Dhanlaxmi Bank (BOM:532180) Beneish M-Score: 0.00 (As of Jul. 05, 2026)


BOM:532180 Dhanlaxmi Bank Ltd BOM:532180
59 GF Score
Price ₹34.00
GF Value ₹26.02
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Dhanlaxmi Bank Beneish M-Score?

Dhanlaxmi Bank BOM:532180 +0.95% 59 Beneish M-Score is 0.00 as of Jul. 05, 2026. GuruFocus rates BOM:532180 with a GF Score™ of 59/100 and a GF Value™ of ₹26.02 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,398 Banks companies, Dhanlaxmi Bank ranks worse than 71530.69% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 Dhanlaxmi Bank's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Dhanlaxmi Bank was -1.99. The lowest was -3.18. And the median was -2.40.

BOM:532180
59GF Score
Dhanlaxmi Bank Ltd BOM:532180
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dhanlaxmi Bank 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 Dhanlaxmi Bank 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 Mil.
Revenue was ₹8,147 Mil.
Gross Profit was ₹8,147 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹212,377 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,900 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹300 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹7,366 Mil.
Net Income was ₹1,028 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹6,315 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹6,525 Mil.
Gross Profit was ₹6,525 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹179,369 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,816 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹253 Mil.
Selling, General, & Admin. Expense(SGA) was ₹44 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)
=(0 / 8147.2) / (0 / 6524.9)
=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)
=(6524.9 / 6524.9) / (8147.2 / 8147.2)
=1 / 1
=

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 - (0 + 2900.4) / 212376.6) / (1 - (0 + 2815.576) / 179369.373)
=0.986343 / 0.984303
=

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
=8147.2 / 6524.9
=

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))
=(253.3 / (253.3 + 2815.576)) / (299.7 / (299.7 + 2900.4))
=0.082538 / 0.093653
=

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 / 8147.2) / (43.909 / 6524.9)
=0 / 0.006729
=

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)
=((7366.3 + 0) / 212376.6) / ((0 + 0) / 179369.373)
=0.034685 / 0
=

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
=(1027.5 - 0 - 6314.9) / 212376.6
=-0.024896

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?
Dhanlaxmi Bank (BOM:532180) has a Beneish M-Score of 0.00 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dhanlaxmi Bank and its competitors. According to the industry distribution chart, Dhanlaxmi Bank ranks #999999 out of 1398 companies in the Banks industry.
Is Dhanlaxmi Bank's Beneish M-Score too high?
Dhanlaxmi Bank's current Beneish M-Score is 0.00. Based on the distribution chart, Dhanlaxmi Bank ranks #999999 out of 1398 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Dhanlaxmi Bank has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dhanlaxmi Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Dhanlaxmi Bank ranks #999999 out of 1398 companies for Beneish M-Score. This places Dhanlaxmi Bank 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Dhanlaxmi Bank and its competitors. Dhanlaxmi Bank'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 Dhanlaxmi Bank stock overvalued right now?
Based on GuruFocus' analysis, Dhanlaxmi Bank (BOM:532180) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹26.02, compared to a current price of ₹34.00 — trading 30.7% above its estimated fair value. The current Beneish M-Score is 0.00. Dhanlaxmi Bank's overall GF Score™ is 59/100 with 7 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 Dhanlaxmi Bank (BOM:532180), the current Beneish M-Score is 0.00 as of Jul. 05, 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 Dhanlaxmi Bank (BOM:532180) Overvalued in 2026?

Based on GuruFocus' analysis, Dhanlaxmi Bank stock appears to be overvalued. The current stock price of ₹34.00 is trading 30.7% above its estimated GF Value™ of ₹26.02. GuruFocus considers Dhanlaxmi Bank to be Significantly Overvalued.

Key valuation signals for BOM:532180:

  • Beneish M-Score: 0.00
  • GF Value™: ₹26.02 vs. price of ₹34.00 (30.7% above fair value)
  • GF Score™: 59/100 with 7 warning signs

No single metric tells the full story. See the BOM:532180 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dhanlaxmi Bank Business Description

Other Exchanges DHANBANK:India
Address Punkunnam, Thrissur, Thrissur, KL, IND, 680 002
Dhanlaxmi Bank Ltd provides various banking and financial services in India. The bank operates through four segments. Its Treasury operations segment consists of interest earnings on the investment portfolio of the bank, gains or losses on investment operations, and earnings from foreign exchange business. The Corporate and wholesale banking segment offers loans and other banking services to the corporate segment. Its Retail Banking segment renders loans and other banking services to non-corporate customers. The Other banking operations segment includes income from para-banking activities such as debit cards, third-party product distribution, and associated costs. All the operations of the bank are located in India. The retail banking segment generates the highest revenue.
59GF Score

Get the complete analysis for BOM:532180

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

₹34.00
Price
₹26.02
GF Value