Sahana System (NSE:SAHANA) Beneish M-Score: 1.09 (As of Jul. 03, 2026) — 86% Below Median


NSE:SAHANA Sahana System Ltd NSE:SAHANA
65 GF Score
Price ₹903.65
! 4 Warning Signs
View Full Analysis

What is Sahana System Beneish M-Score?

Sahana System NSE:SAHANA +1.35% 65 Beneish M-Score is 1.09 as of Jul. 03, 2026, which is 86% below its 10-year median of 7.68. GuruFocus rates NSE:SAHANA with a GF Score™ of 65/100. The stock has 4 warning signs investors should review. Among 2,631 Software companies, Sahana System ranks worse than 94.98% 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 1.09 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:SAHANA' s Beneish M-Score Range Over the Past 10 Years
Min: 1.09   Med: 7.68   Max: 87.72
Current: 1.09

During the past 6 years, the highest Beneish M-Score of Sahana System was 87.72. The lowest was 1.09. And the median was 7.68.

Sahana System Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sahana System'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.

Sahana System Beneish M-Score Chart

Sahana System Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial 0.00 7.68 0.00 87.72 1.09

Sahana System Semi-Annual Data
Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score Get a 7-Day Free Trial 0.00 7.68 0.00 87.72 1.09

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

For the Information Technology Services subindustry, Sahana System'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.

Sahana System Beneish M-Score vs Software Industry

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

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


NSE:SAHANA
65GF Score
Sahana System Ltd NSE:SAHANA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sahana System 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 Sahana System 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 * 1.8336+0.528 * 0.9757+0.404 * 0.7725+0.892 * 2.4251+0.115 * 0.3906
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.485+4.679 * 0.352897-0.327 * 0.5813
=1.09

* 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 ₹890 Mil.
Revenue was ₹1,675 Mil.
Gross Profit was ₹1,527 Mil.
Total Current Assets was ₹1,802 Mil.
Total Assets was ₹2,481 Mil.
Property, Plant and Equipment(Net PPE) was ₹262 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹53 Mil.
Total Current Liabilities was ₹590 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6 Mil.
Net Income was ₹392 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-483 Mil.
 Total Receivables was ₹200 Mil.
Revenue was ₹690 Mil.
Gross Profit was ₹615 Mil.
Total Current Assets was ₹605 Mil.
Total Assets was ₹960 Mil.
Property, Plant and Equipment(Net PPE) was ₹147 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹15 Mil.
Total Current Liabilities was ₹397 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(890.232 / 1674.507) / (200.195 / 690.476)
=0.531638 / 0.289938
=1.8336

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)
=(614.519 / 690.476) / (1527.348 / 1674.507)
=0.889993 / 0.912118
=0.9757

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 - (1802.066 + 262.278) / 2480.802) / (1 - (604.513 + 147.238) / 960.486)
=0.167872 / 0.217322
=0.7725

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
=1674.507 / 690.476
=2.4251

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))
=(2.703 / (2.703 + 147.238)) / (12.69 / (12.69 + 262.278))
=0.018027 / 0.046151
=0.3906

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)
=(53.155 / 1674.507) / (14.76 / 690.476)
=0.031744 / 0.021377
=1.485

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)
=((5.85 + 589.531) / 2480.802) / ((0 + 396.544) / 960.486)
=0.239995 / 0.412858
=0.5813

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
=(392.012 - 0 - -483.455) / 2480.802
=0.352897

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.

Sahana System has a M-score of 1.09 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 1.09 mean?
Sahana System (NSE:SAHANA) has a Beneish M-Score of 1.09 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sahana System and its competitors. This is 86% below median its historical median of 7.68. Over the past decade, Sahana System's Beneish M-Score has ranged from 1.09 to 87.72. According to the industry distribution chart, Sahana System ranks #2499 out of 2631 companies in the Software industry, placing it in the top 95%.
Is Sahana System's Beneish M-Score too high?
Sahana System's current Beneish M-Score of 1.09 is 86% below median its 10-year median of 7.68. Over the past 10 years, this metric has ranged from a low of 1.09 to a high of 87.72. Based on the distribution chart, Sahana System ranks #2499 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Sahana System has a GF Score™ of 65/100, reflecting its overall financial health beyond just this single metric.
How does Sahana System's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Sahana System ranks #2499 out of 2631 companies for Beneish M-Score. This places Sahana System in the lower half of its industry. Historically, Sahana System's own Beneish M-Score has ranged from 1.09 to 87.72 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 Sahana System and its competitors. Sahana System's current Beneish M-Score is 1.09, which is 86% below median its own 10-year median of 7.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sahana System stock overvalued right now?
Sahana System (NSE:SAHANA) has a current Beneish M-Score of 1.09. The current Beneish M-Score is 1.09, which is 86% below median its 10-year median of 7.68. Sahana System's overall GF Score™ is 65/100 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 Sahana System (NSE:SAHANA), the current Beneish M-Score is 1.09 as of Jul. 03, 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.

Sahana System Business Description

Address Sal Hospital Road, 1301, Maple Trade Centre, Nr. Surdhara Circle, Memnagar, Thaltej, Ahmedabad, GJ, IND, 380052
Sahana System Ltd is engaged in the business of offering IT-related services including web app development, mobile application development, AI & ML development, ChatBot development, product prototyping, graphics designing, UI-UX design, SEO & ASO, digital marketing, website & application migration, cyber security and outsourcing of IT services. The company is also engaged in the trading of hardware instruments related to Franking Machines, Computers, LEDs, Laptops, and others. The segments of the company are IT Services and Hardware Trading.
65GF Score

Get the complete analysis for NSE:SAHANA

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

₹903.65
Price