Speb Adhesives (NSE:SPEB) Beneish M-Score: 257.54 (As of Jun. 28, 2026)


NSE:SPEB Speb Adhesives Ltd NSE:SPEB
21 GF Score
Price ₹86.95
! 4 Warning Signs
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What is Speb Adhesives Beneish M-Score?

Speb Adhesives NSE:SPEB +2.29% 21 Beneish M-Score is 257.54 as of Jun. 28, 2026. GuruFocus rates NSE:SPEB with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 1,526 Chemicals companies, Speb Adhesives ranks worse than 99.8% 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 257.54 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SPEB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49   Med: -2.54   Max: 257.54
Current: 257.54

During the past 5 years, the highest Beneish M-Score of Speb Adhesives was 257.54. The lowest was -3.49. And the median was -2.54.

Speb Adhesives Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Speb Adhesives'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.

Speb Adhesives Beneish M-Score Chart

Speb Adhesives Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -3.49 -2.54 257.54

Speb Adhesives Semi-Annual Data
Mar22 Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.49 -2.54 0.00 257.54

NSE:SPEB vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Speb Adhesives'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.

Speb Adhesives Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Speb Adhesives's Beneish M-Score distribution charts can be found below:

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


NSE:SPEB
21GF Score
Speb Adhesives Ltd NSE:SPEB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Speb Adhesives 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 Speb Adhesives 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 * 1.0939+0.528 * 0.8673+0.404 * 643.4773+0.892 * 1.1271+0.115 * 1.0661
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.036587-0.327 * 0.5372
=257.54

* 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 ₹84.6 Mil.
Revenue was ₹505.7 Mil.
Gross Profit was ₹179.2 Mil.
Total Current Assets was ₹413.4 Mil.
Total Assets was ₹579.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹35.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹21.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹68.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹47.4 Mil.
 Total Receivables was ₹68.6 Mil.
Revenue was ₹448.7 Mil.
Gross Profit was ₹137.9 Mil.
Total Current Assets was ₹249.6 Mil.
Total Assets was ₹272.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹23.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹18.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(84.635 / 505.683) / (68.645 / 448.652)
=0.167368 / 0.153003
=1.0939

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)
=(137.893 / 448.652) / (179.194 / 505.683)
=0.30735 / 0.35436
=0.8673

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 - (413.38 + 35.024) / 579.711) / (1 - (249.604 + 23.039) / 272.739)
=0.226504 / 0.000352
=643.4773

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
=505.683 / 448.652
=1.1271

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))
=(4.395 / (4.395 + 23.039)) / (6.194 / (6.194 + 35.024))
=0.160203 / 0.150274
=1.0661

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 / 505.683) / (0 / 448.652)
=0 / 0
=1

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 + 21.234) / 579.711) / ((0 + 18.596) / 272.739)
=0.036629 / 0.068182
=0.5372

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
=(68.658 - 0 - 47.448) / 579.711
=0.036587

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.

Speb Adhesives has a M-score of 257.54 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 257.54 mean?
Speb Adhesives (NSE:SPEB) has a Beneish M-Score of 257.54 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Speb Adhesives and its competitors. According to the industry distribution chart, Speb Adhesives ranks #1523 out of 1526 companies in the Chemicals industry, placing it in the top 99.8%.
Is Speb Adhesives' Beneish M-Score too high?
Speb Adhesives' current Beneish M-Score is 257.54. Based on the distribution chart, Speb Adhesives ranks #1523 out of 1526 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Speb Adhesives has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Speb Adhesives' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Speb Adhesives ranks #1523 out of 1526 companies for Beneish M-Score. This places Speb Adhesives 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Speb Adhesives and its competitors. Speb Adhesives's current Beneish M-Score is 257.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Speb Adhesives stock overvalued right now?
Speb Adhesives (NSE:SPEB) has a current Beneish M-Score of 257.54. The current Beneish M-Score is 257.54. Speb Adhesives' overall GF Score™ is 21/100 with 4 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 Speb Adhesives (NSE:SPEB), the current Beneish M-Score is 257.54 as of Jun. 28, 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.

Speb Adhesives Business Description

Address Plot no. J 33, MIDC, Taloja, Raigad, Panvel, MH, IND, 410208
Speb Adhesives Ltd is engaged in the manufacturing of solvent-based synthetic rubber adhesives and offers water-based adhesives. The company focuses on in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis. Its product portfolio includes various products customized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in Generator Sets. The company operates a B2B model through three business channels: dealer-distribution network, industrial sales, and government supply contracts. It generates the majority of its revenue from overseas markets.
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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