Smarten Power Systems (NSE:SMARTEN) Beneish M-Score: 21.41 (As of Jun. 26, 2026)


NSE:SMARTEN Smarten Power Systems Ltd NSE:SMARTEN
18 GF Score
Price ₹59.40
! 3 Warning Signs
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What is Smarten Power Systems Beneish M-Score?

Smarten Power Systems NSE:SMARTEN -2.70% 18 Beneish M-Score is 21.41 as of Jun. 26, 2026. GuruFocus rates NSE:SMARTEN with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 987 Semiconductors companies, Smarten Power Systems ranks worse than 99.59% 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 21.41 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SMARTEN' s Beneish M-Score Range Over the Past 10 Years
Min: -349.2   Med: -1.98   Max: 21.41
Current: 21.41

During the past 5 years, the highest Beneish M-Score of Smarten Power Systems was 21.41. The lowest was -349.20. And the median was -1.98.

Smarten Power Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Smarten Power Systems'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.

Smarten Power Systems Beneish M-Score Chart

Smarten Power Systems Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.98 -349.20 21.41

Smarten Power Systems Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -1.98 -349.20 21.41

NSE:SMARTEN vs FSLR, NXT, ENPH: Beneish M-Score Comparison

For the Solar subindustry, Smarten Power Systems'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.

Smarten Power Systems Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Smarten Power Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Smarten Power Systems's Beneish M-Score falls into.


NSE:SMARTEN
18GF Score
Smarten Power Systems Ltd NSE:SMARTEN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Smarten Power Systems 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 Smarten Power Systems 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 * 1.0942+0.528 * 1.1506+0.404 * 57.3476+0.892 * 1.2028+0.115 * 0.3442
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.121619-0.327 * 0.6539
=21.41

* 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 ₹535 Mil.
Revenue was ₹2,427 Mil.
Gross Profit was ₹500 Mil.
Total Current Assets was ₹1,114 Mil.
Total Assets was ₹1,388 Mil.
Property, Plant and Equipment(Net PPE) was ₹69 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹535 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1 Mil.
Net Income was ₹88 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-81 Mil.
 Total Receivables was ₹407 Mil.
Revenue was ₹2,017 Mil.
Gross Profit was ₹478 Mil.
Total Current Assets was ₹857 Mil.
Total Assets was ₹972 Mil.
Property, Plant and Equipment(Net PPE) was ₹112 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹136 Mil.
Total Current Liabilities was ₹554 Mil.
Long-Term Debt & Capital Lease Obligation was ₹19 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)
=(535.299 / 2426.604) / (406.741 / 2017.485)
=0.220596 / 0.201608
=1.0942

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)
=(478.046 / 2017.485) / (499.738 / 2426.604)
=0.236951 / 0.205941
=1.1506

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 - (1113.711 + 68.904) / 1387.789) / (1 - (857.371 + 112.475) / 972.353)
=0.147842 / 0.002578
=57.3476

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
=2426.604 / 2017.485
=1.2028

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))
=(4.084 / (4.084 + 112.475)) / (7.808 / (7.808 + 68.904))
=0.035038 / 0.101783
=0.3442

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 / 2426.604) / (136.419 / 2017.485)
=0 / 0.067618
=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)
=((0.684 + 534.62) / 1387.789) / ((19.406 + 554.174) / 972.353)
=0.385724 / 0.589889
=0.6539

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
=(88.007 - 0 - -80.774) / 1387.789
=0.121619

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.

Smarten Power Systems has a M-score of 21.41 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 21.41 mean?
Smarten Power Systems (NSE:SMARTEN) has a Beneish M-Score of 21.41 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Smarten Power Systems and its competitors. According to the industry distribution chart, Smarten Power Systems ranks #983 out of 987 companies in the Semiconductors industry, placing it in the top 99.6%.
Is Smarten Power Systems' Beneish M-Score too high?
Smarten Power Systems' current Beneish M-Score is 21.41. Based on the distribution chart, Smarten Power Systems ranks #983 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Smarten Power Systems has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Smarten Power Systems' Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Smarten Power Systems ranks #983 out of 987 companies for Beneish M-Score. This places Smarten Power Systems 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Smarten Power Systems and its competitors. Smarten Power Systems's current Beneish M-Score is 21.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Smarten Power Systems stock overvalued right now?
Smarten Power Systems (NSE:SMARTEN) has a current Beneish M-Score of 21.41. The current Beneish M-Score is 21.41. Smarten Power Systems' overall GF Score™ is 18/100 with 3 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 Smarten Power Systems (NSE:SMARTEN), the current Beneish M-Score is 21.41 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.

Smarten Power Systems Business Description

Address Sector - 37, 374, 1st Floor Pace City-2, Gurgaon, HR, IND, 122001
Smarten Power Systems Ltd is engaged into designing and assembling of power back-up and developed solar power products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers. It is also engaged in the trading of solar panels and batteries. It sells its products through its distributors within India. Currently, The Company is operating in 23 states and 2 union territories within India and has also established footprint in over 18 countries which includes Middle East, Africa, and South Asia region.
18GF 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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