Unilex Colours and Chemicals (NSE:UNILEX) Beneish M-Score: 0.53 (As of Jul. 29, 2026)

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NSE:UNILEX Unilex Colours and Chemicals Ltd NSE:UNILEX
14 GF Score
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What is Unilex Colours and Chemicals Beneish M-Score?

Unilex Colours and Chemicals NSE:UNILEX +2.00% 14 Beneish M-Score is 0.53 as of Jul. 29, 2026. GuruFocus rates NSE:UNILEX with a GF Score™ of 14/100. The stock has 6 warning signs investors should review. Among 1,526 Chemicals companies, Unilex Colours and Chemicals ranks worse than 96.2% 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 0.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:UNILEX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.45   Med: -1.54   Max: 0.53
Current: 0.53

During the past 5 years, the highest Beneish M-Score of Unilex Colours and Chemicals was 0.53. The lowest was -2.45. And the median was -1.54.

Unilex Colours and Chemicals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Unilex Colours and Chemicals'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.

Unilex Colours and Chemicals Beneish M-Score Chart

Unilex Colours and Chemicals Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.54 -2.45 0.53

Unilex Colours and Chemicals Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.54 0.00 -2.45 0.00 0.53

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

For the Specialty Chemicals subindustry, Unilex Colours and Chemicals'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.

Unilex Colours and Chemicals Beneish M-Score vs Chemicals Industry

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

* The bar in red indicates where Unilex Colours and Chemicals's Beneish M-Score falls into.


NSE:UNILEX
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Unilex Colours and Chemicals Ltd NSE:UNILEX
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Unilex Colours and Chemicals 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 Unilex Colours and Chemicals 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 * 1.9884+0.528 * 1.0148+0.404 * 5.3787+0.892 * 0.956+0.115 * 0.8932
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.065453-0.327 * 1.3001
=0.53

* 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 ₹711 Mil.
Revenue was ₹1,448 Mil.
Gross Profit was ₹208 Mil.
Total Current Assets was ₹1,260 Mil.
Total Assets was ₹1,374 Mil.
Property, Plant and Equipment(Net PPE) was ₹61 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹518 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6 Mil.
Net Income was ₹82 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-8 Mil.
 Total Receivables was ₹374 Mil.
Revenue was ₹1,514 Mil.
Gross Profit was ₹221 Mil.
Total Current Assets was ₹951 Mil.
Total Assets was ₹1,019 Mil.
Property, Plant and Equipment(Net PPE) was ₹61 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹18 Mil.
Total Current Liabilities was ₹294 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5 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)
=(711.477 / 1447.757) / (374.282 / 1514.391)
=0.491434 / 0.24715
=1.9884

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)
=(221.237 / 1514.391) / (208.427 / 1447.757)
=0.14609 / 0.143965
=1.0148

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 - (1259.643 + 60.86) / 1373.502) / (1 - (950.77 + 61.06) / 1019.141)
=0.038587 / 0.007174
=5.3787

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
=1447.757 / 1514.391
=0.956

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))
=(6.454 / (6.454 + 61.06)) / (7.294 / (7.294 + 60.86))
=0.095595 / 0.107022
=0.8932

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 / 1447.757) / (17.79 / 1514.391)
=0 / 0.011747
=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)
=((6.219 + 517.607) / 1373.502) / ((5.104 + 293.867) / 1019.141)
=0.38138 / 0.293356
=1.3001

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
=(81.909 - 0 - -7.991) / 1373.502
=0.065453

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.

Unilex Colours and Chemicals has a M-score of 0.53 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 0.53 mean?
Unilex Colours and Chemicals (NSE:UNILEX) has a Beneish M-Score of 0.53 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Unilex Colours and Chemicals and its competitors. According to the industry distribution chart, Unilex Colours and Chemicals ranks #1468 out of 1526 companies in the Chemicals industry, placing it in the top 96.2%.
Is Unilex Colours and Chemicals' Beneish M-Score too high?
Unilex Colours and Chemicals' current Beneish M-Score is 0.53. Based on the distribution chart, Unilex Colours and Chemicals ranks #1468 out of 1526 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Unilex Colours and Chemicals has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Unilex Colours and Chemicals' Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Unilex Colours and Chemicals ranks #1468 out of 1526 companies for Beneish M-Score. This places Unilex Colours and Chemicals 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 Unilex Colours and Chemicals and its competitors. Unilex Colours and Chemicals's current Beneish M-Score is 0.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Unilex Colours and Chemicals stock overvalued right now?
Unilex Colours and Chemicals (NSE:UNILEX) has a current Beneish M-Score of 0.53. The current Beneish M-Score is 0.53. Unilex Colours and Chemicals' overall GF Score™ is 14/100 with 6 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 Unilex Colours and Chemicals (NSE:UNILEX), the current Beneish M-Score is 0.53 as of Jul. 29, 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.

Unilex Colours and Chemicals Business Description

Address Chincholi Bunder Road, 106-107, Advent Atria, Malad West, Mumbai, MH, IND, 400064
Unilex Colours and Chemicals Ltd is engaged in the business of manufacturing pigments and the trading of chemicals and food colours. The pigments manufactured by the company have diverse applications across various industries, including plastics, rubber, textiles, paper, printing inks, paints, and coatings. The company manufactures and trades multiple pigments such as pigment green 7, middle chrome, lemon chrome, pigment violet 3, 23, and 27, ultramarine blue, etc, as well as food colours such as tartrazine, sunset yellow, allura red, ponceau 4R, carmoisine, and brilliant blue, etc. Geographically, it caters to the Indian market, also exports its products to Vietnam, Brazil, Mexico, Nigeria, Russia, Turkey, the Netherlands, Poland, China, Malaysia, Thailand, Uzbekistan, and other regions.
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