Digilogic Systems (BOM:544684) Beneish M-Score: 1.90 (As of Aug. 11, 2026) — 197% Above Median

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:544684 Digilogic Systems Ltd BOM:544684
21 GF Score
Price ₹179.45
! 6 Warning Signs
View Full Analysis

What is Digilogic Systems Beneish M-Score?

Digilogic Systems BOM:544684 +4.97% 21 Beneish M-Score is 1.90 as of Aug. 11, 2026, which is 197% above its 10-year median of 0.64. GuruFocus rates BOM:544684 with a GF Score™ of 21/100. The stock has 6 warning signs investors should review. Among 326 Aerospace & Defense companies, Digilogic Systems ranks worse than 96.01% 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 1.9 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544684' s Beneish M-Score Range Over the Past 10 Years
Min: -0.63   Med: 0.64   Max: 1.9
Current: 1.9

During the past 4 years, the highest Beneish M-Score of Digilogic Systems was 1.90. The lowest was -0.63. And the median was 0.64.

Digilogic Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Digilogic Systems'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.

Digilogic Systems Beneish M-Score Chart

Digilogic Systems Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.63 1.90

Digilogic Systems Semi-Annual Data
Mar23 Mar24 Mar25 Sep25 Mar26
Beneish M-Score 0.00 0.00 -0.63 0.00 1.90

BOM:544684 vs SPCX, GE, RTX: Beneish M-Score Comparison

For the Aerospace & Defense subindustry, Digilogic Systems'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.

Digilogic Systems Beneish M-Score vs Aerospace & Defense Industry

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

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


BOM:544684
21GF Score
Digilogic Systems Ltd BOM:544684
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Digilogic Systems 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 Digilogic Systems 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 * 0.944+0.528 * 0.9295+0.404 * 11.1593+0.892 * 1.0745+0.115 * 1.0118
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.016108-0.327 * 0.3878
=1.90

* 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 ₹443.0 Mil.
Revenue was ₹774.3 Mil.
Gross Profit was ₹310.3 Mil.
Total Current Assets was ₹898.9 Mil.
Total Assets was ₹1,366.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹131.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹18.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹260.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹25.5 Mil.
Net Income was ₹104.3 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹126.3 Mil.
 Total Receivables was ₹436.7 Mil.
Revenue was ₹720.6 Mil.
Gross Profit was ₹268.4 Mil.
Total Current Assets was ₹588.0 Mil.
Total Assets was ₹725.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹121.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹26.2 Mil.
Total Current Liabilities was ₹365.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹25.6 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)
=(442.956 / 774.314) / (436.677 / 720.598)
=0.572062 / 0.605993
=0.944

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)
=(268.428 / 720.598) / (310.33 / 774.314)
=0.372507 / 0.400781
=0.9295

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 - (898.943 + 130.984) / 1366.489) / (1 - (588.039 + 121.678) / 725.735)
=0.246297 / 0.022071
=11.1593

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
=774.314 / 720.598
=1.0745

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))
=(17.059 / (17.059 + 121.678)) / (18.12 / (18.12 + 130.984))
=0.122959 / 0.121526
=1.0118

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 / 774.314) / (26.175 / 720.598)
=0 / 0.036324
=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)
=((25.53 + 260.084) / 1366.489) / ((25.599 + 365.535) / 725.735)
=0.209013 / 0.538949
=0.3878

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
=(104.297 - 0 - 126.309) / 1366.489
=-0.016108

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.

Digilogic Systems has a M-score of 1.90 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 1.90 mean?
Digilogic Systems (BOM:544684) has a Beneish M-Score of 1.90 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Digilogic Systems and its competitors. This is 197% above median its historical median of 0.64. According to the industry distribution chart, Digilogic Systems ranks #313 out of 326 companies in the Aerospace & Defense industry, placing it in the top 96%.
Is Digilogic Systems' Beneish M-Score too high?
Digilogic Systems' current Beneish M-Score of 1.90 is 197% above median its 10-year median of 0.64. Based on the distribution chart, Digilogic Systems ranks #313 out of 326 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Digilogic Systems has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Digilogic Systems' Beneish M-Score compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Digilogic Systems ranks #313 out of 326 companies for Beneish M-Score. This places Digilogic Systems 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 Digilogic Systems and its competitors. Digilogic Systems's current Beneish M-Score is 1.90, which is 197% above median its own 10-year median of 0.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Digilogic Systems stock overvalued right now?
Digilogic Systems (BOM:544684) has a current Beneish M-Score of 1.90. The current Beneish M-Score is 1.90, which is 197% above median its 10-year median of 0.64. Digilogic Systems' overall GF Score™ is 21/100 with 6 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 Digilogic Systems (BOM:544684), the current Beneish M-Score is 1.90 as of Aug. 11, 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.

Digilogic Systems Business Description

Address 102, 1st Floor, DSL Abacus Tech Park, Beside DSL Virtue Mall, Uppal Kalsa Village, Uppal Mandal, Rangareddy, TG, IND, 500039
Digilogic Systems Ltd is a technology-led company engaged in the design, development, manufacturing, assembling, integration, and support of test systems system software, and embedded signal processing solutions. The company's offerings are organised into three segments: (i) Test Systems, which include Automated Test Equipment, Checkout Systems, and Radar/EW Simulators; (ii) Application Software, comprising data acquisition platforms and IP cores; and (iii) Services, providing system integration, upgrades, and lifecycle support. The company specializes in developing Automatic Test Equipment, Simulators for systems spanning DC to 40GHz, and Data Acquisition & Control systems. It derives the majority of its revenue from the sale of products to the Defence and Aerospace sector.
21GF Score

Get the complete analysis for BOM:544684

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

₹179.45
Price