Utkal Speciality Industries India (NSE:UTKAL) Beneish M-Score: 0.00 (As of Jun. 29, 2026)


NSE:UTKAL Utkal Speciality Industries India Ltd NSE:UTKAL
16 GF Score
Price ₹46.25
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What is Utkal Speciality Industries India Beneish M-Score?

Utkal Speciality Industries India NSE:UTKAL -4.93% 16 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates NSE:UTKAL with a GF Score™ of 16/100. The stock has 1 warning sign investors should review. Among 273 Forest Products companies, Utkal Speciality Industries India ranks worse than 366300% 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.

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

During the past 3 years, the highest Beneish M-Score of Utkal Speciality Industries India was 0.00. The lowest was 0.00. And the median was 0.00.

Utkal Speciality Industries India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Utkal Speciality Industries India'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.

Utkal Speciality Industries India Beneish M-Score Chart

Utkal Speciality Industries India Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.00

Utkal Speciality Industries India Quarterly Data
Mar23 Mar24 Mar25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00

Utkal Speciality Industries India Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, Utkal Speciality Industries India'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.

Utkal Speciality Industries India Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Utkal Speciality Industries India's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Utkal Speciality Industries India's Beneish M-Score falls into.


NSE:UTKAL
16GF Score
Utkal Speciality Industries India Ltd NSE:UTKAL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Utkal Speciality Industries India 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 Utkal Speciality Industries India 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 * 0.7572+0.528 * 0.8003+0.404 * 2.0963+0.892 * 1.1074+0.115 * 1.0941
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2181+4.679 * 0.034504-0.327 * 0.684
=-2.03

* 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 ₹30.4 Mil.
Revenue was ₹486.2 Mil.
Gross Profit was ₹107.8 Mil.
Total Current Assets was ₹300.4 Mil.
Total Assets was ₹440.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹135.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.6 Mil.
Total Current Liabilities was ₹176.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹34.8 Mil.
Net Income was ₹66.8 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹51.6 Mil.
 Total Receivables was ₹36.3 Mil.
Revenue was ₹439.1 Mil.
Gross Profit was ₹77.9 Mil.
Total Current Assets was ₹236.7 Mil.
Total Assets was ₹376.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹137.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.9 Mil.
Total Current Liabilities was ₹152.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹111.3 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)
=(30.437 / 486.195) / (36.301 / 439.054)
=0.062602 / 0.08268
=0.7572

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)
=(77.902 / 439.054) / (107.793 / 486.195)
=0.177431 / 0.221707
=0.8003

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 - (300.388 + 135.491) / 440.441) / (1 - (236.729 + 137.447) / 376.034)
=0.010358 / 0.004941
=2.0963

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
=486.195 / 439.054
=1.1074

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))
=(5.836 / (5.836 + 137.447)) / (5.239 / (5.239 + 135.491))
=0.040731 / 0.037227
=1.0941

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)
=(2.574 / 486.195) / (1.908 / 439.054)
=0.005294 / 0.004346
=1.2181

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)
=((34.816 + 176.84) / 440.441) / ((111.307 + 152.882) / 376.034)
=0.480555 / 0.702567
=0.684

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
=(66.823 - 0 - 51.626) / 440.441
=0.034504

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.

Utkal Speciality Industries India has a M-score of -2.03 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 0.00 mean?
Utkal Speciality Industries India (NSE:UTKAL) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Utkal Speciality Industries India and its competitors. According to the industry distribution chart, Utkal Speciality Industries India ranks #999999 out of 273 companies in the Forest Products industry.
Is Utkal Speciality Industries India's Beneish M-Score too high?
Utkal Speciality Industries India's current Beneish M-Score is 0.00. Based on the distribution chart, Utkal Speciality Industries India ranks #999999 out of 273 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Utkal Speciality Industries India has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Utkal Speciality Industries India's Beneish M-Score compare to competitors?
According to the Forest Products industry distribution chart, Utkal Speciality Industries India ranks #999999 out of 273 companies for Beneish M-Score. This places Utkal Speciality Industries India 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Utkal Speciality Industries India and its competitors. Utkal Speciality Industries India's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Utkal Speciality Industries India stock overvalued right now?
Utkal Speciality Industries India (NSE:UTKAL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Utkal Speciality Industries India's overall GF Score™ is 16/100 with 1 warning sign 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 Utkal Speciality Industries India (NSE:UTKAL), the current Beneish M-Score is 0.00 as of Jun. 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.

Utkal Speciality Industries India Business Description

Address IDC0 Plot No. I/5/B, Food Processing Park, Khurda industrial estate, Khorda, OR, IND, 752057
Utkal Speciality Industries India Ltd is engaged in the manufacturing of paper-based products and packaging materials. Its product portfolio includes paper-based products for everyday use and special occasions, serving a range of consumer and commercial applications. Its offerings include Coated Paper, Paper Cups & Glasses, Paper Plates & Bowls, Grease Proof Paper Sheets, Paper Straws, Paper Sweet Boxes, etc. The majority of the company's revenue is derived from the sale of these Paper-based Products.
16GF 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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