Chavda Infra (NSE:CHAVDA) Beneish M-Score: -1.22 (As of Jun. 26, 2026)


NSE:CHAVDA Chavda Infra Ltd NSE:CHAVDA
14 GF Score
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What is Chavda Infra Beneish M-Score?

Chavda Infra NSE:CHAVDA -2.36% 14 Beneish M-Score is -1.22 as of Jun. 26, 2026. GuruFocus rates NSE:CHAVDA with a GF Score™ of 14/100. The stock has 5 warning signs investors should review. Among 89 Homebuilding & Construction companies, Chavda Infra ranks worse than 86.52% 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 -1.22 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CHAVDA' s Beneish M-Score Range Over the Past 10 Years
Min: -1.97   Med: -1.22   Max: 1.66
Current: -1.22

During the past 5 years, the highest Beneish M-Score of Chavda Infra was 1.66. The lowest was -1.97. And the median was -1.22.

Chavda Infra Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chavda Infra'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.

Chavda Infra Beneish M-Score Chart

Chavda Infra Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.97 1.66 -1.22

Chavda Infra Semi-Annual Data
Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 1.66 0.00 -1.22 0.00

NSE:CHAVDA vs DHI, PHM, LEN: Beneish M-Score Comparison

For the Residential Construction subindustry, Chavda Infra'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.

Chavda Infra Beneish M-Score vs Homebuilding & Construction Industry

For the Homebuilding & Construction industry and Consumer Cyclical sector, Chavda Infra's Beneish M-Score distribution charts can be found below:

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


NSE:CHAVDA
14GF Score
Chavda Infra Ltd NSE:CHAVDA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Chavda Infra 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 Chavda Infra 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 * 1.7589+0.528 * 0.798+0.404 * 0.8228+0.892 * 1.0863+0.115 * 0.7048
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8415+4.679 * 0.148956-0.327 * 1.0979
=-1.22

* 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 ₹1,393 Mil.
Revenue was ₹2,608 Mil.
Gross Profit was ₹860 Mil.
Total Current Assets was ₹2,824 Mil.
Total Assets was ₹3,620 Mil.
Property, Plant and Equipment(Net PPE) was ₹742 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹179 Mil.
Selling, General, & Admin. Expense(SGA) was ₹22 Mil.
Total Current Liabilities was ₹2,095 Mil.
Long-Term Debt & Capital Lease Obligation was ₹386 Mil.
Net Income was ₹211 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-328 Mil.
 Total Receivables was ₹729 Mil.
Revenue was ₹2,400 Mil.
Gross Profit was ₹632 Mil.
Total Current Assets was ₹1,790 Mil.
Total Assets was ₹2,507 Mil.
Property, Plant and Equipment(Net PPE) was ₹671 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹106 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24 Mil.
Total Current Liabilities was ₹1,434 Mil.
Long-Term Debt & Capital Lease Obligation was ₹130 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)
=(1392.51 / 2607.5) / (728.781 / 2400.355)
=0.53404 / 0.303614
=1.7589

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)
=(631.957 / 2400.355) / (860.268 / 2607.5)
=0.263276 / 0.329921
=0.798

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 - (2823.881 + 741.968) / 3620.234) / (1 - (1790.135 + 670.686) / 2506.59)
=0.015023 / 0.018259
=0.8228

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
=2607.5 / 2400.355
=1.0863

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))
=(106.213 / (106.213 + 670.686)) / (178.574 / (178.574 + 741.968))
=0.136714 / 0.193988
=0.7048

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)
=(21.806 / 2607.5) / (23.855 / 2400.355)
=0.008363 / 0.009938
=0.8415

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)
=((386.249 + 2094.577) / 3620.234) / ((130.249 + 1434.307) / 2506.59)
=0.685267 / 0.624177
=1.0979

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
=(211.021 - 0 - -328.234) / 3620.234
=0.148956

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.

Chavda Infra has a M-score of -1.22 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 -1.22 mean?
Chavda Infra (NSE:CHAVDA) has a Beneish M-Score of -1.22 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chavda Infra and its competitors. According to the industry distribution chart, Chavda Infra ranks #77 out of 89 companies in the Homebuilding & Construction industry, placing it in the top 86.5%.
Is Chavda Infra's Beneish M-Score too high?
Chavda Infra's current Beneish M-Score is -1.22. Based on the distribution chart, Chavda Infra ranks #77 out of 89 companies in the Homebuilding & Construction industry, which is in the bottom quartile relative to peers. Overall, Chavda Infra has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Chavda Infra's Beneish M-Score compare to DHI and PHM?
According to the Homebuilding & Construction industry distribution chart, Chavda Infra ranks #77 out of 89 companies for Beneish M-Score. This places Chavda Infra 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 Homebuilding & Construction company?
A good Beneish M-Score depends on the Homebuilding & 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 Chavda Infra and its competitors. Chavda Infra's current Beneish M-Score is -1.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chavda Infra stock overvalued right now?
Chavda Infra (NSE:CHAVDA) has a current Beneish M-Score of -1.22. The current Beneish M-Score is -1.22. Chavda Infra's overall GF Score™ is 14/100 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 Chavda Infra (NSE:CHAVDA), the current Beneish M-Score is -1.22 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.

Chavda Infra Business Description

Address Iscon-Ambali BRTS Road, SHOP NO. 304 - 307, 406 & 407, Near Neptune House, Ahmedabad, GJ, IND, 380058
Chavda Infra Ltd is a integrated civil construction company offering a diversified range of construction and allied services across residential, commercial and institutional projects in Gujarat, especially in Ahmedabad and Rajkot. The company provides services across the construction value chain, ranging from planning and design to construction and post-construction activities to their clients. It derives revenue from following three business verticals such as Contracting Services, Development Services, and Commercial Renting Services.
14GF Score

Get the complete analysis for NSE:CHAVDA

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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