Bajel Projects (NSE:BAJEL) Beneish M-Score: -2.26 (As of Jun. 29, 2026)


NSE:BAJEL Bajel Projects Ltd NSE:BAJEL
11 GF Score
Price ₹192.37
! 2 Warning Signs
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What is Bajel Projects Beneish M-Score?

Bajel Projects NSE:BAJEL -2.80% 11 Beneish M-Score is -2.26 as of Jun. 29, 2026. GuruFocus rates NSE:BAJEL with a GF Score™ of 11/100. The stock has 2 warning signs investors should review. Among 488 Utilities - Regulated companies, Bajel Projects ranks worse than 78.28% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:BAJEL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.26   Med: -1.88   Max: -1.5
Current: -2.26

During the past 4 years, the highest Beneish M-Score of Bajel Projects was -1.50. The lowest was -2.26. And the median was -1.88.

Bajel Projects Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bajel Projects'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.

Bajel Projects Beneish M-Score Chart

Bajel Projects Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.50 -2.26

Bajel Projects Quarterly Data
Jun22 Dec22 Mar23 Jun23 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 Premium Member Only -1.50 -1.77 -2.29 -2.38 -2.26

NSE:BAJEL vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Bajel Projects'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.

Bajel Projects Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Bajel Projects's Beneish M-Score distribution charts can be found below:

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


NSE:BAJEL
11GF Score
Bajel Projects Ltd NSE:BAJEL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bajel Projects 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 Bajel Projects 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 * 1.433+0.528 * 0.8497+0.404 * 0.5925+0.892 * 1.0765+0.115 * 0.7833
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.007988-0.327 * 1.0436
=-2.26

* 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 ₹16,526 Mil.
Revenue was 9952.562 + 5554.146 + 6065.47 + 6013.562 = ₹27,586 Mil.
Gross Profit was 1379.785 + 1076.645 + 1095.653 + 912.489 = ₹4,465 Mil.
Total Current Assets was ₹21,187 Mil.
Total Assets was ₹25,385 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,154 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹197 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹17,614 Mil.
Long-Term Debt & Capital Lease Obligation was ₹105 Mil.
Net Income was 141.402 + -4.215 + 36.016 + 29.564 = ₹203 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
 Total Receivables was ₹10,713 Mil.
Revenue was 7897.343 + 6154.15 + 6517.675 + 5056.941 = ₹25,626 Mil.
Gross Profit was 1035.121 + 892.483 + 851.821 + 744.674 = ₹3,524 Mil.
Total Current Assets was ₹15,567 Mil.
Total Assets was ₹20,749 Mil.
Property, Plant and Equipment(Net PPE) was ₹984 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹127 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹13,737 Mil.
Long-Term Debt & Capital Lease Obligation was ₹140 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)
=(16526.332 / 27585.74) / (10713.32 / 25626.109)
=0.59909 / 0.418063
=1.433

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)
=(3524.099 / 25626.109) / (4464.572 / 27585.74)
=0.13752 / 0.161843
=0.8497

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 - (21187.172 + 1154.187) / 25384.647) / (1 - (15566.801 + 984.036) / 20749.004)
=0.119887 / 0.202331
=0.5925

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
=27585.74 / 25626.109
=1.0765

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))
=(126.81 / (126.81 + 984.036)) / (196.904 / (196.904 + 1154.187))
=0.114156 / 0.145737
=0.7833

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 / 27585.74) / (0 / 25626.109)
=0 / 0
=1

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)
=((104.635 + 17614.407) / 25384.647) / ((140.371 + 13737.417) / 20749.004)
=0.698022 / 0.668841
=1.0436

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
=(202.767 - 0 - 0) / 25384.647
=0.007988

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.

Bajel Projects has a M-score of -2.26 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 -2.26 mean?
Bajel Projects (NSE:BAJEL) has a Beneish M-Score of -2.26 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bajel Projects and its competitors. According to the industry distribution chart, Bajel Projects ranks #382 out of 488 companies in the Utilities - Regulated industry, placing it in the top 78.3%.
Is Bajel Projects' Beneish M-Score too high?
Bajel Projects' current Beneish M-Score is -2.26. Based on the distribution chart, Bajel Projects ranks #382 out of 488 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Bajel Projects has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Bajel Projects' Beneish M-Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Bajel Projects ranks #382 out of 488 companies for Beneish M-Score. This places Bajel Projects 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 Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Bajel Projects and its competitors. Bajel Projects's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bajel Projects stock overvalued right now?
Bajel Projects (NSE:BAJEL) has a current Beneish M-Score of -2.26. The current Beneish M-Score is -2.26. Bajel Projects' overall GF Score™ is 11/100 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 Bajel Projects (NSE:BAJEL), the current Beneish M-Score is -2.26 as of Jun. 29, 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.

Bajel Projects Business Description

Other Exchanges 544042:India
Address Bhanu Shankar Yagnik Marg, 801 Rustomjee Aspiree, Sion East, Mumbai, MH, IND, 400 022
Bajel Projects Ltd is a Superior company in the business of four main segments, which are Power Transmission, Power Distribution, Monopoles and International Business. It is known for its project management skills and driving operations excellence, making it a preferred partner for several states, international governments, and private infrastructural projects. The company also provides services for the manufacturing & installation of Monopoles, Lattice Structures, Lighting Poles & Masts and Galvanizing services.
11GF 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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