Suryoday Small Finance Bank (BOM:543279) Beneish M-Score: -2.34 (As of Jul. 13, 2026)

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BOM:543279 Suryoday Small Finance Bank Ltd BOM:543279
76 GF Score
Price ₹191.75
GF Value ₹186.12
Valuation Fairly Valued
! 5 Warning Signs
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What is Suryoday Small Finance Bank Beneish M-Score?

Suryoday Small Finance Bank BOM:543279 +4.04% 76 Beneish M-Score is -2.34 as of Jul. 13, 2026. GuruFocus rates BOM:543279 with a GF Score™ of 76/100 and a GF Value™ of ₹186.12 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,399 Banks companies, Suryoday Small Finance 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 Suryoday Small Finance Bank's Beneish M-Score or its related term are showing as below:

BOM:543279' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.29   Max: -1.92
Current: -2.34

During the past 9 years, the highest Beneish M-Score of Suryoday Small Finance Bank was -1.92. The lowest was -2.82. And the median was -2.29.

BOM:543279
76GF Score
Suryoday Small Finance Bank Ltd BOM:543279
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Suryoday 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 Suryoday 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 * 1.0037+0.892 * 1.102+0.115 * 0.8708
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.025164-0.327 * 0.9865
=-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 ₹14,584 Mil.
Gross Profit was ₹14,584 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹198,840 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,980 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹675 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹31,224 Mil.
Net Income was ₹1,520 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹6,523 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹13,234 Mil.
Gross Profit was ₹13,234 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹156,144 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,901 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹556 Mil.
Selling, General, & Admin. Expense(SGA) was ₹121 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹24,855 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 / 14583.8) / (0 / 13233.9)
=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)
=(13233.9 / 13233.9) / (14583.8 / 14583.8)
=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 + 2980.4) / 198839.6) / (1 - (0 + 2901.356) / 156143.856)
=0.985011 / 0.981419
=1.0037

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
=14583.8 / 13233.9
=1.102

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))
=(555.9 / (555.9 + 2901.356)) / (675 / (675 + 2980.4))
=0.160792 / 0.184658
=0.8708

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 / 14583.8) / (120.522 / 13233.9)
=0 / 0.009107
=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)
=((31223.6 + 0) / 198839.6) / ((24854.669 + 0) / 156143.856)
=0.157029 / 0.159178
=0.9865

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
=(1519.7 - 0 - 6523.3) / 198839.6
=-0.025164

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.

Suryoday Small Finance 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?
Suryoday Small Finance Bank (BOM:543279) has a Beneish M-Score of -2.34 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Suryoday Small Finance Bank and its competitors. According to the industry distribution chart, Suryoday Small Finance Bank ranks #846 out of 1399 companies in the Banks industry, placing it in the top 60.5%.
Is Suryoday Small Finance Bank's Beneish M-Score too high?
Suryoday Small Finance Bank's current Beneish M-Score is -2.34. Based on the distribution chart, Suryoday Small Finance Bank ranks #846 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Suryoday Small Finance Bank has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Suryoday Small Finance Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Suryoday Small Finance Bank ranks #846 out of 1399 companies for Beneish M-Score. This places Suryoday Small Finance 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 Suryoday Small Finance Bank and its competitors. Suryoday Small Finance 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 Suryoday Small Finance Bank stock overvalued right now?
Based on GuruFocus' analysis, Suryoday Small Finance Bank (BOM:543279) is currently considered Fairly Valued. The stock's GF Value™ is ₹186.12, compared to a current price of ₹191.75 — trading 3% above its estimated fair value. The current Beneish M-Score is -2.34. Suryoday Small Finance Bank's overall GF Score™ is 76/100 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 Suryoday Small Finance Bank (BOM:543279), the current Beneish M-Score is -2.34 as of Jul. 13, 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 Suryoday Small Finance Bank (BOM:543279) Overvalued in 2026?

Based on GuruFocus' analysis, Suryoday Small Finance Bank stock appears to be overvalued. The current stock price of ₹191.75 is trading 3% above its estimated GF Value™ of ₹186.12. GuruFocus considers Suryoday Small Finance Bank to be Fairly Valued.

Key valuation signals for BOM:543279:

  • Beneish M-Score: -2.34
  • GF Value™: ₹186.12 vs. price of ₹191.75 (3% above fair value)
  • GF Score™: 76/100 with 5 warning signs

No single metric tells the full story. See the BOM:543279 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Suryoday Small Finance Bank Business Description

Other Exchanges SURYODAY:India
Address Unit No. 1101, Sharda Terraces, Plot No. 65, Sector 11, CBD Belapur, Navi Mumbai, MH, IND, 400 614
Suryoday Small Finance Bank Ltd is a small finance bank. It offers credit products, digital banking, NPCI payment systems, and mobile technologies along with banking through traditional channels and a diversified asset portfolio with a focus on retail operations. The company's operating segment includes Treasury; Retail banking; Corporate banking and Other banking operations. It generates maximum revenue from the Retail banking segment.
76GF Score

Get the complete analysis for BOM:543279

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

₹191.75
Price
₹186.12
GF Value