S D Retail (NSE:SDREAMS) Beneish M-Score: -0.48 (As of Jun. 26, 2026)


NSE:SDREAMS S D Retail Ltd NSE:SDREAMS
39 GF Score
Price ₹91.00
! 5 Warning Signs
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What is S D Retail Beneish M-Score?

S D Retail NSE:SDREAMS 39 Beneish M-Score is -0.48 as of Jun. 26, 2026. GuruFocus rates NSE:SDREAMS with a GF Score™ of 39/100. The stock has 5 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, S D Retail ranks worse than 93.41% 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 -0.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SDREAMS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.05   Med: -1.49   Max: -0.48
Current: -0.48

During the past 6 years, the highest Beneish M-Score of S D Retail was -0.48. The lowest was -2.05. And the median was -1.49.

S D Retail Beneish M-Score Historical Data

* Premium members only.

The historical data trend for S D Retail'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.

S D Retail Beneish M-Score Chart

S D Retail Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.05 -0.95 -2.02 -0.48

S D Retail Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -0.95 0.00 -2.02 0.00 -0.48

NSE:SDREAMS vs RL, LEVI, VFC: Beneish M-Score Comparison

For the Apparel Manufacturing subindustry, S D Retail'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.

S D Retail Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, S D Retail's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where S D Retail's Beneish M-Score falls into.


NSE:SDREAMS
39GF Score
S D Retail Ltd NSE:SDREAMS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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S D Retail 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 S D Retail 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 * 0.9547+0.528 * 0.9564+0.404 * 3.9711+0.892 * 1.1326+0.115 * 1.8229
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.0902-0.327 * 0.8148
=-0.48

* 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 ₹863 Mil.
Revenue was ₹1,960 Mil.
Gross Profit was ₹1,047 Mil.
Total Current Assets was ₹1,333 Mil.
Total Assets was ₹1,735 Mil.
Property, Plant and Equipment(Net PPE) was ₹110 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹18 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹520 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2 Mil.
Net Income was ₹98 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-59 Mil.
 Total Receivables was ₹798 Mil.
Revenue was ₹1,730 Mil.
Gross Profit was ₹884 Mil.
Total Current Assets was ₹1,609 Mil.
Total Assets was ₹1,757 Mil.
Property, Plant and Equipment(Net PPE) was ₹73 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹85 Mil.
Total Current Liabilities was ₹648 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1 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)
=(862.603 / 1959.854) / (797.751 / 1730.432)
=0.440136 / 0.461013
=0.9547

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)
=(884.441 / 1730.432) / (1047.344 / 1959.854)
=0.51111 / 0.534399
=0.9564

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 - (1332.829 + 109.571) / 1735.104) / (1 - (1608.968 + 73.288) / 1756.89)
=0.168695 / 0.042481
=3.9711

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
=1959.854 / 1730.432
=1.1326

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))
=(25.248 / (25.248 + 73.288)) / (17.921 / (17.921 + 109.571))
=0.256231 / 0.140566
=1.8229

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 / 1959.854) / (85.279 / 1730.432)
=0 / 0.049282
=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)
=((2.125 + 520.241) / 1735.104) / ((0.965 + 648.148) / 1756.89)
=0.301057 / 0.369467
=0.8148

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
=(97.792 - 0 - -58.715) / 1735.104
=0.0902

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.

S D Retail has a M-score of -0.48 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 -0.48 mean?
S D Retail (NSE:SDREAMS) has a Beneish M-Score of -0.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on S D Retail and its competitors. According to the industry distribution chart, S D Retail ranks #935 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 93.4%.
Is S D Retail's Beneish M-Score too high?
S D Retail's current Beneish M-Score is -0.48. Based on the distribution chart, S D Retail ranks #935 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, S D Retail has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does S D Retail's Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, S D Retail ranks #935 out of 1001 companies for Beneish M-Score. This places S D Retail 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 S D Retail and its competitors. S D Retail's current Beneish M-Score is -0.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is S D Retail stock overvalued right now?
S D Retail (NSE:SDREAMS) has a current Beneish M-Score of -0.48. The current Beneish M-Score is -0.48. S D Retail's overall GF Score™ is 39/100 with 5 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 S D Retail (NSE:SDREAMS), the current Beneish M-Score is -0.48 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.

S D Retail Business Description

Address C-929, Stratum at Venus ground, Near Jhansi Ki Rani Statue, Nehrunagar, Ambawadi, Ahmedabad, GJ, IND, 380006
S D Retail Ltd is in the business of designing, manufacturing, outsourcing, marketing, and retailing sleepwear under the brand name SWEET DREAMS. It is a sleepwear-focused company offering a portfolio of stylish and comfortable sleepwear for the entire family. The company designs products to cater to men and women across all age groups, including kids, and includes Pyjamas, Night Sets, Nighties, T-shirts, etc. Key revenue is generated from India.
39GF 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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