EMA Partners India (NSE:EMAPARTNER) Beneish M-Score: -1.30 (As of Jun. 26, 2026)


NSE:EMAPARTNER EMA Partners India Ltd NSE:EMAPARTNER
19 GF Score
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What is EMA Partners India Beneish M-Score?

EMA Partners India NSE:EMAPARTNER -3.86% 19 Beneish M-Score is -1.30 as of Jun. 26, 2026. GuruFocus rates NSE:EMAPARTNER with a GF Score™ of 19/100. The stock has 5 warning signs investors should review. Among 1,020 Business Services companies, EMA Partners India ranks worse than 89.22% 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 -1.3 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:EMAPARTNER' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -2.35   Max: -1.3
Current: -1.3

During the past 5 years, the highest Beneish M-Score of EMA Partners India was -1.30. The lowest was -2.51. And the median was -2.35.

EMA Partners India Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EMA Partners India'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.

EMA Partners India Beneish M-Score Chart

EMA Partners India Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.35 -2.51 -1.30

EMA Partners India Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.35 0.00 -2.51 0.00 -1.30

NSE:EMAPARTNER vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, EMA Partners India'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.

EMA Partners India Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, EMA Partners India's Beneish M-Score distribution charts can be found below:

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


NSE:EMAPARTNER
19GF Score
EMA Partners India Ltd NSE:EMAPARTNER
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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EMA Partners India 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 EMA Partners India 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 * 1.2214+0.528 * 1.016+0.404 * 1.6869+0.892 * 1.1817+0.115 * 0.8467
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.076009-0.327 * 0.9332
=-1.30

* 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 ₹279.0 Mil.
Revenue was ₹873.6 Mil.
Gross Profit was ₹329.9 Mil.
Total Current Assets was ₹1,407.7 Mil.
Total Assets was ₹1,705.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹188.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹24.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹166.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2.3 Mil.
Net Income was ₹123.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-6.6 Mil.
 Total Receivables was ₹193.3 Mil.
Revenue was ₹739.3 Mil.
Gross Profit was ₹283.6 Mil.
Total Current Assets was ₹1,293.3 Mil.
Total Assets was ₹1,544.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹191.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹20.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹73.6 Mil.
Total Current Liabilities was ₹157.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5.9 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)
=(279.022 / 873.642) / (193.316 / 739.305)
=0.319378 / 0.261483
=1.2214

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)
=(283.602 / 739.305) / (329.864 / 873.642)
=0.383606 / 0.377573
=1.016

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 - (1407.707 + 188.447) / 1705.716) / (1 - (1293.331 + 191.918) / 1544.043)
=0.064232 / 0.038078
=1.6869

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
=873.642 / 739.305
=1.1817

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))
=(20.462 / (20.462 + 191.918)) / (24.198 / (24.198 + 188.447))
=0.096346 / 0.113795
=0.8467

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 / 873.642) / (73.591 / 739.305)
=0 / 0.099541
=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)
=((2.284 + 166.293) / 1705.716) / ((5.909 + 157.617) / 1544.043)
=0.098831 / 0.105908
=0.9332

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
=(123.05 - 0 - -6.599) / 1705.716
=0.076009

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.

EMA Partners India has a M-score of -1.30 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 -1.30 mean?
EMA Partners India (NSE:EMAPARTNER) has a Beneish M-Score of -1.30 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EMA Partners India and its competitors. According to the industry distribution chart, EMA Partners India ranks #910 out of 1020 companies in the Business Services industry, placing it in the top 89.2%.
Is EMA Partners India's Beneish M-Score too high?
EMA Partners India's current Beneish M-Score is -1.30. Based on the distribution chart, EMA Partners India ranks #910 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, EMA Partners India has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does EMA Partners India's Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, EMA Partners India ranks #910 out of 1020 companies for Beneish M-Score. This places EMA Partners India 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 EMA Partners India and its competitors. EMA Partners India's current Beneish M-Score is -1.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EMA Partners India stock overvalued right now?
EMA Partners India (NSE:EMAPARTNER) has a current Beneish M-Score of -1.30. The current Beneish M-Score is -1.30. EMA Partners India's overall GF Score™ is 19/100 with 5 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 EMA Partners India (NSE:EMAPARTNER), the current Beneish M-Score is -1.30 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.

EMA Partners India Business Description

Address G Block, Plot No. C/6, B-1201, 12th Floor, One BKC, Bandra Kurla Complex, Bandra East, Mumbai, MH, IND, 400051
EMA Partners India Ltd is an executive search firm that provides leadership recruitment services across diverse sectors. The company works with domestic and international clients, with a focus on C-Suite and board-level hiring in India, the Middle East, and Singapore.
19GF 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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