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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Total Transport Systems's Beneish M-Score or its related term are showing as below:
NSE:TOTAL'
s Beneish M-Score Range Over the Past 10 Years
Min: -7.66 Med: -1.98 Max: 2.99
Current: -2.65
During the past 13 years, the highest Beneish M-Score of Total Transport Systems was 2.99. The lowest was -7.66. And the median was -1.98.
Total Transport Systems Beneish M-Score Related Terms
Total Transport Systems Beneish M-Score Historical Data
* 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.
NSE:TOTAL vs FDX, UPS, JBHT: Beneish M-Score Comparison
For the Integrated Freight & Logistics subindustry, Total Transport Systems'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.
Total Transport Systems Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Total Transport Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Total Transport Systems's Beneish M-Score falls into.
Total Transport Systems 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 Total Transport Systems 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 * 1.0713
+
0.528 * 0.9302
+
0.404 * 1.0502
+
0.892 * 0.9344
+
0.115 * 1.0409
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.069146
-
0.327 * 1.0283
=
-2.65
* 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.
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.
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))
=
(40.05 / (40.05 + 213.431))
/
(39.102 / (39.102 + 218.511))
=
0.158
/
0.151786
=
1.0409
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
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
=
(77.95 - 0
-
210.202)
/
1912.653
=
-0.069146
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.
Total Transport Systems has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Total Transport Systems (NSE:TOTAL) has a Beneish M-Score of -2.65 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Total Transport Systems and its competitors. According to the industry distribution chart, Total Transport Systems ranks #428 out of 966 companies in the Transportation industry, placing it in the top 44.3%.
Is Total Transport Systems' Beneish M-Score too high?
Total Transport Systems' current Beneish M-Score is -2.65. Based on the distribution chart, Total Transport Systems ranks #428 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Total Transport Systems has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Total Transport Systems' Beneish M-Score compare to FDX and UPS?
According to the Transportation industry distribution chart, Total Transport Systems ranks #428 out of 966 companies for Beneish M-Score. This puts Total Transport Systems 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Total Transport Systems and its competitors. Total Transport Systems's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Total Transport Systems stock overvalued right now?
Based on GuruFocus' analysis, Total Transport Systems (NSE:TOTAL) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹79.59, compared to a current price of ₹50.34 — trading 36.8% below its estimated fair value. The current Beneish M-Score is -2.65. Total Transport Systems' overall GF Score™ is 78/100 with 3 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 Total Transport Systems (NSE:TOTAL), the current Beneish M-Score is -2.65 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.
Is Total Transport Systems (NSE:TOTAL) Overvalued in 2026?
Based on GuruFocus' analysis, Total Transport Systems stock appears to be undervalued.
The current stock price of ₹50.34 is trading 36.8% below its estimated GF Value™ of ₹79.59.
GuruFocus considers Total Transport Systems to be Significantly Undervalued.
Key valuation signals for NSE:TOTAL:
Beneish M-Score: -2.65
GF Value™: ₹79.59 vs. price of ₹50.34 (36.8% below fair value)
No single metric tells the full story. See the NSE:TOTAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Total Transport Systems Ltd is engaged in the logistics business. The company is engaged in the business of consolidation/deconsolidation of cargo, freight forwarding, logistics, warehousing, and transportation. The company provides various services such as CFS Operations, LCL Services, Project Cargo Movement, Air services, Specialised services, and others. Its segments include Multimodal transport operations and Last mile delivery operations of which key revenue is generated from the Multimodal transport operations segment involving non-vessel owing common carrier operations related to less than container load consolidation and full container load forwarding activities in India and across the globe.
78GF Score
Get the complete analysis for NSE:TOTAL
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