Pratham EPC Projects (NSE:PRATHAM) Beneish M-Score: -0.69 (As of Jun. 24, 2026)


NSE:PRATHAM Pratham EPC Projects Ltd NSE:PRATHAM
17 GF Score
Price ₹106.90
! 4 Warning Signs
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What is Pratham EPC Projects Beneish M-Score?

Pratham EPC Projects NSE:PRATHAM +3.74% 17 Beneish M-Score is -0.69 as of Jun. 24, 2026. GuruFocus rates NSE:PRATHAM with a GF Score™ of 17/100. The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, Pratham EPC Projects ranks worse than 93.19% 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 -0.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:PRATHAM' s Beneish M-Score Range Over the Past 10 Years
Min: -1.63   Med: -0.69   Max: 0.65
Current: -0.69

During the past 5 years, the highest Beneish M-Score of Pratham EPC Projects was 0.65. The lowest was -1.63. And the median was -0.69.

Pratham EPC Projects Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pratham EPC Projects'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.

Pratham EPC Projects Beneish M-Score Chart

Pratham EPC Projects Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 0.65 -1.63 -0.69

Pratham EPC Projects Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.63 0.00 -0.69 0.00

NSE:PRATHAM vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Pratham EPC Projects'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.

Pratham EPC Projects Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Pratham EPC Projects's Beneish M-Score distribution charts can be found below:

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


NSE:PRATHAM
17GF Score
Pratham EPC Projects Ltd NSE:PRATHAM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pratham EPC Projects 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 Pratham EPC Projects 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 * 1.1143+0.528 * 1.4524+0.404 * 0.8547+0.892 * 1.7094+0.115 * 1.0821
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5075+4.679 * 0.216575-0.327 * 1.1865
=-0.69

* 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 ₹310 Mil.
Revenue was ₹1,189 Mil.
Gross Profit was ₹577 Mil.
Total Current Assets was ₹863 Mil.
Total Assets was ₹1,058 Mil.
Property, Plant and Equipment(Net PPE) was ₹164 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16 Mil.
Selling, General, & Admin. Expense(SGA) was ₹19 Mil.
Total Current Liabilities was ₹242 Mil.
Long-Term Debt & Capital Lease Obligation was ₹42 Mil.
Net Income was ₹138 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-91 Mil.
 Total Receivables was ₹163 Mil.
Revenue was ₹696 Mil.
Gross Profit was ₹490 Mil.
Total Current Assets was ₹651 Mil.
Total Assets was ₹795 Mil.
Property, Plant and Equipment(Net PPE) was ₹118 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8 Mil.
Total Current Liabilities was ₹148 Mil.
Long-Term Debt & Capital Lease Obligation was ₹32 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)
=(310.088 / 1188.97) / (162.789 / 695.534)
=0.260804 / 0.234049
=1.1143

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)
=(490.041 / 695.534) / (576.785 / 1188.97)
=0.704554 / 0.485113
=1.4524

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 - (863.386 + 164.182) / 1057.703) / (1 - (650.682 + 117.947) / 795.134)
=0.028491 / 0.033334
=0.8547

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
=1188.97 / 695.534
=1.7094

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))
=(12.307 / (12.307 + 117.947)) / (15.708 / (15.708 + 164.182))
=0.094485 / 0.08732
=1.0821

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)
=(19.499 / 1188.97) / (7.567 / 695.534)
=0.0164 / 0.010879
=1.5075

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)
=((41.919 + 242.208) / 1057.703) / ((31.672 + 148.342) / 795.134)
=0.268626 / 0.226395
=1.1865

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
=(137.622 - 0 - -91.45) / 1057.703
=0.216575

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.

Pratham EPC Projects has a M-score of -0.69 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 -0.69 mean?
Pratham EPC Projects (NSE:PRATHAM) has a Beneish M-Score of -0.69 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pratham EPC Projects and its competitors. According to the industry distribution chart, Pratham EPC Projects ranks #766 out of 822 companies in the Oil & Gas industry, placing it in the top 93.2%.
Is Pratham EPC Projects' Beneish M-Score too high?
Pratham EPC Projects' current Beneish M-Score is -0.69. Based on the distribution chart, Pratham EPC Projects ranks #766 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Pratham EPC Projects has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Pratham EPC Projects' Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Pratham EPC Projects ranks #766 out of 822 companies for Beneish M-Score. This places Pratham EPC Projects 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Pratham EPC Projects and its competitors. Pratham EPC Projects's current Beneish M-Score is -0.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pratham EPC Projects stock overvalued right now?
Pratham EPC Projects (NSE:PRATHAM) has a current Beneish M-Score of -0.69. The current Beneish M-Score is -0.69. Pratham EPC Projects' overall GF Score™ is 17/100 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 Pratham EPC Projects (NSE:PRATHAM), the current Beneish M-Score is -0.69 as of Jun. 24, 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.

Pratham EPC Projects Business Description

Industry EnergyOil & Gas
Address Iscon-Ambli Road, A-1101-1102, Sankalp Iconic Tower, Near New York Timber, Opposite ISRO Colony, Vikram Nagar, Ahmedabad, GJ, IND, 380054
Pratham EPC Projects Ltd is predominantly an oil and gas pipeline infrastructure service provider. It offers a full range of project services encompassing project engineering, procurement, construction, commissioning, and maintenance services for the Oil and Gas sector-oil/gas pipelines, CNG stations, etc. In addition, the company is also involved in providing engineering services to water projects, which include the construction of underground water pipelines, the construction of reservoirs, water treatment plants, and earthworks. Geographically, the company generates a majority of its revenue from its business in India.
17GF 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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