Utssav CZ Gold Jewels (NSE:UTSSAV) Beneish M-Score: 0.15 (As of Jun. 30, 2026)


NSE:UTSSAV Utssav CZ Gold Jewels Ltd NSE:UTSSAV
17 GF Score
Price ₹427.45
! 7 Warning Signs
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What is Utssav CZ Gold Jewels Beneish M-Score?

Utssav CZ Gold Jewels NSE:UTSSAV -0.51% 17 Beneish M-Score is 0.15 as of Jun. 30, 2026. GuruFocus rates NSE:UTSSAV with a GF Score™ of 17/100. The stock has 7 warning signs investors should review. Among 1,084 Retail - Cyclical companies, Utssav CZ Gold Jewels ranks worse than 93.91% 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 0.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:UTSSAV' s Beneish M-Score Range Over the Past 10 Years
Min: -1.66   Med: -0.68   Max: 0.15
Current: 0.15

During the past 5 years, the highest Beneish M-Score of Utssav CZ Gold Jewels was 0.15. The lowest was -1.66. And the median was -0.68.

Utssav CZ Gold Jewels Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Utssav CZ Gold Jewels'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.

Utssav CZ Gold Jewels Beneish M-Score Chart

Utssav CZ Gold Jewels Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -0.68 -1.66 0.15

Utssav CZ Gold Jewels Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -0.68 -1.66 0.15

NSE:UTSSAV vs TPR: Beneish M-Score Comparison

For the Luxury Goods subindustry, Utssav CZ Gold Jewels'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.

Utssav CZ Gold Jewels Beneish M-Score vs Retail - Cyclical Industry

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

* The bar in red indicates where Utssav CZ Gold Jewels's Beneish M-Score falls into.


NSE:UTSSAV
17GF Score
Utssav CZ Gold Jewels Ltd NSE:UTSSAV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Utssav CZ Gold Jewels 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 Utssav CZ Gold Jewels 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 * 1.0106+0.528 * 1.0655+0.404 * 0.3522+0.892 * 1.8998+0.115 * 0.4124
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7119+4.679 * 0.423575-0.327 * 0.7472
=0.15

* 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 ₹1,093 Mil.
Revenue was ₹6,463 Mil.
Gross Profit was ₹463 Mil.
Total Current Assets was ₹2,606 Mil.
Total Assets was ₹2,697 Mil.
Property, Plant and Equipment(Net PPE) was ₹75 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12 Mil.
Total Current Liabilities was ₹1,323 Mil.
Long-Term Debt & Capital Lease Obligation was ₹102 Mil.
Net Income was ₹251 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-892 Mil.
 Total Receivables was ₹569 Mil.
Revenue was ₹3,402 Mil.
Gross Profit was ₹259 Mil.
Total Current Assets was ₹1,088 Mil.
Total Assets was ₹1,212 Mil.
Property, Plant and Equipment(Net PPE) was ₹105 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹9 Mil.
Total Current Liabilities was ₹807 Mil.
Long-Term Debt & Capital Lease Obligation was ₹51 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)
=(1092.701 / 6463.188) / (569.13 / 3401.956)
=0.169065 / 0.167295
=1.0106

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)
=(259.488 / 3401.956) / (462.698 / 6463.188)
=0.076276 / 0.07159
=1.0655

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 - (2605.995 + 75.488) / 2696.69) / (1 - (1088.106 + 104.861) / 1212.381)
=0.005639 / 0.016013
=0.3522

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
=6463.188 / 3401.956
=1.8998

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))
=(5.905 / (5.905 + 104.861)) / (11.208 / (11.208 + 75.488))
=0.053311 / 0.129279
=0.4124

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)
=(12.236 / 6463.188) / (9.046 / 3401.956)
=0.001893 / 0.002659
=0.7119

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)
=((102.44 + 1322.769) / 2696.69) / ((50.957 + 806.572) / 1212.381)
=0.528503 / 0.70731
=0.7472

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
=(250.598 - 0 - -891.652) / 2696.69
=0.423575

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.

Utssav CZ Gold Jewels has a M-score of 0.15 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 0.15 mean?
Utssav CZ Gold Jewels (NSE:UTSSAV) has a Beneish M-Score of 0.15 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Utssav CZ Gold Jewels and its competitors. According to the industry distribution chart, Utssav CZ Gold Jewels ranks #1018 out of 1084 companies in the Retail - Cyclical industry, placing it in the top 93.9%.
Is Utssav CZ Gold Jewels' Beneish M-Score too high?
Utssav CZ Gold Jewels' current Beneish M-Score is 0.15. Based on the distribution chart, Utssav CZ Gold Jewels ranks #1018 out of 1084 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Utssav CZ Gold Jewels has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Utssav CZ Gold Jewels' Beneish M-Score compare to TPR?
According to the Retail - Cyclical industry distribution chart, Utssav CZ Gold Jewels ranks #1018 out of 1084 companies for Beneish M-Score. This places Utssav CZ Gold Jewels 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 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 Utssav CZ Gold Jewels and its competitors. Utssav CZ Gold Jewels's current Beneish M-Score is 0.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Utssav CZ Gold Jewels stock overvalued right now?
Utssav CZ Gold Jewels (NSE:UTSSAV) has a current Beneish M-Score of 0.15. The current Beneish M-Score is 0.15. Utssav CZ Gold Jewels' overall GF Score™ is 17/100 with 7 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 Utssav CZ Gold Jewels (NSE:UTSSAV), the current Beneish M-Score is 0.15 as of Jun. 30, 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.

Utssav CZ Gold Jewels Business Description

Address Mahakali Caves Road, 2nd Floor, Hitech Plaza, Near Giriraj Industrial Estate, Andheri (East), Mumbai, MH, IND, 400093
Utssav CZ Gold Jewels Ltd is mainly engaged in the business of designing, manufacturing, wholesaling, and exporting 18Karat, 20Karat, and 22Karat CZ Gold jewellery. The company specialises in the lightweight production of cubic zirconia (CZ), gold, and rose gold casting jewellery. It manufactures and offers a wide collection of products such as Rings, Earrings, Pendants, Bracelets, Necklaces, Watches, and Brooches etc. The company has also ventured into the business of plain gold casting jewellery, natural diamond jewellery and lab-grown diamond jewellery.
17GF 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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