Crizac (NSE:CRIZAC) Beneish M-Score: -1.85 (As of Jun. 27, 2026)


NSE:CRIZAC Crizac Ltd NSE:CRIZAC
21 GF Score
Price ₹201.39
! 1 Warning Sign
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What is Crizac Beneish M-Score?

Crizac NSE:CRIZAC -0.54% 21 Beneish M-Score is -1.85 as of Jun. 27, 2026. GuruFocus rates NSE:CRIZAC with a GF Score™ of 21/100. The stock has 1 warning sign investors should review. Among 243 Education companies, Crizac ranks worse than 86.42% 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 -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CRIZAC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.24   Med: -1.85   Max: -0.06
Current: -1.85

During the past 5 years, the highest Beneish M-Score of Crizac was -0.06. The lowest was -2.24. And the median was -1.85.

Crizac Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Crizac'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.

Crizac Beneish M-Score Chart

Crizac Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -0.06 -2.24 -1.85

Crizac Quarterly Data
Mar22 Mar23 Mar24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -2.24 0.00 0.00 -1.85

NSE:CRIZAC vs EDU, TAL, GHC: Beneish M-Score Comparison

For the Education & Training Services subindustry, Crizac'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.

Crizac Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, Crizac's Beneish M-Score distribution charts can be found below:

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


NSE:CRIZAC
21GF Score
Crizac Ltd NSE:CRIZAC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Crizac 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 Crizac 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 * 0.7155+0.528 * 0.9057+0.404 * 1.0012+0.892 * 1.2268+0.115 * 1.7107
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.085707-0.327 * 0.7488
=-1.85

* 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 ₹2,385 Mil.
Revenue was ₹10,422 Mil.
Gross Profit was ₹3,390 Mil.
Total Current Assets was ₹5,754 Mil.
Total Assets was ₹8,756 Mil.
Property, Plant and Equipment(Net PPE) was ₹433 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹274 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,732 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10 Mil.
Net Income was ₹2,192 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,441 Mil.
 Total Receivables was ₹2,717 Mil.
Revenue was ₹8,495 Mil.
Gross Profit was ₹2,503 Mil.
Total Current Assets was ₹5,986 Mil.
Total Assets was ₹8,796 Mil.
Property, Plant and Equipment(Net PPE) was ₹233 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹457 Mil.
Selling, General, & Admin. Expense(SGA) was ₹45 Mil.
Total Current Liabilities was ₹3,677 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1 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)
=(2385.121 / 10421.571) / (2717.3 / 8494.91)
=0.228864 / 0.319874
=0.7155

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)
=(2502.532 / 8494.91) / (3389.617 / 10421.571)
=0.294592 / 0.32525
=0.9057

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 - (5754.241 + 433.294) / 8755.78) / (1 - (5986.14 + 232.93) / 8796.21)
=0.29332 / 0.292983
=1.0012

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
=10421.571 / 8494.91
=1.2268

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))
=(456.55 / (456.55 + 232.93)) / (273.628 / (273.628 + 433.294))
=0.662166 / 0.38707
=1.7107

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 / 10421.571) / (45.15 / 8494.91)
=0 / 0.005315
=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)
=((9.582 + 2731.715) / 8755.78) / ((0.83 + 3677.23) / 8796.21)
=0.313084 / 0.418141
=0.7488

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
=(2191.801 - 0 - 1441.368) / 8755.78
=0.085707

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.

Crizac has a M-score of -1.85 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 -1.85 mean?
Crizac (NSE:CRIZAC) has a Beneish M-Score of -1.85 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Crizac and its competitors. According to the industry distribution chart, Crizac ranks #210 out of 243 companies in the Education industry, placing it in the top 86.4%.
Is Crizac's Beneish M-Score too high?
Crizac's current Beneish M-Score is -1.85. Based on the distribution chart, Crizac ranks #210 out of 243 companies in the Education industry, which is in the bottom quartile relative to peers. Overall, Crizac has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Crizac's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Crizac ranks #210 out of 243 companies for Beneish M-Score. This places Crizac 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 an Education company?
A good Beneish M-Score depends on the Education 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 Crizac and its competitors. Crizac's current Beneish M-Score is -1.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Crizac stock overvalued right now?
Crizac (NSE:CRIZAC) has a current Beneish M-Score of -1.85. The current Beneish M-Score is -1.85. Crizac's overall GF Score™ is 21/100 with 1 warning sign 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 Crizac (NSE:CRIZAC), the current Beneish M-Score is -1.85 as of Jun. 27, 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.

Crizac Business Description

Other Exchanges 544439:India
Address 11, Drive U.N. Brahmachari Street, Wing A, 3rd Floor, Constantia Building, Shakespeare Sarani, Kolkata, WB, IND, 700017
Crizac Ltd is a B2B education platform for agents and international institutions of higher education offering international student recruitment solutions to international institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ). Student recruitment solutions from India into the United Kingdom is its strength as a result of it relationships built over time with institutions of higher education in the United Kingdom. The company generates the majority of its revenue from the sale of IT & processing fees services. Geographically, the company generates the majority of its revenue from Overseas.
21GF 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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