Transwind Infrastructures (NSE:TRANSWIND) Beneish M-Score: 0.00 (As of Jul. 13, 2026)

What is Transwind Infrastructures Beneish M-Score?

Transwind Infrastructures NSE:TRANSWIND 67 Beneish M-Score is 0.00 as of Jul. 13, 2026. GuruFocus rates NSE:TRANSWIND with a GF Score™ of 67/100.

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.

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

During the past 13 years, the highest Beneish M-Score of Transwind Infrastructures was 0.00. The lowest was 0.00. And the median was 0.00.

Transwind Infrastructures Beneish M-Score Related Terms

Transwind Infrastructures Beneish M-Score Historical Data

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The historical data trend for Transwind Infrastructures'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.

Transwind Infrastructures Beneish M-Score Chart

Transwind Infrastructures Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Beneish M-Score

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0.22

-1.82

-1.51

-2.79

-3.12

Transwind Infrastructures Semi-Annual Data
	Mar14	Mar15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-1.51	0.00	-2.79	-3.12

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

For the Engineering & Construction subindustry, Transwind Infrastructures'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.

Transwind Infrastructures Beneish M-Score vs Construction Industry

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

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

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67GF Score

Transwind Infrastructures Ltd NSE:TRANSWIND

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Transwind Infrastructures 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 Transwind Infrastructures for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5315

0.528 * 0.8155

0.404 * 1.1136

0.892 * 1.5461

0.115 * 2.0635

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3322

4.679 * -0.112122

0.327 * 1.5714

-3.12

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was ₹82.8 Mil.
Revenue was ₹228.8 Mil.
Gross Profit was ₹38.5 Mil.
Total Current Assets was ₹194.0 Mil.
Total Assets was ₹325.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹16.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.6 Mil.
Total Current Liabilities was ₹156.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3.8 Mil.
Net Income was ₹5.8 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹42.3 Mil.

Total Receivables was ₹100.8 Mil.
Revenue was ₹148.0 Mil.
Gross Profit was ₹20.3 Mil.
Total Current Assets was ₹148.8 Mil.
Total Assets was ₹231.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹9.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.2 Mil.
Total Current Liabilities was ₹72.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.2 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)
	=	(82.816 / 228.813)	/	(100.778 / 147.99)
	=	0.361937	/	0.680978
	=	0.5315

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)
	=	(20.282 / 147.99)	/	(38.455 / 228.813)
	=	0.13705	/	0.168063
	=	0.8155

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 - (194.035 + 16.465) / 325.521)	/	(1 - (148.812 + 9.483) / 231.869)
	=	0.353344	/	0.317308
	=	1.1136

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
	=	228.813	/	147.99
	=	1.5461

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))
	=	(3.03 / (3.03 + 9.483))	/	(2.189 / (2.189 + 16.465))
	=	0.242148	/	0.117347
	=	2.0635

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)
	=	(4.581 / 228.813)	/	(2.224 / 147.99)
	=	0.020021	/	0.015028
	=	1.3322

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)
	=	((3.806 + 156.484) / 325.521)	/	((0.192 + 72.468) / 231.869)
	=	0.492411	/	0.313367
	=	1.5714

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
	=	(5.81 - 0	-	42.308)	/	325.521
	=	-0.112122

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.

Transwind Infrastructures has a M-score of -3.12 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 0.00 mean?

Transwind Infrastructures (NSE:TRANSWIND) has a Beneish M-Score of 0.00 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Transwind Infrastructures and its competitors.

Is Transwind Infrastructures' Beneish M-Score too high?

Transwind Infrastructures' current Beneish M-Score is 0.00. Overall, Transwind Infrastructures has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.

How does Transwind Infrastructures' Beneish M-Score compare to PWR and FIX?

Transwind Infrastructures' Beneish M-Score of 0.00 can be compared against companies in the Construction 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 Transwind Infrastructures and its competitors. Transwind Infrastructures's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Transwind Infrastructures stock overvalued right now?

Transwind Infrastructures (NSE:TRANSWIND) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Transwind Infrastructures' overall GF Score™ is 67/100. 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 Transwind Infrastructures (NSE:TRANSWIND), the current Beneish M-Score is 0.00 as of Jul. 13, 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.

Transwind Infrastructures Business Description

Industry Industrials Construction

Comparable Companies NSE:FALCONTECH NSE:INDIFRA BOM:538496 BOM:540134 BOM:531228 BOM:500426 BOM:526839 BOM:526439 BOM:532676 BOM:531444 PWR XPAR:DG FIX NSE:LT XAMS:FER XKRX:028260 XTER:HOT XMAD:ACS EME MTZ

Address S.G. Highway, 74, Newyork Tower-A, Opposite Jain Derasar, Thaltej, Ahmedabad, GJ, IND, 380054

Website https://www.transwind.in

Transwind Infrastructures Ltd is engaged in infrastructure development, with activities in Indian Railways Signaling & Telecommunication (S&T), City Gas Distribution Networks, Water Distribution Networks, and the Irrigation sector. It is also engaged in the construction and maintenance of roads, railbeds, bridges, tunnels, and pipelines in India. It is mainly engaged in one segment, which is the business of Construction Activities. Geographically, the company conducts its operations in India only.

67GF Score

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₹13.15

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