Innokaiz India (BOM:543905) Beneish M-Score: 7.02 (As of Jul. 09, 2026)


BOM:543905 Innokaiz India Ltd BOM:543905
55 GF Score
Price ₹13.50
GF Value ₹5.53
Valuation Significantly Overvalued
! 9 Warning Signs
View Full Analysis

What is Innokaiz India Beneish M-Score?

Innokaiz India BOM:543905 55 Beneish M-Score is 7.02 as of Jul. 09, 2026. GuruFocus rates BOM:543905 with a GF Score™ of 55/100 and a GF Value™ of ₹5.53 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 1,022 Business Services companies, Innokaiz India ranks worse than 98.73% 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.

Warning Sign:

Beneish M-Score 7.02 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:543905' s Beneish M-Score Range Over the Past 10 Years
Min: -2.01   Med: -1.67   Max: 7.02
Current: 7.02

During the past 6 years, the highest Beneish M-Score of Innokaiz India was 7.02. The lowest was -2.01. And the median was -1.67.

Innokaiz India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Innokaiz India'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.

Innokaiz India Beneish M-Score Chart

Innokaiz India Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.62 -1.72 -2.01 7.02

Innokaiz India Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -2.01 0.00 7.02 0.00

BOM:543905 vs CTAS, CPRT, ULS: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Innokaiz India'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.

Innokaiz India Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Innokaiz India's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Innokaiz India's Beneish M-Score falls into.


BOM:543905
55GF Score
Innokaiz India Ltd BOM:543905
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Innokaiz India 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 Innokaiz India 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 * 13.7838+0.528 * 0.7898+0.404 * 1.0391+0.892 * 0.1223+0.115 * 0.954
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 7.9008+4.679 * -0.031685-0.327 * 1.1363
=7.02

* 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 ₹65.22 Mil.
Revenue was ₹94.97 Mil.
Gross Profit was ₹14.40 Mil.
Total Current Assets was ₹588.74 Mil.
Total Assets was ₹857.93 Mil.
Property, Plant and Equipment(Net PPE) was ₹10.35 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.58 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6.93 Mil.
Total Current Liabilities was ₹270.12 Mil.
Long-Term Debt & Capital Lease Obligation was ₹144.67 Mil.
Net Income was ₹-40.75 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹-13.56 Mil.
 Total Receivables was ₹38.68 Mil.
Revenue was ₹776.32 Mil.
Gross Profit was ₹92.96 Mil.
Total Current Assets was ₹581.51 Mil.
Total Assets was ₹837.52 Mil.
Property, Plant and Equipment(Net PPE) was ₹12.85 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.02 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7.17 Mil.
Total Current Liabilities was ₹201.27 Mil.
Long-Term Debt & Capital Lease Obligation was ₹155.10 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)
=(65.222 / 94.974) / (38.678 / 776.323)
=0.686735 / 0.049822
=13.7838

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)
=(92.958 / 776.323) / (14.399 / 94.974)
=0.119741 / 0.15161
=0.7898

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 - (588.744 + 10.35) / 857.925) / (1 - (581.509 + 12.849) / 837.524)
=0.301694 / 0.290339
=1.0391

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
=94.974 / 776.323
=0.1223

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))
=(3.022 / (3.022 + 12.849)) / (2.581 / (2.581 + 10.35))
=0.19041 / 0.199598
=0.954

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)
=(6.932 / 94.974) / (7.172 / 776.323)
=0.072988 / 0.009238
=7.9008

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)
=((144.668 + 270.124) / 857.925) / ((155.098 + 201.273) / 837.524)
=0.483483 / 0.425505
=1.1363

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
=(-40.745 - 0 - -13.562) / 857.925
=-0.031685

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.

Innokaiz India has a M-score of 7.02 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 7.02 mean?
Innokaiz India (BOM:543905) has a Beneish M-Score of 7.02 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Innokaiz India and its competitors. According to the industry distribution chart, Innokaiz India ranks #1009 out of 1022 companies in the Business Services industry, placing it in the top 98.7%.
Is Innokaiz India's Beneish M-Score too high?
Innokaiz India's current Beneish M-Score is 7.02. Based on the distribution chart, Innokaiz India ranks #1009 out of 1022 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Innokaiz India has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Innokaiz India's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Innokaiz India ranks #1009 out of 1022 companies for Beneish M-Score. This places Innokaiz India 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 Innokaiz India and its competitors. Innokaiz India's current Beneish M-Score is 7.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innokaiz India stock overvalued right now?
Based on GuruFocus' analysis, Innokaiz India (BOM:543905) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹5.53, compared to a current price of ₹13.50 — trading 144.1% above its estimated fair value. The current Beneish M-Score is 7.02. Innokaiz India's overall GF Score™ is 55/100 with 9 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 Innokaiz India (BOM:543905), the current Beneish M-Score is 7.02 as of Jul. 09, 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 Innokaiz India (BOM:543905) Overvalued in 2026?

Based on GuruFocus' analysis, Innokaiz India stock appears to be overvalued. The current stock price of ₹13.50 is trading 144.1% above its estimated GF Value™ of ₹5.53. GuruFocus considers Innokaiz India to be Significantly Overvalued.

Key valuation signals for BOM:543905:

  • Beneish M-Score: 7.02
  • GF Value™: ₹5.53 vs. price of ₹13.50 (144.1% above fair value)
  • GF Score™: 55/100 with 9 warning signs

No single metric tells the full story. See the BOM:543905 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Innokaiz India Business Description

Address Josier Street, Flat No. 1, 4th Floor, Door No. 43, New No. 43, Old No. 22, Real Enclave, Nungambakkam, Chennai, TN, IND, 600 034
Innokaiz India Ltd is a corporate services and solutions provider. The company offers a comprehensive range of services covering advertising and marketing solutions including digital marketing, corporate travel arrangements, gifting solutions, event management, etc. It is also involved in the trading of electronic goods. Geographically, the company operates only in India.
55GF Score

Get the complete analysis for BOM:543905

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

₹13.50
Price
₹5.53
GF Value