Thinking Hats Entertainment Solutions (NSE:THESL) Beneish M-Score: -1.65 (As of Jun. 26, 2026)


NSE:THESL Thinking Hats Entertainment Solutions Ltd NSE:THESL
16 GF Score
Price ₹13.00
! 6 Warning Signs
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What is Thinking Hats Entertainment Solutions Beneish M-Score?

Thinking Hats Entertainment Solutions NSE:THESL 16 Beneish M-Score is -1.65 as of Jun. 26, 2026. GuruFocus rates NSE:THESL with a GF Score™ of 16/100. The stock has 6 warning signs investors should review. Among 989 Media - Diversified companies, Thinking Hats Entertainment Solutions ranks worse than 84.63% 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 -1.65 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Thinking Hats Entertainment Solutions's Beneish M-Score or its related term are showing as below:

NSE:THESL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.65   Med: -0.54   Max: 0.13
Current: -1.65

During the past 5 years, the highest Beneish M-Score of Thinking Hats Entertainment Solutions was 0.13. The lowest was -1.65. And the median was -0.54.

Thinking Hats Entertainment Solutions Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Thinking Hats Entertainment Solutions'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.

Thinking Hats Entertainment Solutions Beneish M-Score Chart

Thinking Hats Entertainment Solutions Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.13 -0.54 -1.65

Thinking Hats Entertainment Solutions Semi-Annual Data
Mar22 Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.13 0.00 -0.54 0.00 -1.65

NSE:THESL vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Thinking Hats Entertainment Solutions'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.

Thinking Hats Entertainment Solutions Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Thinking Hats Entertainment Solutions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thinking Hats Entertainment Solutions's Beneish M-Score falls into.


NSE:THESL
16GF Score
Thinking Hats Entertainment Solutions Ltd NSE:THESL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Thinking Hats Entertainment Solutions 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 Thinking Hats Entertainment Solutions 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 * 2.4183+0.528 * 0.693+0.404 * 1.4673+0.892 * 0.4935+0.115 * 0.5117
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.044152-0.327 * 0.8845
=-1.65

* 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 ₹148.1 Mil.
Revenue was ₹235.2 Mil.
Gross Profit was ₹76.5 Mil.
Total Current Assets was ₹226.3 Mil.
Total Assets was ₹476.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹18.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹162.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹20.5 Mil.
Net Income was ₹12.4 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹33.5 Mil.
 Total Receivables was ₹124.1 Mil.
Revenue was ₹476.7 Mil.
Gross Profit was ₹107.4 Mil.
Total Current Assets was ₹311.8 Mil.
Total Assets was ₹496.0 Mil.
Property, Plant and Equipment(Net PPE) was ₹19.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7.1 Mil.
Total Current Liabilities was ₹185.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹29.8 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)
=(148.139 / 235.225) / (124.139 / 476.68)
=0.629776 / 0.260424
=2.4183

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)
=(107.406 / 476.68) / (76.485 / 235.225)
=0.225321 / 0.325157
=0.693

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 - (226.34 + 18.592) / 476.467) / (1 - (311.816 + 19.89) / 495.954)
=0.485941 / 0.331176
=1.4673

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
=235.225 / 476.68
=0.4935

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))
=(2.168 / (2.168 + 19.89)) / (4.42 / (4.42 + 18.592))
=0.098286 / 0.192074
=0.5117

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 / 235.225) / (7.108 / 476.68)
=0 / 0.014911
=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)
=((20.487 + 162.231) / 476.467) / ((29.847 + 185.179) / 495.954)
=0.383485 / 0.43356
=0.8845

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
=(12.442 - 0 - 33.479) / 476.467
=-0.044152

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.

Thinking Hats Entertainment Solutions has a M-score of -1.65 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 -1.65 mean?
Thinking Hats Entertainment Solutions (NSE:THESL) has a Beneish M-Score of -1.65 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thinking Hats Entertainment Solutions and its competitors. According to the industry distribution chart, Thinking Hats Entertainment Solutions ranks #837 out of 989 companies in the Media - Diversified industry, placing it in the top 84.6%.
Is Thinking Hats Entertainment Solutions' Beneish M-Score too high?
Thinking Hats Entertainment Solutions' current Beneish M-Score is -1.65. Based on the distribution chart, Thinking Hats Entertainment Solutions ranks #837 out of 989 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Thinking Hats Entertainment Solutions has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Thinking Hats Entertainment Solutions' Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Thinking Hats Entertainment Solutions ranks #837 out of 989 companies for Beneish M-Score. This places Thinking Hats Entertainment Solutions 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Thinking Hats Entertainment Solutions and its competitors. Thinking Hats Entertainment Solutions's current Beneish M-Score is -1.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thinking Hats Entertainment Solutions stock overvalued right now?
Thinking Hats Entertainment Solutions (NSE:THESL) has a current Beneish M-Score of -1.65. The current Beneish M-Score is -1.65. Thinking Hats Entertainment Solutions' overall GF Score™ is 16/100 with 6 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 Thinking Hats Entertainment Solutions (NSE:THESL), the current Beneish M-Score is -1.65 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.

Thinking Hats Entertainment Solutions Business Description

Address 5th Floor, B 9 Pinnacle Business, Park Sector 3 Noida, Gautam Buddha Nagar, Noida, UP, IND, 201301
Thinking Hats Entertainment Solutions Ltd is a concept development, event design and production company that specializes in live events, corporate, MICE (Meetings, Incentives, Conferences and Exhibitions), social and virtual events to an OTT content production and experiential marketing company with a focus on content development, intellectual property curation and tech centric product development. The company operates in two reportable segment (Business segment) i.e. Event Management and OTT Sales. Key revenue is generated from Event Management segment.
16GF Score

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