Travel Food Services (NSE:TRAVELFOOD) Beneish M-Score: 0.00 (As of Jun. 30, 2026)


NSE:TRAVELFOOD Travel Food Services Ltd NSE:TRAVELFOOD
21 GF Score
Price ₹1,313.90
! 2 Warning Signs
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What is Travel Food Services Beneish M-Score?

Travel Food Services NSE:TRAVELFOOD -1.51% 21 Beneish M-Score is 0.00 as of Jun. 30, 2026. GuruFocus rates NSE:TRAVELFOOD with a GF Score™ of 21/100. The stock has 2 warning signs investors should review. Among 356 Restaurants companies, Travel Food Services ranks worse than 280898.6% 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.

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

During the past 5 years, the highest Beneish M-Score of Travel Food Services was 0.00. The lowest was 0.00. And the median was 0.00.

Travel Food Services Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Travel Food Services'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.

Travel Food Services Beneish M-Score Chart

Travel Food Services Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

Travel Food Services Quarterly Data
Mar22 Mar23 Mar24 Jun24 Sep24 Dec24 Mar25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -1.08 0.00

NSE:TRAVELFOOD vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, Travel Food Services'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.

Travel Food Services Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Travel Food Services's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Travel Food Services's Beneish M-Score falls into.


NSE:TRAVELFOOD
21GF Score
Travel Food Services Ltd NSE:TRAVELFOOD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Travel Food Services 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 Travel Food Services 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec24) TTM:
Total Receivables was ₹2,674 Mil.
Revenue was 4606.83 + 4561.69 + 3558.9 + 3665.74 = ₹16,393 Mil.
Gross Profit was 3410.3 + 3143.11 + 2396.94 + 2384.82 = ₹11,335 Mil.
Total Current Assets was ₹13,414 Mil.
Total Assets was ₹22,798 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,156 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,501 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹7,025 Mil.
Long-Term Debt & Capital Lease Obligation was ₹956 Mil.
Net Income was 1207.98 + 1326.82 + 957.72 + 1028.5 = ₹4,521 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
 Total Receivables was ₹0 Mil.
Revenue was 4108.74 + 5004.27 + 4098.49 + 0 = ₹13,212 Mil.
Gross Profit was 2766.02 + 3381.9 + 2611.54 + 0 = ₹8,759 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹0 Mil.
Property, Plant and Equipment(Net PPE) was ₹0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹931 Mil.
Selling, General, & Admin. Expense(SGA) was ₹71 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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)
=(2673.63 / 16393.16) / (0 / 13211.5)
=0.163094 / 0
=

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)
=(8759.46 / 13211.5) / (11335.17 / 16393.16)
=0.663018 / 0.691457
=

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 - (13414.19 + 3155.95) / 22798.43) / (1 - (0 + 0) / 0)
=0.273189 /
=

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
=16393.16 / 13211.5
=

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))
=(931.3 / (931.3 + 0)) / (1500.89 / (1500.89 + 3155.95))
=1 / 0.322298
=

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 / 16393.16) / (70.56 / 13211.5)
=0 / 0.005341
=

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)
=((956.31 + 7024.66) / 22798.43) / ((0 + 0) / 0)
=0.350067 /
=

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
=(4521.02 - 0 - 0) / 22798.43
=0.198304

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Travel Food Services (NSE:TRAVELFOOD) has a Beneish M-Score of 0.00 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Travel Food Services and its competitors. According to the industry distribution chart, Travel Food Services ranks #999999 out of 356 companies in the Restaurants industry.
Is Travel Food Services' Beneish M-Score too high?
Travel Food Services' current Beneish M-Score is 0.00. Based on the distribution chart, Travel Food Services ranks #999999 out of 356 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Travel Food Services has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Travel Food Services' Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Travel Food Services ranks #999999 out of 356 companies for Beneish M-Score. This places Travel Food Services 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Travel Food Services and its competitors. Travel Food Services'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 Travel Food Services stock overvalued right now?
Travel Food Services (NSE:TRAVELFOOD) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Travel Food Services' overall GF Score™ is 21/100 with 2 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 Travel Food Services (NSE:TRAVELFOOD), the current Beneish M-Score is 0.00 as of Jun. 30, 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.

Travel Food Services Business Description

Other Exchanges 544443:India
Address Dr. Annie Besant Road, Block-A South Wing 1st Floor, Shiv Sagar Estate, Worli, Mumbai, MH, IND, 400 018
Travel Food Services Ltd is a player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge sector. Its Travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers' demands for speed and convenience within travel environments. Its Lounge business comprises designated areas within airport terminals, accessible by first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders and members of other loyalty programmes. The company had approximately had 37 Lounges across India, Malaysia and Hong Kong.
21GF 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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