Sati Poly Plast (NSE:SATIPOLY) Beneish M-Score: -0.64 (As of Jun. 26, 2026)


NSE:SATIPOLY Sati Poly Plast Ltd NSE:SATIPOLY
14 GF Score
Price ₹30.35
! 2 Warning Signs
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What is Sati Poly Plast Beneish M-Score?

Sati Poly Plast NSE:SATIPOLY -4.86% 14 Beneish M-Score is -0.64 as of Jun. 26, 2026. GuruFocus rates NSE:SATIPOLY with a GF Score™ of 14/100. The stock has 2 warning signs investors should review. Among 373 Packaging & Containers companies, Sati Poly Plast ranks worse than 92.49% 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 -0.64 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SATIPOLY' s Beneish M-Score Range Over the Past 10 Years
Min: -1.81   Med: -1.23   Max: -0.64
Current: -0.64

During the past 4 years, the highest Beneish M-Score of Sati Poly Plast was -0.64. The lowest was -1.81. And the median was -1.23.

Sati Poly Plast Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sati Poly Plast'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.

Sati Poly Plast Beneish M-Score Chart

Sati Poly Plast Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.81 -0.64

Sati Poly Plast Semi-Annual Data
Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.81 -0.64

NSE:SATIPOLY vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Sati Poly Plast'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.

Sati Poly Plast Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Sati Poly Plast's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sati Poly Plast's Beneish M-Score falls into.


NSE:SATIPOLY
14GF Score
Sati Poly Plast Ltd NSE:SATIPOLY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sati Poly Plast 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 Sati Poly Plast 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 * 1.2152+0.528 * 1.2325+0.404 * 2.8862+0.892 * 1.683+0.115 * 0.4964
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.107+4.679 * 0.044433-0.327 * 0.9427
=-0.64

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹253 Mil.
Revenue was ₹3,019 Mil.
Gross Profit was ₹457 Mil.
Total Current Assets was ₹501 Mil.
Total Assets was ₹610 Mil.
Property, Plant and Equipment(Net PPE) was ₹59 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹29 Mil.
Selling, General, & Admin. Expense(SGA) was ₹32 Mil.
Total Current Liabilities was ₹392 Mil.
Long-Term Debt & Capital Lease Obligation was ₹53 Mil.
Net Income was ₹-106 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-133 Mil.
 Total Receivables was ₹124 Mil.
Revenue was ₹1,794 Mil.
Gross Profit was ₹335 Mil.
Total Current Assets was ₹407 Mil.
Total Assets was ₹564 Mil.
Property, Plant and Equipment(Net PPE) was ₹141 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹27 Mil.
Selling, General, & Admin. Expense(SGA) was ₹17 Mil.
Total Current Liabilities was ₹266 Mil.
Long-Term Debt & Capital Lease Obligation was ₹171 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)
=(253.092 / 3018.559) / (123.752 / 1793.548)
=0.083845 / 0.068998
=1.2152

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)
=(334.88 / 1793.548) / (457.271 / 3018.559)
=0.186714 / 0.151487
=1.2325

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 - (500.589 + 58.926) / 609.677) / (1 - (406.818 + 140.869) / 563.758)
=0.082276 / 0.028507
=2.8862

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
=3018.559 / 1793.548
=1.683

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))
=(27.486 / (27.486 + 140.869)) / (28.876 / (28.876 + 58.926))
=0.163262 / 0.328876
=0.4964

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)
=(32.157 / 3018.559) / (17.26 / 1793.548)
=0.010653 / 0.009623
=1.107

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)
=((53.363 + 391.65) / 609.677) / ((170.54 + 265.988) / 563.758)
=0.729916 / 0.774318
=0.9427

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
=(-105.546 - 0 - -132.636) / 609.677
=0.044433

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.

Sati Poly Plast has a M-score of -0.64 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 -0.64 mean?
Sati Poly Plast (NSE:SATIPOLY) has a Beneish M-Score of -0.64 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sati Poly Plast and its competitors. According to the industry distribution chart, Sati Poly Plast ranks #345 out of 373 companies in the Packaging & Containers industry, placing it in the top 92.5%.
Is Sati Poly Plast's Beneish M-Score too high?
Sati Poly Plast's current Beneish M-Score is -0.64. Based on the distribution chart, Sati Poly Plast ranks #345 out of 373 companies in the Packaging & Containers industry, which is in the bottom quartile relative to peers. Overall, Sati Poly Plast has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Sati Poly Plast's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, Sati Poly Plast ranks #345 out of 373 companies for Beneish M-Score. This places Sati Poly Plast 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 Sati Poly Plast and its competitors. Sati Poly Plast's current Beneish M-Score is -0.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sati Poly Plast stock overvalued right now?
Sati Poly Plast (NSE:SATIPOLY) has a current Beneish M-Score of -0.64. The current Beneish M-Score is -0.64. Sati Poly Plast's overall GF Score™ is 14/100 with 2 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 Sati Poly Plast (NSE:SATIPOLY), the current Beneish M-Score is -0.64 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.

Sati Poly Plast Business Description

Address Sector 132, Unit IS 1801, Urbtech Trade Center, Noida, UP, IND, 201305
Sati Poly Plast Ltd is an Indian company engaged in the manufacturing of flexible packaging material, which is multi-functional and caters to the packaging requirements of various industries. The company offers plastic packaging solutions for food items (such as dairy products, biscuits, snacks, oil products, frozen food, etc.), non-food items (like pharmaceutical products, chemicals, home and personal care products, etc), and 3D/5D seal pouch packaging solutions. Geographically, the company generates maximum revenue from its domestic market, and also exports its products to other regions.
14GF 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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