EFC (I) (NSE:EFCIL) Beneish M-Score: -1.31 (As of Jul. 26, 2026)

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EFC (I) Ltd NSE:EFCIL

30 GF Score

Price ₹195.30

GF Value ₹367.51

Valuation Possible Value Trap

3 Warning Signs

View Full Analysis

What is EFC (I) Beneish M-Score?

EFC (I) NSE:EFCIL -0.45% 30 Beneish M-Score is -1.31 as of Jul. 26, 2026. GuruFocus rates NSE:EFCIL with a GF Score™ of 30/100 and a GF Value™ of ₹367.51 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,682 Real Estate companies, EFC (I) ranks worse than 82.46% 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 -1.31 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:EFCIL' s Beneish M-Score Range Over the Past 10 Years
Min: -369.59 Med: -2.62 Max: 1.38
Current: -1.31

During the past 13 years, the highest Beneish M-Score of EFC (I) was 1.38. The lowest was -369.59. And the median was -2.62.

EFC (I) Beneish M-Score Related Terms

EFC (I) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EFC (I)'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.

EFC (I) Beneish M-Score Chart

EFC (I) Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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0.00

1.38

-369.59

-1.31

EFC (I) Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-369.59	0.00	0.00	0.00	-1.31

NSE:EFCIL vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, EFC (I)'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.

EFC (I) Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, EFC (I)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where EFC (I)'s Beneish M-Score falls into.

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30GF Score

EFC (I) Ltd NSE:EFCIL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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EFC (I) 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 EFC (I) for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0105

0.528 * 1.0734

0.404 * 1.3714

0.892 * 1.5785

0.115 * 0.9229

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * 0.065636

0.327 * 1.0548

-1.31

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₹2,447 Mil.
Revenue was ₹10,367 Mil.
Gross Profit was ₹6,227 Mil.
Total Current Assets was ₹7,362 Mil.
Total Assets was ₹26,751 Mil.
Property, Plant and Equipment(Net PPE) was ₹7,011 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,180 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹6,251 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10,741 Mil.
Net Income was ₹2,316 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹560 Mil.

Total Receivables was ₹1,534 Mil.
Revenue was ₹6,567 Mil.
Gross Profit was ₹4,234 Mil.
Total Current Assets was ₹4,757 Mil.
Total Assets was ₹16,992 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,502 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹997 Mil.
Selling, General, & Admin. Expense(SGA) was ₹160 Mil.
Total Current Liabilities was ₹3,266 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6,966 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)
	=	(2446.528 / 10366.796)	/	(1533.766 / 6567.426)
	=	0.235997	/	0.233541
	=	1.0105

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)
	=	(4234.264 / 6567.426)	/	(6227.081 / 10366.796)
	=	0.644737	/	0.600676
	=	1.0734

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 - (7362.015 + 7010.957) / 26750.921)	/	(1 - (4756.752 + 6502.105) / 16991.687)
	=	0.462711	/	0.33739
	=	1.3714

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
	=	10366.796	/	6567.426
	=	1.5785

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))
	=	(996.73 / (996.73 + 6502.105))	/	(1179.589 / (1179.589 + 7010.957))
	=	0.132918	/	0.144018
	=	0.9229

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 / 10366.796)	/	(159.644 / 6567.426)
	=	0	/	0.024308
	=	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)
	=	((10741.268 + 6250.568) / 26750.921)	/	((6965.863 + 3266.482) / 16991.687)
	=	0.635187	/	0.602197
	=	1.0548

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
	=	(2315.516 - 0	-	559.703)	/	26750.921
	=	0.065636

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.

EFC (I) has a M-score of -1.31 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 -1.31 mean?

EFC (I) (NSE:EFCIL) has a Beneish M-Score of -1.31 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EFC (I) and its competitors. According to the industry distribution chart, EFC (I) ranks #1387 out of 1682 companies in the Real Estate industry, placing it in the top 82.5%.

Is EFC (I)'s Beneish M-Score too high?

EFC (I)'s current Beneish M-Score is -1.31. Based on the distribution chart, EFC (I) ranks #1387 out of 1682 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, EFC (I) has a GF Score™ of 30/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does EFC (I)'s Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, EFC (I) ranks #1387 out of 1682 companies for Beneish M-Score. This places EFC (I) 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 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 EFC (I) and its competitors. EFC (I)'s current Beneish M-Score is -1.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is EFC (I) stock overvalued right now?

Based on GuruFocus' analysis, EFC (I) (NSE:EFCIL) is currently considered Possible Value Trap. The stock's GF Value™ is ₹367.51, compared to a current price of ₹195.30 — trading 46.9% below its estimated fair value. The current Beneish M-Score is -1.31. EFC (I)'s overall GF Score™ is 30/100 with 3 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 EFC (I) (NSE:EFCIL), the current Beneish M-Score is -1.31 as of Jul. 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.

Is EFC (I) (NSE:EFCIL) Overvalued in 2026?

Based on GuruFocus' analysis, EFC (I) stock appears to be undervalued. The current stock price of ₹195.30 is trading 46.9% below its estimated GF Value™ of ₹367.51. GuruFocus considers EFC (I) to be Possible Value Trap.

Key valuation signals for NSE:EFCIL:

Beneish M-Score: -1.31
GF Value™: ₹367.51 vs. price of ₹195.30 (46.9% below fair value)
GF Score™: 30/100 with 3 warning signs

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

EFC (I) Business Description

Industry Real Estate Real Estate

Comparable Companies BOM:504000 BOM:544142 NSE:INDIQUBE BOM:539289 BOM:512038 BOM:505400 BOM:523329 BOM:543955 BOM:511634 BOM:509220 STC:VIC CBRE ISX:DCII XMAD:CLNX XTER:VNA TSE:8830 XTAE:AZRG BEKE HKSE:01972 JLL

Other Exchanges 512008:India

Address Range Hill Road, 6th Floor, VB Capitol Building, Opposite Hotel Symphony, Bhoslenagar, Shivajinagar, Pune, MH, IND, 411007

Website https://www.efclimited.in

EFC (I) Ltd is an India-based company engaged in the business of real estate services, property management services & renting or leasing services involving owned or leased non-residential property. The company's operating segment consists of Leasing of commercial property, Designing Services and Commission Management Services. The company generates the majority of its revenue from the Leasing of commercial property.

30GF Score

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

₹195.30

Price

₹367.51

GF Value

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