Dev Accelerator (NSE:DEVX) Beneish M-Score: -2.50 (As of Jun. 26, 2026)


NSE:DEVX Dev Accelerator Ltd NSE:DEVX
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What is Dev Accelerator Beneish M-Score?

Dev Accelerator NSE:DEVX -1.11% 10 Beneish M-Score is -2.50 as of Jun. 26, 2026. GuruFocus rates NSE:DEVX with a GF Score™ of 10/100. The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, Dev Accelerator ranks better than 59.27% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:DEVX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78   Med: -2.5   Max: 3.73
Current: -2.5

During the past 5 years, the highest Beneish M-Score of Dev Accelerator was 3.73. The lowest was -2.78. And the median was -2.50.

Dev Accelerator Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dev Accelerator'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.

Dev Accelerator Beneish M-Score Chart

Dev Accelerator Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 3.73 -2.78 -2.50

Dev Accelerator 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 -2.78 0.00 0.00 -2.50

NSE:DEVX vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Dev Accelerator'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.

Dev Accelerator Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Dev Accelerator's Beneish M-Score distribution charts can be found below:

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


NSE:DEVX
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Dev Accelerator 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 Dev Accelerator 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 * 1.1045+0.528 * 0.9766+0.404 * 0.6857+0.892 * 1.422+0.115 * 1.0012
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.125847-0.327 * 0.793
=-2.50

* 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 ₹783 Mil.
Revenue was ₹2,259 Mil.
Gross Profit was ₹1,610 Mil.
Total Current Assets was ₹1,966 Mil.
Total Assets was ₹6,440 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,270 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹589 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,554 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,603 Mil.
Net Income was ₹88 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹898 Mil.
 Total Receivables was ₹499 Mil.
Revenue was ₹1,589 Mil.
Gross Profit was ₹1,106 Mil.
Total Current Assets was ₹1,034 Mil.
Total Assets was ₹5,404 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,895 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹522 Mil.
Selling, General, & Admin. Expense(SGA) was ₹99 Mil.
Total Current Liabilities was ₹1,498 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,901 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)
=(783.454 / 2259.226) / (498.82 / 1588.745)
=0.34678 / 0.313971
=1.1045

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)
=(1105.642 / 1588.745) / (1609.895 / 2259.226)
=0.695922 / 0.712587
=0.9766

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 - (1965.763 + 3269.599) / 6439.819) / (1 - (1034.46 + 2895.4) / 5403.76)
=0.187033 / 0.272755
=0.6857

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
=2259.226 / 1588.745
=1.422

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))
=(522.168 / (522.168 + 2895.4)) / (588.824 / (588.824 + 3269.599))
=0.152789 / 0.152607
=1.0012

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 / 2259.226) / (98.7 / 1588.745)
=0 / 0.062125
=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)
=((2602.967 + 1554.008) / 6439.819) / ((2900.52 + 1497.94) / 5403.76)
=0.645511 / 0.813963
=0.793

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
=(88.046 - 0 - 898.478) / 6439.819
=-0.125847

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.

Dev Accelerator has a M-score of -2.50 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 -2.50 mean?
Dev Accelerator (NSE:DEVX) has a Beneish M-Score of -2.50 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dev Accelerator and its competitors. According to the industry distribution chart, Dev Accelerator ranks #685 out of 1682 companies in the Real Estate industry, placing it in the top 40.7%.
Is Dev Accelerator's Beneish M-Score too high?
Dev Accelerator's current Beneish M-Score is -2.50. Based on the distribution chart, Dev Accelerator ranks #685 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Dev Accelerator has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Dev Accelerator's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Dev Accelerator ranks #685 out of 1682 companies for Beneish M-Score. This puts Dev Accelerator in the upper 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Dev Accelerator and its competitors. Dev Accelerator's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dev Accelerator stock overvalued right now?
Dev Accelerator (NSE:DEVX) has a current Beneish M-Score of -2.50. The current Beneish M-Score is -2.50. Dev Accelerator's overall GF Score™ is 10/100 with 4 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 Dev Accelerator (NSE:DEVX), the current Beneish M-Score is -2.50 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.

Dev Accelerator Business Description

Other Exchanges 544513:India
Address Near Shivalik High-Street, A - 1101, B - 1101, The First, Behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, GJ, IND, 380015
Dev Accelerator Ltd is one of the flex space operators. Its comprehensive office space solutions include sourcing office spaces, customizing designs, developing spaces and providing technology solutions to providing complete asset management. Its clientele comprises of large corporates, MNCs and SMEs, to whom the company offers a variety of flexible office space solutions such as managed office spaces and coworking spaces as well as design and execution services through its Subsidiary. The flexible workspace solutions provided by the company at its Centers are divided in the following segments: Managed office spaces, Coworking spaces, Design and execution services, Payroll management services, Facility management services, and IT/ITes services.
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