Teerth Gopicon (NSE:TGL) Beneish M-Score: -0.86 (As of Jun. 24, 2026)


NSE:TGL Teerth Gopicon Ltd NSE:TGL
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What is Teerth Gopicon Beneish M-Score?

Teerth Gopicon NSE:TGL -4.96% 13 Beneish M-Score is -0.86 as of Jun. 24, 2026. GuruFocus rates NSE:TGL with a GF Score™ of 13/100. The stock has 5 warning signs investors should review. Among 1,704 Construction companies, Teerth Gopicon ranks worse than 92.14% 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.

Warning Sign:

Beneish M-Score -0.86 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:TGL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73   Med: -1.22   Max: -0.86
Current: -0.86

During the past 5 years, the highest Beneish M-Score of Teerth Gopicon was -0.86. The lowest was -3.73. And the median was -1.22.

Teerth Gopicon Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Teerth Gopicon'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.

Teerth Gopicon Beneish M-Score Chart

Teerth Gopicon Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -3.73 -1.22 -0.86

Teerth Gopicon Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Mar24 Sep24 Mar25
Beneish M-Score Get a 7-Day Free Trial -3.73 0.00 -1.22 0.00 -0.86

NSE:TGL vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Teerth Gopicon'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.

Teerth Gopicon Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Teerth Gopicon's Beneish M-Score distribution charts can be found below:

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


NSE:TGL
13GF Score
Teerth Gopicon Ltd NSE:TGL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Teerth Gopicon 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 Teerth Gopicon 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 * 0.7312+0.528 * 0.9253+0.404 * 3.0112+0.892 * 1.1272+0.115 * 0.3988
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0718+4.679 * 0.202395-0.327 * 0.6583
=-0.86

* 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 ₹274 Mil.
Revenue was ₹1,183 Mil.
Gross Profit was ₹350 Mil.
Total Current Assets was ₹1,478 Mil.
Total Assets was ₹1,745 Mil.
Property, Plant and Equipment(Net PPE) was ₹159 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹45 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12 Mil.
Total Current Liabilities was ₹865 Mil.
Long-Term Debt & Capital Lease Obligation was ₹120 Mil.
Net Income was ₹128 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-225 Mil.
 Total Receivables was ₹333 Mil.
Revenue was ₹1,049 Mil.
Gross Profit was ₹287 Mil.
Total Current Assets was ₹1,203 Mil.
Total Assets was ₹1,362 Mil.
Property, Plant and Equipment(Net PPE) was ₹131 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹10 Mil.
Total Current Liabilities was ₹1,095 Mil.
Long-Term Debt & Capital Lease Obligation was ₹73 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)
=(274.3 / 1182.7) / (332.8 / 1049.2)
=0.231927 / 0.317194
=0.7312

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)
=(286.9 / 1049.2) / (349.5 / 1182.7)
=0.273446 / 0.29551
=0.9253

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 - (1478.1 + 158.929) / 1745.1) / (1 - (1202.9 + 131.383) / 1362.3)
=0.061928 / 0.020566
=3.0112

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
=1182.7 / 1049.2
=1.1272

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))
=(12.7 / (12.7 + 131.383)) / (45.1 / (45.1 + 158.929))
=0.088144 / 0.221047
=0.3988

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)
=(11.84 / 1182.7) / (9.8 / 1049.2)
=0.010011 / 0.00934
=1.0718

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)
=((119.7 + 865.3) / 1745.1) / ((72.9 + 1095.2) / 1362.3)
=0.564438 / 0.857447
=0.6583

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
=(128.4 - 0 - -224.8) / 1745.1
=0.202395

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.

Teerth Gopicon has a M-score of -0.86 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 -0.86 mean?
Teerth Gopicon (NSE:TGL) has a Beneish M-Score of -0.86 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Teerth Gopicon and its competitors. According to the industry distribution chart, Teerth Gopicon ranks #1570 out of 1704 companies in the Construction industry, placing it in the top 92.1%.
Is Teerth Gopicon's Beneish M-Score too high?
Teerth Gopicon's current Beneish M-Score is -0.86. Based on the distribution chart, Teerth Gopicon ranks #1570 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Teerth Gopicon has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Teerth Gopicon's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Teerth Gopicon ranks #1570 out of 1704 companies for Beneish M-Score. This places Teerth Gopicon 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Teerth Gopicon and its competitors. Teerth Gopicon's current Beneish M-Score is -0.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Teerth Gopicon stock overvalued right now?
Teerth Gopicon (NSE:TGL) has a current Beneish M-Score of -0.86. The current Beneish M-Score is -0.86. Teerth Gopicon's overall GF Score™ is 13/100 with 5 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 Teerth Gopicon (NSE:TGL), the current Beneish M-Score is -0.86 as of Jun. 24, 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.

Teerth Gopicon Business Description

Address 204 Amar Metro, Near Balniketan Sangh, Pagnispaga, Indore, MP, IND, 452007
Teerth Gopicon Ltd is a construction company specializing in infrastructure projects such as roads, sewerage, water supply, and building works, mainly in Madhya Pradesh. The company also provides services in dams, canals, auditoriums, repair and renovation, overhead tanks, gabion works, compound walls, and water and sewage treatment plants. Recently, it expanded its business into renewable energy, focusing on solar projects, operating through two key segments: infrastructure and renewable energy.
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