ₹1,644 Mil.
Revenue was 5181.85 + 4752.96 + 4528.26 + 0 = ₹14,463 Mil.
Gross Profit was 1320.39 + 1150.76 + 1316.84 + 0 = ₹3,788 Mil.
Total Current Assets was ₹7,720 Mil.
Total Assets was ₹11,068 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,135 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹183 Mil.
Selling, General, & Admin. Expense(SGA) was ₹213 Mil.
Total Current Liabilities was ₹6,778 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,480 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)
=(7064.15 / 45516.45) / (1644.36 / 14463.07)
=0.1552 / 0.113694
=1.3651

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)
=(3787.99 / 14463.07) / (9853.2 / 45516.45)
=0.261908 / 0.216476
=1.2099

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 - (20735.55 + 8349.21) / 31145.91) / (1 - (7720.27 + 3134.88) / 11068.12)
=0.066177 / 0.019242
=3.4392

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
=45516.45 / 14463.07
=3.1471

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))
=(183.32 / (183.32 + 3134.88)) / (636.38 / (636.38 + 8349.21))
=0.055247 / 0.070822
=0.7801

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 / 45516.45) / (212.64 / 14463.07)
=0 / 0.014702
=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)
=((2622.53 + 14506.1) / 31145.91) / ((1479.76 + 6778.47) / 11068.12)
=0.549948 / 0.746128
=0.7371

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
=(3372.77 - 0 - -386.65) / 31145.91
=0.120703

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.

Saatvik Green Energy has a M-score of 1.66 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 1.66 mean?
Saatvik Green Energy (NSE:SAATVIKGL) has a Beneish M-Score of 1.66 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saatvik Green Energy and its competitors. This is near median its historical median of 1.66. Over the past decade, Saatvik Green Energy's Beneish M-Score has ranged from 1.66 to 1.66. According to the industry distribution chart, Saatvik Green Energy ranks #958 out of 986 companies in the Semiconductors industry, placing it in the top 97.2%.
Is Saatvik Green Energy's Beneish M-Score too high?
Saatvik Green Energy's current Beneish M-Score of 1.66 is near median its 10-year median of 1.66. Over the past 10 years, this metric has ranged from a low of 1.66 to a high of 1.66. Based on the distribution chart, Saatvik Green Energy ranks #958 out of 986 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Saatvik Green Energy has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Saatvik Green Energy's Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Saatvik Green Energy ranks #958 out of 986 companies for Beneish M-Score. This places Saatvik Green Energy in the lower half of its industry. Historically, Saatvik Green Energy's own Beneish M-Score has ranged from 1.66 to 1.66 over the past decade. 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Saatvik Green Energy and its competitors. Saatvik Green Energy's current Beneish M-Score is 1.66, which is near median its own 10-year median of 1.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saatvik Green Energy stock overvalued right now?
Saatvik Green Energy (NSE:SAATVIKGL) has a current Beneish M-Score of 1.66. The current Beneish M-Score is 1.66, which is near median its 10-year median of 1.66. Saatvik Green Energy's overall GF Score™ is 17/100 with 4 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 Saatvik Green Energy (NSE:SAATVIKGL), the current Beneish M-Score is 1.66 as of Jun. 29, 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.

Saatvik Green Energy Business Description

Other Exchanges 544526:India
Address Plot No. 3, Sector 32, Tower A, Institutional Area, IFFCO Complex, Gurugram, HR, IND, 122 001
Saatvik Green Energy Ltd is engaged in module manufacturing as well as engineering, procurement and construction (EPC) and operations and maintenance (O&M) services. The company offers a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency. Its solar energy products include: (i) monocrystalline passive emitter and rear cell modules; and (ii) N-TopCon solar modules, both types are offered in mono-facial and bifacial options, suitable for various applications, including residential, commercial and utility scale solar projects. It manufactures its products through the use of M10 technology for its Mono PERC modules and M10, G12, M10R and G12R technologies for its N-TopCon modules.
17GF Score

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