Edelweiss Financial Services (BOM:532922) Beneish M-Score: -2.23 (As of Aug. 05, 2026)

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BOM:532922 Edelweiss Financial Services Ltd BOM:532922
67 GF Score
Price ₹117.60
GF Value ₹129.95
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Edelweiss Financial Services Beneish M-Score?

Edelweiss Financial Services BOM:532922 +0.34% 67 Beneish M-Score is -2.23 as of Aug. 05, 2026. GuruFocus rates BOM:532922 with a GF Score™ of 67/100 and a GF Value™ of ₹129.95 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 85 Diversified Financial Services companies, Edelweiss Financial Services ranks worse than 64.71% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:532922' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98   Med: -2.5   Max: -1.42
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Edelweiss Financial Services was -1.42. The lowest was -3.98. And the median was -2.50.

BOM:532922
67GF Score
Edelweiss Financial Services Ltd BOM:532922
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Edelweiss Financial Services 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 Edelweiss Financial Services 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 * 1.0026+0.892 * 1.1233+0.115 * 0.9664
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.008016-0.327 * 0.9828
=-2.23

* 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 ₹80,394 Mil.
Gross Profit was ₹80,394 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹437,415 Mil.
Property, Plant and Equipment(Net PPE) was ₹9,291 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,436 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹185,950 Mil.
Net Income was ₹5,466 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹8,973 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹71,566 Mil.
Gross Profit was ₹71,566 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹416,225 Mil.
Property, Plant and Equipment(Net PPE) was ₹9,902 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,471 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5,015 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹180,043 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 / 80393.5) / (0 / 71565.9)
=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)
=(71565.9 / 71565.9) / (80393.5 / 80393.5)
=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 + 9290.9) / 437414.5) / (1 - (0 + 9901.76) / 416225.04)
=0.97876 / 0.976211
=1.0026

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
=80393.5 / 71565.9
=1.1233

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))
=(1471.4 / (1471.4 + 9901.76)) / (1436.1 / (1436.1 + 9290.9))
=0.129375 / 0.133877
=0.9664

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 / 80393.5) / (5014.8 / 71565.9)
=0 / 0.070072
=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)
=((185950 + 0) / 437414.5) / ((180043.44 + 0) / 416225.04)
=0.425112 / 0.432563
=0.9828

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
=(5466.3 - 0 - 8972.6) / 437414.5
=-0.008016

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.

Edelweiss Financial Services has a M-score of -2.23 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 -2.23 mean?
Edelweiss Financial Services (BOM:532922) has a Beneish M-Score of -2.23 as of Aug. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Edelweiss Financial Services and its competitors. According to the industry distribution chart, Edelweiss Financial Services ranks #55 out of 85 companies in the Diversified Financial Services industry, placing it in the top 64.7%.
Is Edelweiss Financial Services' Beneish M-Score too high?
Edelweiss Financial Services' current Beneish M-Score is -2.23. Based on the distribution chart, Edelweiss Financial Services ranks #55 out of 85 companies in the Diversified Financial Services industry, which is below the industry midpoint. Overall, Edelweiss Financial Services has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Edelweiss Financial Services' Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, Edelweiss Financial Services ranks #55 out of 85 companies for Beneish M-Score. This places Edelweiss Financial Services 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial 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 Edelweiss Financial Services and its competitors. Edelweiss Financial Services's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Edelweiss Financial Services stock overvalued right now?
Based on GuruFocus' analysis, Edelweiss Financial Services (BOM:532922) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹129.95, compared to a current price of ₹117.60 — trading 9.5% below its estimated fair value. The current Beneish M-Score is -2.23. Edelweiss Financial Services' overall GF Score™ is 67/100 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 Edelweiss Financial Services (BOM:532922), the current Beneish M-Score is -2.23 as of Aug. 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 Edelweiss Financial Services (BOM:532922) Overvalued in 2026?

Based on GuruFocus' analysis, Edelweiss Financial Services stock appears to be undervalued. The current stock price of ₹117.60 is trading 9.5% below its estimated GF Value™ of ₹129.95. GuruFocus considers Edelweiss Financial Services to be Modestly Undervalued.

Key valuation signals for BOM:532922:

  • Beneish M-Score: -2.23
  • GF Value™: ₹129.95 vs. price of ₹117.60 (9.5% below fair value)
  • GF Score™: 67/100 with 5 warning signs

No single metric tells the full story. See the BOM:532922 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Edelweiss Financial Services Business Description

Other Exchanges EDELWEISS:India
Address Edelweiss House, Off. C.S.T. Road, Kalina, Mumbai, MH, IND, 400098
Edelweiss Financial Services Ltd is mainly involved in providing investment banking services and holding company activities. The company's businesses are divided into Alternatives business, Capital business, Insurance business, Asset reconstruction business, Mutual fund business and Other business. Alternatives business includes advisory and other fee based business; Capital business, that derives maximum revenue, represents lending business and investment activities; Asset reconstruction business represents purchase and resolution of distress assets; Insurance business represents life insurance business and general insurance business. Mutual fund business represents income from asset management activities and Other business which includes custodian and CSR.
67GF Score

Get the complete analysis for BOM:532922

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

₹117.60
Price
₹129.95
GF Value