Ceigall India (NSE:CEIGALL) Beneish M-Score: -1.65 (As of Jun. 26, 2026)


NSE:CEIGALL Ceigall India Ltd NSE:CEIGALL
18 GF Score
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What is Ceigall India Beneish M-Score?

Ceigall India NSE:CEIGALL +0.51% 18 Beneish M-Score is -1.65 as of Jun. 26, 2026. GuruFocus rates NSE:CEIGALL with a GF Score™ of 18/100. The stock has 7 warning signs investors should review. Among 1,704 Construction companies, Ceigall India ranks worse than 84.39% 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 -1.65 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CEIGALL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.65   Med: -1.08   Max: -0.93
Current: -1.65

During the past 5 years, the highest Beneish M-Score of Ceigall India was -0.93. The lowest was -1.65. And the median was -1.08.

Ceigall India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ceigall 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.

Ceigall India Beneish M-Score Chart

Ceigall India Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.08 -0.93 -1.65

Ceigall India Quarterly Data
Mar22 Mar23 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 -0.93 0.00 0.00 0.00 -1.65

NSE:CEIGALL vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Ceigall 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.

Ceigall India Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Ceigall India's Beneish M-Score distribution charts can be found below:

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


NSE:CEIGALL
18GF Score
Ceigall India Ltd NSE:CEIGALL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ceigall 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 Ceigall 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 * 1.1747+0.528 * 1.0591+0.404 * 1.0389+0.892 * 1.1704+0.115 * 0.8758
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.072994-0.327 * 1.0811
=-1.65

* 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 ₹21,269 Mil.
Revenue was ₹40,224 Mil.
Gross Profit was ₹7,449 Mil.
Total Current Assets was ₹36,255 Mil.
Total Assets was ₹55,234 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,438 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹617 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹25,613 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8,113 Mil.
Net Income was ₹3,119 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-913 Mil.
 Total Receivables was ₹15,470 Mil.
Revenue was ₹34,367 Mil.
Gross Profit was ₹6,740 Mil.
Total Current Assets was ₹27,354 Mil.
Total Assets was ₹42,478 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,621 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹557 Mil.
Selling, General, & Admin. Expense(SGA) was ₹462 Mil.
Total Current Liabilities was ₹15,478 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8,515 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)
=(21269.09 / 40224.01) / (15469.91 / 34367.32)
=0.528766 / 0.450134
=1.1747

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)
=(6740.35 / 34367.32) / (7448.68 / 40224.01)
=0.196127 / 0.18518
=1.0591

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 - (36255.05 + 3438.22) / 55233.56) / (1 - (27353.81 + 3620.81) / 42478.26)
=0.281356 / 0.270812
=1.0389

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
=40224.01 / 34367.32
=1.1704

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))
=(556.61 / (556.61 + 3620.81)) / (616.95 / (616.95 + 3438.22))
=0.133243 / 0.152139
=0.8758

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 / 40224.01) / (462.25 / 34367.32)
=0 / 0.01345
=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)
=((8113.4 + 25613.15) / 55233.56) / ((8514.5 + 15478.1) / 42478.26)
=0.610617 / 0.564821
=1.0811

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
=(3118.87 - 0 - -912.83) / 55233.56
=0.072994

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.

Ceigall India has a M-score of -1.65 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 -1.65 mean?
Ceigall India (NSE:CEIGALL) has a Beneish M-Score of -1.65 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ceigall India and its competitors. According to the industry distribution chart, Ceigall India ranks #1438 out of 1704 companies in the Construction industry, placing it in the top 84.4%.
Is Ceigall India's Beneish M-Score too high?
Ceigall India's current Beneish M-Score is -1.65. Based on the distribution chart, Ceigall India ranks #1438 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Ceigall India has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Ceigall India's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Ceigall India ranks #1438 out of 1704 companies for Beneish M-Score. This places Ceigall India 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Ceigall India and its competitors. Ceigall India's current Beneish M-Score is -1.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ceigall India stock overvalued right now?
Ceigall India (NSE:CEIGALL) has a current Beneish M-Score of -1.65. The current Beneish M-Score is -1.65. Ceigall India's overall GF Score™ is 18/100 with 7 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 Ceigall India (NSE:CEIGALL), the current Beneish M-Score is -1.65 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.

Ceigall India Business Description

Other Exchanges 544223:India
Address Plot No 452, Behind Enkay Tower, Udyog Vihar Phase-5, Near GPO Gurugram, Gurugram, HR, IND, 122016
Ceigall India Ltd is a construction Company providing Engineering, Procurement, and Construction (EPC) service. It has experience in undertaking specialized structural work such as elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, expressways, and runways. The group also engaged in the services of the Hybrid Annuity Model (HAM) and Operation and Maintenance (O&M) through its subsidiary. It operates in the segment of civil construction.
18GF 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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