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SA Tech Software India (NSE:SATECH) Beneish M-Score : -2.02 (As of Jun. 20, 2025)


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What is SA Tech Software India Beneish M-Score?

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 -2.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:SATECH' s Beneish M-Score Range Over the Past 10 Years
Min: -4.6   Med: -3.31   Max: -2.02
Current: -2.02

During the past 4 years, the highest Beneish M-Score of SA Tech Software India was -2.02. The lowest was -4.60. And the median was -3.31.


SA Tech Software India Beneish M-Score Historical Data

The historical data trend for SA Tech Software India'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.

* Premium members only.

SA Tech Software India Beneish M-Score Chart

SA Tech Software India Annual Data
Trend Mar21 Mar22 Mar23 Mar24
Beneish M-Score
- - -4.60 -2.02

SA Tech Software India Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24
Beneish M-Score - - -4.60 - -2.02

Competitive Comparison of SA Tech Software India's Beneish M-Score

For the Information Technology Services subindustry, SA Tech Software India'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.


SA Tech Software India's Beneish M-Score Distribution in the Software Industry

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

* The bar in red indicates where SA Tech Software India's Beneish M-Score falls into.


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SA Tech Software India 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 SA Tech Software India 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 * 1.3083+0.528 * 0.6449+0.404 * 0.6864+0.892 * 1.2747+0.115 * 1.1992
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.227+4.679 * 0.083056-0.327 * 0.8734
=-2.02

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₹248.9 Mil.
Revenue was ₹718.8 Mil.
Gross Profit was ₹183.6 Mil.
Total Current Assets was ₹266.0 Mil.
Total Assets was ₹370.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹38.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹59.8 Mil.
Total Current Liabilities was ₹157.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹87.1 Mil.
Net Income was ₹36.9 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹6.1 Mil.
Total Receivables was ₹149.2 Mil.
Revenue was ₹563.9 Mil.
Gross Profit was ₹92.9 Mil.
Total Current Assets was ₹226.7 Mil.
Total Assets was ₹346.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹29.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21.1 Mil.
Total Current Liabilities was ₹189.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹71.9 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)
=(248.873 / 718.822) / (149.24 / 563.931)
=0.346223 / 0.264642
=1.3083

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)
=(92.912 / 563.931) / (183.635 / 718.822)
=0.164758 / 0.255467
=0.6449

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 - (266.036 + 38.555) / 370.606) / (1 - (226.731 + 29.917) / 346.595)
=0.178127 / 0.259516
=0.6864

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
=718.822 / 563.931
=1.2747

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))
=(8.087 / (8.087 + 29.917)) / (8.317 / (8.317 + 38.555))
=0.212793 / 0.177441
=1.1992

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)
=(59.784 / 718.822) / (21.06 / 563.931)
=0.083169 / 0.037345
=2.227

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)
=((87.121 + 157.331) / 370.606) / ((71.908 + 189.839) / 346.595)
=0.659601 / 0.755196
=0.8734

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
=(36.886 - 0 - 6.105) / 370.606
=0.083056

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.

SA Tech Software India has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.


SA Tech Software India Beneish M-Score Related Terms

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SA Tech Software India Business Description

Traded in Other Exchanges
N/A
Address
Solitaire Business Hub, Office No. D-6030, 6th Floor, Viman Nagar, Pune, MH, IND, 411014
SA Tech Software India Ltd is an IT consulting company. It is an AI-driven IT consulting company, offering scalable IT outsourcing solutions and Global Development Centers (GDCs).

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