1
Beneish M-score (FY2026)
Within range-3.27
Well outside above −1.78, mildly outside above −2.22
Earlier years: FY2024 -2.89, FY2025 -1.95
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
A higher score only means more of this company's figures sit outside ranges the checks treat as typical, often for ordinary business reasons. It is not a judgement on the company. Every value below links to the filing it came from.
Earnings quality
2
Operating cash flow / net profit, FY2022-FY2026
Within range1.12
Well outside below 0.5, mildly outside below 0.8
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
3
Accruals ratio, average FY2024-FY2026
Within range-1.5%
Well outside above 10%, mildly outside above 5%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
4
Receivable days, FY2023 to FY2026
Within range35 to 21 days (-41%)
Well outside if up more than 50%, mildly outside if up 25% to 50%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
5
Inventory days, FY2023 to FY2026
Not scored—
Well outside if up more than 50%, mildly outside if up 25% to 50%
Inventory is under 1% of total assets so the check is skipped
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
6
Other income / profit before tax, FY2024-FY2026
Mildly outside22.1%
Well outside above 30%, mildly outside above 15%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
Balance sheet
7
Contingent liabilities / net worth (31 Mar 2026)
Within range2.7%
Well outside above 50%, mildly outside above 25%
GST/sales tax 9812.22, electricity 82.65, other claims 20.59, air pollution matter before the Supreme Court 14220.00; capital commitments left out
8
Loans to related parties / net worth (31 Mar 2026)
Within rangeall loans 0.5% of net worth
Well outside above 20%, mildly outside above 10%
Total loans on the balance sheet are under 10% of net worth, so the related party part can't reach the mild level
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
9
Capital work in progress older than 3 years (31 Mar 2026)
Within range0.0%
Well outside above 25%, mildly outside above 10%
10
Borrowings growth minus revenue growth, FY2023-FY2026
Well outside+35.6 points a year
Well outside above 20 points a year, mildly outside above 10 points
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
Governance
11
Promoter shares pledged or encumbered (31 Mar 2026)
Within range0.0%
Well outside above 25%, mildly outside above 10%
12
Change in promoter holding, Mar 2022 to Mar 2026
Within range58.07% to 58.10% (+0.03 points)
Well outside if down more than 10 points, mildly outside if down 5 to 10 points
13
Statutory auditor resigned before the end of its term, FY2022-FY2026
Within rangeno
Well outside if yes
NSE announcements (NSE filings)
14
Audit opinion (qualified FY2023-FY2026, emphasis of matter FY2026)
Within rangeunmodified
Well outside for a qualified, adverse or disclaimer opinion, mildly outside for an emphasis of matter
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
15
Related party sales and purchases / revenue (FY2026)
Within range0.0%
Well outside above 25%, mildly outside above 10%
No sale or purchase of goods or services with related parties in FY2026; purchase of an investment in a subsidiary from Vopak left out
16
CFO and company secretary resignations, FY2022-FY2026
Mildly outside1
Well outside for two or more, mildly outside for one
Company secretary resigned
NSE announcements (announcement 8 May 2025) (NSE filings)
Altman Z score
8.06
Range above 5.85. This looks at financial strain rather than accounting quality, so it is shown separately and not added into the indicator score. It uses the emerging markets version of the formula, set out on the how it works page.