Kody Technolab (NSE:KODYTECH) Beneish M-Score: 2.45 (As of Jun. 28, 2026) — 222% Above Median


NSE:KODYTECH Kody Technolab Ltd NSE:KODYTECH
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What is Kody Technolab Beneish M-Score?

Kody Technolab NSE:KODYTECH -6.04% 20 Beneish M-Score is 2.45 as of Jun. 28, 2026, which is 222% above its 10-year median of 0.76. GuruFocus rates NSE:KODYTECH with a GF Score™ of 20/100. The stock has 8 warning signs investors should review. Among 2,632 Software companies, Kody Technolab ranks worse than 96.24% 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.

Warning Sign:

Beneish M-Score 2.45 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:KODYTECH' s Beneish M-Score Range Over the Past 10 Years
Min: 0.64   Med: 0.76   Max: 2.45
Current: 2.45

During the past 5 years, the highest Beneish M-Score of Kody Technolab was 2.45. The lowest was 0.64. And the median was 0.76.

Kody Technolab Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kody Technolab'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.

Kody Technolab Beneish M-Score Chart

Kody Technolab Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.64 0.76 2.45

Kody Technolab Semi-Annual Data
Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.64 0.00 0.76 2.45 0.00

NSE:KODYTECH vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Kody Technolab'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.

Kody Technolab Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Kody Technolab's Beneish M-Score distribution charts can be found below:

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


NSE:KODYTECH
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Kody Technolab Ltd NSE:KODYTECH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kody Technolab 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 Kody Technolab 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 * 0.6408+0.528 * 0.9846+0.404 * 7.6884+0.892 * 3.196+0.115 * 0.3546
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5765+4.679 * 0.225146-0.327 * 2.3707
=2.45

* 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 ₹347.8 Mil.
Revenue was ₹717.7 Mil.
Gross Profit was ₹396.8 Mil.
Total Current Assets was ₹490.0 Mil.
Total Assets was ₹1,117.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹116.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹26.5 Mil.
Total Current Liabilities was ₹326.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 Mil.
Net Income was ₹176.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-75.4 Mil.
 Total Receivables was ₹169.8 Mil.
Revenue was ₹224.6 Mil.
Gross Profit was ₹122.3 Mil.
Total Current Assets was ₹301.9 Mil.
Total Assets was ₹427.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹99.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹14.4 Mil.
Total Current Liabilities was ₹42.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10.0 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)
=(347.839 / 717.718) / (169.833 / 224.57)
=0.484646 / 0.756259
=0.6408

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)
=(122.252 / 224.57) / (396.81 / 717.718)
=0.544383 / 0.552877
=0.9846

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 - (489.984 + 116.241) / 1117.808) / (1 - (301.899 + 99.854) / 427.182)
=0.457666 / 0.059527
=7.6884

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
=717.718 / 224.57
=3.196

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))
=(3.975 / (3.975 + 99.854)) / (14.071 / (14.071 + 116.241))
=0.038284 / 0.107979
=0.3546

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)
=(26.471 / 717.718) / (14.367 / 224.57)
=0.036882 / 0.063976
=0.5765

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 + 326.736) / 1117.808) / ((9.966 + 42.705) / 427.182)
=0.292301 / 0.123299
=2.3707

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
=(176.224 - 0 - -75.446) / 1117.808
=0.225146

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.

Kody Technolab has a M-score of 2.45 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 2.45 mean?
Kody Technolab (NSE:KODYTECH) has a Beneish M-Score of 2.45 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kody Technolab and its competitors. This is 222% above median its historical median of 0.76. Over the past decade, Kody Technolab's Beneish M-Score has ranged from 0.64 to 2.45. According to the industry distribution chart, Kody Technolab ranks #2533 out of 2632 companies in the Software industry, placing it in the top 96.2%.
Is Kody Technolab's Beneish M-Score too high?
Kody Technolab's current Beneish M-Score of 2.45 is 222% above median its 10-year median of 0.76. Over the past 10 years, this metric has ranged from a low of 0.64 to a high of 2.45. Based on the distribution chart, Kody Technolab ranks #2533 out of 2632 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Kody Technolab has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Kody Technolab's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Kody Technolab ranks #2533 out of 2632 companies for Beneish M-Score. This places Kody Technolab in the lower half of its industry. Historically, Kody Technolab's own Beneish M-Score has ranged from 0.64 to 2.45 over the past decade. 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 Software company?
A good Beneish M-Score depends on the Software 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 Kody Technolab and its competitors. Kody Technolab's current Beneish M-Score is 2.45, which is 222% above median its own 10-year median of 0.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kody Technolab stock overvalued right now?
Kody Technolab (NSE:KODYTECH) has a current Beneish M-Score of 2.45. The current Beneish M-Score is 2.45, which is 222% above median its 10-year median of 0.76. Kody Technolab's overall GF Score™ is 20/100 with 8 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 Kody Technolab (NSE:KODYTECH), the current Beneish M-Score is 2.45 as of Jun. 28, 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.

Kody Technolab Business Description

Address Block-J, Safal Monde S.G Highway, Near Iscon Mall, Near Rajpathclub, 2nd Floor, Bodakdev, Ahmedabad, GJ, IND, 380054
Kody Technolab Ltd is a company in the business of software development services to a diverse set of industries. It is a full-stack development company that provides creative and cutting-edge digital solutions to clients. It specializes in helping businesses undergo Digital Transformation by leveraging the latest technologies and trends. The company offers a wide range of services that include custom development, AI Consultation & Implementation, IOT Services, and IT consulting services.
20GF Score

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

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