Capillary Technologies India (NSE:CAPILLARY) Beneish M-Score: -2.66 (As of Jun. 28, 2026)


NSE:CAPILLARY Capillary Technologies India Ltd NSE:CAPILLARY
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What is Capillary Technologies India Beneish M-Score?

Capillary Technologies India NSE:CAPILLARY +1.83% 11 Beneish M-Score is -2.66 as of Jun. 28, 2026. GuruFocus rates NSE:CAPILLARY with a GF Score™ of 11/100. The stock has 3 warning signs investors should review. Among 2,632 Software companies, Capillary Technologies India ranks better than 58.55% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CAPILLARY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.37   Max: -2.08
Current: -2.66

During the past 4 years, the highest Beneish M-Score of Capillary Technologies India was -2.08. The lowest was -2.66. And the median was -2.37.

Capillary Technologies India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Capillary Technologies 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.

Capillary Technologies India Beneish M-Score Chart

Capillary Technologies India Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.08 -2.66

Capillary Technologies India Quarterly Data
Mar23 Mar24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.08 0.00 0.00 -2.66

NSE:CAPILLARY vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Capillary Technologies 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.

Capillary Technologies India Beneish M-Score vs Software Industry

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

* The bar in red indicates where Capillary Technologies India's Beneish M-Score falls into.


NSE:CAPILLARY
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Capillary Technologies India Ltd NSE:CAPILLARY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Capillary Technologies 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 Capillary Technologies 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 * 0.8482+0.528 * 1.0279+0.404 * 0.8901+0.892 * 1.2279+0.115 * 1.0081
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8812+4.679 * -0.075001-0.327 * 0.6607
=-2.66

* 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 ₹1,808 Mil.
Revenue was ₹7,346 Mil.
Gross Profit was ₹2,515 Mil.
Total Current Assets was ₹7,210 Mil.
Total Assets was ₹13,002 Mil.
Property, Plant and Equipment(Net PPE) was ₹120 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹750 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,077 Mil.
Total Current Liabilities was ₹2,574 Mil.
Long-Term Debt & Capital Lease Obligation was ₹40 Mil.
Net Income was ₹524 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,499 Mil.
 Total Receivables was ₹1,736 Mil.
Revenue was ₹5,983 Mil.
Gross Profit was ₹2,106 Mil.
Total Current Assets was ₹4,182 Mil.
Total Assets was ₹8,387 Mil.
Property, Plant and Equipment(Net PPE) was ₹94 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹622 Mil.
Selling, General, & Admin. Expense(SGA) was ₹995 Mil.
Total Current Liabilities was ₹2,507 Mil.
Long-Term Debt & Capital Lease Obligation was ₹45 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)
=(1808.35 / 7345.99) / (1736.26 / 5982.59)
=0.246168 / 0.290219
=0.8482

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)
=(2105.54 / 5982.59) / (2515.22 / 7345.99)
=0.351945 / 0.342394
=1.0279

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 - (7209.86 + 120.41) / 13002.42) / (1 - (4182.22 + 94.11) / 8386.54)
=0.436238 / 0.490096
=0.8901

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
=7345.99 / 5982.59
=1.2279

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))
=(621.98 / (621.98 + 94.11)) / (749.71 / (749.71 + 120.41))
=0.868578 / 0.861617
=1.0081

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)
=(1076.59 / 7345.99) / (994.93 / 5982.59)
=0.146555 / 0.166304
=0.8812

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)
=((40.34 + 2574.21) / 13002.42) / ((45.36 + 2506.96) / 8386.54)
=0.201082 / 0.304335
=0.6607

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
=(523.88 - 0 - 1499.07) / 13002.42
=-0.075001

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.

Capillary Technologies India has a M-score of -2.66 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 -2.66 mean?
Capillary Technologies India (NSE:CAPILLARY) has a Beneish M-Score of -2.66 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capillary Technologies India and its competitors. According to the industry distribution chart, Capillary Technologies India ranks #1091 out of 2632 companies in the Software industry, placing it in the top 41.5%.
Is Capillary Technologies India's Beneish M-Score too high?
Capillary Technologies India's current Beneish M-Score is -2.66. Based on the distribution chart, Capillary Technologies India ranks #1091 out of 2632 companies in the Software industry, which is above the industry midpoint. Overall, Capillary Technologies India has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Capillary Technologies India's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Capillary Technologies India ranks #1091 out of 2632 companies for Beneish M-Score. This puts Capillary Technologies India in the upper 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 Capillary Technologies India and its competitors. Capillary Technologies India's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Capillary Technologies India stock overvalued right now?
Capillary Technologies India (NSE:CAPILLARY) has a current Beneish M-Score of -2.66. The current Beneish M-Score is -2.66. Capillary Technologies India's overall GF Score™ is 11/100 with 3 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 Capillary Technologies India (NSE:CAPILLARY), the current Beneish M-Score is -2.66 as of Jun. 28, 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.

Capillary Technologies India Business Description

Other Exchanges 544614:India
Address 15th Cross Road, Sector 4, No. 360 bearing PID No 101, 360, HSR Layout, Bengaluru, KA, IND, 560 102
Capillary Technologies India Ltd is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions. The company's product portfolio includes loyalty management platform (Loyalty+), connected engagement platform (Engage+), predictive analytics platform (Insights+), rewards management platform (Rewards+) and customer data platform. Geographically, the company has a presence in the United States, United Kingdom, United Arab Emirates and other Asian countries. It serves various industries including Airlines, Fuel Retail, Conglomerates, Hospitality, Retail, and Food & Beverage. The maximum revenue is derived in the form of Subscription Revenue from the United States of America.
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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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