Sahaj Solar (NSE:SAHAJSOLAR) Beneish M-Score: -0.36 (As of Jun. 26, 2026)


NSE:SAHAJSOLAR Sahaj Solar Ltd NSE:SAHAJSOLAR
44 GF Score
Price ₹131.35
! 8 Warning Signs
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What is Sahaj Solar Beneish M-Score?

Sahaj Solar NSE:SAHAJSOLAR -2.63% 44 Beneish M-Score is -0.36 as of Jun. 26, 2026. GuruFocus rates NSE:SAHAJSOLAR with a GF Score™ of 44/100. The stock has 8 warning signs investors should review. Among 987 Semiconductors companies, Sahaj Solar ranks worse than 93.92% 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 -0.36 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SAHAJSOLAR' s Beneish M-Score Range Over the Past 10 Years
Min: -0.36   Med: -0.31   Max: 0.32
Current: -0.36

During the past 6 years, the highest Beneish M-Score of Sahaj Solar was 0.32. The lowest was -0.36. And the median was -0.31.

Sahaj Solar Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sahaj Solar'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.

Sahaj Solar Beneish M-Score Chart

Sahaj Solar Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -0.32 0.32 -0.29 -0.36

Sahaj Solar Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.32 0.00 -0.29 0.00 -0.36

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

For the Solar subindustry, Sahaj Solar'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.

Sahaj Solar Beneish M-Score vs Semiconductors Industry

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

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


NSE:SAHAJSOLAR
44GF Score
Sahaj Solar Ltd NSE:SAHAJSOLAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sahaj Solar 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 Sahaj Solar 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 * 1.3239+0.528 * 0.9359+0.404 * 1.2035+0.892 * 1.2711+0.115 * 4.1062
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.225064-0.327 * 1.1426
=-0.36

* 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 ₹3,331 Mil.
Revenue was ₹4,192 Mil.
Gross Profit was ₹892 Mil.
Total Current Assets was ₹3,684 Mil.
Total Assets was ₹4,793 Mil.
Property, Plant and Equipment(Net PPE) was ₹345 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,877 Mil.
Long-Term Debt & Capital Lease Obligation was ₹459 Mil.
Net Income was ₹296 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-783 Mil.
 Total Receivables was ₹1,979 Mil.
Revenue was ₹3,298 Mil.
Gross Profit was ₹656 Mil.
Total Current Assets was ₹2,575 Mil.
Total Assets was ₹3,041 Mil.
Property, Plant and Equipment(Net PPE) was ₹63 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹83 Mil.
Total Current Liabilities was ₹1,821 Mil.
Long-Term Debt & Capital Lease Obligation was ₹32 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)
=(3330.504 / 4191.935) / (1979.228 / 3297.934)
=0.794503 / 0.600142
=1.3239

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)
=(656.428 / 3297.934) / (891.547 / 4191.935)
=0.199042 / 0.212681
=0.9359

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 - (3683.992 + 345.023) / 4792.913) / (1 - (2575.347 + 63.284) / 3041.414)
=0.159381 / 0.132433
=1.2035

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
=4191.935 / 3297.934
=1.2711

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))
=(13.153 / (13.153 + 63.284)) / (15.091 / (15.091 + 345.023))
=0.172076 / 0.041906
=4.1062

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 / 4191.935) / (82.918 / 3297.934)
=0 / 0.025142
=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)
=((459.454 + 2877.304) / 4792.913) / ((31.91 + 1821.145) / 3041.414)
=0.696186 / 0.609274
=1.1426

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
=(295.727 - 0 - -782.984) / 4792.913
=0.225064

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.

Sahaj Solar has a M-score of -0.36 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 -0.36 mean?
Sahaj Solar (NSE:SAHAJSOLAR) has a Beneish M-Score of -0.36 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sahaj Solar and its competitors. According to the industry distribution chart, Sahaj Solar ranks #927 out of 987 companies in the Semiconductors industry, placing it in the top 93.9%.
Is Sahaj Solar's Beneish M-Score too high?
Sahaj Solar's current Beneish M-Score is -0.36. Based on the distribution chart, Sahaj Solar ranks #927 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Sahaj Solar has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Sahaj Solar's Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Sahaj Solar ranks #927 out of 987 companies for Beneish M-Score. This places Sahaj Solar 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 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 Sahaj Solar and its competitors. Sahaj Solar's current Beneish M-Score is -0.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sahaj Solar stock overvalued right now?
Sahaj Solar (NSE:SAHAJSOLAR) has a current Beneish M-Score of -0.36. The current Beneish M-Score is -0.36. Sahaj Solar's 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 Sahaj Solar (NSE:SAHAJSOLAR), the current Beneish M-Score is -0.36 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.

Sahaj Solar Business Description

Address Office No. 301, Ashirvad Paras, Opposite Prahladnagar Garden, Satellite, Ahmedabad, GJ, IND, 380051
Sahaj Solar Ltd is a renewable energy solution provider engaged majorly into three businesses being manufacturing of PV modules, providing solar water pumping systems and providing EPC services to PAN India customers. Its product include Solar Panel, Solar Water Pump, Solar Mobile Trolleys, Solar Home Light and etc.
44GF Score

Get the complete analysis for NSE:SAHAJSOLAR

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

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