1
Beneish M-score (FY2026)
Within range-2.36
Well outside above −1.78, mildly outside above −2.22
Earlier years:
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.
Data note: In the FY2023 and FY2024 results XBRL the lending subsidiary's loans are tagged as trade receivables (from FY2025 they are tagged as loans), so receivables for those years are not used.
Earnings quality
2
Operating cash flow / net profit, FY2022-FY2026
Well outside-1.13
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
Mildly outside7.2%
Well outside above 10%, mildly outside above 5%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
4
Receivable days, FY2023 to FY2026
Not scored—
Well outside if up more than 50%, mildly outside if up 25% to 50%
FY2023 figure not usable, see the data notes
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
5
Inventory days, FY2023 to FY2026
Within range64 to 61 days (-4%)
Well outside if up more than 50%, mildly outside if up 25% to 50%
Results filed with NSE (XBRL): FY2022, FY2023, FY2024, FY2025, FY2026
6
Other income / profit before tax, FY2024-FY2026
Within range7.3%
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 range2.5%
Well outside above 50%, mildly outside above 25%
Excise 20.09, sales tax/GST 5.82, income tax 5.83, claims 52.16, liquidated damages on unexecuted orders 6.88; performance bank guarantees 10.66 and letters of credit 132.80 left out
8
Loans to related parties / net worth (31 Mar 2026)
Within range0.0%
Well outside above 20%, mildly outside above 10%
The report states no loans or advances in the nature of loans were granted to promoters, directors, KMPs or related parties
9
Capital work in progress older than 3 years (31 Mar 2026)
Within range0.3%
Well outside above 25%, mildly outside above 10%
10
Borrowings growth minus revenue growth, FY2023-FY2026
Within range+2.6 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
Well outside59.44% to 41.07% (-18.37 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
The Aug 2025 auditor resignation was at the subsidiary Arka Financial Holdings because of an RBI limit on the number of NBFC audits per firm
NSE announcements (announcement 6 Aug 2025) (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%
Purchases of goods or services; services rendered by KMP and their family members counted as pay and left out
16
CFO and company secretary resignations, FY2022-FY2026
Well outside3
Well outside for two or more, mildly outside for one
Two CFO resignations and one company secretary resignation
NSE announcements (announcements 12 Aug 2022 22 Sep 2023 and 18 Jun 2024) (NSE filings)
Altman Z score
6.56
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.