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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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Newgen Software Technologies's Beneish M-Score or its related term are showing as below:
BOM:540900'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.12 Max: -1.86
Current: -2.1
During the past 13 years, the highest Beneish M-Score of Newgen Software Technologies was -1.86. The lowest was -2.83. And the median was -2.12.
Newgen Software Technologies Beneish M-Score Related Terms
Newgen Software Technologies 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:540900 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison
For the Software - Infrastructure subindustry, Newgen Software Technologies'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.
Newgen Software Technologies Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Newgen Software Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Newgen Software Technologies'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 Newgen Software Technologies 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 * 1.1728
+
0.528 * 1.0022
+
0.404 * 1.1094
+
0.892 * 1.0589
+
0.115 * 0.8602
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.938
+
4.679 * 0.028134
-
0.327 * 1.0199
=
-2.10
* 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))
=
(330.413 / (330.413 + 2495.911))
/
(365.974 / (365.974 + 2326.947))
=
0.116906
/
0.135902
=
0.8602
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
=
(3005.764 - 0
-
2318.593)
/
24424.75
=
0.028134
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.
Newgen Software Technologies has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
Newgen Software Technologies (BOM:540900) has a Beneish M-Score of -2.10 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Newgen Software Technologies and its competitors. According to the industry distribution chart, Newgen Software Technologies ranks #1933 out of 2630 companies in the Software industry, placing it in the top 73.5%.
Is Newgen Software Technologies' Beneish M-Score too high?
Newgen Software Technologies' current Beneish M-Score is -2.10. Based on the distribution chart, Newgen Software Technologies ranks #1933 out of 2630 companies in the Software industry, which is below the industry midpoint. Overall, Newgen Software Technologies has a GF Score™ of 91/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Newgen Software Technologies' Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Newgen Software Technologies ranks #1933 out of 2630 companies for Beneish M-Score. This places Newgen Software Technologies 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 Software company?
A good Beneish M-Score depends on the Software 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 Newgen Software Technologies and its competitors. Newgen Software Technologies's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Newgen Software Technologies stock overvalued right now?
Based on GuruFocus' analysis, Newgen Software Technologies (BOM:540900) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹1,056.23, compared to a current price of ₹505.65 — trading 52.1% below its estimated fair value. The current Beneish M-Score is -2.10. Newgen Software Technologies' overall GF Score™ is 91/100 with 1 warning sign 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 Newgen Software Technologies (BOM:540900), the current Beneish M-Score is -2.10 as of Jul. 25, 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 Newgen Software Technologies (BOM:540900) Overvalued in 2026?
Based on GuruFocus' analysis, Newgen Software Technologies stock appears to be undervalued.
The current stock price of ₹505.65 is trading 52.1% below its estimated GF Value™ of ₹1,056.23.
GuruFocus considers Newgen Software Technologies to be Significantly Undervalued.
Key valuation signals for BOM:540900:
Beneish M-Score: -2.10
GF Value™: ₹1,056.23 vs. price of ₹505.65 (52.1% below fair value)
No single metric tells the full story. See the BOM:540900 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Newgen Software Technologies Ltd is a software company. It is engaged in software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to Document management to imaging. The entity's geographical segments are India; USA, and Africa (EMEA); Asia Pacific (APAC); and the United States of America (USA). It generates key revenue from India and the EMEA region. The company's NewgenONE Platform is a unified low-code platform for end-to-end automation at scale for enterprises. The platform offerings include Contextual Content Services (ECM), Intelligent Process Automation (BPM), Omnichannel Customer Engagement (CCM), and Low Code Application Development.
91GF Score
Get the complete analysis for BOM:540900
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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