TAC Infosec (NSE:TAC) Beneish M-Score: -0.42 (As of Jun. 26, 2026)


NSE:TAC TAC Infosec Ltd NSE:TAC
51 GF Score
Price ₹389.00
! 4 Warning Signs
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What is TAC Infosec Beneish M-Score?

TAC Infosec NSE:TAC -2.42% 51 Beneish M-Score is -0.42 as of Jun. 26, 2026. GuruFocus rates NSE:TAC with a GF Score™ of 51/100. The stock has 4 warning signs investors should review. Among 2,633 Software companies, TAC Infosec ranks worse than 91.8% 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 -0.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:TAC' s Beneish M-Score Range Over the Past 10 Years
Min: -1.84   Med: -0.42   Max: 1.48
Current: -0.42

During the past 6 years, the highest Beneish M-Score of TAC Infosec was 1.48. The lowest was -1.84. And the median was -0.42.

TAC Infosec Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TAC Infosec'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.

TAC Infosec Beneish M-Score Chart

TAC Infosec Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 1.48 -1.84 -0.42

TAC Infosec Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Mar25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 1.48 -1.84 -0.42

NSE:TAC vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, TAC Infosec'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.

TAC Infosec Beneish M-Score vs Software Industry

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

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


NSE:TAC
51GF Score
TAC Infosec Ltd NSE:TAC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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TAC Infosec 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 TAC Infosec 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 * 1.5332+0.528 * 0.9217+0.404 * 0.8842+0.892 * 1.8774+0.115 * 0.9133
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.108299-0.327 * 0.3648
=-0.42

* 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 ₹298.3 Mil.
Revenue was ₹572.6 Mil.
Gross Profit was ₹447.5 Mil.
Total Current Assets was ₹684.1 Mil.
Total Assets was ₹964.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹25.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹26.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹65.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8.0 Mil.
Net Income was ₹225.0 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹120.6 Mil.
 Total Receivables was ₹103.6 Mil.
Revenue was ₹305.0 Mil.
Gross Profit was ₹219.7 Mil.
Total Current Assets was ₹490.7 Mil.
Total Assets was ₹713.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹9.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21.3 Mil.
Total Current Liabilities was ₹149.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.0 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)
=(298.3 / 572.6) / (103.634 / 305)
=0.520957 / 0.339784
=1.5332

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)
=(219.7 / 305) / (447.5 / 572.6)
=0.720328 / 0.781523
=0.9217

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 - (684.1 + 25.7) / 964) / (1 - (490.706 + 9.936) / 713.393)
=0.263693 / 0.298224
=0.8842

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
=572.6 / 305
=1.8774

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))
=(8.5 / (8.5 + 9.936)) / (26.2 / (26.2 + 25.7))
=0.461054 / 0.504817
=0.9133

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 / 572.6) / (21.261 / 305)
=0 / 0.069708
=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)
=((8 + 65.6) / 964) / ((0 + 149.318) / 713.393)
=0.076349 / 0.209307
=0.3648

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
=(225 - 0 - 120.6) / 964
=0.108299

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.

TAC Infosec has a M-score of -0.42 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 -0.42 mean?
TAC Infosec (NSE:TAC) has a Beneish M-Score of -0.42 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TAC Infosec and its competitors. According to the industry distribution chart, TAC Infosec ranks #2417 out of 2633 companies in the Software industry, placing it in the top 91.8%.
Is TAC Infosec's Beneish M-Score too high?
TAC Infosec's current Beneish M-Score is -0.42. Based on the distribution chart, TAC Infosec ranks #2417 out of 2633 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, TAC Infosec has a GF Score™ of 51/100, reflecting its overall financial health beyond just this single metric.
How does TAC Infosec's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, TAC Infosec ranks #2417 out of 2633 companies for Beneish M-Score. This places TAC Infosec 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 TAC Infosec and its competitors. TAC Infosec's current Beneish M-Score is -0.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TAC Infosec stock overvalued right now?
TAC Infosec (NSE:TAC) has a current Beneish M-Score of -0.42. The current Beneish M-Score is -0.42. TAC Infosec's overall GF Score™ is 51/100 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 TAC Infosec (NSE:TAC), the current Beneish M-Score is -0.42 as of Jun. 26, 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.

TAC Infosec Business Description

Address Industrial Focal Point, Phase 8B, 8th Floor, Plot No. C-203, World Tech Tower, Rupnagar, S.A.S. Nagar, Balongi, Mohali, PB, IND, 160055
TAC Infosec Ltd is engaged in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services to organizations of various scales, sizes, and industries through the SaaS model. It offers security software products and solutions both in India and internationally, and its end customers are Banks and Financial Institutions, government regulatory bodies and departments, and large-scale enterprises (including business offices) like HDFC, Bandhan Bank, BSE, etc. Its flagship software product is ESOF (Enterprise Security in One Framework), which is a vulnerability management platform consisting of various product portfolios, namely ESOF Appsec, ESOF VMP, ESOF VACA, ESOF PCI ASV, and ESOF CRQ.
51GF 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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