Shanti Overseas (India) (NSE:SHANTI) Beneish M-Score: 0.00 (As of Jul. 10, 2026)


NSE:SHANTI Shanti Overseas (India) Ltd NSE:SHANTI
57 GF Score
Price ₹6.69
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What is Shanti Overseas (India) Beneish M-Score?

Shanti Overseas (India) NSE:SHANTI +3.08% 57 Beneish M-Score is 0.00 as of Jul. 10, 2026. GuruFocus rates NSE:SHANTI with a GF Score™ of 57/100.

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.

The historical rank and industry rank for Shanti Overseas (India)'s Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Shanti Overseas (India) was 0.00. The lowest was 0.00. And the median was 0.00.

Shanti Overseas (India) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shanti Overseas (India)'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.

Shanti Overseas (India) Beneish M-Score Chart

Shanti Overseas (India) Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -3.25 -3.42 2.33 6.91 -1.98

Shanti Overseas (India) Quarterly Data
Mar18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.91 0.00 0.00 0.00 -1.98

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

For the Farm Products subindustry, Shanti Overseas (India)'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.

Shanti Overseas (India) Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Shanti Overseas (India)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shanti Overseas (India)'s Beneish M-Score falls into.


NSE:SHANTI
57GF Score
Shanti Overseas (India) Ltd NSE:SHANTI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shanti Overseas (India) 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 Shanti Overseas (India) 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 * 1.0044+0.528 * 0.024+0.404 * 1.0756+0.892 * 2.2362+0.115 * 0.6499
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.028781-0.327 * 1.3605
=-1.98

* 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 ₹52.1 Mil.
Revenue was ₹238.4 Mil.
Gross Profit was ₹-23.5 Mil.
Total Current Assets was ₹128.3 Mil.
Total Assets was ₹201.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹1.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹72.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14.3 Mil.
Net Income was ₹-27.9 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-22.1 Mil.
 Total Receivables was ₹23.2 Mil.
Revenue was ₹106.6 Mil.
Gross Profit was ₹-0.3 Mil.
Total Current Assets was ₹130.3 Mil.
Total Assets was ₹204.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹6.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3.8 Mil.
Total Current Liabilities was ₹54.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10.0 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)
=(52.055 / 238.41) / (23.176 / 106.616)
=0.218342 / 0.217378
=1.0044

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)
=(-0.252 / 106.616) / (-23.532 / 238.41)
=-0.002364 / -0.098704
=0.024

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 - (128.27 + 1.827) / 201.629) / (1 - (130.343 + 6.649) / 204.418)
=0.35477 / 0.329844
=1.0756

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
=238.41 / 106.616
=2.2362

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))
=(2.092 / (2.092 + 6.649)) / (1.065 / (1.065 + 1.827))
=0.239332 / 0.368257
=0.6499

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 / 238.41) / (3.79 / 106.616)
=0 / 0.035548
=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)
=((14.319 + 72.267) / 201.629) / ((10.037 + 54.486) / 204.418)
=0.429432 / 0.315642
=1.3605

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
=(-27.925 - 0 - -22.122) / 201.629
=-0.028781

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.

Shanti Overseas (India) has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Shanti Overseas (India) (NSE:SHANTI) has a Beneish M-Score of 0.00 as of Jul. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shanti Overseas (India) and its competitors.
Is Shanti Overseas (India)'s Beneish M-Score too high?
Shanti Overseas (India)'s current Beneish M-Score is 0.00. Overall, Shanti Overseas (India) has a GF Score™ of 57/100, reflecting its overall financial health beyond just this single metric.
How does Shanti Overseas (India)'s Beneish M-Score compare to ADM and BG?
Shanti Overseas (India)'s Beneish M-Score of 0.00 can be compared against companies in the Consumer Packaged Goods 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 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 Shanti Overseas (India) and its competitors. Shanti Overseas (India)'s current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shanti Overseas (India) stock overvalued right now?
Shanti Overseas (India) (NSE:SHANTI) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Shanti Overseas (India)'s overall GF Score™ is 57/100. 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 Shanti Overseas (India) (NSE:SHANTI), the current Beneish M-Score is 0.00 as of Jul. 10, 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.

Shanti Overseas (India) Business Description

Address 8/5 Yeshwant Niwas Road, 203, 2nd Floor, N.M. Verge, Indore, MP, IND, 452003
Shanti Overseas (India) Ltd is a company engaged in the manufacturing of grains Pulses and other Agri Commodity. It manufactures soya products which include, soya de-oiled cakes (soya meal), soya crude oil, degummed oil and soya lecithin. The company also processes and trades Agri commodities such as chickpeas, soya beans, cracked corn, maize, yellow peas and pulses.
57GF Score

Get the complete analysis for NSE:SHANTI

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

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