Crayons Advertising (NSE:CRAYONS) Beneish M-Score: -1.60 (As of Jun. 28, 2026)


NSE:CRAYONS Crayons Advertising Ltd NSE:CRAYONS
69 GF Score
Price ₹27.50
GF Value ₹140.30
Valuation Possible Value Trap
! 6 Warning Signs
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What is Crayons Advertising Beneish M-Score?

Crayons Advertising NSE:CRAYONS +1.66% 69 Beneish M-Score is -1.60 as of Jun. 28, 2026. GuruFocus rates NSE:CRAYONS with a GF Score™ of 69/100 and a GF Value™ of ₹140.30 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 983 Media - Diversified companies, Crayons Advertising ranks worse than 85.76% 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 -1.6 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:CRAYONS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.53   Med: -1.83   Max: 1.12
Current: -1.6

During the past 6 years, the highest Beneish M-Score of Crayons Advertising was 1.12. The lowest was -2.53. And the median was -1.83.

Crayons Advertising Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Crayons Advertising'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.

Crayons Advertising Beneish M-Score Chart

Crayons Advertising Annual Data
Trend Mar20 Mar21 Mar22 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.53 1.12 -2.06 -1.60

Crayons Advertising Semi-Annual Data
Mar20 Mar21 Mar22 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.53 1.12 -2.06 -1.60

NSE:CRAYONS vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Crayons Advertising'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.

Crayons Advertising Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Crayons Advertising's Beneish M-Score distribution charts can be found below:

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


NSE:CRAYONS
69GF Score
Crayons Advertising Ltd NSE:CRAYONS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Crayons Advertising 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 Crayons Advertising 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 * 0.8214+0.528 * 1.2521+0.404 * 1.8691+0.892 * 1.3377+0.115 * 0.4811
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.035883-0.327 * 1.0558
=-1.60

* 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 ₹1,608 Mil.
Revenue was ₹3,130 Mil.
Gross Profit was ₹448 Mil.
Total Current Assets was ₹1,853 Mil.
Total Assets was ₹2,354 Mil.
Property, Plant and Equipment(Net PPE) was ₹135 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹46 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,010 Mil.
Long-Term Debt & Capital Lease Obligation was ₹76 Mil.
Net Income was ₹38 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-47 Mil.
 Total Receivables was ₹1,463 Mil.
Revenue was ₹2,340 Mil.
Gross Profit was ₹419 Mil.
Total Current Assets was ₹1,783 Mil.
Total Assets was ₹2,136 Mil.
Property, Plant and Equipment(Net PPE) was ₹175 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹25 Mil.
Selling, General, & Admin. Expense(SGA) was ₹69 Mil.
Total Current Liabilities was ₹904 Mil.
Long-Term Debt & Capital Lease Obligation was ₹29 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)
=(1607.577 / 3130.478) / (1463.12 / 2340.264)
=0.513524 / 0.625194
=0.8214

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)
=(419.485 / 2340.264) / (448.144 / 3130.478)
=0.179247 / 0.143155
=1.2521

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 - (1852.574 + 134.531) / 2354.372) / (1 - (1782.904 + 175.082) / 2136.277)
=0.155994 / 0.083459
=1.8691

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
=3130.478 / 2340.264
=1.3377

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))
=(24.594 / (24.594 + 175.082)) / (46.291 / (46.291 + 134.531))
=0.12317 / 0.256003
=0.4811

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 / 3130.478) / (69.323 / 2340.264)
=0 / 0.029622
=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)
=((75.705 + 1009.798) / 2354.372) / ((28.824 + 904.066) / 2136.277)
=0.461058 / 0.43669
=1.0558

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
=(37.672 - 0 - -46.811) / 2354.372
=0.035883

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.

Crayons Advertising has a M-score of -1.60 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 -1.60 mean?
Crayons Advertising (NSE:CRAYONS) has a Beneish M-Score of -1.60 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Crayons Advertising and its competitors. According to the industry distribution chart, Crayons Advertising ranks #843 out of 983 companies in the Media - Diversified industry, placing it in the top 85.8%.
Is Crayons Advertising's Beneish M-Score too high?
Crayons Advertising's current Beneish M-Score is -1.60. Based on the distribution chart, Crayons Advertising ranks #843 out of 983 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Crayons Advertising has a GF Score™ of 69/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Crayons Advertising's Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Crayons Advertising ranks #843 out of 983 companies for Beneish M-Score. This places Crayons Advertising 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Crayons Advertising and its competitors. Crayons Advertising's current Beneish M-Score is -1.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Crayons Advertising stock overvalued right now?
Based on GuruFocus' analysis, Crayons Advertising (NSE:CRAYONS) is currently considered Possible Value Trap. The stock's GF Value™ is ₹140.30, compared to a current price of ₹27.50 — trading 80.4% below its estimated fair value. The current Beneish M-Score is -1.60. Crayons Advertising's overall GF Score™ is 69/100 with 6 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 Crayons Advertising (NSE:CRAYONS), the current Beneish M-Score is -1.60 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.

Is Crayons Advertising (NSE:CRAYONS) Overvalued in 2026?

Based on GuruFocus' analysis, Crayons Advertising stock appears to be undervalued. The current stock price of ₹27.50 is trading 80.4% below its estimated GF Value™ of ₹140.30. GuruFocus considers Crayons Advertising to be Possible Value Trap.

Key valuation signals for NSE:CRAYONS:

  • Beneish M-Score: -1.60
  • GF Value™: ₹140.30 vs. price of ₹27.50 (80.4% below fair value)
  • GF Score™: 69/100 with 6 warning signs

No single metric tells the full story. See the NSE:CRAYONS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Crayons Advertising Business Description

Address Maa Anandmayee Marg, NSIC Complex, Phase- III, Okhla Industrial Estate, New Delhi, IND, 110020
Crayons Advertising Ltd is an Integrated marketing and communications agency. The company is expanding its business horizons with the moving trends across the world, reflecting its growing expertise in the marketing, branding, and advertising industry. The company provides Television advertising, Print Advertising, Radio Advertising, Internet/Online Advertising, Mobile Advertising, and Outdoor Advertising. The company's business activity mainly falls within a single business segment, i.e., advertising and marketing Services. The company operates only in one geographical segment i.e., domestic.
69GF Score

Get the complete analysis for NSE:CRAYONS

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

₹27.50
Price
₹140.30
GF Value