Rajesh Power Services (BOM:544291) Beneish M-Score: -0.73 (As of Aug. 12, 2026)

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BOM:544291 Rajesh Power Services Ltd BOM:544291
18 GF Score
Price ₹850.60
! 3 Warning Signs
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What is Rajesh Power Services Beneish M-Score?

Rajesh Power Services BOM:544291 +1.70% 18 Beneish M-Score is -0.73 as of Aug. 12, 2026. GuruFocus rates BOM:544291 with a GF Score™ of 18/100. The stock has 3 warning signs investors should review. Among 1,705 Construction companies, Rajesh Power Services ranks worse than 93.43% 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 -0.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544291' s Beneish M-Score Range Over the Past 10 Years
Min: -1.57   Med: -0.73   Max: 1.33
Current: -0.73

During the past 5 years, the highest Beneish M-Score of Rajesh Power Services was 1.33. The lowest was -1.57. And the median was -0.73.

Rajesh Power Services Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rajesh Power Services'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.

Rajesh Power Services Beneish M-Score Chart

Rajesh Power Services Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.57 1.33 -0.73

Rajesh Power Services Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.57 0.00 1.33 0.00 -0.73

BOM:544291 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Rajesh Power Services'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.

Rajesh Power Services Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Rajesh Power Services's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rajesh Power Services's Beneish M-Score falls into.


BOM:544291
18GF Score
Rajesh Power Services Ltd BOM:544291
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rajesh Power Services 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 Rajesh Power Services 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 * 1.2226+0.528 * 1+0.404 * 1.1153+0.892 * 1.5185+0.115 * 0.9211
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.195896-0.327 * 1.1279
=-0.73

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹3,493 Mil.
Revenue was ₹16,279 Mil.
Gross Profit was ₹2,984 Mil.
Total Current Assets was ₹5,796 Mil.
Total Assets was ₹9,424 Mil.
Property, Plant and Equipment(Net PPE) was ₹192 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹4,808 Mil.
Long-Term Debt & Capital Lease Obligation was ₹456 Mil.
Net Income was ₹1,432 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-414 Mil.
 Total Receivables was ₹1,882 Mil.
Revenue was ₹10,721 Mil.
Gross Profit was ₹1,965 Mil.
Total Current Assets was ₹3,431 Mil.
Total Assets was ₹5,386 Mil.
Property, Plant and Equipment(Net PPE) was ₹194 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11 Mil.
Selling, General, & Admin. Expense(SGA) was ₹120 Mil.
Total Current Liabilities was ₹2,178 Mil.
Long-Term Debt & Capital Lease Obligation was ₹490 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)
=(3493.175 / 16279.427) / (1881.509 / 10720.68)
=0.214576 / 0.175503
=1.2226

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)
=(1965.385 / 10720.68) / (2984.394 / 16279.427)
=0.183327 / 0.183323
=1

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 - (5796.285 + 192.35) / 9424.298) / (1 - (3431.167 + 194.149) / 5385.727)
=0.364554 / 0.326866
=1.1153

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
=16279.427 / 10720.68
=1.5185

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))
=(10.528 / (10.528 + 194.149)) / (11.376 / (11.376 + 192.35))
=0.051437 / 0.05584
=0.9211

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)
=(0 / 16279.427) / (119.545 / 10720.68)
=0 / 0.011151
=0

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)
=((456.456 + 4807.912) / 9424.298) / ((489.579 + 2177.746) / 5385.727)
=0.558595 / 0.495258
=1.1279

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
=(1431.994 - 0 - -414.185) / 9424.298
=0.195896

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.

Rajesh Power Services has a M-score of -0.73 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 -0.73 mean?
Rajesh Power Services (BOM:544291) has a Beneish M-Score of -0.73 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rajesh Power Services and its competitors. According to the industry distribution chart, Rajesh Power Services ranks #1593 out of 1705 companies in the Construction industry, placing it in the top 93.4%.
Is Rajesh Power Services' Beneish M-Score too high?
Rajesh Power Services' current Beneish M-Score is -0.73. Based on the distribution chart, Rajesh Power Services ranks #1593 out of 1705 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Rajesh Power Services has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Rajesh Power Services' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Rajesh Power Services ranks #1593 out of 1705 companies for Beneish M-Score. This places Rajesh Power Services 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 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 Rajesh Power Services and its competitors. Rajesh Power Services's current Beneish M-Score is -0.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rajesh Power Services stock overvalued right now?
Rajesh Power Services (BOM:544291) has a current Beneish M-Score of -0.73. The current Beneish M-Score is -0.73. Rajesh Power Services' overall GF Score™ is 18/100 with 3 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 Rajesh Power Services (BOM:544291), the current Beneish M-Score is -0.73 as of Aug. 12, 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.

Rajesh Power Services Business Description

Address Off C.G. Road, 380/3, Siddhi House, Opp. Lal Bunglows, Behind Sasuji Dinning Hall, Navrangpura, Ahmedabad, GJ, IND, 380009
Rajesh Power Services Ltd offers services to the Renewable and Non-Renewable segment of Power sector. The company offers technical services to set up solar power plants and also works on Turnkey bases to build operate, and maintain solar power plants. Further in Non-Renewable power sector RPSL offers services which include the implementation of Turnkey projects for laying Extra High Voltage cables & transmission lines, setting up an Extra High Voltage (EHV) substation, and Design and implication of an underground power distribution system. The company also offers Operations and Maintenance which includes operating and maintaining solar plants and EHV substations. The company is also engaged in providing Utility Services to power plants and power transmission companies.
18GF Score

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

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