Aequs (BOM:544634) Beneish M-Score: -1.87 (As of Jul. 18, 2026)

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BOM:544634 Aequs Ltd BOM:544634
6 GF Score
Price ₹228.45
! 2 Warning Signs
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What is Aequs Beneish M-Score?

Aequs BOM:544634 -2.62% 6 Beneish M-Score is -1.87 as of Jul. 18, 2026. GuruFocus rates BOM:544634 with a GF Score™ of 6/100. The stock has 2 warning signs investors should review. Among 326 Aerospace & Defense companies, Aequs ranks worse than 77.91% 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 -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:544634' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.28   Max: -1.87
Current: -1.87

During the past 4 years, the highest Beneish M-Score of Aequs was -1.87. The lowest was -2.69. And the median was -2.28.

Aequs Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aequs'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.

Aequs Beneish M-Score Chart

Aequs Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.69 -1.87

Aequs Quarterly Data
Mar23 Mar24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.69 0.00 0.00 -1.87

BOM:544634 vs SPCX, GE, RTX: Beneish M-Score Comparison

For the Aerospace & Defense subindustry, Aequs'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.

Aequs Beneish M-Score vs Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Aequs's Beneish M-Score distribution charts can be found below:

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


BOM:544634
6GF Score
Aequs Ltd BOM:544634
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aequs 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 Aequs 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 * 1.1854+0.528 * 0.9499+0.404 * 0.8668+0.892 * 1.3308+0.115 * 0.9386
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.005389-0.327 * 0.7354
=-1.87

* 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 ₹2,732 Mil.
Revenue was ₹12,304 Mil.
Gross Profit was ₹5,235 Mil.
Total Current Assets was ₹13,030 Mil.
Total Assets was ₹26,905 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,252 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,377 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹8,227 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,449 Mil.
Net Income was ₹-1,133 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-988 Mil.
 Total Receivables was ₹1,732 Mil.
Revenue was ₹9,246 Mil.
Gross Profit was ₹3,737 Mil.
Total Current Assets was ₹7,437 Mil.
Total Assets was ₹18,598 Mil.
Property, Plant and Equipment(Net PPE) was ₹9,070 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,034 Mil.
Selling, General, & Admin. Expense(SGA) was ₹458 Mil.
Total Current Liabilities was ₹6,764 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,210 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)
=(2731.68 / 12304.36) / (1731.61 / 9246.06)
=0.222009 / 0.187281
=1.1854

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)
=(3736.65 / 9246.06) / (5234.72 / 12304.36)
=0.404134 / 0.425436
=0.9499

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 - (13030.32 + 11252.13) / 26904.7) / (1 - (7436.61 + 9070.48) / 18598.4)
=0.097464 / 0.112446
=0.8668

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
=12304.36 / 9246.06
=1.3308

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))
=(1034.06 / (1034.06 + 9070.48)) / (1376.91 / (1376.91 + 11252.13))
=0.102336 / 0.109027
=0.9386

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 / 12304.36) / (458.4 / 9246.06)
=0 / 0.049578
=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)
=((3448.81 + 8226.53) / 26904.7) / ((4209.96 + 6764.2) / 18598.4)
=0.433952 / 0.590059
=0.7354

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
=(-1132.5 - 0 - -987.51) / 26904.7
=-0.005389

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.

Aequs has a M-score of -1.87 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 -1.87 mean?
Aequs (BOM:544634) has a Beneish M-Score of -1.87 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aequs and its competitors. According to the industry distribution chart, Aequs ranks #254 out of 326 companies in the Aerospace & Defense industry, placing it in the top 77.9%.
Is Aequs' Beneish M-Score too high?
Aequs' current Beneish M-Score is -1.87. Based on the distribution chart, Aequs ranks #254 out of 326 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Aequs has a GF Score™ of 6/100, reflecting its overall financial health beyond just this single metric.
How does Aequs' Beneish M-Score compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Aequs ranks #254 out of 326 companies for Beneish M-Score. This places Aequs 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 an Aerospace & Defense company?
A good Beneish M-Score depends on the Aerospace & Defense 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 Aequs and its competitors. Aequs's current Beneish M-Score is -1.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aequs stock overvalued right now?
Aequs (BOM:544634) has a current Beneish M-Score of -1.87. The current Beneish M-Score is -1.87. Aequs' overall GF Score™ is 6/100 with 2 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 Aequs (BOM:544634), the current Beneish M-Score is -1.87 as of Jul. 18, 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.

Aequs Business Description

Other Exchanges AEQUS:India
Address Aequs Special Economic Zone, No. 437/A, Hattargi Village, Hukkeri Taluk, Belagavi, KA, IND, 591 243
Aequs Ltd is a precision component manufacturer based in India with manufacturing capabilities in the Aerospace and Consumer sectorsPrecision components are machined parts produced to specified tolerances and are supplied to OEMs and system integrators. Its product portfolio comprises components for engine systems, landing systems, cargo and interiors, structures, assemblies and turnings for the aerospace clients, as well as products for consumer electronics, plastics and consumer durables. The company has two reportable segments, 'Aerospace' and 'Consumer'. The majority of its revenue comes from the Aerospace segment.
6GF Score

Get the complete analysis for BOM:544634

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

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