Vijaypd Ceutical (NSE:VIJAYPD) Beneish M-Score: 0.56 (As of Jun. 29, 2026) — Near Median


NSE:VIJAYPD Vijaypd Ceutical Ltd NSE:VIJAYPD
14 GF Score
Price ₹82.90
! 2 Warning Signs
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What is Vijaypd Ceutical Beneish M-Score?

Vijaypd Ceutical NSE:VIJAYPD -4.05% 14 Beneish M-Score is 0.56 as of Jun. 29, 2026, which is at its 10-year median of 0.56. GuruFocus rates NSE:VIJAYPD with a GF Score™ of 14/100. The stock has 2 warning signs investors should review. Among 630 Healthcare Providers & Services companies, Vijaypd Ceutical ranks worse than 96.19% 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 0.56 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:VIJAYPD' s Beneish M-Score Range Over the Past 10 Years
Min: 0.56   Med: 0.56   Max: 0.56
Current: 0.56

During the past 3 years, the highest Beneish M-Score of Vijaypd Ceutical was 0.56. The lowest was 0.56. And the median was 0.56.

Vijaypd Ceutical Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vijaypd Ceutical'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.

Vijaypd Ceutical Beneish M-Score Chart

Vijaypd Ceutical Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.56

Vijaypd Ceutical Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 0.56

Vijaypd Ceutical Beneish M-Score Competitor Comparison

For the Pharmaceutical Retailers subindustry, Vijaypd Ceutical'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.

Vijaypd Ceutical Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Vijaypd Ceutical's Beneish M-Score distribution charts can be found below:

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


NSE:VIJAYPD
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Vijaypd Ceutical Ltd NSE:VIJAYPD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vijaypd Ceutical 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 Vijaypd Ceutical 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 * 1.0897+0.528 * 0.7781+0.404 * 3.5354+0.892 * 1.9665+0.115 * 0.9788
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1794+4.679 * 0.221932-0.327 * 0.4519
=0.56

* 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 ₹238 Mil.
Revenue was ₹1,068 Mil.
Gross Profit was ₹182 Mil.
Total Current Assets was ₹464 Mil.
Total Assets was ₹571 Mil.
Property, Plant and Equipment(Net PPE) was ₹47 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5 Mil.
Total Current Liabilities was ₹245 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4 Mil.
Net Income was ₹48 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-79 Mil.
 Total Receivables was ₹111 Mil.
Revenue was ₹543 Mil.
Gross Profit was ₹72 Mil.
Total Current Assets was ₹299 Mil.
Total Assets was ₹333 Mil.
Property, Plant and Equipment(Net PPE) was ₹24 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2 Mil.
Total Current Liabilities was ₹313 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(237.975 / 1068.069) / (111.051 / 543.125)
=0.222809 / 0.204467
=1.0897

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)
=(72.103 / 543.125) / (182.23 / 1068.069)
=0.132756 / 0.170616
=0.7781

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 - (464.032 + 47.444) / 571.458) / (1 - (298.574 + 24.292) / 332.745)
=0.104963 / 0.029689
=3.5354

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
=1068.069 / 543.125
=1.9665

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))
=(3.455 / (3.455 + 24.292)) / (6.915 / (6.915 + 47.444))
=0.124518 / 0.12721
=0.9788

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)
=(5.279 / 1068.069) / (2.276 / 543.125)
=0.004943 / 0.004191
=1.1794

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)
=((4.252 + 244.563) / 571.458) / ((7.878 + 312.736) / 332.745)
=0.435404 / 0.963543
=0.4519

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
=(47.955 - 0 - -78.87) / 571.458
=0.221932

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.

Vijaypd Ceutical has a M-score of 0.56 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 0.56 mean?
Vijaypd Ceutical (NSE:VIJAYPD) has a Beneish M-Score of 0.56 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vijaypd Ceutical and its competitors. This is near median its historical median of 0.56. Over the past decade, Vijaypd Ceutical's Beneish M-Score has ranged from 0.56 to 0.56. According to the industry distribution chart, Vijaypd Ceutical ranks #606 out of 630 companies in the Healthcare Providers & Services industry, placing it in the top 96.2%.
Is Vijaypd Ceutical's Beneish M-Score too high?
Vijaypd Ceutical's current Beneish M-Score of 0.56 is near median its 10-year median of 0.56. Over the past 10 years, this metric has ranged from a low of 0.56 to a high of 0.56. Based on the distribution chart, Vijaypd Ceutical ranks #606 out of 630 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, Vijaypd Ceutical has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Vijaypd Ceutical's Beneish M-Score compare to competitors?
According to the Healthcare Providers & Services industry distribution chart, Vijaypd Ceutical ranks #606 out of 630 companies for Beneish M-Score. This places Vijaypd Ceutical in the lower half of its industry. Historically, Vijaypd Ceutical's own Beneish M-Score has ranged from 0.56 to 0.56 over the past decade. 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 Vijaypd Ceutical and its competitors. Vijaypd Ceutical's current Beneish M-Score is 0.56, which is near median its own 10-year median of 0.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vijaypd Ceutical stock overvalued right now?
Vijaypd Ceutical (NSE:VIJAYPD) has a current Beneish M-Score of 0.56. The current Beneish M-Score is 0.56, which is near median its 10-year median of 0.56. Vijaypd Ceutical's overall GF Score™ is 14/100 with 2 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 Vijaypd Ceutical (NSE:VIJAYPD), the current Beneish M-Score is 0.56 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.

Vijaypd Ceutical Business Description

Address A/1, 1st Floor, Devraj Premises, CHSL, Goregaon West, Mumbai, MH, IND, 400062
Vijaypd Ceutical Ltd is engaged in the business of distribution and supply within the pharmaceutical and consumer goods sectors, offering a comprehensive range of services. Its roles include being representatives, dealers, agents, stockists, suppliers, traders, and packers. The company offers a wide range of products serving both the pharmaceutical and wellness industries, as well as the fastmoving consumer goods (FMCG) market. Its pharmaceutical and wellness product range includes medicines such as injections, tablets, capsules, ointments, suppositories, ophthalmic preparations, and liquid oral formulations. It also supply vitamins, hormones, enzymes, wellness tonics, serums, and diagnostic test kits.
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