Sawaliya Food Products (NSE:SAWALIYA) Beneish M-Score: 1.94 (As of Jul. 03, 2026) — Near Median


NSE:SAWALIYA Sawaliya Food Products Ltd NSE:SAWALIYA
16 GF Score
Price ₹305.00
! 8 Warning Signs
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What is Sawaliya Food Products Beneish M-Score?

Sawaliya Food Products NSE:SAWALIYA +0.86% 16 Beneish M-Score is 1.94 as of Jul. 03, 2026, which is at its 10-year median of 1.94. GuruFocus rates NSE:SAWALIYA with a GF Score™ of 16/100. The stock has 8 warning signs investors should review. Among 1,847 Consumer Packaged Goods companies, Sawaliya Food Products ranks worse than 96.43% 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 1.94 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SAWALIYA' s Beneish M-Score Range Over the Past 10 Years
Min: 1.94   Med: 1.94   Max: 1.94
Current: 1.94

During the past 3 years, the highest Beneish M-Score of Sawaliya Food Products was 1.94. The lowest was 1.94. And the median was 1.94.

Sawaliya Food Products Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sawaliya Food Products'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.

Sawaliya Food Products Beneish M-Score Chart

Sawaliya Food Products Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 1.94

Sawaliya Food Products Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 1.94

NSE:SAWALIYA vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Sawaliya Food Products'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.

Sawaliya Food Products Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Sawaliya Food Products's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sawaliya Food Products's Beneish M-Score falls into.


NSE:SAWALIYA
16GF Score
Sawaliya Food Products Ltd NSE:SAWALIYA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sawaliya Food Products 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 Sawaliya Food Products 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 * 4.0366+0.528 * 0.8961+0.404 * 0.9449+0.892 * 1.461+0.115 * 1.4599
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5556+4.679 * 0.243374-0.327 * 0.9372
=1.94

* 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 ₹167.2 Mil.
Revenue was ₹341.8 Mil.
Gross Profit was ₹161.6 Mil.
Total Current Assets was ₹370.2 Mil.
Total Assets was ₹462.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹82.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹20.6 Mil.
Total Current Liabilities was ₹216.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹116.8 Mil.
Net Income was ₹69.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-43.1 Mil.
 Total Receivables was ₹28.3 Mil.
Revenue was ₹234.0 Mil.
Gross Profit was ₹99.1 Mil.
Total Current Assets was ₹182.6 Mil.
Total Assets was ₹254.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹65.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹25.4 Mil.
Total Current Liabilities was ₹133.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹61.7 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)
=(167.186 / 341.842) / (28.349 / 233.978)
=0.489074 / 0.121161
=4.0366

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)
=(99.093 / 233.978) / (161.56 / 341.842)
=0.423514 / 0.472616
=0.8961

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 - (370.222 + 82.115) / 462.593) / (1 - (182.624 + 65.434) / 254.018)
=0.022171 / 0.023463
=0.9449

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
=341.842 / 233.978
=1.461

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))
=(5.504 / (5.504 + 65.434)) / (4.609 / (4.609 + 82.115))
=0.077589 / 0.053146
=1.4599

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)
=(20.597 / 341.842) / (25.373 / 233.978)
=0.060253 / 0.108442
=0.5556

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)
=((116.789 + 216.393) / 462.593) / ((61.682 + 133.529) / 254.018)
=0.720249 / 0.768493
=0.9372

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
=(69.457 - 0 - -43.126) / 462.593
=0.243374

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.

Sawaliya Food Products has a M-score of 1.94 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 1.94 mean?
Sawaliya Food Products (NSE:SAWALIYA) has a Beneish M-Score of 1.94 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sawaliya Food Products and its competitors. This is near median its historical median of 1.94. Over the past decade, Sawaliya Food Products' Beneish M-Score has ranged from 1.94 to 1.94. According to the industry distribution chart, Sawaliya Food Products ranks #1781 out of 1847 companies in the Consumer Packaged Goods industry, placing it in the top 96.4%.
Is Sawaliya Food Products' Beneish M-Score too high?
Sawaliya Food Products' current Beneish M-Score of 1.94 is near median its 10-year median of 1.94. Over the past 10 years, this metric has ranged from a low of 1.94 to a high of 1.94. Based on the distribution chart, Sawaliya Food Products ranks #1781 out of 1847 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Sawaliya Food Products has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Sawaliya Food Products' Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Sawaliya Food Products ranks #1781 out of 1847 companies for Beneish M-Score. This places Sawaliya Food Products in the lower half of its industry. Historically, Sawaliya Food Products' own Beneish M-Score has ranged from 1.94 to 1.94 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Sawaliya Food Products and its competitors. Sawaliya Food Products's current Beneish M-Score is 1.94, which is near median its own 10-year median of 1.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sawaliya Food Products stock overvalued right now?
Sawaliya Food Products (NSE:SAWALIYA) has a current Beneish M-Score of 1.94. The current Beneish M-Score is 1.94, which is near median its 10-year median of 1.94. Sawaliya Food Products' overall GF Score™ is 16/100 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 Sawaliya Food Products (NSE:SAWALIYA), the current Beneish M-Score is 1.94 as of Jul. 03, 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.

Sawaliya Food Products Business Description

Address Survey No. 9/2/1/2 Gavla, Tehsil Pithampur, Dhar, MP, IND, 454 775
Sawaliya Food Products Ltd is a manufacturer and processer of dehydrated vegetables, serving institutional manufacturers engaged in branded packaged food industries, traders and international importers of dehydrated products. Its main products include dehydrated carrot, dehydrated cabbage, dehydrated Garlic, dehydrated onions, and dehydrated ring beans / beans. The company operates in India and Outside India as well, of which it derives maximum revenue from India.
16GF 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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