Shadowfax Technologies (BOM:544685) Beneish M-Score: -1.43 (As of Aug. 09, 2026)

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BOM:544685 Shadowfax Technologies Ltd BOM:544685
14 GF Score
Price ₹241.55
! 5 Warning Signs
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What is Shadowfax Technologies Beneish M-Score?

Shadowfax Technologies BOM:544685 +0.54% 14 Beneish M-Score is -1.43 as of Aug. 09, 2026. GuruFocus rates BOM:544685 with a GF Score™ of 14/100. The stock has 5 warning signs investors should review. Among 968 Transportation companies, Shadowfax Technologies ranks worse than 89.26% 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 -1.43 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:544685' s Beneish M-Score Range Over the Past 10 Years
Min: -1.97   Med: -1.7   Max: -1.43
Current: -1.43

During the past 4 years, the highest Beneish M-Score of Shadowfax Technologies was -1.43. The lowest was -1.97. And the median was -1.70.

Shadowfax Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shadowfax Technologies'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.

Shadowfax Technologies Beneish M-Score Chart

Shadowfax Technologies Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.97 -1.43

Shadowfax Technologies Quarterly Data
Mar23 Mar24 Mar25 Jun25 Sep25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial -1.97 0.00 0.00 -1.43 0.00

BOM:544685 vs UPS, FDX, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Shadowfax Technologies'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.

Shadowfax Technologies Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Shadowfax Technologies's Beneish M-Score distribution charts can be found below:

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


BOM:544685
14GF Score
Shadowfax Technologies Ltd BOM:544685
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shadowfax Technologies 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 Shadowfax Technologies 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 * 0.8823+0.528 * 0.9851+0.404 * 2.7537+0.892 * 1.691+0.115 * 1.0592
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.084117-0.327 * 0.8252
=-1.43

* 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 ₹5,140 Mil.
Revenue was ₹42,024 Mil.
Gross Profit was ₹38,099 Mil.
Total Current Assets was ₹16,375 Mil.
Total Assets was ₹28,339 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,886 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,174 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹8,894 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,791 Mil.
Net Income was ₹1,117 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹3,501 Mil.
 Total Receivables was ₹3,445 Mil.
Revenue was ₹24,851 Mil.
Gross Profit was ₹22,196 Mil.
Total Current Assets was ₹8,923 Mil.
Total Assets was ₹12,593 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,528 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹652 Mil.
Selling, General, & Admin. Expense(SGA) was ₹93 Mil.
Total Current Liabilities was ₹4,939 Mil.
Long-Term Debt & Capital Lease Obligation was ₹815 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)
=(5139.5 / 42024.4) / (3444.75 / 24851.3)
=0.122298 / 0.138614
=0.8823

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)
=(22195.5 / 24851.3) / (38099.4 / 42024.4)
=0.893132 / 0.906602
=0.9851

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 - (16374.9 + 4886.2) / 28339) / (1 - (8922.57 + 2527.84) / 12592.55)
=0.249758 / 0.0907
=2.7537

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
=42024.4 / 24851.3
=1.691

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))
=(652.4 / (652.4 + 2527.84)) / (1173.7 / (1173.7 + 4886.2))
=0.205142 / 0.193683
=1.0592

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 / 42024.4) / (92.61 / 24851.3)
=0 / 0.003727
=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)
=((1791.4 + 8894.2) / 28339) / ((815.2 + 4938.82) / 12592.55)
=0.377063 / 0.456938
=0.8252

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
=(1117.1 - 0 - 3500.9) / 28339
=-0.084117

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.

Shadowfax Technologies has a M-score of -1.43 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 -1.43 mean?
Shadowfax Technologies (BOM:544685) has a Beneish M-Score of -1.43 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shadowfax Technologies and its competitors. According to the industry distribution chart, Shadowfax Technologies ranks #864 out of 968 companies in the Transportation industry, placing it in the top 89.3%.
Is Shadowfax Technologies' Beneish M-Score too high?
Shadowfax Technologies' current Beneish M-Score is -1.43. Based on the distribution chart, Shadowfax Technologies ranks #864 out of 968 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Shadowfax Technologies has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Shadowfax Technologies' Beneish M-Score compare to UPS and FDX?
According to the Transportation industry distribution chart, Shadowfax Technologies ranks #864 out of 968 companies for Beneish M-Score. This places Shadowfax Technologies 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Shadowfax Technologies and its competitors. Shadowfax Technologies's current Beneish M-Score is -1.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shadowfax Technologies stock overvalued right now?
Shadowfax Technologies (BOM:544685) has a current Beneish M-Score of -1.43. The current Beneish M-Score is -1.43. Shadowfax Technologies' overall GF Score™ is 14/100 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 Shadowfax Technologies (BOM:544685), the current Beneish M-Score is -1.43 as of Aug. 09, 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.

Shadowfax Technologies Business Description

Other Exchanges SHADOWFAX:India
Address Outer Ring Road, Survey No. 55/3 & 55/4, 3rd Floor, Shilpitha Tech Park, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru, KA, IND, 560103
Shadowfax Technologies Ltd is engaged in the business of providing platform for logistics services using technology to Business to Business customers. The company provides logistics services to enterprise clients across sectors including e-commerce, quick commerce, food marketplaces, and on-demand mobility. Its offerings include express parcel delivery, reverse logistics, exchange deliveries, scheduled and time-bound deliveries, hyperlocal and on-demand deliveries, mobility-related services, and other logistics solutions. The company derives revenue from the provision of its logistics and delivery services, with the majority generated from its Express forward parcel services.
14GF 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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