Kaynes Technology India Beneish M-Score Historical Data
The historical data trend for Kaynes Technology 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.
Kaynes Technology India Beneish M-Score Chart
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Kaynes Technology India Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-0.86 |
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Kaynes Technology India Quarterly Data
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Mar20 |
Mar21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-0.86 |
-0.97 |
-0.11 |
-0.17 |
Competitive Comparison of Kaynes Technology India's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Kaynes Technology 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.
Kaynes Technology India's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kaynes Technology India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kaynes Technology India's Beneish M-Score falls into.
Kaynes Technology 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 Kaynes Technology 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 * 1.6572 | + | 0.528 * 0.9573 | + | 0.404 * 2.9292 | + | 0.892 * 1.5501 | + | 0.115 * 1.7375 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.068116 | - | 0.327 * 0.8356 |
| = | -0.17 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₹5,349 Mil.
Revenue was 6611.75 + 5721.16 + 5039.78 + 6373.04 = ₹23,746 Mil.
Gross Profit was 2038.26 + 1648.17 + 1375.66 + 1396.96 = ₹6,459 Mil.
Total Current Assets was ₹27,026 Mil.
Total Assets was ₹37,962 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,199 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹352 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹11,195 Mil.
Long-Term Debt & Capital Lease Obligation was ₹556 Mil.
Net Income was 664.62 + 602.08 + 507.77 + 811.37 = ₹2,586 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹2,082 Mil.
Revenue was 5092.93 + 3608.45 + 2971.77 + 3645.87 = ₹15,319 Mil.
Gross Profit was 1239.01 + 1006.22 + 915.03 + 828.66 = ₹3,989 Mil.
Total Current Assets was ₹13,684 Mil.
Total Assets was ₹16,353 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,826 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹226 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹5,761 Mil.
Long-Term Debt & Capital Lease Obligation was ₹297 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) |
| = | (5348.61 / 23745.73) | / | (2082.17 / 15319.02) |
| = | 0.225245 | / | 0.135921 |
| | = | 1.6572 |
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) |
| = | (3988.92 / 15319.02) | / | (6459.05 / 23745.73) |
| = | 0.26039 | / | 0.272009 |
| | = | 0.9573 |
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 - (27026.13 + 5198.55) / 37962.39) | / | (1 - (13683.62 + 1826.01) / 16353.44) |
| = | 0.151142 | / | 0.051598 |
| | = | 2.9292 |
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 |
| = | 23745.73 | / | 15319.02 |
| | = | 1.5501 |
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)) |
| = | (226.03 / (226.03 + 1826.01)) | / | (351.86 / (351.86 + 5198.55)) |
| = | 0.110149 | / | 0.063394 |
| | = | 1.7375 |
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 / 23745.73) | / | (0 / 15319.02) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((555.98 + 11195.43) / 37962.39) | / | ((296.82 + 5761.2) / 16353.44) |
| = | 0.309554 | / | 0.370443 |
| | = | 0.8356 |
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 |
| = | (2585.84 - 0 | - | 0) | / | 37962.39 |
| | = | 0.068116 |
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.
Kaynes Technology India has a M-score of -0.17 signals that the company is likely to be a manipulator.
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