Swiggy (NSE:SWIGGY) Beneish M-Score: -2.82 (As of Jul. 12, 2026)


NSE:SWIGGY Swiggy Ltd NSE:SWIGGY
22 GF Score
Price ₹273.25
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What is Swiggy Beneish M-Score?

Swiggy NSE:SWIGGY -2.74% 22 Beneish M-Score is -2.82 as of Jul. 12, 2026. GuruFocus rates NSE:SWIGGY with a GF Score™ of 22/100. Among 1,083 Retail - Cyclical companies, Swiggy ranks better than 68.42% 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:SWIGGY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.65   Max: -2.47
Current: -2.82

During the past 5 years, the highest Beneish M-Score of Swiggy was -2.47. The lowest was -2.82. And the median was -2.65.

Swiggy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Swiggy'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.

Swiggy Beneish M-Score Chart

Swiggy Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 -2.47 -2.82

Swiggy Quarterly Data
Mar22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -2.47 -2.85 -3.29 -3.33 -2.82

NSE:SWIGGY vs AMZN, BABA, PDD: Beneish M-Score Comparison

For the Internet Retail subindustry, Swiggy'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.

Swiggy Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Swiggy's Beneish M-Score distribution charts can be found below:

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


NSE:SWIGGY
22GF Score
Swiggy Ltd NSE:SWIGGY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Swiggy 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 Swiggy 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 * 0.9317+0.528 * 1.0757+0.404 * 0.9348+0.892 * 1.5141+0.115 * 0.7378
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0249+4.679 * -0.1646-0.327 * 0.8375
=-2.82

* 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 ₹40,480 Mil.
Revenue was 63830 + 61480 + 55610 + 49610 = ₹230,530 Mil.
Gross Profit was 34680 + 34020 + 32190 + 28970 = ₹129,860 Mil.
Total Current Assets was ₹163,270 Mil.
Total Assets was ₹252,370 Mil.
Property, Plant and Equipment(Net PPE) was ₹36,480 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12,170 Mil.
Selling, General, & Admin. Expense(SGA) was ₹42,070 Mil.
Total Current Liabilities was ₹48,770 Mil.
Long-Term Debt & Capital Lease Obligation was ₹19,410 Mil.
Net Income was -8000 + -10650 + -10920 + -11970 = ₹-41,540 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
 Total Receivables was ₹28,697 Mil.
Revenue was 44100 + 39930 + 36010 + 32220 = ₹152,260 Mil.
Gross Profit was 25570 + 24290 + 22130 + 20270 = ₹92,260 Mil.
Total Current Assets was ₹91,056 Mil.
Total Assets was ₹152,053 Mil.
Property, Plant and Equipment(Net PPE) was ₹27,081 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6,130 Mil.
Selling, General, & Admin. Expense(SGA) was ₹27,110 Mil.
Total Current Liabilities was ₹35,876 Mil.
Long-Term Debt & Capital Lease Obligation was ₹13,173 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)
=(40480 / 230530) / (28696.71 / 152260)
=0.175595 / 0.188472
=0.9317

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)
=(92260 / 152260) / (129860 / 230530)
=0.605937 / 0.563311
=1.0757

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 - (163270 + 36480) / 252370) / (1 - (91055.5 + 27081.43) / 152053.18)
=0.208503 / 0.223055
=0.9348

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
=230530 / 152260
=1.5141

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))
=(6130 / (6130 + 27081.43)) / (12170 / (12170 + 36480))
=0.184575 / 0.250154
=0.7378

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)
=(42070 / 230530) / (27110 / 152260)
=0.182493 / 0.178051
=1.0249

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)
=((19410 + 48770) / 252370) / ((13173.12 + 35875.98) / 152053.18)
=0.270159 / 0.322579
=0.8375

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
=(-41540 - 0 - 0) / 252370
=-0.1646

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.

Swiggy has a M-score of -2.82 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 -2.82 mean?
Swiggy (NSE:SWIGGY) has a Beneish M-Score of -2.82 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Swiggy and its competitors. According to the industry distribution chart, Swiggy ranks #342 out of 1083 companies in the Retail - Cyclical industry, placing it in the top 31.6%.
Is Swiggy's Beneish M-Score too high?
Swiggy's current Beneish M-Score is -2.82. Based on the distribution chart, Swiggy ranks #342 out of 1083 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Swiggy has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Swiggy's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Swiggy ranks #342 out of 1083 companies for Beneish M-Score. This puts Swiggy in the upper 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Swiggy and its competitors. Swiggy's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swiggy stock overvalued right now?
Swiggy (NSE:SWIGGY) has a current Beneish M-Score of -2.82. The current Beneish M-Score is -2.82. Swiggy's overall GF Score™ is 22/100. 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 Swiggy (NSE:SWIGGY), the current Beneish M-Score is -2.82 as of Jul. 12, 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.

Swiggy Business Description

Other Exchanges 544285:India
Address Outer Ring Road, No. 55, Sy No. 8-14, Ground Floor, I&J Block, Embassy Tech Village, Devarbisanahalli, Bengaluru, KA, IND, 560103
Swiggy Ltd is a consumer-first technology company offering users an easy to use convenience platform, accessible through a unified app to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery partner network. Its platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut). It has five business segments: Food Delivery, Out of home consumption, Quick commerce. Supply chain and distribution and Platform Innovations. Key revenue is generated from Food delivery business that offer on demand Food Delivery services through a network of restaurant partners and delivery partners, which is available through mobile application and or website.
22GF 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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