TRG Pakistan (KAR:TRG) Beneish M-Score: -4.82 (As of Jun. 27, 2026)

What is TRG Pakistan Beneish M-Score?

TRG Pakistan KAR:TRG 61 Beneish M-Score is -4.82 as of Jun. 27, 2026. GuruFocus rates KAR:TRG with a GF Score™ of 61/100 and a GF Value™ of ₨36.79 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,020 Business Services companies, TRG Pakistan ranks better than 96.86% 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 -4.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:TRG' s Beneish M-Score Range Over the Past 10 Years
Min: -24.26 Med: -3.58 Max: 1236.47
Current: -4.82

During the past 13 years, the highest Beneish M-Score of TRG Pakistan was 1236.47. The lowest was -24.26. And the median was -3.58.

TRG Pakistan Beneish M-Score Related Terms

TRG Pakistan Beneish M-Score Historical Data

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The historical data trend for TRG Pakistan'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.

TRG Pakistan Beneish M-Score Chart

TRG Pakistan Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-4.04

-8.14

-4.79

-6.19

-2.37

TRG Pakistan Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.59	-2.37	-0.99	-1.64	-4.82

KAR:TRG vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, TRG Pakistan'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.

TRG Pakistan Beneish M-Score vs Business Services Industry

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

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

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61GF Score

TRG Pakistan Ltd KAR:TRG

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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TRG Pakistan 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 TRG Pakistan for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.0349

0.528 * 1

0.404 * 0.9999

0.892 * 0.411

0.115 * 0.5518

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7107

4.679 * -0.117757

0.327 * 1.619

-4.82

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₨0.01 Mil.
Revenue was 0.007 + 0.429 + 0.303 + 0.254 = ₨0.99 Mil.
Gross Profit was 0.007 + 0.429 + 0.303 + 0.254 = ₨0.99 Mil.
Total Current Assets was ₨34.59 Mil.
Total Assets was ₨40,832.81 Mil.
Property, Plant and Equipment(Net PPE) was ₨0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨0.66 Mil.
Selling, General, & Admin. Expense(SGA) was ₨420.50 Mil.
Total Current Liabilities was ₨1,442.76 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0.00 Mil.
Net Income was -8964.489 + -2621.313 + 6867.756 + -90.675 = ₨-4,808.72 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0.00 Mil.
Cash Flow from Operations was 3.336 + -9.797 + 7.79 + -1.696 = ₨-0.37 Mil.

Total Receivables was ₨0.56 Mil.
Revenue was 0.558 + 0.629 + 0.507 + 0.722 = ₨2.42 Mil.
Gross Profit was 0.558 + 0.629 + 0.507 + 0.722 = ₨2.42 Mil.
Total Current Assets was ₨35.61 Mil.
Total Assets was ₨46,131.73 Mil.
Property, Plant and Equipment(Net PPE) was ₨0.77 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨0.69 Mil.
Selling, General, & Admin. Expense(SGA) was ₨598.06 Mil.
Total Current Liabilities was ₨1,006.77 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0.00 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)
	=	(0.008 / 0.993)	/	(0.558 / 2.416)
	=	0.008056	/	0.23096
	=	0.0349

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)
	=	(2.416 / 2.416)	/	(0.993 / 0.993)
	=	1	/	1
	=	1

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 - (34.593 + 0.113) / 40832.809)	/	(1 - (35.612 + 0.774) / 46131.729)
	=	0.99915	/	0.999211
	=	0.9999

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
	=	0.993	/	2.416
	=	0.411

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))
	=	(0.69 / (0.69 + 0.774))	/	(0.662 / (0.662 + 0.113))
	=	0.471311	/	0.854194
	=	0.5518

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)
	=	(420.498 / 0.993)	/	(598.059 / 2.416)
	=	423.462236	/	247.540977
	=	1.7107

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)
	=	((0 + 1442.756) / 40832.809)	/	((0 + 1006.767) / 46131.729)
	=	0.035333	/	0.021824
	=	1.619

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
	=	(-4808.721 - 0	-	-0.367)	/	40832.809
	=	-0.117757

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.

TRG Pakistan has a M-score of -4.82 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 -4.82 mean?

TRG Pakistan (KAR:TRG) has a Beneish M-Score of -4.82 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TRG Pakistan and its competitors. According to the industry distribution chart, TRG Pakistan ranks #32 out of 1020 companies in the Business Services industry, placing it in the top 3.1%.

Is TRG Pakistan's Beneish M-Score too high?

TRG Pakistan's current Beneish M-Score is -4.82. Based on the distribution chart, TRG Pakistan ranks #32 out of 1020 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, TRG Pakistan has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does TRG Pakistan's Beneish M-Score compare to CTAS and CPRT?

According to the Business Services industry distribution chart, TRG Pakistan ranks #32 out of 1020 companies for Beneish M-Score. This places TRG Pakistan in the top 3% of its industry — outperforming the majority of peers. 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 TRG Pakistan and its competitors. TRG Pakistan's current Beneish M-Score is -4.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TRG Pakistan stock overvalued right now?

Based on GuruFocus' analysis, TRG Pakistan (KAR:TRG) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨36.79, compared to a current price of ₨64.40 — trading 75% above its estimated fair value. The current Beneish M-Score is -4.82. TRG Pakistan's overall GF Score™ is 61/100 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 TRG Pakistan (KAR:TRG), the current Beneish M-Score is -4.82 as of Jun. 27, 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 TRG Pakistan (KAR:TRG) Overvalued in 2026?

Based on GuruFocus' analysis, TRG Pakistan stock appears to be overvalued. The current stock price of ₨64.40 is trading 75% above its estimated GF Value™ of ₨36.79. GuruFocus considers TRG Pakistan to be Significantly Overvalued.

Key valuation signals for KAR:TRG:

Beneish M-Score: -4.82
GF Value™: ₨36.79 vs. price of ₨64.40 (75% above fair value)
GF Score™: 61/100 with 5 warning signs

No single metric tells the full story. See the KAR:TRG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TRG Pakistan Business Description

Industry Industrials Business Services

Comparable Companies KAR:ORM CTAS LSE:REL TSX:TRI CPRT GPN ULS TSX:RBA ASX:BXB XAMS:WKL LSE:RTO ARMK LSE:ITRK XPAR:SW XPAR:ELIS OCSE:ISS AMTM DLB UNF XPAR:TEP

Address Sky Tower West Wing, 24th Floor, HC-3, Block 4, Marine Drive, Clifton, Dolmen, Karachi, SD, PAK, 75600

Website https://www.trg.com.pk

TRG Pakistan Ltd, through its subsidiary, acquires, invests, and manages operations relating to business process outsourcing, marketing of Medicare-related products, online customer acquisition, and contact center optimization services. It is engaged in investing in a portfolio of investments in the Technology and IT-enabled services sectors.

61GF Score

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

₨64.40

Price

₨36.79

GF Value

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