RNFI Services (NSE:RNFI) Beneish M-Score: -1.35 (As of Jun. 29, 2026)


NSE:RNFI RNFI Services Ltd NSE:RNFI
41 GF Score
Price ₹260.00
! 5 Warning Signs
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What is RNFI Services Beneish M-Score?

RNFI Services NSE:RNFI 41 Beneish M-Score is -1.35 as of Jun. 29, 2026. GuruFocus rates NSE:RNFI with a GF Score™ of 41/100. The stock has 5 warning signs investors should review. Among 704 Capital Markets companies, RNFI Services ranks worse than 72.16% 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 -1.35 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:RNFI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.1   Max: 4.82
Current: -1.35

During the past 6 years, the highest Beneish M-Score of RNFI Services was 4.82. The lowest was -3.58. And the median was -2.10.

RNFI Services Beneish M-Score Historical Data

* Premium members only.

The historical data trend for RNFI Services'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.

RNFI Services Beneish M-Score Chart

RNFI Services Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 4.82 -3.58 -2.84 -1.35

RNFI Services Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -3.58 0.00 -2.84 0.00 -1.35

NSE:RNFI vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, RNFI Services'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.

RNFI Services Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, RNFI Services's Beneish M-Score distribution charts can be found below:

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


NSE:RNFI
41GF Score
RNFI Services Ltd NSE:RNFI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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RNFI Services 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 RNFI Services 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 * 1.5259+0.528 * 0.7074+0.404 * 0.7554+0.892 * 1.0564+0.115 * 1.347
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.126551-0.327 * 0.8656
=-1.35

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹688 Mil.
Revenue was ₹9,686 Mil.
Gross Profit was ₹870 Mil.
Total Current Assets was ₹2,825 Mil.
Total Assets was ₹3,605 Mil.
Property, Plant and Equipment(Net PPE) was ₹372 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹148 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,677 Mil.
Long-Term Debt & Capital Lease Obligation was ₹148 Mil.
Net Income was ₹290 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-166 Mil.
 Total Receivables was ₹427 Mil.
Revenue was ₹9,169 Mil.
Gross Profit was ₹582 Mil.
Total Current Assets was ₹2,166 Mil.
Total Assets was ₹2,795 Mil.
Property, Plant and Equipment(Net PPE) was ₹210 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹130 Mil.
Selling, General, & Admin. Expense(SGA) was ₹55 Mil.
Total Current Liabilities was ₹1,493 Mil.
Long-Term Debt & Capital Lease Obligation was ₹141 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)
=(688.443 / 9685.956) / (427.079 / 9168.682)
=0.071076 / 0.04658
=1.5259

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)
=(582.345 / 9168.682) / (869.613 / 9685.956)
=0.063515 / 0.089781
=0.7074

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 - (2825.334 + 372.095) / 3605.242) / (1 - (2166.415 + 209.68) / 2794.596)
=0.113117 / 0.149754
=0.7554

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
=9685.956 / 9168.682
=1.0564

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))
=(130.465 / (130.465 + 209.68)) / (148.141 / (148.141 + 372.095))
=0.383557 / 0.284757
=1.347

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 / 9685.956) / (54.597 / 9168.682)
=0 / 0.005955
=0

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)
=((148.094 + 1677.017) / 3605.242) / ((140.846 + 1493.499) / 2794.596)
=0.506238 / 0.584823
=0.8656

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
=(289.802 - 0 - -166.446) / 3605.242
=0.126551

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.

RNFI Services has a M-score of -1.35 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 -1.35 mean?
RNFI Services (NSE:RNFI) has a Beneish M-Score of -1.35 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RNFI Services and its competitors. According to the industry distribution chart, RNFI Services ranks #508 out of 704 companies in the Capital Markets industry, placing it in the top 72.2%.
Is RNFI Services' Beneish M-Score too high?
RNFI Services' current Beneish M-Score is -1.35. Based on the distribution chart, RNFI Services ranks #508 out of 704 companies in the Capital Markets industry, which is below the industry midpoint. Overall, RNFI Services has a GF Score™ of 41/100, reflecting its overall financial health beyond just this single metric.
How does RNFI Services' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, RNFI Services ranks #508 out of 704 companies for Beneish M-Score. This places RNFI Services 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 RNFI Services and its competitors. RNFI Services's current Beneish M-Score is -1.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RNFI Services stock overvalued right now?
RNFI Services (NSE:RNFI) has a current Beneish M-Score of -1.35. The current Beneish M-Score is -1.35. RNFI Services' overall GF Score™ is 41/100 with 5 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 RNFI Services (NSE:RNFI), the current Beneish M-Score is -1.35 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.

RNFI Services Business Description

Address DLF Industrial Area, Plot No. 42, UG-5, Relipay House, Kirti Nagar, West Delhi, New Delhi, IND, 110015
RNFI Services Ltd is a business correspondent of various banks and payment banks and engaged in the business of Domestic Money Transfer (DMT), IMPS, Aadhar Enabled Payment System (AEPS), Mobile Recharges, Railway and Air Tickets, Cash Management Services, EMI Collection Services, Delinquent Loan Collection and other incidental business through its merchants (namely Retailers, Distributors, Partners and Super Distributors) network across India. The group's reportable segments are: Business Correspondent, Non-Business Correspondent, Full Fledge Money Changer, and Direct Insurance Broking. Maximum revenue is generated from its Full Fledge Money Changer segment, which comprises all sales and purchases of foreign currency and services belonging to FFMC (Full Fledge Money Changer).
41GF 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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