NIS Management (BOM:544495) Beneish M-Score: -1.85 (As of Aug. 06, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

BOM:544495 NIS Management Ltd BOM:544495
17 GF Score
Price ₹48.10
! 3 Warning Signs
View Full Analysis

What is NIS Management Beneish M-Score?

NIS Management BOM:544495 +9.57% 17 Beneish M-Score is -1.85 as of Aug. 06, 2026. GuruFocus rates BOM:544495 with a GF Score™ of 17/100. The stock has 3 warning signs investors should review. Among 1,024 Business Services companies, NIS Management ranks worse than 83.59% 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.

Good Sign:

Beneish M-Score -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544495' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86   Med: -2.14   Max: -1.85
Current: -1.85

During the past 5 years, the highest Beneish M-Score of NIS Management was -1.85. The lowest was -2.86. And the median was -2.14.

NIS Management Beneish M-Score Historical Data

* Premium members only.

The historical data trend for NIS Management'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.

NIS Management Beneish M-Score Chart

NIS Management Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.14 -2.86 -1.85

NIS Management Quarterly Data
Mar22 Mar23 Mar24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.86 0.00 0.00 -1.85

BOM:544495 vs ALLE, MSA, ADT: Beneish M-Score Comparison

For the Security & Protection Services subindustry, NIS Management'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.

NIS Management Beneish M-Score vs Business Services Industry

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

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


BOM:544495
17GF Score
NIS Management Ltd BOM:544495
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

NIS Management 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 NIS Management 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 * 1.3863+0.528 * 1.0057+0.404 * 1.3873+0.892 * 1.0776+0.115 * 0.8902
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.037018-0.327 * 0.8271
=-1.85

* 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 ₹1,896 Mil.
Revenue was ₹4,334 Mil.
Gross Profit was ₹4,251 Mil.
Total Current Assets was ₹2,816 Mil.
Total Assets was ₹3,292 Mil.
Property, Plant and Equipment(Net PPE) was ₹203 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,088 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11 Mil.
Net Income was ₹-19 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹103 Mil.
 Total Receivables was ₹1,269 Mil.
Revenue was ₹4,022 Mil.
Gross Profit was ₹3,967 Mil.
Total Current Assets was ₹2,187 Mil.
Total Assets was ₹2,551 Mil.
Property, Plant and Equipment(Net PPE) was ₹212 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹23 Mil.
Selling, General, & Admin. Expense(SGA) was ₹23 Mil.
Total Current Liabilities was ₹952 Mil.
Long-Term Debt & Capital Lease Obligation was ₹78 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)
=(1896.286 / 4334.006) / (1269.363 / 4021.744)
=0.437537 / 0.315625
=1.3863

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)
=(3966.724 / 4021.744) / (4250.68 / 4334.006)
=0.986319 / 0.980774
=1.0057

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 - (2815.718 + 203.26) / 3292.488) / (1 - (2186.755 + 211.596) / 2551.112)
=0.083071 / 0.05988
=1.3873

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
=4334.006 / 4021.744
=1.0776

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))
=(23.022 / (23.022 + 211.596)) / (25.182 / (25.182 + 203.26))
=0.098125 / 0.110234
=0.8902

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 / 4334.006) / (22.613 / 4021.744)
=0 / 0.005623
=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)
=((11.2 + 1088.418) / 3292.488) / ((77.757 + 952.338) / 2551.112)
=0.333978 / 0.403783
=0.8271

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
=(-18.536 - 0 - 103.344) / 3292.488
=-0.037018

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.

NIS Management has a M-score of -1.85 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 -1.85 mean?
NIS Management (BOM:544495) has a Beneish M-Score of -1.85 as of Aug. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NIS Management and its competitors. According to the industry distribution chart, NIS Management ranks #856 out of 1024 companies in the Business Services industry, placing it in the top 83.6%.
Is NIS Management's Beneish M-Score too high?
NIS Management's current Beneish M-Score is -1.85. Based on the distribution chart, NIS Management ranks #856 out of 1024 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, NIS Management has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does NIS Management's Beneish M-Score compare to ALLE and MSA?
According to the Business Services industry distribution chart, NIS Management ranks #856 out of 1024 companies for Beneish M-Score. This places NIS Management 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 NIS Management and its competitors. NIS Management's current Beneish M-Score is -1.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NIS Management stock overvalued right now?
NIS Management (BOM:544495) has a current Beneish M-Score of -1.85. The current Beneish M-Score is -1.85. NIS Management's overall GF Score™ is 17/100 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 NIS Management (BOM:544495), the current Beneish M-Score is -1.85 as of Aug. 06, 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.

NIS Management Business Description

Address 489 Madurdaha Kalikapur, 01st Floor, Fl-1A W, Kolkata, WB, IND, 700107
NIS Management Ltd is engaged in operations with a primary emphasis on delivering security guards and investigative services. The company offers a variety of services, including a broad range of offerings, the majority of its revenue comes from security services, housekeeping services, and integrated facility management.
17GF Score

Get the complete analysis for BOM:544495

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

₹48.10
Price