BAG Convergence (NSE:BAGDIGITAL) Beneish M-Score: -1.22 (As of Jun. 26, 2026)


NSE:BAGDIGITAL BAG Convergence Ltd NSE:BAGDIGITAL
21 GF Score
Price ₹106.00
! 4 Warning Signs
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What is BAG Convergence Beneish M-Score?

BAG Convergence NSE:BAGDIGITAL 21 Beneish M-Score is -1.22 as of Jun. 26, 2026. GuruFocus rates NSE:BAGDIGITAL with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 532 Interactive Media companies, BAG Convergence ranks worse than 89.85% 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 -1.22 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:BAGDIGITAL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.2   Med: -1.71   Max: -1.22
Current: -1.22

During the past 4 years, the highest Beneish M-Score of BAG Convergence was -1.22. The lowest was -2.20. And the median was -1.71.

BAG Convergence Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BAG Convergence'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.

BAG Convergence Beneish M-Score Chart

BAG Convergence Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.20 -1.22

BAG Convergence Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 -2.20 -1.22

NSE:BAGDIGITAL vs GOOGL, META, SPOT: Beneish M-Score Comparison

For the Internet Content & Information subindustry, BAG Convergence'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.

BAG Convergence Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, BAG Convergence's Beneish M-Score distribution charts can be found below:

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


NSE:BAGDIGITAL
21GF Score
BAG Convergence Ltd NSE:BAGDIGITAL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BAG Convergence 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 BAG Convergence 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 * 0.902+0.528 * 0.8943+0.404 * 0.4121+0.892 * 1.2125+0.115 * 0.504
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.246869-0.327 * 0.45
=-1.22

* 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 ₹155.9 Mil.
Revenue was ₹432.1 Mil.
Gross Profit was ₹483.1 Mil.
Total Current Assets was ₹943.6 Mil.
Total Assets was ₹1,024.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹68.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹30.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹186.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹107.7 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-145.1 Mil.
 Total Receivables was ₹142.5 Mil.
Revenue was ₹356.3 Mil.
Gross Profit was ₹356.3 Mil.
Total Current Assets was ₹379.6 Mil.
Total Assets was ₹438.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹46.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹143.7 Mil.
Total Current Liabilities was ₹177.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(155.869 / 432.061) / (142.51 / 356.335)
=0.360757 / 0.399933
=0.902

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)
=(356.335 / 356.335) / (483.101 / 432.061)
=1 / 1.118131
=0.8943

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 - (943.595 + 68.415) / 1024.078) / (1 - (379.561 + 46.323) / 438.422)
=0.011784 / 0.028598
=0.4121

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
=432.061 / 356.335
=1.2125

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))
=(8.544 / (8.544 + 46.323)) / (30.589 / (30.589 + 68.415))
=0.155722 / 0.308967
=0.504

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 / 432.061) / (143.669 / 356.335)
=0 / 0.403185
=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)
=((0 + 186.412) / 1024.078) / ((0 + 177.363) / 438.422)
=0.182029 / 0.404549
=0.45

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
=(107.707 - 0 - -145.106) / 1024.078
=0.246869

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.

BAG Convergence has a M-score of -1.22 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 -1.22 mean?
BAG Convergence (NSE:BAGDIGITAL) has a Beneish M-Score of -1.22 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BAG Convergence and its competitors. According to the industry distribution chart, BAG Convergence ranks #478 out of 532 companies in the Interactive Media industry, placing it in the top 89.8%.
Is BAG Convergence's Beneish M-Score too high?
BAG Convergence's current Beneish M-Score is -1.22. Based on the distribution chart, BAG Convergence ranks #478 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, BAG Convergence has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does BAG Convergence's Beneish M-Score compare to GOOGL and META?
According to the Interactive Media industry distribution chart, BAG Convergence ranks #478 out of 532 companies for Beneish M-Score. This places BAG Convergence 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 an Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 BAG Convergence and its competitors. BAG Convergence's current Beneish M-Score is -1.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BAG Convergence stock overvalued right now?
BAG Convergence (NSE:BAGDIGITAL) has a current Beneish M-Score of -1.22. The current Beneish M-Score is -1.22. BAG Convergence's overall GF Score™ is 21/100 with 4 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 BAG Convergence (NSE:BAGDIGITAL), the current Beneish M-Score is -1.22 as of Jun. 26, 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.

BAG Convergence Business Description

Address FC-23, Sector 16A, Film City, Sector 16A, Noida, UP, IND, 201301
BAG Convergence Ltd is engaged in the business of convergence of traditional media to digital media and renders technical assistance to TV channels, along with services related to website maintenance. The company is involved in content creation on digital platforms across News, Entertainment, Sports, Religious, and other segments, operating through websites, social media platforms including YouTube, Facebook, Instagram, and X, as well as Connected TV on Samsung Plus, LG, Xiaomi, and Waves-Prasar Bharti. Its clients include News24 Hindi, News24 English, E24, ISOMES, and BAG.
21GF Score

Get the complete analysis for NSE:BAGDIGITAL

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

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