Ujjivan Small Finance Bank (BOM:542904) Beneish M-Score: -2.48 (As of Jul. 04, 2026)


BOM:542904 Ujjivan Small Finance Bank Ltd BOM:542904
72 GF Score
Price ₹59.59
GF Value ₹56.17
Valuation Fairly Valued
! 5 Warning Signs
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What is Ujjivan Small Finance Bank Beneish M-Score?

Ujjivan Small Finance Bank BOM:542904 -2.85% 72 Beneish M-Score is -2.48 as of Jul. 04, 2026. GuruFocus rates BOM:542904 with a GF Score™ of 72/100 and a GF Value™ of ₹56.17 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Ujjivan Small Finance Bank ranks better than 66.36% 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 Ujjivan Small Finance Bank's Beneish M-Score or its related term are showing as below:

BOM:542904' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01   Med: -2.4   Max: -1.84
Current: -2.48

During the past 10 years, the highest Beneish M-Score of Ujjivan Small Finance Bank was -1.84. The lowest was -3.01. And the median was -2.40.

BOM:542904
72GF Score
Ujjivan Small Finance Bank Ltd BOM:542904
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ujjivan Small Finance 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 Ujjivan Small Finance 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 * 1.0014+0.892 * 1.1229+0.115 * 0.9692
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.893+4.679 * -0.019995-0.327 * 1.1105
=-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 ₹49,074 Mil.
Gross Profit was ₹49,074 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹575,412 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,573 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,446 Mil.
Selling, General, & Admin. Expense(SGA) was ₹442 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹24,860 Mil.
Net Income was ₹6,926 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹18,432 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹43,703 Mil.
Gross Profit was ₹43,703 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹476,892 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,437 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,347 Mil.
Selling, General, & Admin. Expense(SGA) was ₹441 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18,554 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 / 49074.381) / (0 / 43702.894)
=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)
=(43702.894 / 43702.894) / (49074.381 / 49074.381)
=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 + 4572.748) / 575412.051) / (1 - (0 + 4437.402) / 476891.515)
=0.992053 / 0.990695
=1.0014

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
=49074.381 / 43702.894
=1.1229

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))
=(1347.239 / (1347.239 + 4437.402)) / (1446.42 / (1446.42 + 4572.748))
=0.232899 / 0.240302
=0.9692

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)
=(441.807 / 49074.381) / (440.599 / 43702.894)
=0.009003 / 0.010082
=0.893

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)
=((24860.113 + 0) / 575412.051) / ((18553.63 + 0) / 476891.515)
=0.043204 / 0.038905
=1.1105

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
=(6926.344 - 0 - 18431.962) / 575412.051
=-0.019995

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.

Ujjivan Small Finance 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?
Ujjivan Small Finance Bank (BOM:542904) has a Beneish M-Score of -2.48 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ujjivan Small Finance Bank and its competitors. According to the industry distribution chart, Ujjivan Small Finance Bank ranks #470 out of 1397 companies in the Banks industry, placing it in the top 33.6%.
Is Ujjivan Small Finance Bank's Beneish M-Score too high?
Ujjivan Small Finance Bank's current Beneish M-Score is -2.48. Based on the distribution chart, Ujjivan Small Finance Bank ranks #470 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Ujjivan Small Finance Bank has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ujjivan Small Finance Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Ujjivan Small Finance Bank ranks #470 out of 1397 companies for Beneish M-Score. This puts Ujjivan Small Finance 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 Ujjivan Small Finance Bank and its competitors. Ujjivan Small Finance 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 Ujjivan Small Finance Bank stock overvalued right now?
Based on GuruFocus' analysis, Ujjivan Small Finance Bank (BOM:542904) is currently considered Fairly Valued. The stock's GF Value™ is ₹56.17, compared to a current price of ₹59.59 — trading 6.1% above its estimated fair value. The current Beneish M-Score is -2.48. Ujjivan Small Finance Bank's overall GF Score™ is 72/100 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 Ujjivan Small Finance Bank (BOM:542904), the current Beneish M-Score is -2.48 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 Ujjivan Small Finance Bank (BOM:542904) Overvalued in 2026?

Based on GuruFocus' analysis, Ujjivan Small Finance Bank stock appears to be overvalued. The current stock price of ₹59.59 is trading 6.1% above its estimated GF Value™ of ₹56.17. GuruFocus considers Ujjivan Small Finance Bank to be Fairly Valued.

Key valuation signals for BOM:542904:

  • Beneish M-Score: -2.48
  • GF Value™: ₹56.17 vs. price of ₹59.59 (6.1% above fair value)
  • GF Score™: 72/100 with 5 warning signs

No single metric tells the full story. See the BOM:542904 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ujjivan Small Finance Bank Business Description

Other Exchanges UJJIVANSFB:India
Address No. 27, 3rd ‘A’ Cross, 18th Main, 6th Block, Grape Garden, Bengaluru, KA, IND, 560 095
Ujjivan Small Finance Bank Ltd is a mass-market-focused SFB in India, catering to unserved and underserved segments and committed to building financial inclusion in the country. Its segments are Treasury; Retail Banking; and Corporate/Wholesale Banking. The company's asset products comprise loans to its micro banking customers that include group loans and individual loans, agriculture and allied loans, MSE loans, affordable housing loans, financial institutions group loans, personal loans, and vehicle loans. It also offers savings accounts, current accounts, and a variety of deposit accounts. In addition, the company also provides non-credit offerings comprising ATM-cum-debit cards, Aadhaar enrolment services, distribution of third-party insurance products, and point-of-sales terminals.
72GF Score

Get the complete analysis for BOM:542904

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

₹59.59
Price
₹56.17
GF Value