CRISIL Beneish M-Score Historical Data
The historical data trend for CRISIL'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.
CRISIL Beneish M-Score Chart
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CRISIL Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.51 |
-2.05 |
-2.02 |
-2.57 |
-2.52 |
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CRISIL Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.57 |
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-2.52 |
Competitive Comparison of CRISIL's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, CRISIL'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.
CRISIL's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, CRISIL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CRISIL's Beneish M-Score falls into.
CRISIL 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 CRISIL 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 * 0.8217 | + | 0.528 * 0.975 | + | 0.404 * 1.009 | + | 0.892 * 1.0383 | + | 0.115 * 3.7805 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1597 | + | 4.679 * -0.020547 | - | 0.327 * 1.0601 |
| = | -2.44 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₹6,105 Mil.
Revenue was ₹32,598 Mil.
Gross Profit was ₹16,810 Mil.
Total Current Assets was ₹21,427 Mil.
Total Assets was ₹39,418 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,535 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹700 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,811 Mil.
Total Current Liabilities was ₹10,918 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,016 Mil.
Net Income was ₹6,841 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹7,651 Mil.
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Total Receivables was ₹7,156 Mil.
Revenue was ₹31,395 Mil.
Gross Profit was ₹15,786 Mil.
Total Current Assets was ₹20,802 Mil.
Total Assets was ₹32,974 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,017 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,038 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,504 Mil.
Total Current Liabilities was ₹9,898 Mil.
Long-Term Debt & Capital Lease Obligation was ₹308 Mil.
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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) |
| = | (6105.3 / 32597.8) | / | (7156.3 / 31395.2) |
| = | 0.187292 | / | 0.227942 |
| | = | 0.8217 |
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) |
| = | (15785.7 / 31395.2) | / | (16810.3 / 32597.8) |
| = | 0.502806 | / | 0.515688 |
| | = | 0.975 |
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 - (21427 + 4535.4) / 39417.8) | / | (1 - (20801.5 + 1016.6) / 32973.9) |
| = | 0.341353 | / | 0.338322 |
| | = | 1.009 |
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 |
| = | 32597.8 | / | 31395.2 |
| | = | 1.0383 |
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)) |
| = | (1037.8 / (1037.8 + 1016.6)) | / | (699.5 / (699.5 + 4535.4)) |
| = | 0.50516 | / | 0.133622 |
| | = | 3.7805 |
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) |
| = | (1810.6 / 32597.8) | / | (1503.7 / 31395.2) |
| = | 0.055544 | / | 0.047896 |
| | = | 1.1597 |
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) |
| = | ((2015.7 + 10917.5) / 39417.8) | / | ((307.6 + 9897.6) / 32973.9) |
| = | 0.328106 | / | 0.309493 |
| | = | 1.0601 |
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 |
| = | (6840.7 - 0 | - | 7650.6) | / | 39417.8 |
| | = | -0.020547 |
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.
CRISIL has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
CRISIL Business Description
Traded in Other Exchanges
Address
Crisil House, Central Avenue, Hiranandani Business Park, Powai, Mumbai, MH, IND, 400076
CRISIL Ltd provides research and analytics solutions for clients of all sizes. It operates through segments of Ratings services, and Research, Analytics and Solutions. The Ratings services segment includes credit ratings for corporates, banks, bank loans, credit analysis services, grading services and global analytical services. The Research, Analytics and solutions segment which generates key revenue, includes global research and risk solutions, industry reports, customized research assignments, subscription to data services, independent equity research (IER), IPO gradings, training, credit ratings for small and medium enterprises, advisory services and a comprehensive range of risk management tools, analytics and solutions to financial institutions, banks and corporates in India.
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