Decomposing a Beneish flag

BEL's reported consolidated statements (₹ cr; Yahoo Finance data feed), FY26 then FY25: sales 26,796.5 / 23,117.3; cost of revenue 14,037.5 / 12,194.6; receivables 12,875.8 / 9,116.4; current assets 38,056.9 / 34,857.9; net PPE 3,978.9 / 3,694.4; financial-asset investments 624.9 / 581.6; total assets 44,537.5 / 40,831.9; depreciation and amortisation 555.7 / 467.4; SG&A 91.9 / 63.8; net income 6,062.0 / 5,321.4; CFO 1,541.4 / 564.3; current liabilities 19,259.8 / 19,752.5; long-term debt (lease) 62.4 / 58.7.

(a) Compute the eight Beneish indices and $M$ from (6.19). (b) Write $M$ as its value with every index at 1 and TATA at 0, plus one contribution per index. Which two indices account for most of the distance above the neutral value? (c) Holding everything else fixed, what FY26 CFO would bring $M$ to exactly $-1.78$? (d) Alternatively, holding CFO fixed, what FY26 receivables would bring $M$ to $-1.78$? (e) Give one innocent and one adverse explanation of the flag, and name the disclosure in BEL's annual report (or half-year balance sheet) that would distinguish them. Why does the playbook's rule require a balance sheet, not an explanation, to clear the flag?