Gammon India Beneish M-Score Historical Data
The historical data trend for Gammon 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.
Gammon India Beneish M-Score Chart
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Gammon India Annual Data
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Trend |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
Mar25 |
Mar26 |
| Beneish M-Score |
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-2.95 |
-2.34 |
-10.75 |
-6.52 |
-7.82 |
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Gammon India Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
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Dec24 |
Mar25 |
Jun25 |
Sep25 |
Dec25 |
Mar26 |
| Beneish M-Score |
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-6.52 |
0.00 |
0.00 |
0.00 |
-7.82 |
NSE:GAMMONIND vs PWR, J: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Gammon 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.
Gammon India Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Gammon India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gammon India's Beneish M-Score falls into.
Gammon 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 Gammon 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 * 0.3166 | + | 0.528 * 0.1363 | + | 0.404 * 1.059 | + | 0.892 * 1.3917 | + | 0.115 * 1.2569 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -1.026003 | - | 0.327 * 1.1042 |
| = | -7.82 |
* 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 ₹336.8 Mil.
Revenue was ₹944.8 Mil.
Gross Profit was ₹822.1 Mil.
Total Current Assets was ₹786.7 Mil.
Total Assets was ₹11,402.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,016.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹142,329.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹-11,695.6 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹3.5 Mil.
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Total Receivables was ₹764.3 Mil.
Revenue was ₹678.9 Mil.
Gross Profit was ₹80.5 Mil.
Total Current Assets was ₹1,042.7 Mil.
Total Assets was ₹11,193.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,032.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹21.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8.8 Mil.
Total Current Liabilities was ₹126,536.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
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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) |
| = | (336.8 / 944.8) | / | (764.3 / 678.9) |
| = | 0.356478 | / | 1.125792 |
| | = | 0.3166 |
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) |
| = | (80.5 / 678.9) | / | (822.1 / 944.8) |
| = | 0.118574 | / | 0.870131 |
| | = | 0.1363 |
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 - (786.7 + 4016.1) / 11402.6) | / | (1 - (1042.7 + 4032.8) / 11193.5) |
| = | 0.578798 | / | 0.546567 |
| | = | 1.059 |
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 |
| = | 944.8 | / | 678.9 |
| | = | 1.3917 |
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)) |
| = | (21.1 / (21.1 + 4032.8)) | / | (16.7 / (16.7 + 4016.1)) |
| = | 0.005205 | / | 0.004141 |
| | = | 1.2569 |
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 / 944.8) | / | (8.8 / 678.9) |
| = | 0 | / | 0.012962 |
| | = | 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) |
| = | ((0 + 142329.4) / 11402.6) | / | ((0 + 126536.2) / 11193.5) |
| = | 12.482188 | / | 11.304436 |
| | = | 1.1042 |
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 |
| = | (-11695.6 - 0 | - | 3.5) | / | 11402.6 |
| | = | -1.026003 |
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.
Gammon India has a M-score of -7.82 suggests that the company is unlikely to be a manipulator.
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