Canarys Automations (NSE:CANARYS) Beneish M-Score: -1.99 (As of Jun. 26, 2026)


NSE:CANARYS Canarys Automations Ltd NSE:CANARYS
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What is Canarys Automations Beneish M-Score?

Canarys Automations NSE:CANARYS -3.69% 20 Beneish M-Score is -1.99 as of Jun. 26, 2026. GuruFocus rates NSE:CANARYS with a GF Score™ of 20/100. The stock has 1 warning sign investors should review. Among 2,634 Software companies, Canarys Automations ranks worse than 76.65% 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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CANARYS' s Beneish M-Score Range Over the Past 10 Years
Min: -1.99   Med: -1.07   Max: -0.87
Current: -1.99

During the past 5 years, the highest Beneish M-Score of Canarys Automations was -0.87. The lowest was -1.99. And the median was -1.07.

Canarys Automations Beneish M-Score Historical Data

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The historical data trend for Canarys Automations'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.

Canarys Automations Beneish M-Score Chart

Canarys Automations Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.07 -0.87 -1.99

Canarys Automations Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial -1.07 -0.87 0.00 -1.99 0.00

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

For the Information Technology Services subindustry, Canarys Automations'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.

Canarys Automations Beneish M-Score vs Software Industry

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

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


NSE:CANARYS
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Canarys Automations Ltd NSE:CANARYS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Canarys Automations 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 Canarys Automations 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 * 0.9098+0.528 * 1.1354+0.404 * 1.2617+0.892 * 1.1875+0.115 * 0.97
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7546+4.679 * 0.036875-0.327 * 0.9404
=-1.99

* 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 ₹726 Mil.
Revenue was ₹891 Mil.
Gross Profit was ₹277 Mil.
Total Current Assets was ₹1,113 Mil.
Total Assets was ₹1,205 Mil.
Property, Plant and Equipment(Net PPE) was ₹5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹86 Mil.
Total Current Liabilities was ₹327 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹83 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹38 Mil.
 Total Receivables was ₹672 Mil.
Revenue was ₹750 Mil.
Gross Profit was ₹265 Mil.
Total Current Assets was ₹980 Mil.
Total Assets was ₹1,046 Mil.
Property, Plant and Equipment(Net PPE) was ₹7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹96 Mil.
Total Current Liabilities was ₹302 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)
=(726.21 / 890.827) / (672.158 / 750.152)
=0.815209 / 0.896029
=0.9098

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)
=(264.962 / 750.152) / (277.138 / 890.827)
=0.353211 / 0.311102
=1.1354

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 - (1113.07 + 5.086) / 1205.077) / (1 - (979.507 + 6.86) / 1046.175)
=0.072129 / 0.057168
=1.2617

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
=890.827 / 750.152
=1.1875

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))
=(3.429 / (3.429 + 6.86)) / (2.662 / (2.662 + 5.086))
=0.333269 / 0.343573
=0.97

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)
=(86.131 / 890.827) / (96.122 / 750.152)
=0.096687 / 0.128137
=0.7546

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 + 327.104) / 1205.077) / ((0 + 301.96) / 1046.175)
=0.271438 / 0.288632
=0.9404

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
=(82.896 - 0 - 38.459) / 1205.077
=0.036875

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.

Canarys Automations has a M-score of -1.99 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 -1.99 mean?
Canarys Automations (NSE:CANARYS) has a Beneish M-Score of -1.99 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Canarys Automations and its competitors. According to the industry distribution chart, Canarys Automations ranks #2019 out of 2634 companies in the Software industry, placing it in the top 76.7%.
Is Canarys Automations' Beneish M-Score too high?
Canarys Automations' current Beneish M-Score is -1.99. Based on the distribution chart, Canarys Automations ranks #2019 out of 2634 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Canarys Automations has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Canarys Automations' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Canarys Automations ranks #2019 out of 2634 companies for Beneish M-Score. This places Canarys Automations 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 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 Canarys Automations and its competitors. Canarys Automations's current Beneish M-Score is -1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Canarys Automations stock overvalued right now?
Canarys Automations (NSE:CANARYS) has a current Beneish M-Score of -1.99. The current Beneish M-Score is -1.99. Canarys Automations' overall GF Score™ is 20/100 with 1 warning sign 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 Canarys Automations (NSE:CANARYS), the current Beneish M-Score is -1.99 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.

Canarys Automations Business Description

Address 30th Main, Attimabbe Road, No. 566 & 567, 2nd Floor, Banagirinagara, Banashankari 3rd Stage, Bengaluru, KA, IND, 560085
Canarys Automations Ltd is an IT solutions provider specializing in enabling digital transformation for businesses through its software solutions in the areas of Digitalization, Modernization, Automation, and Intelligence. The company's solutions include Digital Transformation, Digital DevOps, Digital Assurance, Telemetry, Water Resources Management, and Cloud IT, and are delivered across industry sectors such as BFSI, Retail, Healthcare, Pharmaceutical, Manufacturing, and Insurance. it operates through two segments, Technology Solutions and Water Resource Management Solutions, with the majority of its revenue generated from the Technology Solutions segment. The company's revenue is generated from India sales, which contribute the maximum revenue, and international sales.
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