Yes Bank (BOM:532648) Beneish M-Score: -2.34 (As of Jun. 30, 2026)


BOM:532648 Yes Bank Ltd BOM:532648
68 GF Score
Price ₹24.19
GF Value ₹24.35
Valuation Fairly Valued
! 5 Warning Signs
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What is Yes Bank Beneish M-Score?

Yes Bank BOM:532648 -3.59% 68 Beneish M-Score is -2.34 as of Jun. 30, 2026. GuruFocus rates BOM:532648 with a GF Score™ of 68/100 and a GF Value™ of ₹24.35 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,399 Banks companies, Yes Bank ranks worse than 60.47% 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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:532648' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.14   Max: -1.91
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Yes Bank was -1.91. The lowest was -2.84. And the median was -2.14.

BOM:532648
68GF Score
Yes Bank Ltd BOM:532648
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Yes 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 Yes 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 * 1.0005+0.892 * 1.1171+0.115 * 0.9029
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.037654-0.327 * 0.833
=-2.34

* 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 ₹168,425 Mil.
Gross Profit was ₹168,425 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹4,702,041 Mil.
Property, Plant and Equipment(Net PPE) was ₹31,978 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5,776 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹654,508 Mil.
Net Income was ₹35,117 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹212,169 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹150,773 Mil.
Gross Profit was ₹150,773 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹4,241,159 Mil.
Property, Plant and Equipment(Net PPE) was ₹30,784 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,934 Mil.
Selling, General, & Admin. Expense(SGA) was ₹669 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹708,674 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 / 168424.7) / (0 / 150772.5)
=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)
=(150772.5 / 150772.5) / (168424.7 / 168424.7)
=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 + 31978.2) / 4702040.7) / (1 - (0 + 30784.049) / 4241159.328)
=0.993199 / 0.992742
=1.0005

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
=168424.7 / 150772.5
=1.1171

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))
=(4933.9 / (4933.9 + 30784.049)) / (5776.2 / (5776.2 + 31978.2))
=0.138135 / 0.152994
=0.9029

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 / 168424.7) / (668.866 / 150772.5)
=0 / 0.004436
=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)
=((654508.2 + 0) / 4702040.7) / ((708674.469 + 0) / 4241159.328)
=0.139197 / 0.167095
=0.833

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
=(35117.1 - 0 - 212168.5) / 4702040.7
=-0.037654

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.

Yes Bank has a M-score of -2.34 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 -2.34 mean?
Yes Bank (BOM:532648) has a Beneish M-Score of -2.34 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yes Bank and its competitors. According to the industry distribution chart, Yes Bank ranks #846 out of 1399 companies in the Banks industry, placing it in the top 60.5%.
Is Yes Bank's Beneish M-Score too high?
Yes Bank's current Beneish M-Score is -2.34. Based on the distribution chart, Yes Bank ranks #846 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Yes Bank has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Yes Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Yes Bank ranks #846 out of 1399 companies for Beneish M-Score. This places Yes 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 Yes Bank and its competitors. Yes Bank's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Yes Bank stock overvalued right now?
Based on GuruFocus' analysis, Yes Bank (BOM:532648) is currently considered Fairly Valued. The stock's GF Value™ is ₹24.35, compared to a current price of ₹24.19 — trading 0.7% below its estimated fair value. The current Beneish M-Score is -2.34. Yes Bank's overall GF Score™ is 68/100 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 Yes Bank (BOM:532648), the current Beneish M-Score is -2.34 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 Yes Bank (BOM:532648) Overvalued in 2026?

Based on GuruFocus' analysis, Yes Bank stock appears to be undervalued. The current stock price of ₹24.19 is trading 0.7% below its estimated GF Value™ of ₹24.35. GuruFocus considers Yes Bank to be Fairly Valued.

Key valuation signals for BOM:532648:

  • Beneish M-Score: -2.34
  • GF Value™: ₹24.35 vs. price of ₹24.19 (0.7% below fair value)
  • GF Score™: 68/100 with 5 warning signs

No single metric tells the full story. See the BOM:532648 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Yes Bank Business Description

Other Exchanges YESBANK:India
Address Off Western Express Highway, Yes Bank House, Santacruz (East), Mumbai, MH, IND, 400 055
Yes Bank Ltd is a full-service commercial bank operating in India. The bank's activities include corporate banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management services. A majority of the bank's earning assets are loans. The bank's loan portfolio is diversified across various industries, including food and agriculture, life sciences and information technology, tourism, hospitality, media and entertainment, renewable energy, education, and social infrastructure. Services and agriculture constitute approximately half of the bank's priority sector loans. The company reportable segments include Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Operations.
68GF Score

Get the complete analysis for BOM:532648

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

₹24.19
Price
₹24.35
GF Value