BR Goyal Infrastructure (BOM:544335) Beneish M-Score: -1.58 (As of Aug. 13, 2026)

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BOM:544335 BR Goyal Infrastructure Ltd BOM:544335
18 GF Score
Price ₹198.40
! 5 Warning Signs
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What is BR Goyal Infrastructure Beneish M-Score?

BR Goyal Infrastructure BOM:544335 +4.42% 18 Beneish M-Score is -1.58 as of Aug. 13, 2026. GuruFocus rates BOM:544335 with a GF Score™ of 18/100. The stock has 5 warning signs investors should review. Among 1,705 Construction companies, BR Goyal Infrastructure ranks worse than 84.81% 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 -1.58 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544335' s Beneish M-Score Range Over the Past 10 Years
Min: -1.9   Med: -1.58   Max: -0.84
Current: -1.58

During the past 5 years, the highest Beneish M-Score of BR Goyal Infrastructure was -0.84. The lowest was -1.90. And the median was -1.58.

BR Goyal Infrastructure Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BR Goyal Infrastructure'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.

BR Goyal Infrastructure Beneish M-Score Chart

BR Goyal Infrastructure Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.90 -0.84 -1.58

BR Goyal Infrastructure Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -1.90 0.00 -0.84 0.00 -1.58

BOM:544335 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, BR Goyal Infrastructure'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.

BR Goyal Infrastructure Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, BR Goyal Infrastructure's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BR Goyal Infrastructure's Beneish M-Score falls into.


BOM:544335
18GF Score
BR Goyal Infrastructure Ltd BOM:544335
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BR Goyal Infrastructure 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 BR Goyal Infrastructure 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 * 1.0973+0.528 * 0.9372+0.404 * 0.8891+0.892 * 1.1769+0.115 * 0.9908
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5343+4.679 * 0.093576-0.327 * 0.9318
=-1.94

* 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 ₹915 Mil.
Revenue was ₹4,279 Mil.
Gross Profit was ₹3,791 Mil.
Total Current Assets was ₹3,068 Mil.
Total Assets was ₹4,582 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,013 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹77 Mil.
Selling, General, & Admin. Expense(SGA) was ₹176 Mil.
Total Current Liabilities was ₹929 Mil.
Long-Term Debt & Capital Lease Obligation was ₹310 Mil.
Net Income was ₹448 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹19 Mil.
 Total Receivables was ₹709 Mil.
Revenue was ₹3,636 Mil.
Gross Profit was ₹3,019 Mil.
Total Current Assets was ₹2,556 Mil.
Total Assets was ₹3,727 Mil.
Property, Plant and Equipment(Net PPE) was ₹713 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹54 Mil.
Selling, General, & Admin. Expense(SGA) was ₹98 Mil.
Total Current Liabilities was ₹830 Mil.
Long-Term Debt & Capital Lease Obligation was ₹251 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)
=(915.42 / 4278.73) / (708.89 / 3635.661)
=0.213947 / 0.194982
=1.0973

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)
=(3018.859 / 3635.661) / (3790.722 / 4278.73)
=0.830347 / 0.885946
=0.9372

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 - (3067.766 + 1012.664) / 4581.694) / (1 - (2555.81 + 712.605) / 3727.046)
=0.109406 / 0.123055
=0.8891

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
=4278.73 / 3635.661
=1.1769

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))
=(53.898 / (53.898 + 712.605)) / (77.358 / (77.358 + 1012.664))
=0.070317 / 0.070969
=0.9908

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)
=(176.301 / 4278.73) / (97.634 / 3635.661)
=0.041204 / 0.026855
=1.5343

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)
=((309.786 + 928.798) / 4581.694) / ((250.912 + 830.386) / 3727.046)
=0.270333 / 0.290122
=0.9318

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
=(448.163 - 0 - 19.427) / 4581.694
=0.093576

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.

BR Goyal Infrastructure has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.58 mean?
BR Goyal Infrastructure (BOM:544335) has a Beneish M-Score of -1.58 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BR Goyal Infrastructure and its competitors. According to the industry distribution chart, BR Goyal Infrastructure ranks #1446 out of 1705 companies in the Construction industry, placing it in the top 84.8%.
Is BR Goyal Infrastructure's Beneish M-Score too high?
BR Goyal Infrastructure's current Beneish M-Score is -1.58. Based on the distribution chart, BR Goyal Infrastructure ranks #1446 out of 1705 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, BR Goyal Infrastructure has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does BR Goyal Infrastructure's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, BR Goyal Infrastructure ranks #1446 out of 1705 companies for Beneish M-Score. This places BR Goyal Infrastructure 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 BR Goyal Infrastructure and its competitors. BR Goyal Infrastructure's current Beneish M-Score is -1.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BR Goyal Infrastructure stock overvalued right now?
BR Goyal Infrastructure (BOM:544335) has a current Beneish M-Score of -1.58. The current Beneish M-Score is -1.58. BR Goyal Infrastructure's overall GF Score™ is 18/100 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 BR Goyal Infrastructure (BOM:544335), the current Beneish M-Score is -1.58 as of Aug. 13, 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.

BR Goyal Infrastructure Business Description

Address Sapna Sangeeta Road, 3-A, Agrawal Nagar, Indore, MP, IND, 452001
BR Goyal Infrastructure Ltd is engaged in the construction and development of infrastructure projects such as roads, highways, bridges, and buildings and has ongoing projects in the states of Madhya Pradesh, Maharashtra, Gujarat, Haryana, Uttar Pradesh, Mizoram and Manipur. The company carries out EPC services for third parties (majorly for government departments), roads and highways, commercial complexes, industrial parks, housing projects, and HAM (Hybrid Annuity Mode) Projects. It is also engaged in wind power generation, manufacturing of Ready-Mix Concrete (RMC), and Toll Collection Contract (TCC).
18GF Score

Get the complete analysis for BOM:544335

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

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