ROX Hi-Tech (NSE:ROXHITECH) Beneish M-Score: -2.39 (As of Jun. 29, 2026)


NSE:ROXHITECH ROX Hi-Tech Ltd NSE:ROXHITECH
62 GF Score
Price ₹37.30
GF Value ₹81.93
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is ROX Hi-Tech Beneish M-Score?

ROX Hi-Tech NSE:ROXHITECH +4.92% 62 Beneish M-Score is -2.39 as of Jun. 29, 2026. GuruFocus rates NSE:ROXHITECH with a GF Score™ of 62/100 and a GF Value™ of ₹81.93 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 2,632 Software companies, ROX Hi-Tech ranks worse than 60.14% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:ROXHITECH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39   Med: -1.45   Max: 0.67
Current: -2.39

During the past 6 years, the highest Beneish M-Score of ROX Hi-Tech was 0.67. The lowest was -2.39. And the median was -1.45.

ROX Hi-Tech Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ROX Hi-Tech'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.

ROX Hi-Tech Beneish M-Score Chart

ROX Hi-Tech Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.10 0.67 -0.80 -2.39

ROX Hi-Tech Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.67 0.00 -0.80 0.00 -2.39

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

For the Information Technology Services subindustry, ROX Hi-Tech'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.

ROX Hi-Tech Beneish M-Score vs Software Industry

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

* The bar in red indicates where ROX Hi-Tech's Beneish M-Score falls into.


NSE:ROXHITECH
62GF Score
ROX Hi-Tech Ltd NSE:ROXHITECH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ROX Hi-Tech 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 ROX Hi-Tech 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 * 0.5849+0.528 * 1.0596+0.404 * 1.013+0.892 * 1.0828+0.115 * 0.6113
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.051381-0.327 * 1.0302
=-2.39

* 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 ₹558 Mil.
Revenue was ₹2,030 Mil.
Gross Profit was ₹370 Mil.
Total Current Assets was ₹2,113 Mil.
Total Assets was ₹2,497 Mil.
Property, Plant and Equipment(Net PPE) was ₹323 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,123 Mil.
Long-Term Debt & Capital Lease Obligation was ₹36 Mil.
Net Income was ₹162 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹34 Mil.
 Total Receivables was ₹881 Mil.
Revenue was ₹1,875 Mil.
Gross Profit was ₹362 Mil.
Total Current Assets was ₹1,673 Mil.
Total Assets was ₹2,058 Mil.
Property, Plant and Equipment(Net PPE) was ₹334 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹11 Mil.
Selling, General, & Admin. Expense(SGA) was ₹31 Mil.
Total Current Liabilities was ₹874 Mil.
Long-Term Debt & Capital Lease Obligation was ₹53 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)
=(557.679 / 2029.826) / (880.548 / 1874.574)
=0.274742 / 0.469732
=0.5849

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)
=(361.905 / 1874.574) / (369.846 / 2029.826)
=0.19306 / 0.182206
=1.0596

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 - (2112.56 + 322.894) / 2497.439) / (1 - (1673.447 + 333.973) / 2057.84)
=0.024819 / 0.024501
=1.013

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
=2029.826 / 1874.574
=1.0828

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))
=(10.566 / (10.566 + 333.973)) / (17.054 / (17.054 + 322.894))
=0.030667 / 0.050166
=0.6113

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 / 2029.826) / (30.872 / 1874.574)
=0 / 0.016469
=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)
=((36.169 + 1123.267) / 2497.439) / ((53.221 + 874.089) / 2057.84)
=0.46425 / 0.450623
=1.0302

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
=(162.435 - 0 - 34.114) / 2497.439
=0.051381

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.

ROX Hi-Tech has a M-score of -2.39 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 -2.39 mean?
ROX Hi-Tech (NSE:ROXHITECH) has a Beneish M-Score of -2.39 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ROX Hi-Tech and its competitors. According to the industry distribution chart, ROX Hi-Tech ranks #1583 out of 2632 companies in the Software industry, placing it in the top 60.1%.
Is ROX Hi-Tech's Beneish M-Score too high?
ROX Hi-Tech's current Beneish M-Score is -2.39. Based on the distribution chart, ROX Hi-Tech ranks #1583 out of 2632 companies in the Software industry, which is below the industry midpoint. Overall, ROX Hi-Tech has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does ROX Hi-Tech's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, ROX Hi-Tech ranks #1583 out of 2632 companies for Beneish M-Score. This places ROX Hi-Tech 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 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 ROX Hi-Tech and its competitors. ROX Hi-Tech's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ROX Hi-Tech stock overvalued right now?
Based on GuruFocus' analysis, ROX Hi-Tech (NSE:ROXHITECH) is currently considered Possible Value Trap. The stock's GF Value™ is ₹81.93, compared to a current price of ₹37.30 — trading 54.5% below its estimated fair value. The current Beneish M-Score is -2.39. ROX Hi-Tech's overall GF Score™ is 62/100 with 6 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 ROX Hi-Tech (NSE:ROXHITECH), the current Beneish M-Score is -2.39 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.

Is ROX Hi-Tech (NSE:ROXHITECH) Overvalued in 2026?

Based on GuruFocus' analysis, ROX Hi-Tech stock appears to be undervalued. The current stock price of ₹37.30 is trading 54.5% below its estimated GF Value™ of ₹81.93. GuruFocus considers ROX Hi-Tech to be Possible Value Trap.

Key valuation signals for NSE:ROXHITECH:

  • Beneish M-Score: -2.39
  • GF Value™: ₹81.93 vs. price of ₹37.30 (54.5% below fair value)
  • GF Score™: 62/100 with 6 warning signs

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

ROX Hi-Tech Business Description

Address Mahalingapuram Main Road, Old No.101B, New No.160, 1st & 3rd Floor, Nungambakkam, Chennai, TN, IND, 600034
ROX Hi-Tech Ltd is a customer-centric IT solutions provider committed to excellence. It offers a comprehensive range of distributed IT solutions, including consulting, enterprise and end-user computing, managed print, and network services. The company is an end-to-end IT solution provider.
62GF Score

Get the complete analysis for NSE:ROXHITECH

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

₹37.30
Price
₹81.93
GF Value