C2C Advanced Systems (NSE:C2C) Beneish M-Score: 1.88 (As of Jun. 26, 2026) — 47% Below Median


NSE:C2C C2C Advanced Systems Ltd NSE:C2C
18 GF Score
Price ₹395.05
! 5 Warning Signs
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What is C2C Advanced Systems Beneish M-Score?

C2C Advanced Systems NSE:C2C -0.21% 18 Beneish M-Score is 1.88 as of Jun. 26, 2026, which is 47% below its 10-year median of 3.57. GuruFocus rates NSE:C2C with a GF Score™ of 18/100. The stock has 5 warning signs investors should review. Among 2,633 Software companies, C2C Advanced Systems ranks worse than 95.9% 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 1.88 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for C2C Advanced Systems's Beneish M-Score or its related term are showing as below:

NSE:C2C' s Beneish M-Score Range Over the Past 10 Years
Min: 1.88   Med: 3.57   Max: 12.96
Current: 1.88

During the past 5 years, the highest Beneish M-Score of C2C Advanced Systems was 12.96. The lowest was 1.88. And the median was 3.57.

C2C Advanced Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for C2C Advanced Systems'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.

C2C Advanced Systems Beneish M-Score Chart

C2C Advanced Systems Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 12.96 3.57 1.88

C2C Advanced Systems Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Sep24 Mar25
Beneish M-Score Get a 7-Day Free Trial 0.00 12.96 3.57 0.00 1.88

NSE:C2C vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, C2C Advanced Systems'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.

C2C Advanced Systems Beneish M-Score vs Software Industry

For the Software industry and Technology sector, C2C Advanced Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C2C Advanced Systems's Beneish M-Score falls into.


NSE:C2C
18GF Score
C2C Advanced Systems Ltd NSE:C2C
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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C2C Advanced Systems 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 C2C Advanced Systems 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 * 0.9201+0.528 * 1.205+0.404 * 0.2739+0.892 * 2.8036+0.115 * 8.4546
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0611+4.679 * 0.548963-0.327 * 2.2449
=1.88

* 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 ₹1,101 Mil.
Revenue was ₹1,151 Mil.
Gross Profit was ₹530 Mil.
Total Current Assets was ₹2,214 Mil.
Total Assets was ₹2,624 Mil.
Property, Plant and Equipment(Net PPE) was ₹380 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17 Mil.
Selling, General, & Admin. Expense(SGA) was ₹55 Mil.
Total Current Liabilities was ₹544 Mil.
Long-Term Debt & Capital Lease Obligation was ₹82 Mil.
Net Income was ₹288 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,152 Mil.
 Total Receivables was ₹427 Mil.
Revenue was ₹411 Mil.
Gross Profit was ₹228 Mil.
Total Current Assets was ₹802 Mil.
Total Assets was ₹858 Mil.
Property, Plant and Equipment(Net PPE) was ₹20 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12 Mil.
Selling, General, & Admin. Expense(SGA) was ₹18 Mil.
Total Current Liabilities was ₹91 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(1101.435 / 1151.111) / (426.989 / 410.589)
=0.956845 / 1.039943
=0.9201

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)
=(227.678 / 410.589) / (529.71 / 1151.111)
=0.554516 / 0.460173
=1.205

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 - (2213.994 + 380.087) / 2624.483) / (1 - (801.703 + 20.342) / 858.351)
=0.011584 / 0.042297
=0.2739

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
=1151.111 / 410.589
=2.8036

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))
=(11.819 / (11.819 + 20.342)) / (17.272 / (17.272 + 380.087))
=0.367495 / 0.043467
=8.4546

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)
=(54.755 / 1151.111) / (18.405 / 410.589)
=0.047567 / 0.044826
=1.0611

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)
=((81.751 + 543.835) / 2624.483) / ((0 + 91.139) / 858.351)
=0.238365 / 0.106179
=2.2449

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
=(288.395 - 0 - -1152.35) / 2624.483
=0.548963

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.

C2C Advanced Systems has a M-score of 1.88 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 1.88 mean?
C2C Advanced Systems (NSE:C2C) has a Beneish M-Score of 1.88 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on C2C Advanced Systems and its competitors. This is 47% below median its historical median of 3.57. Over the past decade, C2C Advanced Systems' Beneish M-Score has ranged from 1.88 to 12.96. According to the industry distribution chart, C2C Advanced Systems ranks #2525 out of 2633 companies in the Software industry, placing it in the top 95.9%.
Is C2C Advanced Systems' Beneish M-Score too high?
C2C Advanced Systems' current Beneish M-Score of 1.88 is 47% below median its 10-year median of 3.57. Over the past 10 years, this metric has ranged from a low of 1.88 to a high of 12.96. Based on the distribution chart, C2C Advanced Systems ranks #2525 out of 2633 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, C2C Advanced Systems has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does C2C Advanced Systems' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, C2C Advanced Systems ranks #2525 out of 2633 companies for Beneish M-Score. This places C2C Advanced Systems in the lower half of its industry. Historically, C2C Advanced Systems' own Beneish M-Score has ranged from 1.88 to 12.96 over the past decade. 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 Software company?
A good Beneish M-Score depends on the Software 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 C2C Advanced Systems and its competitors. C2C Advanced Systems's current Beneish M-Score is 1.88, which is 47% below median its own 10-year median of 3.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is C2C Advanced Systems stock overvalued right now?
C2C Advanced Systems (NSE:C2C) has a current Beneish M-Score of 1.88. The current Beneish M-Score is 1.88, which is 47% below median its 10-year median of 3.57. C2C Advanced Systems' overall GF Score™ is 18/100 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 C2C Advanced Systems (NSE:C2C), the current Beneish M-Score is 1.88 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.

C2C Advanced Systems Business Description

Address C4, Anand Niketan, New Delhi, IND, 110 021
C2C Advanced Systems Ltd is a vertically integrated Defence electronics solutions provider catering to the indigenously developed defence products industry in India. The company has developed several offerings which cater to the entire spectrum of defence platforms both in the air and in the sea. It has design capabilities across the entire spectrum of strategic defence solutions including processors, power, radio frequencies (RF), radars and microwaves, embedded software and firmware. its core competencies include hardware design and development, software design and development, mechanical design and development, product prototype design and development, functional testing and validation, environment testing and verification and engineering services opportunities.
18GF Score

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