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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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Panacea Biotec's Beneish M-Score or its related term are showing as below:
BOM:531349'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.56 Max: 1.52
Current: -2.32
During the past 13 years, the highest Beneish M-Score of Panacea Biotec was 1.52. The lowest was -3.47. And the median was -2.56.
Panacea Biotec Beneish M-Score Related Terms
Panacea Biotec Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Panacea Biotec'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.
BOM:531349 vs VRTX, REGN, ALNY: Beneish M-Score Comparison
For the Biotechnology subindustry, Panacea Biotec'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.
Panacea Biotec Beneish M-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Panacea Biotec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Panacea Biotec's Beneish M-Score falls into.
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 Panacea Biotec 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 * 0.8645
+
0.528 * 1.1451
+
0.404 * 0.9443
+
0.892 * 1.1443
+
0.115 * 1.0696
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0
+
4.679 * -0.01747
-
0.327 * 0.996
=
-2.32
* 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))
=
(348.1 / (348.1 + 6408.04))
/
(330.6 / (330.6 + 6532.4))
=
0.051524
/
0.048171
=
1.0696
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
=
(-53.7 - 0
-
166.8)
/
12621.7
=
-0.01747
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.
Panacea Biotec has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Panacea Biotec (BOM:531349) has a Beneish M-Score of -2.32 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Panacea Biotec and its competitors. According to the industry distribution chart, Panacea Biotec ranks #430 out of 824 companies in the Biotechnology industry, placing it in the top 52.2%.
Is Panacea Biotec's Beneish M-Score too high?
Panacea Biotec's current Beneish M-Score is -2.32. Based on the distribution chart, Panacea Biotec ranks #430 out of 824 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Panacea Biotec has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Panacea Biotec's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Panacea Biotec ranks #430 out of 824 companies for Beneish M-Score. This places Panacea Biotec 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Panacea Biotec and its competitors. Panacea Biotec's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Panacea Biotec stock overvalued right now?
Based on GuruFocus' analysis, Panacea Biotec (BOM:531349) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹359.92, compared to a current price of ₹537.70 — trading 49.4% above its estimated fair value. The current Beneish M-Score is -2.32. Panacea Biotec's overall GF Score™ is 54/100 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 Panacea Biotec (BOM:531349), the current Beneish M-Score is -2.32 as of Jul. 15, 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 Panacea Biotec (BOM:531349) Overvalued in 2026?
Based on GuruFocus' analysis, Panacea Biotec stock appears to be overvalued.
The current stock price of ₹537.70 is trading 49.4% above its estimated GF Value™ of ₹359.92.
GuruFocus considers Panacea Biotec to be Significantly Overvalued.
Key valuation signals for BOM:531349:
Beneish M-Score: -2.32
GF Value™: ₹359.92 vs. price of ₹537.70 (49.4% above fair value)
No single metric tells the full story. See the BOM:531349 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Panacea Biotec Ltd is a Biotechnology company. It is engaged in the business of research, development, manufacturing, and marketing of branded pharmaceutical formulations, vaccines, and biopharmaceuticals. The company's operating segments include Vaccines, and Formulations. It generates maximum revenue from the Vaccines segment. The company product portfolio includes prescription products in niche therapeutic areas such as diabetes and cardiovascular management, oncology, nephrology and transplant management, osteoporosis management, gastro-intestinal care, pain management products, and pediatric immunization. The group has a business presence in India and Outside India.
54GF Score
Get the complete analysis for BOM:531349
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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