Flysbs Aviation (NSE:FLYSBS) Beneish M-Score: -0.21 (As of Aug. 13, 2026)

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NSE:FLYSBS Flysbs Aviation Ltd NSE:FLYSBS
21 GF Score
Price ₹455.50
! 3 Warning Signs
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What is Flysbs Aviation Beneish M-Score?

Flysbs Aviation NSE:FLYSBS -1.24% 21 Beneish M-Score is -0.21 as of Aug. 13, 2026. GuruFocus rates NSE:FLYSBS with a GF Score™ of 21/100. The stock has 3 warning signs investors should review. Among 966 Transportation companies, Flysbs Aviation ranks worse than 95.45% 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 -0.21 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:FLYSBS' s Beneish M-Score Range Over the Past 10 Years
Min: -1.29   Med: -0.75   Max: -0.21
Current: -0.21

During the past 4 years, the highest Beneish M-Score of Flysbs Aviation was -0.21. The lowest was -1.29. And the median was -0.75.

Flysbs Aviation Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Flysbs Aviation'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.

Flysbs Aviation Beneish M-Score Chart

Flysbs Aviation Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -1.29 -0.21

Flysbs Aviation Semi-Annual Data
Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -1.29 0.00 -0.21

NSE:FLYSBS vs DAL, UAL, LUV: Beneish M-Score Comparison

For the Airlines subindustry, Flysbs Aviation'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.

Flysbs Aviation Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Flysbs Aviation's Beneish M-Score distribution charts can be found below:

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


NSE:FLYSBS
21GF Score
Flysbs Aviation Ltd NSE:FLYSBS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Flysbs Aviation 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 Flysbs Aviation 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 * 2.0863+0.528 * 0.9141+0.404 * 1.5711+0.892 * 1.6428+0.115 * 0.7389
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.074658-0.327 * 0.9414
=-0.21

* 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 ₹725 Mil.
Revenue was ₹3,185 Mil.
Gross Profit was ₹794 Mil.
Total Current Assets was ₹1,680 Mil.
Total Assets was ₹3,915 Mil.
Property, Plant and Equipment(Net PPE) was ₹71 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹743 Mil.
Long-Term Debt & Capital Lease Obligation was ₹19 Mil.
Net Income was ₹608 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹315 Mil.
 Total Receivables was ₹212 Mil.
Revenue was ₹1,939 Mil.
Gross Profit was ₹442 Mil.
Total Current Assets was ₹1,189 Mil.
Total Assets was ₹1,918 Mil.
Property, Plant and Equipment(Net PPE) was ₹54 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹19 Mil.
Total Current Liabilities was ₹320 Mil.
Long-Term Debt & Capital Lease Obligation was ₹77 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)
=(725.424 / 3185.323) / (211.658 / 1938.956)
=0.22774 / 0.109161
=2.0863

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)
=(441.728 / 1938.956) / (793.861 / 3185.323)
=0.227817 / 0.249225
=0.9141

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 - (1680.442 + 70.973) / 3915.358) / (1 - (1189.258 + 54.253) / 1918.358)
=0.552681 / 0.351784
=1.5711

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
=3185.323 / 1938.956
=1.6428

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))
=(3.157 / (3.157 + 54.253)) / (5.707 / (5.707 + 70.973))
=0.05499 / 0.074426
=0.7389

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 / 3185.323) / (19.214 / 1938.956)
=0 / 0.009909
=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)
=((18.658 + 742.828) / 3915.358) / ((76.649 + 319.684) / 1918.358)
=0.194487 / 0.2066
=0.9414

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
=(607.734 - 0 - 315.423) / 3915.358
=0.074658

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.

Flysbs Aviation has a M-score of -0.21 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 -0.21 mean?
Flysbs Aviation (NSE:FLYSBS) has a Beneish M-Score of -0.21 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Flysbs Aviation and its competitors. According to the industry distribution chart, Flysbs Aviation ranks #922 out of 966 companies in the Transportation industry, placing it in the top 95.4%.
Is Flysbs Aviation's Beneish M-Score too high?
Flysbs Aviation's current Beneish M-Score is -0.21. Based on the distribution chart, Flysbs Aviation ranks #922 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Flysbs Aviation has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Flysbs Aviation's Beneish M-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, Flysbs Aviation ranks #922 out of 966 companies for Beneish M-Score. This places Flysbs Aviation 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Flysbs Aviation and its competitors. Flysbs Aviation's current Beneish M-Score is -0.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Flysbs Aviation stock overvalued right now?
Flysbs Aviation (NSE:FLYSBS) has a current Beneish M-Score of -0.21. The current Beneish M-Score is -0.21. Flysbs Aviation's overall GF Score™ is 21/100 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 Flysbs Aviation (NSE:FLYSBS), the current Beneish M-Score is -0.21 as of Aug. 13, 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.

Flysbs Aviation Business Description

Address SIDCO Industrial Estate, Plot no. 16 (NP), 3rd Floor, Indiqube Palmyra, Guindy Industrial Estate, Ekkatuthangal, Chennai, TN, IND, 600032
Flysbs Aviation Ltd is engaged in the business of providing private, non-scheduled air charter services from India, focusing on delivering seamless air travel solutions to elite clientele. Its customer base includes entrepreneurs, senior corporate executives, politicians, diplomats, celebrities, and other VIPs, all of whom require tailored services to meet their specific travel needs. The charter services cater to a range of specific travel needs, such as direct travel convenience, multi-destination within tight timeframes, or access to locations lacking commercial flight connectivity.
21GF 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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