Fortis Malar Hospitals (BOM:523696) Beneish M-Score: 0.00 (As of Jun. 29, 2026)


BOM:523696 Fortis Malar Hospitals Ltd BOM:523696
32 GF Score
Price ₹52.42
GF Value ₹0.03
Valuation Significantly Overvalued
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What is Fortis Malar Hospitals Beneish M-Score?

Fortis Malar Hospitals BOM:523696 +0.52% 32 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates BOM:523696 with a GF Score™ of 32/100 and a GF Value™ of ₹0.03 (Significantly Overvalued). Among 630 Healthcare Providers & Services companies, Fortis Malar Hospitals ranks worse than 158730% 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 Fortis Malar Hospitals's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Fortis Malar Hospitals was 6.38. The lowest was -3.98. And the median was -2.68.

Fortis Malar Hospitals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fortis Malar Hospitals'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.

Fortis Malar Hospitals Beneish M-Score Chart

Fortis Malar Hospitals Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.89 -2.47 -1.55 0.00 0.00

Fortis Malar Hospitals Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

BOM:523696 vs HCA, THC, DVA: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, Fortis Malar Hospitals'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.

Fortis Malar Hospitals Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Fortis Malar Hospitals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fortis Malar Hospitals's Beneish M-Score falls into.


BOM:523696
32GF Score
Fortis Malar Hospitals Ltd BOM:523696
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fortis Malar Hospitals 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 Fortis Malar Hospitals 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 (Mar25) TTM:
Total Receivables was ₹0.00 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹0.00 Mil.
Total Current Assets was ₹369.02 Mil.
Total Assets was ₹376.03 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹32.57 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Net Income was ₹41.37 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹6.25 Mil.
 Total Receivables was ₹0.00 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹0.00 Mil.
Total Current Assets was ₹341.12 Mil.
Total Assets was ₹368.32 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.00 Mil.
Selling, General, & Admin. Expense(SGA) was ₹12.14 Mil.
Total Current Liabilities was ₹66.23 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 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)
=(0 / 0) / (0 / 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)
=(0 / 0) / (0 / 0)
= /
=

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 - (369.021 + 0) / 376.034) / (1 - (341.116 + 0) / 368.32)
=0.01865 / 0.07386
=

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
=0 / 0
=

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=

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 / 0) / (12.135 / 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)
=((0 + 32.569) / 376.034) / ((0 + 66.229) / 368.32)
=0.086612 / 0.179814
=

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
=(41.374 - 0 - 6.246) / 376.034
=0.093417

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?
Fortis Malar Hospitals (BOM:523696) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fortis Malar Hospitals and its competitors. According to the industry distribution chart, Fortis Malar Hospitals ranks #999999 out of 630 companies in the Healthcare Providers & Services industry.
Is Fortis Malar Hospitals' Beneish M-Score too high?
Fortis Malar Hospitals' current Beneish M-Score is 0.00. Based on the distribution chart, Fortis Malar Hospitals ranks #999999 out of 630 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, Fortis Malar Hospitals has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fortis Malar Hospitals' Beneish M-Score compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Fortis Malar Hospitals ranks #999999 out of 630 companies for Beneish M-Score. This places Fortis Malar Hospitals 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 Fortis Malar Hospitals and its competitors. Fortis Malar Hospitals'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 Fortis Malar Hospitals stock overvalued right now?
Based on GuruFocus' analysis, Fortis Malar Hospitals (BOM:523696) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹0.03, compared to a current price of ₹52.42 — trading 174633.3% above its estimated fair value. The current Beneish M-Score is 0.00. Fortis Malar Hospitals' overall GF Score™ is 32/100. 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 Fortis Malar Hospitals (BOM:523696), the current Beneish M-Score is 0.00 as of Jun. 29, 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 Fortis Malar Hospitals (BOM:523696) Overvalued in 2026?

Based on GuruFocus' analysis, Fortis Malar Hospitals stock appears to be overvalued. The current stock price of ₹52.42 is trading 174633.3% above its estimated GF Value™ of ₹0.03. GuruFocus considers Fortis Malar Hospitals to be Significantly Overvalued.

Key valuation signals for BOM:523696:

  • Beneish M-Score: 0.00
  • GF Value™: ₹0.03 vs. price of ₹52.42 (174633.3% above fair value)
  • GF Score™: 32/100

No single metric tells the full story. See the BOM:523696 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fortis Malar Hospitals Business Description

Address Fortis Hospital, Sector 62, Phase VIII, Mohali, PB, IND, 160062
Fortis Malar Hospitals Ltd is an India-based company engaged in the provision of healthcare services. It focuses on providing medical care in the areas of cardiology and cardiac surgery, neurosurgery, gynecology, orthopedics, gastroenterology, neurology, pediatrics, diabetes, nephrology, and internal medicine. The company provides healthcare services in various branches of medicine such as general surgery, general medicine, pediatrics, neurology, cardiology, ophthalmology, radiology, pathology, gastroenterology, urology, thoracic surgery, plastic surgery, and other allied specialties. It operates in one business, namely, in the health care services.
32GF Score

Get the complete analysis for BOM:523696

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹52.42
Price
₹0.03
GF Value