Yogi Infra Projects (BOM:522209) Beneish M-Score: -2.39 (As of Jun. 27, 2026)

What is Yogi Infra Projects Beneish M-Score?

Yogi Infra Projects BOM:522209 -1.04% 27 Beneish M-Score is -2.39 as of Jun. 27, 2026. GuruFocus rates BOM:522209 with a GF Score™ of 27/100. The stock has 5 warning signs investors should review. Among 1,704 Construction companies, Yogi Infra Projects ranks worse than 56.92% 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.

Good Sign:

Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:522209' s Beneish M-Score Range Over the Past 10 Years
Min: -72.8 Med: -2.77 Max: -2.39
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Yogi Infra Projects was -2.39. The lowest was -72.80. And the median was -2.77.

Yogi Infra Projects Beneish M-Score Related Terms

Yogi Infra Projects Beneish M-Score Historical Data

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The historical data trend for Yogi Infra Projects'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.

Yogi Infra Projects Beneish M-Score Chart

Yogi Infra Projects Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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0.00

-72.80

-2.39

Yogi Infra Projects Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-72.80	0.00	0.00	0.00	-2.39

Yogi Infra Projects Beneish M-Score Competitor Comparison

For the Infrastructure Operations subindustry, Yogi Infra Projects'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.

Yogi Infra Projects Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Yogi Infra Projects's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Yogi Infra Projects's Beneish M-Score falls into.

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27GF Score

Yogi Infra Projects Ltd BOM:522209

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Yogi Infra Projects 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 Yogi Infra Projects for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 4.2323

0.528 * 0.1004

0.404 * 1.6047

0.892 * 0.2209

0.115 * 1.644

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 7.9309

4.679 * -0.178648

0.327 * 1.0092

-2.39

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₹242.0 Mil.
Revenue was ₹471.9 Mil.
Gross Profit was ₹165.9 Mil.
Total Current Assets was ₹1,092.1 Mil.
Total Assets was ₹1,756.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹639.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹135.4 Mil.
Total Current Liabilities was ₹743.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹564.4 Mil.
Net Income was ₹-2.0 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹311.8 Mil.

Total Receivables was ₹258.9 Mil.
Revenue was ₹2,136.4 Mil.
Gross Profit was ₹75.4 Mil.
Total Current Assets was ₹1,369.4 Mil.
Total Assets was ₹1,753.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹369.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹77.3 Mil.
Total Current Liabilities was ₹714.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹579.6 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)
	=	(242.004 / 471.862)	/	(258.887 / 2136.383)
	=	0.51287	/	0.12118
	=	4.2323

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)
	=	(75.377 / 2136.383)	/	(165.879 / 471.862)
	=	0.035283	/	0.351541
	=	0.1004

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 - (1092.119 + 639.648) / 1756.281)	/	(1 - (1369.408 + 369.157) / 1753.82)
	=	0.013958	/	0.008698
	=	1.6047

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
	=	471.862	/	2136.383
	=	0.2209

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))
	=	(1.108 / (1.108 + 369.157))	/	(1.166 / (1.166 + 639.648))
	=	0.002992	/	0.00182
	=	1.644

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)
	=	(135.445 / 471.862)	/	(77.323 / 2136.383)
	=	0.287044	/	0.036193
	=	7.9309

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)
	=	((564.37 + 743.494) / 1756.281)	/	((579.645 + 714.529) / 1753.82)
	=	0.744678	/	0.737917
	=	1.0092

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
	=	(-1.967 - 0	-	311.789)	/	1756.281
	=	-0.178648

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.

Yogi Infra Projects has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.39 mean?

Yogi Infra Projects (BOM:522209) has a Beneish M-Score of -2.39 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yogi Infra Projects and its competitors. According to the industry distribution chart, Yogi Infra Projects ranks #970 out of 1704 companies in the Construction industry, placing it in the top 56.9%.

Is Yogi Infra Projects' Beneish M-Score too high?

Yogi Infra Projects' current Beneish M-Score is -2.39. Based on the distribution chart, Yogi Infra Projects ranks #970 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Yogi Infra Projects has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.

How does Yogi Infra Projects' Beneish M-Score compare to competitors?

According to the Construction industry distribution chart, Yogi Infra Projects ranks #970 out of 1704 companies for Beneish M-Score. This places Yogi Infra Projects in the lower half of its industry. 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Yogi Infra Projects and its competitors. Yogi Infra Projects's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Yogi Infra Projects stock overvalued right now?

Yogi Infra Projects (BOM:522209) has a current Beneish M-Score of -2.39. The current Beneish M-Score is -2.39. Yogi Infra Projects' overall GF Score™ is 27/100 with 5 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 Yogi Infra Projects (BOM:522209), the current Beneish M-Score is -2.39 as of Jun. 27, 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.

Yogi Infra Projects Business Description

Industry Industrials Construction

Comparable Companies NSE:AILIMITED BOM:531328 BOM:541546 NSE:RILINFRA ASX:TCL DFM:SALIK SZSE:001965 SHSE:600377 SHSE:600350 MEX:PINFRA BSP:MOTV3 HKSE:00576 ASX:ALX DFM:PARKIN SHSE:600012 SZSE:000429 ASX:VNT SHSE:600548 BOM:532947 SHSE:601107

Address T-92, Commercial Entry-4, Moongipa Arcade, D. N. Nagar, Andheri West, Mumbai, MH, IND, 400053

Website https://www.yogiinfraprojects.co.in

Yogi Infra Projects Ltd engages in infrastructure construction activities in India. The company develops commercial projects and technology parks, commercial spaces, and urban development and housing projects. It also engages in civil structure and to build shops, buildings, godowns, hotels, restaurants, cinema theatres, touring talkies and other structures and/or to lease, Sold, mortgage, hypothecate or otherwise dispose of or deal in any other way in such lands, sites, buildings and other structures.

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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