Winsol Engineers (NSE:WINSOL) Beneish M-Score: 0.92 (As of Jun. 26, 2026)


NSE:WINSOL Winsol Engineers Ltd NSE:WINSOL
16 GF Score
Price ₹124.25
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What is Winsol Engineers Beneish M-Score?

Winsol Engineers NSE:WINSOL -3.27% 16 Beneish M-Score is 0.92 as of Jun. 26, 2026. GuruFocus rates NSE:WINSOL with a GF Score™ of 16/100. The stock has 5 warning signs investors should review. Among 1,704 Construction companies, Winsol Engineers ranks worse than 97.18% 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 0.92 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:WINSOL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.8   Med: -1.27   Max: 0.92
Current: 0.92

During the past 5 years, the highest Beneish M-Score of Winsol Engineers was 0.92. The lowest was -1.80. And the median was -1.27.

Winsol Engineers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Winsol Engineers'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.

Winsol Engineers Beneish M-Score Chart

Winsol Engineers Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
0.00 0.00 -1.80 -1.27 0.92

Winsol Engineers Semi-Annual Data
Mar21 Mar22 Mar23 Mar24 Sep24 Mar25 Sep25
Beneish M-Score Get a 7-Day Free Trial -1.80 -1.27 0.00 0.92 0.00

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

For the Engineering & Construction subindustry, Winsol Engineers'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.

Winsol Engineers Beneish M-Score vs Construction Industry

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

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


NSE:WINSOL
16GF Score
Winsol Engineers Ltd NSE:WINSOL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Winsol Engineers 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 Winsol Engineers 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 * 0.9424+0.528 * 1.1665+0.404 * 3.599+0.892 * 1.4275+0.115 * 0.915
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5336+4.679 * 0.41725-0.327 * 0.7501
=0.92

* 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 ₹356 Mil.
Revenue was ₹1,114 Mil.
Gross Profit was ₹613 Mil.
Total Current Assets was ₹823 Mil.
Total Assets was ₹863 Mil.
Property, Plant and Equipment(Net PPE) was ₹20 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹13 Mil.
Total Current Liabilities was ₹325 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41 Mil.
Net Income was ₹118 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-242 Mil.
 Total Receivables was ₹265 Mil.
Revenue was ₹780 Mil.
Gross Profit was ₹501 Mil.
Total Current Assets was ₹386 Mil.
Total Assets was ₹411 Mil.
Property, Plant and Equipment(Net PPE) was ₹22 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6 Mil.
Total Current Liabilities was ₹216 Mil.
Long-Term Debt & Capital Lease Obligation was ₹17 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)
=(356.359 / 1114.185) / (264.895 / 780.491)
=0.319838 / 0.339395
=0.9424

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)
=(500.943 / 780.491) / (613.028 / 1114.185)
=0.641831 / 0.550203
=1.1665

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 - (823.378 + 20.463) / 863.281) / (1 - (386.37 + 21.77) / 410.71)
=0.022519 / 0.006257
=3.599

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
=1114.185 / 780.491
=1.4275

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))
=(3.733 / (3.733 + 21.77)) / (3.897 / (3.897 + 20.463))
=0.146375 / 0.159975
=0.915

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)
=(13.44 / 1114.185) / (6.139 / 780.491)
=0.012063 / 0.007866
=1.5336

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)
=((41.183 + 325.372) / 863.281) / ((16.986 + 215.501) / 410.71)
=0.424607 / 0.566061
=0.7501

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
=(117.868 - 0 - -242.336) / 863.281
=0.41725

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.

Winsol Engineers has a M-score of 0.92 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 0.92 mean?
Winsol Engineers (NSE:WINSOL) has a Beneish M-Score of 0.92 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Winsol Engineers and its competitors. According to the industry distribution chart, Winsol Engineers ranks #1656 out of 1704 companies in the Construction industry, placing it in the top 97.2%.
Is Winsol Engineers' Beneish M-Score too high?
Winsol Engineers' current Beneish M-Score is 0.92. Based on the distribution chart, Winsol Engineers ranks #1656 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Winsol Engineers has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Winsol Engineers' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Winsol Engineers ranks #1656 out of 1704 companies for Beneish M-Score. This places Winsol Engineers 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 Winsol Engineers and its competitors. Winsol Engineers's current Beneish M-Score is 0.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Winsol Engineers stock overvalued right now?
Winsol Engineers (NSE:WINSOL) has a current Beneish M-Score of 0.92. The current Beneish M-Score is 0.92. Winsol Engineers' overall GF Score™ is 16/100 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 Winsol Engineers (NSE:WINSOL), the current Beneish M-Score is 0.92 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.

Winsol Engineers Business Description

Address Shop No. 301, Madhav Commercial Complex, Near Crystal Mall, Khodiyar Colony, Jamnagar, GJ, IND, 361006
Winsol Engineers Ltd is an integrated engineering, procurement, construction, and commissioning company providing Balance of Plant (BoP) Solutions for both Wind and Solar power generation companies. Its services for BoP Solutions include Foundation work, Substation Civil and Electrical work, Right of Way services, Cabling to substation and Grid, and Miscellaneous work.
16GF 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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