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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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Agni Systems's Beneish M-Score or its related term are showing as below:
DHA:AGNISYSL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.5 Med: -2.57 Max: -0.71
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Agni Systems was -0.71. The lowest was -3.50. And the median was -2.57.
The historical data trend for Agni 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.
DHA:AGNISYSL vs VZ, TMUS, T: Beneish M-Score Comparison
For the Telecom Services subindustry, Agni 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.
Agni Systems Beneish M-Score vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Agni Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agni Systems's Beneish M-Score falls into.
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 Agni 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 * 0.7057
+
0.528 * 1.1465
+
0.404 * 1.1455
+
0.892 * 1.2643
+
0.115 * 1.0987
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.4764
+
4.679 * -0.055678
-
0.327 * 1.0947
=
-2.57
* 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.
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.
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))
=
(63.562 / (63.562 + 625.562))
/
(58.767 / (58.767 + 641.242))
=
0.092236
/
0.083952
=
1.0987
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
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
=
(39.401 - 0
-
125.983)
/
1555.043
=
-0.055678
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.
Agni Systems has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
Agni Systems (DHA:AGNISYSL) has a Beneish M-Score of -2.57 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Agni Systems and its competitors. According to the industry distribution chart, Agni Systems ranks #239 out of 350 companies in the Telecommunication Services industry, placing it in the top 68.3%.
Is Agni Systems' Beneish M-Score too high?
Agni Systems' current Beneish M-Score is -2.57. Based on the distribution chart, Agni Systems ranks #239 out of 350 companies in the Telecommunication Services industry, which is below the industry midpoint. Overall, Agni Systems has a GF Score™ of 91/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Agni Systems' Beneish M-Score compare to VZ and TMUS?
According to the Telecommunication Services industry distribution chart, Agni Systems ranks #239 out of 350 companies for Beneish M-Score. This places Agni 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 a Telecommunication Services company?
A good Beneish M-Score depends on the Telecommunication 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 Agni Systems and its competitors. Agni Systems's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Agni Systems stock overvalued right now?
Based on GuruFocus' analysis, Agni Systems (DHA:AGNISYSL) is currently considered Fairly Valued. The stock's GF Value™ is BDT33.80, compared to a current price of BDT31.80 — trading 5.9% below its estimated fair value. The current Beneish M-Score is -2.57. Agni Systems' overall GF Score™ is 91/100 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 Agni Systems (DHA:AGNISYSL), the current Beneish M-Score is -2.57 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.
Is Agni Systems (DHA:AGNISYSL) Overvalued in 2026?
Based on GuruFocus' analysis, Agni Systems stock appears to be undervalued.
The current stock price of BDT31.80 is trading 5.9% below its estimated GF Value™ of BDT33.80.
GuruFocus considers Agni Systems to be Fairly Valued.
Key valuation signals for DHA:AGNISYSL:
Beneish M-Score: -2.57
GF Value™: BDT33.80 vs. price of BDT31.80 (5.9% below fair value)
No single metric tells the full story. See the DHA:AGNISYSL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Agni Systems Ltd is a full-service internet service provider and IT solutions company in Bangladesh, delivering high-speed and secure connectivity and digital services nationwide. Its offerings include fiber and wireless broadband internet and data services, email hosting, web and cloud solutions, domain registration, virtual private servers, IP telephony, Wi-Fi solutions, and network design services. The company operates through two segments: the Internet Service Provider (ISP) segment, serving individuals, businesses, and institutions; and the International Clearing House (ICX) segment, which manages domestic and international inter-operator voice traffic and supports the telecommunications infrastructure.
91GF Score
Get the complete analysis for DHA:AGNISYSL
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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