Smartworks Coworking Spaces (NSE:SMARTWORKS) Beneish M-Score: -2.46 (As of Jun. 28, 2026)


NSE:SMARTWORKS Smartworks Coworking Spaces Ltd NSE:SMARTWORKS
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What is Smartworks Coworking Spaces Beneish M-Score?

Smartworks Coworking Spaces NSE:SMARTWORKS +2.20% 5 Beneish M-Score is -2.46 as of Jun. 28, 2026. GuruFocus rates NSE:SMARTWORKS with a GF Score™ of 5/100. The stock has 4 warning signs investors should review. Among 1,684 Real Estate companies, Smartworks Coworking Spaces ranks better than 57.07% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:SMARTWORKS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23   Med: -2.85   Max: -2.46
Current: -2.46

During the past 4 years, the highest Beneish M-Score of Smartworks Coworking Spaces was -2.46. The lowest was -3.23. And the median was -2.85.

Smartworks Coworking Spaces Beneish M-Score Historical Data

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The historical data trend for Smartworks Coworking Spaces'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.

Smartworks Coworking Spaces Beneish M-Score Chart

Smartworks Coworking Spaces Annual Data
Trend Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -3.23 -2.46

Smartworks Coworking Spaces Quarterly Data
Mar22 Mar23 Mar24 Sep24 Dec24 Mar25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.46 0.00 0.00

NSE:SMARTWORKS vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Smartworks Coworking Spaces'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.

Smartworks Coworking Spaces Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Smartworks Coworking Spaces's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Smartworks Coworking Spaces's Beneish M-Score falls into.


NSE:SMARTWORKS
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Smartworks Coworking Spaces Ltd NSE:SMARTWORKS
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Smartworks Coworking Spaces 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 Smartworks Coworking Spaces 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 * 1.7251+0.528 * 1.0162+0.404 * 1.0711+0.892 * 1.322+0.115 * 0.8553
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7899+4.679 * -0.213229-0.327 * 0.9875
=-2.46

* 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 ₹483 Mil.
Revenue was ₹13,741 Mil.
Gross Profit was ₹9,580 Mil.
Total Current Assets was ₹2,553 Mil.
Total Assets was ₹46,509 Mil.
Property, Plant and Equipment(Net PPE) was ₹39,077 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6,360 Mil.
Selling, General, & Admin. Expense(SGA) was ₹103 Mil.
Total Current Liabilities was ₹12,166 Mil.
Long-Term Debt & Capital Lease Obligation was ₹30,188 Mil.
Net Income was ₹-632 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹9,285 Mil.
 Total Receivables was ₹212 Mil.
Revenue was ₹10,394 Mil.
Gross Profit was ₹7,364 Mil.
Total Current Assets was ₹2,652 Mil.
Total Assets was ₹41,471 Mil.
Property, Plant and Equipment(Net PPE) was ₹34,758 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,727 Mil.
Selling, General, & Admin. Expense(SGA) was ₹98 Mil.
Total Current Liabilities was ₹9,550 Mil.
Long-Term Debt & Capital Lease Obligation was ₹28,693 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)
=(482.59 / 13740.56) / (211.6 / 10393.64)
=0.035122 / 0.020359
=1.7251

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)
=(7364.23 / 10393.64) / (9580.22 / 13740.56)
=0.708532 / 0.697222
=1.0162

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 - (2552.57 + 39076.98) / 46508.54) / (1 - (2651.59 + 34757.66) / 41470.84)
=0.104905 / 0.097938
=1.0711

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
=13740.56 / 10393.64
=1.322

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))
=(4727.2 / (4727.2 + 34757.66)) / (6359.98 / (6359.98 + 39076.98))
=0.119722 / 0.139974
=0.8553

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)
=(102.84 / 13740.56) / (98.48 / 10393.64)
=0.007484 / 0.009475
=0.7899

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)
=((30187.91 + 12166.22) / 46508.54) / ((28692.58 + 9550.03) / 41470.84)
=0.910674 / 0.922157
=0.9875

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
=(-631.79 - 0 - 9285.16) / 46508.54
=-0.213229

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.

Smartworks Coworking Spaces has a M-score of -2.46 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 -2.46 mean?
Smartworks Coworking Spaces (NSE:SMARTWORKS) has a Beneish M-Score of -2.46 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Smartworks Coworking Spaces and its competitors. According to the industry distribution chart, Smartworks Coworking Spaces ranks #723 out of 1684 companies in the Real Estate industry, placing it in the top 42.9%.
Is Smartworks Coworking Spaces' Beneish M-Score too high?
Smartworks Coworking Spaces' current Beneish M-Score is -2.46. Based on the distribution chart, Smartworks Coworking Spaces ranks #723 out of 1684 companies in the Real Estate industry, which is above the industry midpoint. Overall, Smartworks Coworking Spaces has a GF Score™ of 5/100, reflecting its overall financial health beyond just this single metric.
How does Smartworks Coworking Spaces' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Smartworks Coworking Spaces ranks #723 out of 1684 companies for Beneish M-Score. This puts Smartworks Coworking Spaces in the upper 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Smartworks Coworking Spaces and its competitors. Smartworks Coworking Spaces's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Smartworks Coworking Spaces stock overvalued right now?
Smartworks Coworking Spaces (NSE:SMARTWORKS) has a current Beneish M-Score of -2.46. The current Beneish M-Score is -2.46. Smartworks Coworking Spaces' overall GF Score™ is 5/100 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 Smartworks Coworking Spaces (NSE:SMARTWORKS), the current Beneish M-Score is -2.46 as of Jun. 28, 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.

Smartworks Coworking Spaces Business Description

Other Exchanges 544447:India
Address Sector 42, Golf View Tower, Tower - B, DLF QE, Gurugram, HR, IND, 122002
Smartworks Coworking Spaces Ltd is an office experience and managed campus platform. It leases and manages approximately SBA of 8.99 million square feet. The company equips its campuses with modern and aesthetically pleasing designs and amenities such as cafeterias, sports zones, smart convenience stores, gymnasiums, and medical centres etc., to provide a collaborative workspace. It focuses on mid-to-large enterprises and has built a growing client base, which includes Indian corporates, MNCs operating in India, and startups. Geographically, the company generates the majority of its revenue from India, and the rest from other regions.
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