Tulsi Extrusions (NSE:TULSI) Beneish M-Score: -1.19 (As of Jul. 08, 2026)


What is Tulsi Extrusions Beneish M-Score?

Tulsi Extrusions NSE:TULSI Beneish M-Score is -1.19 as of Jul. 08, 2026. The stock has 5 warning signs investors should review.

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 -1.19 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:TULSI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05   Med: -2.52   Max: -1.06
Current: -1.19

During the past 13 years, the highest Beneish M-Score of Tulsi Extrusions was -1.06. The lowest was -3.05. And the median was -2.52.

Tulsi Extrusions Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tulsi Extrusions'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.

Tulsi Extrusions Beneish M-Score Chart

Tulsi Extrusions Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.05 -1.06 -2.84 0.00 -1.19

Tulsi Extrusions Quarterly Data
Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -1.19 0.00 0.00 0.00

NSE:TULSI vs CSHEF, AMTY: Beneish M-Score Comparison

For the Auto Parts subindustry, Tulsi Extrusions'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.

Tulsi Extrusions Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Tulsi Extrusions's Beneish M-Score distribution charts can be found below:

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


Tulsi Extrusions 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 Tulsi Extrusions 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 * 2.0157+0.528 * 0.5008+0.404 * 1.0062+0.892 * 0.6851+0.115 * 0.5081
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.235345-0.327 * 1.45
=-1.19

* 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 ₹204.6 Mil.
Revenue was ₹378.1 Mil.
Gross Profit was ₹121.2 Mil.
Total Current Assets was ₹513.5 Mil.
Total Assets was ₹933.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹343.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹80.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹292.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹158.7 Mil.
Net Income was ₹-78.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-297.9 Mil.
 Total Receivables was ₹148.1 Mil.
Revenue was ₹551.9 Mil.
Gross Profit was ₹88.6 Mil.
Total Current Assets was ₹363.2 Mil.
Total Assets was ₹887.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹451.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹48.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹293.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2.2 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)
=(204.59 / 378.086) / (148.146 / 551.85)
=0.54112 / 0.268453
=2.0157

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)
=(88.588 / 551.85) / (121.197 / 378.086)
=0.160529 / 0.320554
=0.5008

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 - (513.462 + 343.427) / 933.927) / (1 - (363.195 + 451.732) / 887.702)
=0.082488 / 0.081981
=1.0062

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
=378.086 / 551.85
=0.6851

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))
=(48.227 / (48.227 + 451.732)) / (80.474 / (80.474 + 343.427))
=0.096462 / 0.189841
=0.5081

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 / 378.086) / (0 / 551.85)
=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)
=((158.711 + 292.356) / 933.927) / ((2.231 + 293.462) / 887.702)
=0.482979 / 0.333099
=1.45

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
=(-78.084 - 0 - -297.879) / 933.927
=0.235345

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.

Tulsi Extrusions has a M-score of -1.19 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 -1.19 mean?
Tulsi Extrusions (NSE:TULSI) has a Beneish M-Score of -1.19 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tulsi Extrusions and its competitors.
Is Tulsi Extrusions' Beneish M-Score too high?
Tulsi Extrusions' current Beneish M-Score is -1.19.
How does Tulsi Extrusions' Beneish M-Score compare to CSHEF and AMTY?
Tulsi Extrusions' Beneish M-Score of -1.19 can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Tulsi Extrusions and its competitors. Tulsi Extrusions's current Beneish M-Score is -1.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tulsi Extrusions stock overvalued right now?
Tulsi Extrusions (NSE:TULSI) has a current Beneish M-Score of -1.19. The current Beneish M-Score is -1.19. 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 Tulsi Extrusions (NSE:TULSI), the current Beneish M-Score is -1.19 as of Jul. 08, 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.

Tulsi Extrusions Business Description

Address Plot number N-99, MIDC Area, Jalgaon, MH, IND, 425003
Tulsi Extrusions Ltd is a polymer processing company with products in agribusiness. The company is engaged in manufacturing Polyvinyl chloride pipes for the rural agriculture market. It operates in two segments Poly Vinyl Chloride Pipes and Fittings; and Micro Irrigation Systems. Its products portfolio includes UPVC Pipes, Injection Molding PVC Fittings and Fabricated Fittings, ASTM Pipes, SWR Pipes & Fittings, HDPE Pipe Systems, LLDPE Pipe and Drip irrigation system, CPVC Pipes and Fittings. The company's products are used in various industries including irrigation sector, industrial sector, infrastructure and housing sector.