ICICI Lombard General Insurance Co (BOM:540716) Beneish M-Score: 0.00 (As of Jul. 04, 2026)


BOM:540716 ICICI Lombard General Insurance Co Ltd BOM:540716
89 GF Score
Price ₹1,772.85
GF Value ₹2,115.59
Valuation Modestly Undervalued
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What is ICICI Lombard General Insurance Co Beneish M-Score?

ICICI Lombard General Insurance Co BOM:540716 +0.56% 89 Beneish M-Score is 0.00 as of Jul. 04, 2026. GuruFocus rates BOM:540716 with a GF Score™ of 89/100 and a GF Value™ of ₹2,115.59 (Modestly Undervalued). Among 400 Insurance companies, ICICI Lombard General Insurance Co ranks worse than 249999.75% 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 ICICI Lombard General Insurance Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of ICICI Lombard General Insurance Co was -1.87. The lowest was -2.81. And the median was -2.30.

BOM:540716
89GF Score
ICICI Lombard General Insurance Co Ltd BOM:540716
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ICICI Lombard General Insurance Co 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 ICICI Lombard General Insurance Co 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 ₹139,403 Mil.
Revenue was ₹281,408 Mil.
Gross Profit was ₹281,408 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹761,109 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,615 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,647 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,655 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹27,719 Mil.
Gross Profit was ₹654 Mil.
Cash Flow from Operations was ₹26,220 Mil.
 Total Receivables was ₹134,823 Mil.
Revenue was ₹249,006 Mil.
Gross Profit was ₹249,006 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹691,450 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,539 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,244 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,418 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)
=(139402.8 / 281408.2) / (134823.4 / 249005.8)
=0.495376 / 0.541447
=

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)
=(249005.8 / 249005.8) / (281408.2 / 281408.2)
=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 + 6614.9) / 761109.4) / (1 - (0 + 6539) / 691450.3)
=0.991309 / 0.990543
=

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
=281408.2 / 249005.8
=

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))
=(1244 / (1244 + 6539)) / (1646.8 / (1646.8 + 6614.9))
=0.159836 / 0.199329
=

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)
=(3655.4 / 281408.2) / (4418.4 / 249005.8)
=0.01299 / 0.017744
=

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)
=((0 + 0) / 761109.4) / ((0 + 0) / 691450.3)
=0 / 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
=(27719.4 - 653.9 - 26219.7) / 761109.4
=0.001111

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?
ICICI Lombard General Insurance Co (BOM:540716) has a Beneish M-Score of 0.00 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ICICI Lombard General Insurance Co and its competitors. According to the industry distribution chart, ICICI Lombard General Insurance Co ranks #999999 out of 400 companies in the Insurance industry.
Is ICICI Lombard General Insurance Co's Beneish M-Score too high?
ICICI Lombard General Insurance Co's current Beneish M-Score is 0.00. Based on the distribution chart, ICICI Lombard General Insurance Co ranks #999999 out of 400 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, ICICI Lombard General Insurance Co has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ICICI Lombard General Insurance Co's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, ICICI Lombard General Insurance Co ranks #999999 out of 400 companies for Beneish M-Score. This places ICICI Lombard General Insurance Co 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 ICICI Lombard General Insurance Co and its competitors. ICICI Lombard General Insurance Co'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 ICICI Lombard General Insurance Co stock overvalued right now?
Based on GuruFocus' analysis, ICICI Lombard General Insurance Co (BOM:540716) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹2,115.59, compared to a current price of ₹1,772.85 — trading 16.2% below its estimated fair value. The current Beneish M-Score is 0.00. ICICI Lombard General Insurance Co's overall GF Score™ is 89/100. 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 ICICI Lombard General Insurance Co (BOM:540716), the current Beneish M-Score is 0.00 as of Jul. 04, 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 ICICI Lombard General Insurance Co (BOM:540716) Overvalued in 2026?

Based on GuruFocus' analysis, ICICI Lombard General Insurance Co stock appears to be undervalued. The current stock price of ₹1,772.85 is trading 16.2% below its estimated GF Value™ of ₹2,115.59. GuruFocus considers ICICI Lombard General Insurance Co to be Modestly Undervalued.

Key valuation signals for BOM:540716:

  • Beneish M-Score: 0.00
  • GF Value™: ₹2,115.59 vs. price of ₹1,772.85 (16.2% below fair value)
  • GF Score™: 89/100

No single metric tells the full story. See the BOM:540716 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ICICI Lombard General Insurance Co Business Description

Other Exchanges ICICIGI:India
Address 414, Veer Savarkar Marg, ICICI Lombard House, Near Siddhivinayak Temple, Prabhadevi, Mumbai, MH, IND, 400 025
ICICI Lombard General Insurance Co Ltd is a general insurance company. Its business segment include Fire; Marine Cargo; Marine, Marine Others, Motor-OD, Motor-TP, Health Insurance, and Personal Accident. The company products include Motor Insurance; Car Insurance; Two Wheeler Insurance; Health Insurance; Complete Health Insurance; Health Booster; Personal Accident Insurance; International Travel Insurance; Home Insurance; Marine Insurance; NRI Insurance Services; Business Insurance; third-party insurance; Crop Insurance and Rural Insurance. Geographically, it operates only in India.
89GF Score

Get the complete analysis for BOM:540716

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

₹1,772.85
Price
₹2,115.59
GF Value