1
Beneish M-score (FY2026)
Within range-2.51
Well outside above −1.78, mildly outside above −2.22
Earlier years: FY2025 -1.93
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, FY2024-FY2026
Within range1.37
Well outside below 0.5, mildly outside below 0.8
3
Accruals ratio, average FY2024-FY2026
Not scored—
Well outside above 10%, mildly outside above 5%
4
Receivable days, FY2023 to FY2026
Not scored—
Well outside if up more than 50%, mildly outside if up 25% to 50%
No FY2023 balance sheet in the NSE results files
5
Inventory days, FY2023 to FY2026
Not scored—
Well outside if up more than 50%, mildly outside if up 25% to 50%
No FY2023 balance sheet in the NSE results files
6
Other income / profit before tax, FY2024-FY2026
Within range6.1%
Well outside above 30%, mildly outside above 15%
Balance sheet
7
Contingent liabilities / net worth (31 Mar 2026)
Within range3.0%
Well outside above 50%, mildly outside above 25%
Taxes and duties 7879, others including court cases 4503
8
Loans to related parties / net worth (31 Mar 2026)
Within rangeall loans 0.0% 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
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
Not scored—
Well outside above 20 points a year, mildly outside above 10 points
No FY2023 balance sheet in the NSE results files
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
Not scored—
Well outside if down more than 10 points, mildly outside if down 5 to 10 points
No shareholding filing on NSE for 31 Mar 2022
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
15
Related party sales and purchases / revenue (FY2026)
Within range8.0%
Well outside above 25%, mildly outside above 10%
Purchases and sales with the holding company, a joint venture and other related entities; the report says the amounts include taxes; capital goods, rent and dividends left out
16
CFO and company secretary resignations, FY2022-FY2026
Well outside2
Well outside for two or more, mildly outside for one
Company secretary resigned in Jul 2024 and CFO in Jun 2025
NSE announcements (announcements 30 Jul 2024 and 9 Jun 2025) (NSE filings)
Altman Z score
10.57
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.