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Shreyans Industries (NSE:SHREYANIND) Beneish M-Score : -2.53 (As of Dec. 16, 2024)


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What is Shreyans Industries Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:SHREYANIND' s Beneish M-Score Range Over the Past 10 Years
Min: -3.99   Med: -2.56   Max: -1.56
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Shreyans Industries was -1.56. The lowest was -3.99. And the median was -2.56.


Shreyans Industries Beneish M-Score Historical Data

The historical data trend for Shreyans Industries'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.

* Premium members only.

Shreyans Industries Beneish M-Score Chart

Shreyans Industries Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.16 -2.59 -1.56 -2.56 -2.53

Shreyans Industries Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 - - -2.53 - -

Competitive Comparison of Shreyans Industries's Beneish M-Score

For the Paper & Paper Products subindustry, Shreyans Industries'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.


Shreyans Industries's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Shreyans Industries's Beneish M-Score distribution charts can be found below:

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



Shreyans Industries 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 Shreyans Industries 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 * 1.0278+0.528 * 0.8811+0.404 * 0.9231+0.892 * 0.8077+0.115 * 1.0282
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7538+4.679 * 0.016257-0.327 * 0.804
=-2.53

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₹322 Mil.
Revenue was ₹6,991 Mil.
Gross Profit was ₹2,387 Mil.
Total Current Assets was ₹3,161 Mil.
Total Assets was ₹5,601 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,341 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹136 Mil.
Selling, General, & Admin. Expense(SGA) was ₹163 Mil.
Total Current Liabilities was ₹1,286 Mil.
Long-Term Debt & Capital Lease Obligation was ₹46 Mil.
Net Income was ₹874 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹783 Mil.
Total Receivables was ₹387 Mil.
Revenue was ₹8,655 Mil.
Gross Profit was ₹2,604 Mil.
Total Current Assets was ₹2,528 Mil.
Total Assets was ₹4,824 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,203 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹132 Mil.
Selling, General, & Admin. Expense(SGA) was ₹268 Mil.
Total Current Liabilities was ₹1,374 Mil.
Long-Term Debt & Capital Lease Obligation was ₹52 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)
=(321.5 / 6990.644) / (387.244 / 8654.706)
=0.04599 / 0.044744
=1.0278

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)
=(2604.43 / 8654.706) / (2387.489 / 6990.644)
=0.300926 / 0.341526
=0.8811

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 - (3160.739 + 2340.66) / 5600.5) / (1 - (2528.002 + 2203.248) / 4823.72)
=0.017695 / 0.01917
=0.9231

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
=6990.644 / 8654.706
=0.8077

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))
=(131.609 / (131.609 + 2203.248)) / (135.763 / (135.763 + 2340.66))
=0.056367 / 0.054822
=1.0282

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)
=(163.474 / 6990.644) / (268.474 / 8654.706)
=0.023385 / 0.031021
=0.7538

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)
=((45.747 + 1285.582) / 5600.5) / ((52.436 + 1373.859) / 4823.72)
=0.237716 / 0.295684
=0.804

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
=(874.205 - 0 - 783.156) / 5600.5
=0.016257

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.

Shreyans Industries has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.


Shreyans Industries Beneish M-Score Related Terms

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Shreyans Industries Business Description

Traded in Other Exchanges
Address
Chandigarh Road, P.O. Sahabana, Village Bholapur, Ludhiana, PB, IND, 141123
Shreyans Industries Ltd is engaged in the manufacturing of writing and printing paper from Agricultural residues. Its products include papers of different categories such as Watermark Maplitho Paper, Rishabh Colour Printing, Shreyans Primera Copier, and Shreyans Super Print among others. The company operates in a single segment and has a business presence in India and outside India, of which key revenue is derived from India.

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