Kandarp Digi Smart BPO (NSE:KANDARP) Beneish M-Score: -1.78 (As of Jun. 26, 2026)


NSE:KANDARP Kandarp Digi Smart BPO Ltd NSE:KANDARP
47 GF Score
Price ₹100.55
GF Value ₹48.06
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Kandarp Digi Smart BPO Beneish M-Score?

Kandarp Digi Smart BPO NSE:KANDARP -2.99% 47 Beneish M-Score is -1.78 as of Jun. 26, 2026. GuruFocus rates NSE:KANDARP with a GF Score™ of 47/100 and a GF Value™ of ₹48.06 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Kandarp Digi Smart BPO ranks worse than 84.22% 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.

Good Sign:

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

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

NSE:KANDARP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.07   Med: -1.93   Max: -1.78
Current: -1.78

During the past 4 years, the highest Beneish M-Score of Kandarp Digi Smart BPO was -1.78. The lowest was -2.07. And the median was -1.93.

Kandarp Digi Smart BPO Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kandarp Digi Smart BPO'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.

Kandarp Digi Smart BPO Beneish M-Score Chart

Kandarp Digi Smart BPO Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -2.07 -1.78

Kandarp Digi Smart BPO Semi-Annual Data
Mar22 Mar23 Mar24 Mar25
Beneish M-Score 0.00 0.00 -2.07 -1.78

NSE:KANDARP vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Kandarp Digi Smart BPO'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.

Kandarp Digi Smart BPO Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Kandarp Digi Smart BPO's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kandarp Digi Smart BPO's Beneish M-Score falls into.


NSE:KANDARP
47GF Score
Kandarp Digi Smart BPO Ltd NSE:KANDARP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kandarp Digi Smart BPO 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 Kandarp Digi Smart BPO 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 * 0.991+0.528 * 1+0.404 * 1.2899+0.892 * 1.4737+0.115 * 0.8191
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5047+4.679 * 0.02696-0.327 * 1.0675
=-1.78

* 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 ₹149.3 Mil.
Revenue was ₹243.4 Mil.
Gross Profit was ₹243.4 Mil.
Total Current Assets was ₹187.6 Mil.
Total Assets was ₹292.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹60.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.1 Mil.
Total Current Liabilities was ₹86.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6.3 Mil.
Net Income was ₹15.9 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹8.1 Mil.
 Total Receivables was ₹102.3 Mil.
Revenue was ₹165.1 Mil.
Gross Profit was ₹165.1 Mil.
Total Current Assets was ₹143.7 Mil.
Total Assets was ₹256.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹81.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.5 Mil.
Total Current Liabilities was ₹69.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6.5 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)
=(149.349 / 243.358) / (102.259 / 165.13)
=0.613701 / 0.619264
=0.991

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)
=(165.13 / 165.13) / (243.358 / 243.358)
=1 / 1
=1

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 - (187.568 + 60.15) / 292.618) / (1 - (143.692 + 81.891) / 256.042)
=0.153442 / 0.118961
=1.2899

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
=243.358 / 165.13
=1.4737

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))
=(7.981 / (7.981 + 81.891)) / (7.314 / (7.314 + 60.15))
=0.088804 / 0.108413
=0.8191

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)
=(1.132 / 243.358) / (1.522 / 165.13)
=0.004652 / 0.009217
=0.5047

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)
=((6.269 + 86.727) / 292.618) / ((6.543 + 69.681) / 256.042)
=0.317807 / 0.297701
=1.0675

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
=(15.943 - 0 - 8.054) / 292.618
=0.02696

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.

Kandarp Digi Smart BPO has a M-score of -1.78 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 -1.78 mean?
Kandarp Digi Smart BPO (NSE:KANDARP) has a Beneish M-Score of -1.78 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kandarp Digi Smart BPO and its competitors. According to the industry distribution chart, Kandarp Digi Smart BPO ranks #859 out of 1020 companies in the Business Services industry, placing it in the top 84.2%.
Is Kandarp Digi Smart BPO's Beneish M-Score too high?
Kandarp Digi Smart BPO's current Beneish M-Score is -1.78. Based on the distribution chart, Kandarp Digi Smart BPO ranks #859 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Kandarp Digi Smart BPO has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kandarp Digi Smart BPO's Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Kandarp Digi Smart BPO ranks #859 out of 1020 companies for Beneish M-Score. This places Kandarp Digi Smart BPO 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 Kandarp Digi Smart BPO and its competitors. Kandarp Digi Smart BPO's current Beneish M-Score is -1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kandarp Digi Smart BPO stock overvalued right now?
Based on GuruFocus' analysis, Kandarp Digi Smart BPO (NSE:KANDARP) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹48.06, compared to a current price of ₹100.55 — trading 109.2% above its estimated fair value. The current Beneish M-Score is -1.78. Kandarp Digi Smart BPO's overall GF Score™ is 47/100 with 2 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 Kandarp Digi Smart BPO (NSE:KANDARP), the current Beneish M-Score is -1.78 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.

Is Kandarp Digi Smart BPO (NSE:KANDARP) Overvalued in 2026?

Based on GuruFocus' analysis, Kandarp Digi Smart BPO stock appears to be overvalued. The current stock price of ₹100.55 is trading 109.2% above its estimated GF Value™ of ₹48.06. GuruFocus considers Kandarp Digi Smart BPO to be Significantly Overvalued.

Key valuation signals for NSE:KANDARP:

  • Beneish M-Score: -1.78
  • GF Value™: ₹48.06 vs. price of ₹100.55 (109.2% above fair value)
  • GF Score™: 47/100 with 2 warning signs

No single metric tells the full story. See the NSE:KANDARP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kandarp Digi Smart BPO Business Description

Address C-69, C Block, Sector 2, Noida, UP, IND, 201301
Kandarp Digi Smart BPO Ltd is engaged in BPO services specializing in the area of support services solutions. The company provides a wide range of support services such as Call Centre, Contact Point Verifications, Site Visits, Document check/Pickup, E-KYC, Skip Tracing, Employee Back Check, Staffing Solutions, Payroll Management, Payment Collections (soft), AMC Booking Services and others to its clients and specializes in providing End to End solutions to customers/clients. It serves various Banks & NBFCs, Insurance Companies, Other Corporates, Small offices & shops, and Households.
47GF Score

Get the complete analysis for NSE:KANDARP

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

₹100.55
Price
₹48.06
GF Value