Educomp Solutions Beneish M-Score Historical Data
The historical data trend for Educomp Solutions'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.
Educomp Solutions Beneish M-Score Chart
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Educomp Solutions Annual Data
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Mar16 |
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Mar22 |
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Mar25 |
| Beneish M-Score |
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1.38 |
-2.20 |
-3.76 |
-3.15 |
-3.15 |
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Educomp Solutions Quarterly Data
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| Beneish M-Score |
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0.00 |
-3.15 |
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0.00 |
-3.15 |
BOM:532696 vs EDU, TAL, LRN: Beneish M-Score Comparison
For the Education & Training Services subindustry, Educomp Solutions'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.
Educomp Solutions Beneish M-Score vs Education Industry
For the Education industry and Consumer Defensive sector, Educomp Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Educomp Solutions's Beneish M-Score falls into.
Educomp Solutions 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 Educomp Solutions for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.1395 | + | 0.528 * 1.0879 | + | 0.404 * 0.9328 | + | 0.892 * 0.8753 | + | 0.115 * 0.3175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5761 | + | 4.679 * -0.146106 | - | 0.327 * 1.0426 |
| = | -3.15 |
* 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.
| This Year (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ₹1,090.77 Mil.
Revenue was ₹36.23 Mil.
Gross Profit was ₹15.32 Mil.
Total Current Assets was ₹1,287.97 Mil.
Total Assets was ₹2,392.85 Mil.
Property, Plant and Equipment(Net PPE) was ₹938.66 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.54 Mil.
Selling, General, & Admin. Expense(SGA) was ₹19.39 Mil.
Total Current Liabilities was ₹32,702.96 Mil.
Long-Term Debt & Capital Lease Obligation was ₹538.33 Mil.
Net Income was ₹-357.14 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹-7.53 Mil.
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Total Receivables was ₹1,093.61 Mil.
Revenue was ₹41.39 Mil.
Gross Profit was ₹19.04 Mil.
Total Current Assets was ₹1,328.56 Mil.
Total Assets was ₹2,474.11 Mil.
Property, Plant and Equipment(Net PPE) was ₹961.31 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.76 Mil.
Selling, General, & Admin. Expense(SGA) was ₹38.45 Mil.
Total Current Liabilities was ₹32,493.56 Mil.
Long-Term Debt & Capital Lease Obligation was ₹472.21 Mil.
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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) |
| = | (1090.77 / 36.23) | / | (1093.61 / 41.39) |
| = | 30.106818 | / | 26.422083 |
| | = | 1.1395 |
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) |
| = | (19.04 / 41.39) | / | (15.32 / 36.23) |
| = | 0.460014 | / | 0.422854 |
| | = | 1.0879 |
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 - (1287.97 + 938.66) / 2392.85) | / | (1 - (1328.56 + 961.31) / 2474.11) |
| = | 0.069465 | / | 0.074467 |
| | = | 0.9328 |
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 |
| = | 36.23 | / | 41.39 |
| | = | 0.8753 |
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)) |
| = | (2.76 / (2.76 + 961.31)) | / | (8.54 / (8.54 + 938.66)) |
| = | 0.002863 | / | 0.009016 |
| | = | 0.3175 |
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) |
| = | (19.39 / 36.23) | / | (38.45 / 41.39) |
| = | 0.535192 | / | 0.928968 |
| | = | 0.5761 |
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) |
| = | ((538.33 + 32702.96) / 2392.85) | / | ((472.21 + 32493.56) / 2474.11) |
| = | 13.891924 | / | 13.324294 |
| | = | 1.0426 |
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 |
| = | (-357.14 - 0 | - | -7.53) | / | 2392.85 |
| | = | -0.146106 |
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.
Educomp Solutions has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
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