Arkade Developers (NSE:ARKADE) Beneish M-Score: -1.51 (As of Jun. 24, 2026)


NSE:ARKADE Arkade Developers Ltd NSE:ARKADE
47 GF Score
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What is Arkade Developers Beneish M-Score?

Arkade Developers NSE:ARKADE +2.01% 47 Beneish M-Score is -1.51 as of Jun. 24, 2026. GuruFocus rates NSE:ARKADE with a GF Score™ of 47/100. The stock has 5 warning signs investors should review. Among 1,681 Real Estate companies, Arkade Developers ranks worse than 79.24% 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 -1.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:ARKADE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.07   Med: -1.09   Max: 1.31
Current: -1.51

During the past 6 years, the highest Beneish M-Score of Arkade Developers was 1.31. The lowest was -2.07. And the median was -1.09.

Arkade Developers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Arkade Developers'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.

Arkade Developers Beneish M-Score Chart

Arkade Developers Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.07 -0.66 1.31 -1.51

Arkade Developers Quarterly Data
Mar21 Mar22 Mar23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.31 0.00 0.00 0.00 -1.51

Arkade Developers Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Arkade Developers'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.

Arkade Developers Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Arkade Developers's Beneish M-Score distribution charts can be found below:

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


NSE:ARKADE
47GF Score
Arkade Developers Ltd NSE:ARKADE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Arkade Developers 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 Arkade Developers 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 * 0.5672+0.528 * 1.252+0.404 * 1.674+0.892 * 1.1951+0.115 * 1.1279
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.110598-0.327 * 0.7274
=-1.51

* 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 ₹242 Mil.
Revenue was ₹8,164 Mil.
Gross Profit was ₹2,519 Mil.
Total Current Assets was ₹10,433 Mil.
Total Assets was ₹11,272 Mil.
Property, Plant and Equipment(Net PPE) was ₹444 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹102 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,464 Mil.
Long-Term Debt & Capital Lease Obligation was ₹929 Mil.
Net Income was ₹54 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,193 Mil.
 Total Receivables was ₹357 Mil.
Revenue was ₹6,831 Mil.
Gross Profit was ₹2,639 Mil.
Total Current Assets was ₹12,061 Mil.
Total Assets was ₹12,506 Mil.
Property, Plant and Equipment(Net PPE) was ₹183 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹49 Mil.
Selling, General, & Admin. Expense(SGA) was ₹401 Mil.
Total Current Liabilities was ₹2,891 Mil.
Long-Term Debt & Capital Lease Obligation was ₹759 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)
=(242.316 / 8164.018) / (357.447 / 6830.962)
=0.029681 / 0.052327
=0.5672

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)
=(2639.247 / 6830.962) / (2519.364 / 8164.018)
=0.386365 / 0.308594
=1.252

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 - (10432.518 + 443.974) / 11272.164) / (1 - (12060.534 + 183.404) / 12506.179)
=0.035102 / 0.020969
=1.674

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
=8164.018 / 6830.962
=1.1951

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))
=(49.068 / (49.068 + 183.404)) / (102.209 / (102.209 + 443.974))
=0.211071 / 0.187133
=1.1279

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 / 8164.018) / (401.148 / 6830.962)
=0 / 0.058725
=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)
=((929.12 + 1463.67) / 11272.164) / ((758.982 + 2890.512) / 12506.179)
=0.212274 / 0.291815
=0.7274

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
=(53.793 - 0 - -1192.888) / 11272.164
=0.110598

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.

Arkade Developers has a M-score of -1.51 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 -1.51 mean?
Arkade Developers (NSE:ARKADE) has a Beneish M-Score of -1.51 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Arkade Developers and its competitors. According to the industry distribution chart, Arkade Developers ranks #1332 out of 1681 companies in the Real Estate industry, placing it in the top 79.2%.
Is Arkade Developers' Beneish M-Score too high?
Arkade Developers' current Beneish M-Score is -1.51. Based on the distribution chart, Arkade Developers ranks #1332 out of 1681 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Arkade Developers has a GF Score™ of 47/100, reflecting its overall financial health beyond just this single metric.
How does Arkade Developers' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Arkade Developers ranks #1332 out of 1681 companies for Beneish M-Score. This places Arkade Developers 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Arkade Developers and its competitors. Arkade Developers's current Beneish M-Score is -1.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arkade Developers stock overvalued right now?
Arkade Developers (NSE:ARKADE) has a current Beneish M-Score of -1.51. The current Beneish M-Score is -1.51. Arkade Developers' overall GF Score™ is 47/100 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 Arkade Developers (NSE:ARKADE), the current Beneish M-Score is -1.51 as of Jun. 24, 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.

Arkade Developers Business Description

Other Exchanges 544261:India
Address A S Marg, Ashok Nagar, Arkade House, Opposite Bhoomi Arkade, Near Children’s Academy, Kandivali (East), Mumbai, MH, IND, 400101
Arkade Developers Ltd is a real estate development company focused on developing high-end, sophisticated lifestyle residential developments in Mumbai, Maharashtra. The company is into one reportable segment, i.e., Real Estate development, on land acquired by the company (new projects), and Redevelopment of existing buildings (Redevelopment Projects). The company is involved in the development of new projects and the redevelopment of existing buildings.
47GF 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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