Effwa Infra & Research (NSE:EFFWA) Beneish M-Score: -0.48 (As of Jun. 26, 2026)


NSE:EFFWA Effwa Infra & Research Ltd NSE:EFFWA
18 GF Score
Price ₹365.00
! 7 Warning Signs
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What is Effwa Infra & Research Beneish M-Score?

Effwa Infra & Research NSE:EFFWA -3.16% 18 Beneish M-Score is -0.48 as of Jun. 26, 2026. GuruFocus rates NSE:EFFWA with a GF Score™ of 18/100. The stock has 7 warning signs investors should review. Among 228 Waste Management companies, Effwa Infra & Research ranks worse than 92.54% 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 -0.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:EFFWA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.15   Med: -1.29   Max: -0.48
Current: -0.48

During the past 5 years, the highest Beneish M-Score of Effwa Infra & Research was -0.48. The lowest was -2.15. And the median was -1.29.

Effwa Infra & Research Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Effwa Infra & Research'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.

Effwa Infra & Research Beneish M-Score Chart

Effwa Infra & Research Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.29 -2.15 -0.48

Effwa Infra & Research Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -1.29 -2.15 -0.48

NSE:EFFWA vs WM, RSG, WCN: Beneish M-Score Comparison

For the Waste Management subindustry, Effwa Infra & Research'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.

Effwa Infra & Research Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Effwa Infra & Research's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Effwa Infra & Research's Beneish M-Score falls into.


NSE:EFFWA
18GF Score
Effwa Infra & Research Ltd NSE:EFFWA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Effwa Infra & Research 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 Effwa Infra & Research 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 * 1.3343+0.528 * 0.917+0.404 * 0.4853+0.892 * 1.2753+0.115 * 0.814
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9488+4.679 * 0.342876-0.327 * 0.6868
=-0.48

* 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 ₹1,193 Mil.
Revenue was ₹1,851 Mil.
Gross Profit was ₹470 Mil.
Total Current Assets was ₹1,491 Mil.
Total Assets was ₹1,498 Mil.
Property, Plant and Equipment(Net PPE) was ₹6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹29 Mil.
Total Current Liabilities was ₹518 Mil.
Long-Term Debt & Capital Lease Obligation was ₹31 Mil.
Net Income was ₹201 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-312 Mil.
 Total Receivables was ₹701 Mil.
Revenue was ₹1,452 Mil.
Gross Profit was ₹338 Mil.
Total Current Assets was ₹791 Mil.
Total Assets was ₹798 Mil.
Property, Plant and Equipment(Net PPE) was ₹6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24 Mil.
Total Current Liabilities was ₹414 Mil.
Long-Term Debt & Capital Lease Obligation was ₹11 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)
=(1193.08 / 1851.193) / (701.156 / 1451.593)
=0.644492 / 0.483025
=1.3343

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)
=(338.192 / 1451.593) / (470.317 / 1851.193)
=0.23298 / 0.254062
=0.917

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 - (1491.238 + 5.842) / 1497.575) / (1 - (791.291 + 6.331) / 798.166)
=0.000331 / 0.000682
=0.4853

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
=1851.193 / 1451.593
=1.2753

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))
=(1.863 / (1.863 + 6.331)) / (2.264 / (2.264 + 5.842))
=0.227361 / 0.279299
=0.814

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)
=(29.255 / 1851.193) / (24.176 / 1451.593)
=0.015803 / 0.016655
=0.9488

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)
=((30.937 + 517.818) / 1497.575) / ((11.377 + 414.448) / 798.166)
=0.366429 / 0.533504
=0.6868

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
=(201.128 - 0 - -312.355) / 1497.575
=0.342876

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.

Effwa Infra & Research has a M-score of -0.48 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 -0.48 mean?
Effwa Infra & Research (NSE:EFFWA) has a Beneish M-Score of -0.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Effwa Infra & Research and its competitors. According to the industry distribution chart, Effwa Infra & Research ranks #211 out of 228 companies in the Waste Management industry, placing it in the top 92.5%.
Is Effwa Infra & Research's Beneish M-Score too high?
Effwa Infra & Research's current Beneish M-Score is -0.48. Based on the distribution chart, Effwa Infra & Research ranks #211 out of 228 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Effwa Infra & Research has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Effwa Infra & Research's Beneish M-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Effwa Infra & Research ranks #211 out of 228 companies for Beneish M-Score. This places Effwa Infra & Research 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Effwa Infra & Research and its competitors. Effwa Infra & Research's current Beneish M-Score is -0.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Effwa Infra & Research stock overvalued right now?
Effwa Infra & Research (NSE:EFFWA) has a current Beneish M-Score of -0.48. The current Beneish M-Score is -0.48. Effwa Infra & Research's overall GF Score™ is 18/100 with 7 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 Effwa Infra & Research (NSE:EFFWA), the current Beneish M-Score is -0.48 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.

Effwa Infra & Research Business Description

Address Lal Bahadur Shastri Marg, G. No. 7, Vardhman Industrial Complex, Gokul Nagar, Thane West, Thane, MH, IND, 400601
Effwa Infra & Research Ltd is engaged in the business of engineering, consultancy, procurement, construction and integrated project management services in water pollution control, encompassing sewage and industrial effluent treatment, solid waste treatment and disposal, ventilation systems, hazardous waste management, and water treatment plants. The company also functions as consultants and advisors, providing a range of services encompassing project organisation, management, equipment procurement, funding, and project execution.
18GF Score

Get the complete analysis for NSE:EFFWA

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

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