SPP Polymer (NSE:SPPPOLY) Beneish M-Score: -1.16 (As of Jun. 28, 2026)


NSE:SPPPOLY SPP Polymer Ltd NSE:SPPPOLY
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What is SPP Polymer Beneish M-Score?

SPP Polymer NSE:SPPPOLY +4.07% 11 Beneish M-Score is -1.16 as of Jun. 28, 2026. GuruFocus rates NSE:SPPPOLY with a GF Score™ of 11/100. The stock has 4 warning signs investors should review. Among 370 Packaging & Containers companies, SPP Polymer ranks worse than 89.73% 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 -1.16 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SPPPOLY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.63   Max: -1.16
Current: -1.16

During the past 5 years, the highest Beneish M-Score of SPP Polymer was -1.16. The lowest was -2.79. And the median was -2.63.

SPP Polymer Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SPP Polymer'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.

SPP Polymer Beneish M-Score Chart

SPP Polymer Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.79 -2.63 -1.16

SPP Polymer Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -2.79 -2.63 -1.16

NSE:SPPPOLY vs SW, PKG, AMCR: Beneish M-Score Comparison

For the Packaging & Containers subindustry, SPP Polymer'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.

SPP Polymer Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, SPP Polymer's Beneish M-Score distribution charts can be found below:

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


NSE:SPPPOLY
11GF Score
SPP Polymer Ltd NSE:SPPPOLY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SPP Polymer 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 SPP Polymer 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 * 1.0389+0.528 * 0.886+0.404 * 1.9843+0.892 * 1.1723+0.115 * 1.0546
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9407+4.679 * 0.136009-0.327 * 0.5683
=-1.16

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹216 Mil.
Revenue was ₹1,076 Mil.
Gross Profit was ₹205 Mil.
Total Current Assets was ₹530 Mil.
Total Assets was ₹805 Mil.
Property, Plant and Equipment(Net PPE) was ₹234 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹37 Mil.
Selling, General, & Admin. Expense(SGA) was ₹39 Mil.
Total Current Liabilities was ₹292 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3 Mil.
Net Income was ₹11 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-98 Mil.
 Total Receivables was ₹177 Mil.
Revenue was ₹918 Mil.
Gross Profit was ₹155 Mil.
Total Current Assets was ₹446 Mil.
Total Assets was ₹709 Mil.
Property, Plant and Equipment(Net PPE) was ₹245 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹41 Mil.
Selling, General, & Admin. Expense(SGA) was ₹35 Mil.
Total Current Liabilities was ₹371 Mil.
Long-Term Debt & Capital Lease Obligation was ₹85 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)
=(215.946 / 1075.587) / (177.311 / 917.511)
=0.20077 / 0.193252
=1.0389

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)
=(155.148 / 917.511) / (205.269 / 1075.587)
=0.169097 / 0.190844
=0.886

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 - (530.325 + 233.634) / 805.315) / (1 - (446.277 + 244.557) / 709.188)
=0.051354 / 0.02588
=1.9843

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
=1075.587 / 917.511
=1.1723

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))
=(41.111 / (41.111 + 244.557)) / (36.919 / (36.919 + 233.634))
=0.143912 / 0.136458
=1.0546

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)
=(38.918 / 1075.587) / (35.289 / 917.511)
=0.036183 / 0.038462
=0.9407

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)
=((2.614 + 291.585) / 805.315) / ((84.796 + 371.087) / 709.188)
=0.365322 / 0.642824
=0.5683

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
=(11.257 - 0 - -98.273) / 805.315
=0.136009

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.

SPP Polymer has a M-score of -1.16 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 -1.16 mean?
SPP Polymer (NSE:SPPPOLY) has a Beneish M-Score of -1.16 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SPP Polymer and its competitors. According to the industry distribution chart, SPP Polymer ranks #332 out of 370 companies in the Packaging & Containers industry, placing it in the top 89.7%.
Is SPP Polymer's Beneish M-Score too high?
SPP Polymer's current Beneish M-Score is -1.16. Based on the distribution chart, SPP Polymer ranks #332 out of 370 companies in the Packaging & Containers industry, which is in the bottom quartile relative to peers. Overall, SPP Polymer has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does SPP Polymer's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, SPP Polymer ranks #332 out of 370 companies for Beneish M-Score. This places SPP Polymer 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 SPP Polymer and its competitors. SPP Polymer's current Beneish M-Score is -1.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SPP Polymer stock overvalued right now?
SPP Polymer (NSE:SPPPOLY) has a current Beneish M-Score of -1.16. The current Beneish M-Score is -1.16. SPP Polymer's overall GF Score™ is 11/100 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 SPP Polymer (NSE:SPPPOLY), the current Beneish M-Score is -1.16 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.

SPP Polymer Business Description

Address Plot No-04, Sector-01, IIE, SIIDCUL, Pantnagar, Udhamsingh Nagar, Rudrapur, UT, IND, 263153
SPP Polymer Ltd is engaged in the business of manufacturing of HDPE/PP woven fabric & bags, non-woven fabrics & bags and PP Multifilament yarn. It offers packaging solutions to business-to-business (B2B) manufacturers catering to different industries such as cement, chemicals, food grains, sugars, polymers, agriculture, and others for the packaging of goods in big quantities.
11GF 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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