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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 -4.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sadbhav Infrastructure Projects's Beneish M-Score or its related term are showing as below:
BOM:539346'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.5 Med: -2.53 Max: 1.92
Current: -4.5
During the past 12 years, the highest Beneish M-Score of Sadbhav Infrastructure Projects was 1.92. The lowest was -4.50. And the median was -2.53.
Sadbhav Infrastructure Projects Beneish M-Score Related Terms
Sadbhav Infrastructure Projects Beneish M-Score Historical Data
* 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.
BOM:539346 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Sadbhav Infrastructure 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.
Sadbhav Infrastructure Projects Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Sadbhav Infrastructure Projects's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sadbhav Infrastructure Projects's Beneish M-Score falls into.
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 Sadbhav Infrastructure Projects 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 * 0.0918
+
0.528 * 0.9728
+
0.404 * 0.1434
+
0.892 * 1.1003
+
0.115 * 1.0006
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.230459
-
0.327 * 1.0235
=
-4.50
* 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.
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.
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))
=
(1176.29 / (1176.29 + 2.61))
/
(1355.78 / (1355.78 + 3.78))
=
0.997786
/
0.99722
=
1.0006
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
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
=
(-198.68 - 0
-
9807.49)
/
43418.44
=
-0.230459
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.
Sadbhav Infrastructure Projects has a M-score of -4.50 suggests that the company is unlikely to be a manipulator.
Sadbhav Infrastructure Projects (BOM:539346) has a Beneish M-Score of -4.50 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sadbhav Infrastructure Projects and its competitors. According to the industry distribution chart, Sadbhav Infrastructure Projects ranks #52 out of 1699 companies in the Construction industry, placing it in the top 3.1%.
Is Sadbhav Infrastructure Projects' Beneish M-Score too high?
Sadbhav Infrastructure Projects' current Beneish M-Score is -4.50. Based on the distribution chart, Sadbhav Infrastructure Projects ranks #52 out of 1699 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Sadbhav Infrastructure Projects has a GF Score™ of 54/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Sadbhav Infrastructure Projects' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Sadbhav Infrastructure Projects ranks #52 out of 1699 companies for Beneish M-Score. This places Sadbhav Infrastructure Projects in the top 3% of its industry — outperforming the majority of peers. 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 Sadbhav Infrastructure Projects and its competitors. Sadbhav Infrastructure Projects's current Beneish M-Score is -4.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sadbhav Infrastructure Projects stock overvalued right now?
Based on GuruFocus' analysis, Sadbhav Infrastructure Projects (BOM:539346) is currently considered Possible Value Trap. The stock's GF Value™ is ₹5.09, compared to a current price of ₹2.24 — trading 56% below its estimated fair value. The current Beneish M-Score is -4.50. Sadbhav Infrastructure Projects' overall GF Score™ is 54/100 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 Sadbhav Infrastructure Projects (BOM:539346), the current Beneish M-Score is -4.50 as of Jul. 24, 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.
Is Sadbhav Infrastructure Projects (BOM:539346) Overvalued in 2026?
Based on GuruFocus' analysis, Sadbhav Infrastructure Projects stock appears to be undervalued.
The current stock price of ₹2.24 is trading 56% below its estimated GF Value™ of ₹5.09.
GuruFocus considers Sadbhav Infrastructure Projects to be Possible Value Trap.
Key valuation signals for BOM:539346:
Beneish M-Score: -4.50
GF Value™: ₹5.09 vs. price of ₹2.24 (56% below fair value)
No single metric tells the full story. See the BOM:539346 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sadbhav Infrastructure Projects Business Description
Sadbhav Infrastructure Projects Ltd is an India-based company engaged in the development, construction, operation, and maintenance of infrastructure projects and related consulting and advisory services. Geographically, it operates only in India. Some of its projects include Ahmedabad Ring Road Infrastructure Limited; Aurangabad Jalna Tollway Limited; Hyderabad Yadgiri Tollway Private Limited, Bhilwara Rajsamand Tollway Private Limited, and others. The company earns a majority of its revenue from operation and maintenance and project management services.
54GF Score
Get the complete analysis for BOM:539346
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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