Sadhav Shipping (NSE:SADHAV) Beneish M-Score: 47.87 (As of Jun. 29, 2026)


NSE:SADHAV Sadhav Shipping Ltd NSE:SADHAV
35 GF Score
Price ₹116.00
! 11 Warning Signs
View Full Analysis

What is Sadhav Shipping Beneish M-Score?

Sadhav Shipping NSE:SADHAV -1.11% 35 Beneish M-Score is 47.87 as of Jun. 29, 2026. GuruFocus rates NSE:SADHAV with a GF Score™ of 35/100. The stock has 11 warning signs investors should review. Among 960 Transportation companies, Sadhav Shipping ranks worse than 99.58% 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.

Warning Sign:

Beneish M-Score 47.87 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SADHAV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67   Med: -2.74   Max: 47.87
Current: 47.87

During the past 6 years, the highest Beneish M-Score of Sadhav Shipping was 47.87. The lowest was -3.67. And the median was -2.74.

Sadhav Shipping Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sadhav Shipping'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.

Sadhav Shipping Beneish M-Score Chart

Sadhav Shipping Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.67 -1.97 -3.51 47.87

Sadhav Shipping Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -1.97 0.00 -3.51 0.00 47.87

Sadhav Shipping Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Sadhav Shipping'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.

Sadhav Shipping Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Sadhav Shipping's Beneish M-Score distribution charts can be found below:

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


NSE:SADHAV
35GF Score
Sadhav Shipping Ltd NSE:SADHAV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sadhav Shipping 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 Sadhav Shipping 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 * 1.4761+0.528 * 1.0308+0.404 * 123.9375+0.892 * 1.0071+0.115 * 0.6682
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.008698-0.327 * 0.864
=47.87

* 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 ₹226.4 Mil.
Revenue was ₹975.5 Mil.
Gross Profit was ₹289.0 Mil.
Total Current Assets was ₹597.2 Mil.
Total Assets was ₹2,117.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,516.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹83.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹282.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹726.8 Mil.
Net Income was ₹147.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹128.8 Mil.
 Total Receivables was ₹152.3 Mil.
Revenue was ₹968.6 Mil.
Gross Profit was ₹295.8 Mil.
Total Current Assets was ₹460.4 Mil.
Total Assets was ₹2,520.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,059.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹74.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.0 Mil.
Total Current Liabilities was ₹378.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,011.5 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)
=(226.35 / 975.538) / (152.262 / 968.646)
=0.232026 / 0.157191
=1.4761

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)
=(295.842 / 968.646) / (289.038 / 975.538)
=0.305418 / 0.296286
=1.0308

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 - (597.152 + 1516.436) / 2117.787) / (1 - (460.423 + 2059.622) / 2520.085)
=0.001983 / 1.6E-5
=123.9375

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
=975.538 / 968.646
=1.0071

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))
=(74.746 / (74.746 + 2059.622)) / (83.867 / (83.867 + 1516.436))
=0.03502 / 0.052407
=0.6682

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 / 975.538) / (3.964 / 968.646)
=0 / 0.004092
=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)
=((726.805 + 282.749) / 2117.787) / ((1011.546 + 378.811) / 2520.085)
=0.476702 / 0.55171
=0.864

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
=(147.244 - 0 - 128.823) / 2117.787
=0.008698

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.

Sadhav Shipping has a M-score of 47.87 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 47.87 mean?
Sadhav Shipping (NSE:SADHAV) has a Beneish M-Score of 47.87 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sadhav Shipping and its competitors. According to the industry distribution chart, Sadhav Shipping ranks #956 out of 960 companies in the Transportation industry, placing it in the top 99.6%.
Is Sadhav Shipping's Beneish M-Score too high?
Sadhav Shipping's current Beneish M-Score is 47.87. Based on the distribution chart, Sadhav Shipping ranks #956 out of 960 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Sadhav Shipping has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Sadhav Shipping's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Sadhav Shipping ranks #956 out of 960 companies for Beneish M-Score. This places Sadhav Shipping 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Sadhav Shipping and its competitors. Sadhav Shipping's current Beneish M-Score is 47.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sadhav Shipping stock overvalued right now?
Sadhav Shipping (NSE:SADHAV) has a current Beneish M-Score of 47.87. The current Beneish M-Score is 47.87. Sadhav Shipping's overall GF Score™ is 35/100 with 11 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 Sadhav Shipping (NSE:SADHAV), the current Beneish M-Score is 47.87 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.

Sadhav Shipping Business Description

Address New Link Road, Unit -618, 6th Floor, Laxmi Plaza, Building No. 9, Andheri West, Mumbai, MH, IND, 400053
Sadhav Shipping Ltd owns and operates marine assets to service ports, coastal logistics, and other port maritime-related services. The company is mainly engaged in the business of owning & operating barges, tugs & vessels in addition to taking ship management for other owners. The company has one business segment, i.e., Shipping, in various sectors of maritime trade in India.
35GF Score

Get the complete analysis for NSE:SADHAV

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

₹116.00
Price