CSM Technologies (NSE:CSM) Beneish M-Score: 0.00 (As of Jul. 27, 2026)

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NSE:CSM CSM Technologies Ltd NSE:CSM
16 GF Score
Price ₹99.54
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What is CSM Technologies Beneish M-Score?

CSM Technologies NSE:CSM -0.08% 16 Beneish M-Score is 0.00 as of Jul. 27, 2026. GuruFocus rates NSE:CSM with a GF Score™ of 16/100. Among 2,631 Software companies, CSM Technologies ranks worse than 38008.32% 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.

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

During the past 3 years, the highest Beneish M-Score of CSM Technologies was 0.00. The lowest was 0.00. And the median was 0.00.

CSM Technologies Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CSM Technologies'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.

CSM Technologies Beneish M-Score Chart

CSM Technologies Annual Data
Trend Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.00

CSM Technologies Semi-Annual Data
Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 0.00

NSE:CSM vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, CSM Technologies'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.

CSM Technologies Beneish M-Score vs Software Industry

For the Software industry and Technology sector, CSM Technologies's Beneish M-Score distribution charts can be found below:

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


NSE:CSM
16GF Score
CSM Technologies Ltd NSE:CSM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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CSM Technologies 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 CSM Technologies 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 * 1.5333+0.528 * 0.9164+0.404 * 1.4681+0.892 * 1.0129+0.115 * 0.9757
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9983+4.679 * 0.034749-0.327 * 0.9709
=-1.66

* 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 ₹806 Mil.
Revenue was ₹1,992 Mil.
Gross Profit was ₹483 Mil.
Total Current Assets was ₹894 Mil.
Total Assets was ₹1,545 Mil.
Property, Plant and Equipment(Net PPE) was ₹579 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹61 Mil.
Selling, General, & Admin. Expense(SGA) was ₹26 Mil.
Total Current Liabilities was ₹471 Mil.
Long-Term Debt & Capital Lease Obligation was ₹229 Mil.
Net Income was ₹141 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹87 Mil.
 Total Receivables was ₹519 Mil.
Revenue was ₹1,967 Mil.
Gross Profit was ₹437 Mil.
Total Current Assets was ₹673 Mil.
Total Assets was ₹1,245 Mil.
Property, Plant and Equipment(Net PPE) was ₹532 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹55 Mil.
Selling, General, & Admin. Expense(SGA) was ₹26 Mil.
Total Current Liabilities was ₹388 Mil.
Long-Term Debt & Capital Lease Obligation was ₹192 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)
=(805.764 / 1992.442) / (518.817 / 1967.105)
=0.40441 / 0.263746
=1.5333

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)
=(437.159 / 1967.105) / (483.194 / 1992.442)
=0.222235 / 0.242513
=0.9164

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 - (893.857 + 579.157) / 1545.454) / (1 - (673.249 + 531.541) / 1244.524)
=0.046873 / 0.031927
=1.4681

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
=1992.442 / 1967.105
=1.0129

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))
=(54.582 / (54.582 + 531.541)) / (61.109 / (61.109 + 579.157))
=0.093124 / 0.095443
=0.9757

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)
=(26.339 / 1992.442) / (26.048 / 1967.105)
=0.013219 / 0.013242
=0.9983

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)
=((229.275 + 470.593) / 1545.454) / ((192.433 + 388.043) / 1244.524)
=0.452856 / 0.466424
=0.9709

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
=(140.864 - 0 - 87.161) / 1545.454
=0.034749

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.

CSM Technologies has a M-score of -1.66 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 0.00 mean?
CSM Technologies (NSE:CSM) has a Beneish M-Score of 0.00 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CSM Technologies and its competitors. According to the industry distribution chart, CSM Technologies ranks #999999 out of 2631 companies in the Software industry.
Is CSM Technologies' Beneish M-Score too high?
CSM Technologies' current Beneish M-Score is 0.00. Based on the distribution chart, CSM Technologies ranks #999999 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, CSM Technologies has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does CSM Technologies' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, CSM Technologies ranks #999999 out of 2631 companies for Beneish M-Score. This places CSM Technologies 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 Software company?
A good Beneish M-Score depends on the Software 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 CSM Technologies and its competitors. CSM Technologies's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CSM Technologies stock overvalued right now?
CSM Technologies (NSE:CSM) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. CSM Technologies' overall GF Score™ is 16/100. 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 CSM Technologies (NSE:CSM), the current Beneish M-Score is 0.00 as of Jul. 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.

CSM Technologies Business Description

Other Exchanges 544806:India
Address Chandrasekharpur, Plot No - E/56, Infocity-1, Khordha, Bhubaneswar, OR, IND, 751 024
CSM Technologies Ltd provides a wide range of Information Technology services relating to software development, software licensing and designing with a minimal up-gradation which looks into the business need, end-to-end business solutions, creation of web enabled applications, web portals, corporate-wise process integration, business critical application, data warehousing, system integration, turnkey projects, e-Governance, community development, system integration technology and process solutions and other related services. The company serves various sectors such as mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism.
16GF 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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