Vdeal System (NSE:VDEAL) Beneish M-Score: -0.25 (As of Jul. 07, 2026)


NSE:VDEAL Vdeal System Ltd NSE:VDEAL
26 GF Score
Price ₹160.00
! 4 Warning Signs
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What is Vdeal System Beneish M-Score?

Vdeal System NSE:VDEAL 26 Beneish M-Score is -0.25 as of Jul. 07, 2026. GuruFocus rates NSE:VDEAL with a GF Score™ of 26/100. The stock has 4 warning signs investors should review. Among 2,916 Industrial Products companies, Vdeal System ranks worse than 95.95% 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 -0.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:VDEAL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.25   Med: -0.8   Max: -0.25
Current: -0.25

During the past 5 years, the highest Beneish M-Score of Vdeal System was -0.25. The lowest was -1.25. And the median was -0.80.

Vdeal System Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vdeal System'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.

Vdeal System Beneish M-Score Chart

Vdeal System Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.25 -0.80 -0.25

Vdeal System Semi-Annual Data
Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.25 0.00 -0.80 0.00 -0.25

NSE:VDEAL vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Vdeal System'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.

Vdeal System Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Vdeal System's Beneish M-Score distribution charts can be found below:

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


NSE:VDEAL
26GF Score
Vdeal System Ltd NSE:VDEAL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vdeal System 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 Vdeal System 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 * 1.2879+0.528 * 1.0697+0.404 * 2.8325+0.892 * 1.3433+0.115 * 0.8531
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.164366-0.327 * 1.1259
=-0.25

* 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 ₹282.3 Mil.
Revenue was ₹451.1 Mil.
Gross Profit was ₹148.4 Mil.
Total Current Assets was ₹588.7 Mil.
Total Assets was ₹640.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹42.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹297.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹43.0 Mil.
Net Income was ₹41.6 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-63.7 Mil.
 Total Receivables was ₹163.2 Mil.
Revenue was ₹335.8 Mil.
Gross Profit was ₹118.2 Mil.
Total Current Assets was ₹450.4 Mil.
Total Assets was ₹489.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹36.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹17.3 Mil.
Total Current Liabilities was ₹209.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹21.8 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)
=(282.304 / 451.083) / (163.176 / 335.791)
=0.625836 / 0.485945
=1.2879

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)
=(118.166 / 335.791) / (148.398 / 451.083)
=0.351903 / 0.328982
=1.0697

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 - (588.732 + 42.297) / 640.947) / (1 - (450.375 + 36.09) / 489.137)
=0.015474 / 0.005463
=2.8325

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
=451.083 / 335.791
=1.3433

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))
=(2.968 / (2.968 + 36.09)) / (4.136 / (4.136 + 42.297))
=0.07599 / 0.089075
=0.8531

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 / 451.083) / (17.331 / 335.791)
=0 / 0.051612
=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)
=((43.008 + 297.818) / 640.947) / ((21.762 + 209.247) / 489.137)
=0.531754 / 0.472279
=1.1259

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
=(41.608 - 0 - -63.742) / 640.947
=0.164366

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.

Vdeal System has a M-score of -0.25 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 -0.25 mean?
Vdeal System (NSE:VDEAL) has a Beneish M-Score of -0.25 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vdeal System and its competitors. According to the industry distribution chart, Vdeal System ranks #2798 out of 2916 companies in the Industrial Products industry, placing it in the top 96%.
Is Vdeal System's Beneish M-Score too high?
Vdeal System's current Beneish M-Score is -0.25. Based on the distribution chart, Vdeal System ranks #2798 out of 2916 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Vdeal System has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Vdeal System's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Vdeal System ranks #2798 out of 2916 companies for Beneish M-Score. This places Vdeal System 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial 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 Vdeal System and its competitors. Vdeal System's current Beneish M-Score is -0.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vdeal System stock overvalued right now?
Vdeal System (NSE:VDEAL) has a current Beneish M-Score of -0.25. The current Beneish M-Score is -0.25. Vdeal System's overall GF Score™ is 26/100 with 4 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 Vdeal System (NSE:VDEAL), the current Beneish M-Score is -0.25 as of Jul. 07, 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.

Vdeal System Business Description

Address New Info Valley Road, Plot No- 4A, 4B & 6, Janla Industrial Area, Janla, Jatni, Khordha, OR, IND, 752054
Vdeal System Ltd is a manufacturer and supplier of industrial automation, electrical panels, and IIoT solutions. The company offers medium voltage panels designed with modular safety features for efficient power distribution. It provides low voltage panels built to recognized standards with durable and automation-ready designs. Specializing in automation, it delivers customized PLC, SCADA, and VFD panels for various industrial applications, including heavy-duty drives for cranes and fans. The company also supports its products with services like maintenance contracts, turnkey projects, commissioning, energy audits, consultancy, and IoT solutions.
26GF Score

Get the complete analysis for NSE:VDEAL

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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