Armour Security (India) (NSE:ARMOUR) Beneish M-Score: -1.56 (As of Jul. 25, 2026)

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NSE:ARMOUR Armour Security (India) Ltd NSE:ARMOUR
17 GF Score
Price ₹18.70
! 2 Warning Signs
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What is Armour Security (India) Beneish M-Score?

Armour Security (India) NSE:ARMOUR +3.60% 17 Beneish M-Score is -1.56 as of Jul. 25, 2026. GuruFocus rates NSE:ARMOUR with a GF Score™ of 17/100. The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Armour Security (India) ranks worse than 87.16% 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 -1.56 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Armour Security (India)'s Beneish M-Score or its related term are showing as below:

NSE:ARMOUR' s Beneish M-Score Range Over the Past 10 Years
Min: -1.56   Med: -1.56   Max: -1.56
Current: -1.56

During the past 3 years, the highest Beneish M-Score of Armour Security (India) was -1.56. The lowest was -1.56. And the median was -1.56.

Armour Security (India) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Armour Security (India)'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.

Armour Security (India) Beneish M-Score Chart

Armour Security (India) Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.56

Armour Security (India) Semi-Annual Data
Mar23 Mar24 Mar25 Sep25
Beneish M-Score 0.00 0.00 -1.56 0.00

NSE:ARMOUR vs ALLE, MSA, ADT: Beneish M-Score Comparison

For the Security & Protection Services subindustry, Armour Security (India)'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.

Armour Security (India) Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Armour Security (India)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Armour Security (India)'s Beneish M-Score falls into.


NSE:ARMOUR
17GF Score
Armour Security (India) Ltd NSE:ARMOUR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Armour Security (India) 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 Armour Security (India) 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 * 1.0126+0.528 * 0.7822+0.404 * 1.3832+0.892 * 1.0827+0.115 * 1.0748
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4406+4.679 * 0.135986-0.327 * 0.8397
=-1.56

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was ₹86.5 Mil.
Revenue was ₹356.6 Mil.
Gross Profit was ₹105.4 Mil.
Total Current Assets was ₹104.6 Mil.
Total Assets was ₹273.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹76.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.5 Mil.
Total Current Liabilities was ₹68.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18.8 Mil.
Net Income was ₹39.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹2.5 Mil.
 Total Receivables was ₹78.9 Mil.
Revenue was ₹329.3 Mil.
Gross Profit was ₹76.2 Mil.
Total Current Assets was ₹105.6 Mil.
Total Assets was ₹236.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹73.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹9.5 Mil.
Total Current Liabilities was ₹78.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11.0 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)
=(86.545 / 356.554) / (78.943 / 329.329)
=0.242726 / 0.239709
=1.0126

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)
=(76.165 / 329.329) / (105.424 / 356.554)
=0.231273 / 0.295675
=0.7822

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 - (104.598 + 76.865) / 273.705) / (1 - (105.562 + 73.043) / 236.141)
=0.337012 / 0.243651
=1.3832

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
=356.554 / 329.329
=1.0827

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))
=(2.222 / (2.222 + 73.043)) / (2.171 / (2.171 + 76.865))
=0.029522 / 0.027468
=1.0748

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)
=(4.535 / 356.554) / (9.506 / 329.329)
=0.012719 / 0.028865
=0.4406

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)
=((18.834 + 68.483) / 273.705) / ((10.983 + 78.733) / 236.141)
=0.319019 / 0.379926
=0.8397

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
=(39.735 - 0 - 2.515) / 273.705
=0.135986

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.

Armour Security (India) has a M-score of -1.56 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 -1.56 mean?
Armour Security (India) (NSE:ARMOUR) has a Beneish M-Score of -1.56 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Armour Security (India) and its competitors. According to the industry distribution chart, Armour Security (India) ranks #889 out of 1020 companies in the Business Services industry, placing it in the top 87.2%.
Is Armour Security (India)'s Beneish M-Score too high?
Armour Security (India)'s current Beneish M-Score is -1.56. Based on the distribution chart, Armour Security (India) ranks #889 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Armour Security (India) has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Armour Security (India)'s Beneish M-Score compare to ALLE and MSA?
According to the Business Services industry distribution chart, Armour Security (India) ranks #889 out of 1020 companies for Beneish M-Score. This places Armour Security (India) 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 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 Armour Security (India) and its competitors. Armour Security (India)'s current Beneish M-Score is -1.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Armour Security (India) stock overvalued right now?
Armour Security (India) (NSE:ARMOUR) has a current Beneish M-Score of -1.56. The current Beneish M-Score is -1.56. Armour Security (India)'s overall GF Score™ is 17/100 with 2 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 Armour Security (India) (NSE:ARMOUR), the current Beneish M-Score is -1.56 as of Jul. 25, 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.

Armour Security (India) Business Description

Address B-87, Second Floor Defense Colony, New Delhi, Delhi, IND, 110024
Armour Security (India) Ltd is engaged in providing comprehensive and customised Security services, Facility Management services, and Recruitment and Staffing solutions across India. It also specializes in providing ancillary services like event support and branding content creation. The company's consultancy services include Transition and Deputation Process Service, Mechanical Clean Service, House Keeping Service, Fire Fighting Service, Supervision Service and Reviews of the Service. Additionally, it offers consulting and advisory services and provides self-service technologies. The company derives the majority of revenue from the provision of Security and other Manpower Services.
17GF 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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