Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Good Sign:
Beneish M-Score -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Giriraj Civil Developers's Beneish M-Score or its related term are showing as below:
NSE:GIRIRAJ'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -1.99 Max: 1.36
Current: -2.06
During the past 13 years, the highest Beneish M-Score of Giriraj Civil Developers was 1.36. The lowest was -2.67. And the median was -1.99.
* 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.
NSE:GIRIRAJ vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Giriraj Civil Developers'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.
Giriraj Civil Developers Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Giriraj Civil Developers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Giriraj Civil Developers's Beneish M-Score falls into.
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 Giriraj Civil Developers 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 * 1.0513
+
0.528 * 1.0502
+
0.404 * 0.652
+
0.892 * 0.9831
+
0.115 * 0.8634
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * 0.078725
-
0.327 * 1.0727
=
-2.06
* 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.
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.
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))
=
(14.541 / (14.541 + 120.572))
/
(15.323 / (15.323 + 107.614))
=
0.107621
/
0.124641
=
0.8634
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
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
=
(150.9 - 0
-
-46.532)
/
2507.882
=
0.078725
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.
Giriraj Civil Developers has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
Giriraj Civil Developers (NSE:GIRIRAJ) has a Beneish M-Score of -2.06 as of Sep. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Giriraj Civil Developers and its competitors. According to the industry distribution chart, Giriraj Civil Developers ranks #1249 out of 1701 companies in the Construction industry, placing it in the top 73.4%.
Is Giriraj Civil Developers' Beneish M-Score too high?
Giriraj Civil Developers' current Beneish M-Score is -2.06. Based on the distribution chart, Giriraj Civil Developers ranks #1249 out of 1701 companies in the Construction industry, which is below the industry midpoint. Overall, Giriraj Civil Developers has a GF Score™ of 79/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Giriraj Civil Developers' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Giriraj Civil Developers ranks #1249 out of 1701 companies for Beneish M-Score. This places Giriraj Civil Developers 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Giriraj Civil Developers and its competitors. Giriraj Civil Developers's current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Giriraj Civil Developers stock overvalued right now?
Based on GuruFocus' analysis, Giriraj Civil Developers (NSE:GIRIRAJ) is currently considered Possible Value Trap. The stock's GF Value™ is ₹378.90, compared to a current price of ₹74.65 — trading 80.3% below its estimated fair value. The current Beneish M-Score is -2.06. Giriraj Civil Developers' overall GF Score™ is 79/100 with 4 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 Giriraj Civil Developers (NSE:GIRIRAJ), the current Beneish M-Score is -2.06 as of Sep. 05, 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 Giriraj Civil Developers (NSE:GIRIRAJ) Overvalued in 2026?
Based on GuruFocus' analysis, Giriraj Civil Developers stock appears to be undervalued.
The current stock price of ₹74.65 is trading 80.3% below its estimated GF Value™ of ₹378.90.
GuruFocus considers Giriraj Civil Developers to be Possible Value Trap.
Key valuation signals for NSE:GIRIRAJ:
Beneish M-Score: -2.06
GF Value™: ₹378.90 vs. price of ₹74.65 (80.3% below fair value)
No single metric tells the full story. See the NSE:GIRIRAJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Giriraj Civil Developers Ltd is an Indian company that provides infrastructure and construction services. It executes contract work for government, semi-government, corporate, and private organizations. The services offered by the group are for RCC roads, Bridges, foot-over bridges, Buildings, Earthworks, Road over bridges, and Other civil engineering works. The company has one segment: civil contractors.
79GF Score
Get the complete analysis for NSE:GIRIRAJ
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:GIRIRAJ has been successfully added to your 
