Shri Ahimsa Naturals (NSE:SHRIAHIMSA) Beneish M-Score: -1.98 (As of Jul. 23, 2026)

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NSE:SHRIAHIMSA Shri Ahimsa Naturals Ltd NSE:SHRIAHIMSA
21 GF Score
Price ₹378.60
! 6 Warning Signs
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What is Shri Ahimsa Naturals Beneish M-Score?

Shri Ahimsa Naturals NSE:SHRIAHIMSA -1.66% 21 Beneish M-Score is -1.98 as of Jul. 23, 2026. GuruFocus rates NSE:SHRIAHIMSA with a GF Score™ of 21/100. The stock has 6 warning signs investors should review. Among 1,851 Consumer Packaged Goods companies, Shri Ahimsa Naturals ranks worse than 78.82% 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.

Good Sign:

Beneish M-Score -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:SHRIAHIMSA' s Beneish M-Score Range Over the Past 10 Years
Min: -1.98   Med: -1.98   Max: -1.98
Current: -1.98

During the past 3 years, the highest Beneish M-Score of Shri Ahimsa Naturals was -1.98. The lowest was -1.98. And the median was -1.98.

Shri Ahimsa Naturals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shri Ahimsa Naturals'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.

Shri Ahimsa Naturals Beneish M-Score Chart

Shri Ahimsa Naturals Annual Data
Trend Mar22 Mar23 Mar24
Beneish M-Score
0.00 0.00 -1.98

Shri Ahimsa Naturals Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Sep25
Beneish M-Score 0.00 0.00 -1.98 0.00 0.00

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

For the Farm Products subindustry, Shri Ahimsa Naturals'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.

Shri Ahimsa Naturals Beneish M-Score vs Consumer Packaged Goods Industry

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

* The bar in red indicates where Shri Ahimsa Naturals's Beneish M-Score falls into.


NSE:SHRIAHIMSA
21GF Score
Shri Ahimsa Naturals Ltd NSE:SHRIAHIMSA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shri Ahimsa Naturals 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 Shri Ahimsa Naturals 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 * 1.4231+0.528 * 1.2253+0.404 * 0.5419+0.892 * 0.7508+0.115 * 1.0409
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5931+4.679 * 0.125806-0.327 * 1.7987
=-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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₹121.5 Mil.
Revenue was ₹779.8 Mil.
Gross Profit was ₹363.1 Mil.
Total Current Assets was ₹530.9 Mil.
Total Assets was ₹1,031.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹494.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12.3 Mil.
Total Current Liabilities was ₹172.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹186.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹56.9 Mil.
 Total Receivables was ₹113.7 Mil.
Revenue was ₹1,038.6 Mil.
Gross Profit was ₹592.6 Mil.
Total Current Assets was ₹381.5 Mil.
Total Assets was ₹741.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹351.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹27.6 Mil.
Total Current Liabilities was ₹60.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8.5 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)
=(121.51 / 779.769) / (113.726 / 1038.591)
=0.155828 / 0.1095
=1.4231

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)
=(592.618 / 1038.591) / (363.134 / 779.769)
=0.570598 / 0.465694
=1.2253

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 - (530.939 + 494.699) / 1031.521) / (1 - (381.541 + 351.925) / 741.267)
=0.005703 / 0.010524
=0.5419

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
=779.769 / 1038.591
=0.7508

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))
=(11.017 / (11.017 + 351.925)) / (14.859 / (14.859 + 494.699))
=0.030355 / 0.029161
=1.0409

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)
=(12.293 / 779.769) / (27.607 / 1038.591)
=0.015765 / 0.026581
=0.5931

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)
=((0 + 172.122) / 1031.521) / ((8.467 + 60.299) / 741.267)
=0.166862 / 0.092768
=1.7987

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
=(186.673 - 0 - 56.901) / 1031.521
=0.125806

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.

Shri Ahimsa Naturals 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 -1.98 mean?
Shri Ahimsa Naturals (NSE:SHRIAHIMSA) has a Beneish M-Score of -1.98 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shri Ahimsa Naturals and its competitors. According to the industry distribution chart, Shri Ahimsa Naturals ranks #1459 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 78.8%.
Is Shri Ahimsa Naturals' Beneish M-Score too high?
Shri Ahimsa Naturals' current Beneish M-Score is -1.98. Based on the distribution chart, Shri Ahimsa Naturals ranks #1459 out of 1851 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Shri Ahimsa Naturals has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Shri Ahimsa Naturals' Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Shri Ahimsa Naturals ranks #1459 out of 1851 companies for Beneish M-Score. This places Shri Ahimsa Naturals 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 Shri Ahimsa Naturals and its competitors. Shri Ahimsa Naturals's current Beneish M-Score is -1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shri Ahimsa Naturals stock overvalued right now?
Shri Ahimsa Naturals (NSE:SHRIAHIMSA) has a current Beneish M-Score of -1.98. The current Beneish M-Score is -1.98. Shri Ahimsa Naturals' overall GF Score™ is 21/100 with 6 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 Shri Ahimsa Naturals (NSE:SHRIAHIMSA), the current Beneish M-Score is -1.98 as of Jul. 23, 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.

Shri Ahimsa Naturals Business Description

Address E-94, RIICO Industrial Area, Bagru Extension, Bagru, Jaipur, RJ, IND, 303007
Shri Ahimsa Naturals Ltd is presently engaged in the extraction and manufacturing of Caffeine Anhydrous Natural, Green Coffee Bean Extracts (GCE), and Crude Caffeine, along with trading of other herbal extracts. Its products find their application in the food & beverage, nutraceuticals, cosmetics, and pharmaceutical industries due to its health benefits. Its products include Ashwagandha, CO2 & Water Extracted Caffeine, Curcumin Extract, Garcinia Cambogia, Senna Extract, Natural Caffeine, and Green Coffee Bean Extract. Geographically, the company generates a majority of its revenue from its business within India, and also exports its products outside India.
21GF 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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