Shivashrit Foods (NSE:SHIVASHRIT) Beneish M-Score: -0.17 (As of Jul. 08, 2026)


NSE:SHIVASHRIT Shivashrit Foods Ltd NSE:SHIVASHRIT
28 GF Score
Price ₹122.50
! 2 Warning Signs
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What is Shivashrit Foods Beneish M-Score?

Shivashrit Foods NSE:SHIVASHRIT -0.28% 28 Beneish M-Score is -0.17 as of Jul. 08, 2026. GuruFocus rates NSE:SHIVASHRIT with a GF Score™ of 28/100. The stock has 2 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Shivashrit Foods ranks worse than 94.38% 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 -0.17 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SHIVASHRIT' s Beneish M-Score Range Over the Past 10 Years
Min: -1.56   Med: -0.87   Max: -0.17
Current: -0.17

During the past 4 years, the highest Beneish M-Score of Shivashrit Foods was -0.17. The lowest was -1.56. And the median was -0.87.

Shivashrit Foods Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shivashrit Foods'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.

Shivashrit Foods Beneish M-Score Chart

Shivashrit Foods Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.56 -0.17

Shivashrit Foods Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.56 -0.17

NSE:SHIVASHRIT vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Shivashrit Foods'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.

Shivashrit Foods Beneish M-Score vs Consumer Packaged Goods Industry

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

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


NSE:SHIVASHRIT
28GF Score
Shivashrit Foods Ltd NSE:SHIVASHRIT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shivashrit Foods 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 Shivashrit Foods 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 * 1.6357+0.528 * 0.9718+0.404 * 2.9409+0.892 * 1.0843+0.115 * 2.122
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.089661-0.327 * 0.5081
=-0.17

* 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 ₹443 Mil.
Revenue was ₹1,135 Mil.
Gross Profit was ₹329 Mil.
Total Current Assets was ₹1,067 Mil.
Total Assets was ₹1,575 Mil.
Property, Plant and Equipment(Net PPE) was ₹352 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹38 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹290 Mil.
Long-Term Debt & Capital Lease Obligation was ₹256 Mil.
Net Income was ₹141 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1 Mil.
 Total Receivables was ₹250 Mil.
Revenue was ₹1,047 Mil.
Gross Profit was ₹295 Mil.
Total Current Assets was ₹881 Mil.
Total Assets was ₹1,088 Mil.
Property, Plant and Equipment(Net PPE) was ₹170 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹44 Mil.
Selling, General, & Admin. Expense(SGA) was ₹17 Mil.
Total Current Liabilities was ₹650 Mil.
Long-Term Debt & Capital Lease Obligation was ₹92 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)
=(443.199 / 1135.147) / (249.902 / 1046.934)
=0.390433 / 0.238699
=1.6357

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)
=(294.911 / 1046.934) / (329.038 / 1135.147)
=0.28169 / 0.289864
=0.9718

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 - (1067.142 + 352.34) / 1575.379) / (1 - (881.234 + 169.92) / 1087.756)
=0.098958 / 0.033649
=2.9409

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
=1135.147 / 1046.934
=1.0843

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))
=(43.812 / (43.812 + 169.92)) / (37.675 / (37.675 + 352.34))
=0.204986 / 0.096599
=2.122

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 / 1135.147) / (16.639 / 1046.934)
=0 / 0.015893
=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)
=((255.694 + 290.147) / 1575.379) / ((91.988 + 649.809) / 1087.756)
=0.346482 / 0.681952
=0.5081

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
=(140.5 - 0 - -0.75) / 1575.379
=0.089661

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.

Shivashrit Foods has a M-score of -0.17 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 -0.17 mean?
Shivashrit Foods (NSE:SHIVASHRIT) has a Beneish M-Score of -0.17 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shivashrit Foods and its competitors. According to the industry distribution chart, Shivashrit Foods ranks #1745 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 94.4%.
Is Shivashrit Foods' Beneish M-Score too high?
Shivashrit Foods' current Beneish M-Score is -0.17. Based on the distribution chart, Shivashrit Foods ranks #1745 out of 1849 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Shivashrit Foods has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Shivashrit Foods' Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Shivashrit Foods ranks #1745 out of 1849 companies for Beneish M-Score. This places Shivashrit Foods 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 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 Shivashrit Foods and its competitors. Shivashrit Foods's current Beneish M-Score is -0.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shivashrit Foods stock overvalued right now?
Shivashrit Foods (NSE:SHIVASHRIT) has a current Beneish M-Score of -0.17. The current Beneish M-Score is -0.17. Shivashrit Foods' overall GF Score™ is 28/100 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 Shivashrit Foods (NSE:SHIVASHRIT), the current Beneish M-Score is -0.17 as of Jul. 08, 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.

Shivashrit Foods Business Description

Address Gopal Ganj, Sarai Lavaria, Aligarh, UP, IND, 202001
Shivashrit Foods Ltd is a manufacturer, supplier, and exporter of potato flakes. The company has a dedicated potato processing and manufacturing facility at Aligarh in Western Uttar Pradesh, India, for the production of potato flakes. It specializes in the manufacturing of premium-grade potato flakes, used in ready-to-eat meals, snack foods, and processed food products. Its product portfolio is designed to cater to the specific requirements of both Overseas and domestic food manufacturers, offering consistency in quality and a long shelf life. The company currently owns three brands: Shivashrit, Shreeaahar, and Flaker's.
28GF Score

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