Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Warning Sign:
Beneish M-Score -0.38 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for ITCONS E-Solutions's Beneish M-Score or its related term are showing as below:
BOM:543806'
s Beneish M-Score Range Over the Past 10 Years
Min: -1.14 Med: -0.28 Max: 2.99
Current: -0.38
During the past 7 years, the highest Beneish M-Score of ITCONS E-Solutions was 2.99. The lowest was -1.14. And the median was -0.28.
ITCONS E-Solutions Beneish M-Score Historical Data
* Premium members only.
The historical data trend for ITCONS E-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.
BOM:543806 vs KFY, RHI, TNET: Beneish M-Score Comparison
For the Staffing & Employment Services subindustry, ITCONS E-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.
ITCONS E-Solutions Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, ITCONS E-Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ITCONS E-Solutions'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 ITCONS E-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 * 0.8129
+
0.528 * 1.7155
+
0.404 * 1.162
+
0.892 * 1.5673
+
0.115 * 0.8832
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * 0.232776
-
0.327 * 0.7565
=
-0.38
* 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))
=
(4.728 / (4.728 + 13.346))
/
(4.395 / (4.395 + 10.444))
=
0.261591
/
0.296179
=
0.8832
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
=
(52.566 - 0
-
-122.29)
/
751.177
=
0.232776
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.
ITCONS E-Solutions has a M-score of -0.38 signals that the company is likely to be a manipulator.
ITCONS E-Solutions (BOM:543806) has a Beneish M-Score of -0.38 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ITCONS E-Solutions and its competitors. According to the industry distribution chart, ITCONS E-Solutions ranks #961 out of 1021 companies in the Business Services industry, placing it in the top 94.1%.
Is ITCONS E-Solutions' Beneish M-Score too high?
ITCONS E-Solutions' current Beneish M-Score is -0.38. Based on the distribution chart, ITCONS E-Solutions ranks #961 out of 1021 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, ITCONS E-Solutions has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ITCONS E-Solutions' Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, ITCONS E-Solutions ranks #961 out of 1021 companies for Beneish M-Score. This places ITCONS E-Solutions 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 ITCONS E-Solutions and its competitors. ITCONS E-Solutions's current Beneish M-Score is -0.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ITCONS E-Solutions stock overvalued right now?
Based on GuruFocus' analysis, ITCONS E-Solutions (BOM:543806) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹407.52, compared to a current price of ₹296.00 — trading 27.4% below its estimated fair value. The current Beneish M-Score is -0.38. ITCONS E-Solutions' overall GF Score™ is 90/100 with 7 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 ITCONS E-Solutions (BOM:543806), the current Beneish M-Score is -0.38 as of Aug. 03, 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 ITCONS E-Solutions (BOM:543806) Overvalued in 2026?
Based on GuruFocus' analysis, ITCONS E-Solutions stock appears to be undervalued.
The current stock price of ₹296.00 is trading 27.4% below its estimated GF Value™ of ₹407.52.
GuruFocus considers ITCONS E-Solutions to be Modestly Undervalued.
Key valuation signals for BOM:543806:
Beneish M-Score: -0.38
GF Value™: ₹407.52 vs. price of ₹296.00 (27.4% below fair value)
No single metric tells the full story. See the BOM:543806 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ITCONS E-Solutions Ltd is a professional staffing and recruitment company in India offering IT consulting, general staffing, permanent and temporary recruitment solutions. The company provides manpower supply, sourcing, payroll services, recruitment process outsourcing, and managed IT services across multiple industry verticals such as information technology, healthcare, manufacturing, finance, and government sectors. ITCONS operates with a dominant PAN India presence, serving reputed clients including multinational corporations and government agencies. Majority of its revenue is generated through manpower supply services and staffing contracts. Its operations are majorly focused on delivering workforce solutions across diverse sectors in India.
90GF Score
Get the complete analysis for BOM:543806
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BOM:543806 has been successfully added to your 
