Utkarsh Small Finance Bank (BOM:543942) Beneish M-Score: -3.13 (As of Jul. 20, 2026)

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BOM:543942 Utkarsh Small Finance Bank Ltd BOM:543942
67 GF Score
Price ₹15.07
GF Value ₹21.65
Valuation Possible Value Trap
! 5 Warning Signs
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What is Utkarsh Small Finance Bank Beneish M-Score?

Utkarsh Small Finance Bank BOM:543942 +0.67% 67 Beneish M-Score is -3.13 as of Jul. 20, 2026. GuruFocus rates BOM:543942 with a GF Score™ of 67/100 and a GF Value™ of ₹21.65 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,394 Banks companies, Utkarsh Small Finance Bank ranks better than 94.98% 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 -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:543942' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13   Med: -2.43   Max: -2.25
Current: -3.13

During the past 6 years, the highest Beneish M-Score of Utkarsh Small Finance Bank was -2.25. The lowest was -3.13. And the median was -2.43.

BOM:543942
67GF Score
Utkarsh Small Finance Bank Ltd BOM:543942
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Utkarsh 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 Utkarsh 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 * 0.9979+0.892 * 0.7275+0.115 * 1.1433
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5345+4.679 * -0.066911-0.327 * 1.0466
=-3.13

* 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 ₹19,079 Mil.
Gross Profit was ₹19,079 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹288,691 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,578 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹773 Mil.
Selling, General, & Admin. Expense(SGA) was ₹539 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹25,294 Mil.
Net Income was ₹-11,510 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹7,807 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹26,225 Mil.
Gross Profit was ₹26,225 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹281,274 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,869 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹766 Mil.
Selling, General, & Admin. Expense(SGA) was ₹483 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23,548 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 / 19078.979) / (0 / 26224.583)
=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)
=(26224.583 / 26224.583) / (19078.979 / 19078.979)
=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 + 4578.297) / 288690.741) / (1 - (0 + 3869.206) / 281274.37)
=0.984141 / 0.986244
=0.9979

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
=19078.979 / 26224.583
=0.7275

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))
=(765.691 / (765.691 + 3869.206)) / (773.3 / (773.3 + 4578.297))
=0.165201 / 0.144499
=1.1433

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)
=(539.066 / 19078.979) / (482.871 / 26224.583)
=0.028254 / 0.018413
=1.5345

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)
=((25294.391 + 0) / 288690.741) / ((23547.658 + 0) / 281274.37)
=0.087618 / 0.083718
=1.0466

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
=(-11509.784 - 0 - 7806.915) / 288690.741
=-0.066911

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.

Utkarsh Small Finance Bank has a M-score of -3.13 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 -3.13 mean?
Utkarsh Small Finance Bank (BOM:543942) has a Beneish M-Score of -3.13 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Utkarsh Small Finance Bank and its competitors. According to the industry distribution chart, Utkarsh Small Finance Bank ranks #70 out of 1394 companies in the Banks industry, placing it in the top 5%.
Is Utkarsh Small Finance Bank's Beneish M-Score too high?
Utkarsh Small Finance Bank's current Beneish M-Score is -3.13. Based on the distribution chart, Utkarsh Small Finance Bank ranks #70 out of 1394 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Utkarsh Small Finance Bank has a GF Score™ of 67/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Utkarsh Small Finance Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Utkarsh Small Finance Bank ranks #70 out of 1394 companies for Beneish M-Score. This places Utkarsh Small Finance Bank in the top 5% of its industry — outperforming the majority of peers. 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 Utkarsh Small Finance Bank and its competitors. Utkarsh Small Finance Bank's current Beneish M-Score is -3.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Utkarsh Small Finance Bank stock overvalued right now?
Based on GuruFocus' analysis, Utkarsh Small Finance Bank (BOM:543942) is currently considered Possible Value Trap. The stock's GF Value™ is ₹21.65, compared to a current price of ₹15.07 — trading 30.4% below its estimated fair value. The current Beneish M-Score is -3.13. Utkarsh Small Finance Bank's 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 Utkarsh Small Finance Bank (BOM:543942), the current Beneish M-Score is -3.13 as of Jul. 20, 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 Utkarsh Small Finance Bank (BOM:543942) Overvalued in 2026?

Based on GuruFocus' analysis, Utkarsh Small Finance Bank stock appears to be undervalued. The current stock price of ₹15.07 is trading 30.4% below its estimated GF Value™ of ₹21.65. GuruFocus considers Utkarsh Small Finance Bank to be Possible Value Trap.

Key valuation signals for BOM:543942:

  • Beneish M-Score: -3.13
  • GF Value™: ₹21.65 vs. price of ₹15.07 (30.4% below fair value)
  • GF Score™: 67/100 with 5 warning signs

No single metric tells the full story. See the BOM:543942 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Utkarsh Small Finance Bank Business Description

Other Exchanges UTKARSHBNK:India
Address NH - 31 (Airport Road, Utkarsh Tower, Sehmalpur, Kazi Sarai, Harhua, Varanasi, UP, IND, 221105
Utkarsh Small Finance Bank Ltd is an SFB in India. It offers a range of financial products and services that address the specific requirements of its customer segments while assessing factors including income profile and the type of security available. Its asset products include Microbanking loans, retail loans, wholesale lending, housing loans, commercial vehicle/construction equipment loans, and gold loans. On the liabilities side, the company offers savings accounts, current accounts, and a variety of term and recurring deposit accounts. The Bank's business segment includes Corporate/Wholesale Banking, Retail Banking, Treasury, and Other Banking Operations. The bank generates the majority of its revenue from the Retail Banking segment.
67GF Score

Get the complete analysis for BOM:543942

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

₹15.07
Price
₹21.65
GF Value