Graphisads (NSE:GRAPHISAD) Beneish M-Score: -1.89 (As of Jun. 29, 2026)


NSE:GRAPHISAD Graphisads Ltd NSE:GRAPHISAD
14 GF Score
Price ₹28.00
! 4 Warning Signs
View Full Analysis

What is Graphisads Beneish M-Score?

Graphisads NSE:GRAPHISAD 14 Beneish M-Score is -1.89 as of Jun. 29, 2026. GuruFocus rates NSE:GRAPHISAD with a GF Score™ of 14/100. The stock has 4 warning signs investors should review. Among 983 Media - Diversified companies, Graphisads ranks worse than 80.87% 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.

Good Sign:

Beneish M-Score -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:GRAPHISAD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.27   Med: -1.89   Max: -1.05
Current: -1.89

During the past 5 years, the highest Beneish M-Score of Graphisads was -1.05. The lowest was -2.27. And the median was -1.89.

Graphisads Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Graphisads'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.

Graphisads Beneish M-Score Chart

Graphisads Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.27 -1.05 -1.89

Graphisads Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -2.27 -1.05 -1.89

NSE:GRAPHISAD vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Graphisads'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.

Graphisads Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Graphisads's Beneish M-Score distribution charts can be found below:

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


NSE:GRAPHISAD
14GF Score
Graphisads Ltd NSE:GRAPHISAD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Graphisads 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 Graphisads 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 * 0.8063+0.528 * 1.6327+0.404 * 1.3784+0.892 * 1.3628+0.115 * 0.4115
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.692+4.679 * 0.010044-0.327 * 1.2197
=-1.89

* 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 ₹708 Mil.
Revenue was ₹1,538 Mil.
Gross Profit was ₹236 Mil.
Total Current Assets was ₹1,227 Mil.
Total Assets was ₹1,823 Mil.
Property, Plant and Equipment(Net PPE) was ₹211 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹60 Mil.
Selling, General, & Admin. Expense(SGA) was ₹157 Mil.
Total Current Liabilities was ₹559 Mil.
Long-Term Debt & Capital Lease Obligation was ₹65 Mil.
Net Income was ₹84 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹66 Mil.
 Total Receivables was ₹644 Mil.
Revenue was ₹1,129 Mil.
Gross Profit was ₹283 Mil.
Total Current Assets was ₹1,194 Mil.
Total Assets was ₹1,585 Mil.
Property, Plant and Equipment(Net PPE) was ₹148 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15 Mil.
Selling, General, & Admin. Expense(SGA) was ₹166 Mil.
Total Current Liabilities was ₹387 Mil.
Long-Term Debt & Capital Lease Obligation was ₹57 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)
=(708.056 / 1538.218) / (644.388 / 1128.696)
=0.460309 / 0.570914
=0.8063

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)
=(282.834 / 1128.696) / (236.084 / 1538.218)
=0.250585 / 0.153479
=1.6327

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 - (1227.494 + 211.215) / 1822.753) / (1 - (1193.919 + 148.476) / 1584.619)
=0.210694 / 0.152859
=1.3784

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
=1538.218 / 1128.696
=1.3628

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))
=(14.793 / (14.793 + 148.476)) / (59.633 / (59.633 + 211.215))
=0.090605 / 0.220171
=0.4115

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)
=(156.539 / 1538.218) / (165.99 / 1128.696)
=0.101766 / 0.147064
=0.692

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)
=((64.756 + 558.522) / 1822.753) / ((57.472 + 386.778) / 1584.619)
=0.341943 / 0.280351
=1.2197

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
=(83.909 - 0 - 65.602) / 1822.753
=0.010044

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.

Graphisads has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.89 mean?
Graphisads (NSE:GRAPHISAD) has a Beneish M-Score of -1.89 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Graphisads and its competitors. According to the industry distribution chart, Graphisads ranks #795 out of 983 companies in the Media - Diversified industry, placing it in the top 80.9%.
Is Graphisads' Beneish M-Score too high?
Graphisads' current Beneish M-Score is -1.89. Based on the distribution chart, Graphisads ranks #795 out of 983 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Graphisads has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Graphisads' Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Graphisads ranks #795 out of 983 companies for Beneish M-Score. This places Graphisads 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Graphisads and its competitors. Graphisads's current Beneish M-Score is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Graphisads stock overvalued right now?
Graphisads (NSE:GRAPHISAD) has a current Beneish M-Score of -1.89. The current Beneish M-Score is -1.89. Graphisads' overall GF Score™ is 14/100 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 Graphisads (NSE:GRAPHISAD), the current Beneish M-Score is -1.89 as of Jun. 29, 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.

Graphisads Business Description

Address Asaf Ali Road, 4/24 A, AB House, Near Delhi Gate, New Delhi, IND, 110002
Graphisads Ltd is an integrated marketing, advertising and communications agency, providing 360-degree solutions to its wide array of clients. The company provides advertising services on the work orders received by the Government sector, Private sector and Public sector entities. The Company neither outsources/sub-contracts the services provided to its clients nor does it have any contract with a third party in this respect.
14GF Score

Get the complete analysis for NSE:GRAPHISAD

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

₹28.00
Price