The South Indian Bank (BOM:532218) Beneish M-Score: -2.48 (As of Jun. 30, 2026)


BOM:532218 The South Indian Bank Ltd BOM:532218
60 GF Score
Price ₹45.93
GF Value ₹25.61
Valuation Significantly Overvalued
! 8 Warning Signs
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What is The South Indian Bank Beneish M-Score?

The South Indian Bank BOM:532218 +1.15% 60 Beneish M-Score is -2.48 as of Jun. 30, 2026. GuruFocus rates BOM:532218 with a GF Score™ of 60/100 and a GF Value™ of ₹25.61 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,399 Banks companies, The South Indian Bank ranks better than 66.26% 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.

Good Sign:

Beneish M-Score -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:532218' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.46   Max: -2.13
Current: -2.48

During the past 13 years, the highest Beneish M-Score of The South Indian Bank was -2.13. The lowest was -2.76. And the median was -2.46.

BOM:532218
60GF Score
The South Indian Bank Ltd BOM:532218
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The South Indian 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 The South Indian 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 * 1+0.528 * 1+0.404 * 1.0008+0.892 * 1.0278+0.115 * 0.9153
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.01729-0.327 * 1.328
=-2.48

* 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 ₹54,461 Mil.
Gross Profit was ₹54,461 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹1,417,565 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,428 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,149 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹39,270 Mil.
Net Income was ₹14,556 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹39,066 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹52,986 Mil.
Gross Profit was ₹52,986 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹1,246,551 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,183 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,018 Mil.
Selling, General, & Admin. Expense(SGA) was ₹457 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26,005 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 / 54461.4) / (0 / 52986.2)
=0 / 0
=1

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)
=(52986.2 / 52986.2) / (54461.4 / 54461.4)
=1 / 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 + 10428.4) / 1417564.6) / (1 - (0 + 10182.998) / 1246550.652)
=0.992643 / 0.991831
=1.0008

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
=54461.4 / 52986.2
=1.0278

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))
=(1017.8 / (1017.8 + 10182.998)) / (1149.4 / (1149.4 + 10428.4))
=0.090869 / 0.099276
=0.9153

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 / 54461.4) / (457.057 / 52986.2)
=0 / 0.008626
=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)
=((39270.1 + 0) / 1417564.6) / ((26004.755 + 0) / 1246550.652)
=0.027703 / 0.020861
=1.328

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
=(14556.4 - 0 - 39066.3) / 1417564.6
=-0.01729

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 South Indian Bank has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.48 mean?
The South Indian Bank (BOM:532218) has a Beneish M-Score of -2.48 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The South Indian Bank and its competitors. According to the industry distribution chart, The South Indian Bank ranks #472 out of 1399 companies in the Banks industry, placing it in the top 33.7%.
Is The South Indian Bank's Beneish M-Score too high?
The South Indian Bank's current Beneish M-Score is -2.48. Based on the distribution chart, The South Indian Bank ranks #472 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, The South Indian Bank has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The South Indian Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, The South Indian Bank ranks #472 out of 1399 companies for Beneish M-Score. This puts The South Indian Bank in the upper 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 The South Indian Bank and its competitors. The South Indian Bank's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The South Indian Bank stock overvalued right now?
Based on GuruFocus' analysis, The South Indian Bank (BOM:532218) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹25.61, compared to a current price of ₹45.93 — trading 79.3% above its estimated fair value. The current Beneish M-Score is -2.48. The South Indian Bank's overall GF Score™ is 60/100 with 8 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 The South Indian Bank (BOM:532218), the current Beneish M-Score is -2.48 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.

Is The South Indian Bank (BOM:532218) Overvalued in 2026?

Based on GuruFocus' analysis, The South Indian Bank stock appears to be overvalued. The current stock price of ₹45.93 is trading 79.3% above its estimated GF Value™ of ₹25.61. GuruFocus considers The South Indian Bank to be Significantly Overvalued.

Key valuation signals for BOM:532218:

  • Beneish M-Score: -2.48
  • GF Value™: ₹25.61 vs. price of ₹45.93 (79.3% above fair value)
  • GF Score™: 60/100 with 8 warning signs

No single metric tells the full story. See the BOM:532218 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

The South Indian Bank Business Description

Other Exchanges SOUTHBANK:India
Address TB Road, SIB House, Mission Quarters, Thrissur, KL, IND, 680001
The South Indian Bank Ltd operates in the Indian banking sector. The company's operating segments include Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking operations. Corporate/Wholesale Banking segment provides loans to the corporate segment identified based on RBI guidelines. The Retail Banking segment provides loans to non-corporate customers. Treasury segment constitutes interest earnings on investment portfolios and foreign exchange activities. The Other Banking Operations segment includes income from para-banking activities. It generates maximum revenue from the Retail Banking segment. Geographically, it operates in India.
60GF Score

Get the complete analysis for BOM:532218

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

₹45.93
Price
₹25.61
GF Value