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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.
Warning Sign:
Beneish M-Score -1.3 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for India Shelter Finance's Beneish M-Score or its related term are showing as below:
BOM:544044'
s Beneish M-Score Range Over the Past 10 Years
Min: -1.3 Med: -1.12 Max: -0.99
Current: -1.3
During the past 6 years, the highest Beneish M-Score of India Shelter Finance was -0.99. The lowest was -1.30. And the median was -1.12.
India Shelter Finance Beneish M-Score Related Terms
India Shelter Finance Beneish M-Score Historical Data
* Premium members only.
The historical data trend for India Shelter Finance's Beneish M-Score can be seen below:
* 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.
BOM:544044 vs RKT, FNMA, PFSI: Beneish M-Score Comparison
For the Mortgage Finance subindustry, India Shelter Finance's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
India Shelter Finance Beneish M-Score vs Banks Industry
For the Banks industry and Financial Services sector, India Shelter Finance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where India Shelter Finance's Beneish M-Score falls into.
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 India Shelter Finance 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 * 1.0737
+
0.528 * 0.9711
+
0.404 * 0.9929
+
0.892 * 1.3013
+
0.115 * 0.9253
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6862
+
4.679 * 0.175575
-
0.327 * 1.0258
=
-1.30
* 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.
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.
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))
=
(115.97 / (115.97 + 282.77))
/
(123.79 / (123.79 + 270.028))
=
0.290841
/
0.314333
=
0.9253
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
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
=
(5031.468 - 0
-
-11849.979)
/
96149.758
=
0.175575
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.
India Shelter Finance has a M-score of -1.30 signals that the company is likely to be a manipulator.
India Shelter Finance (BOM:544044) has a Beneish M-Score of -1.30 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on India Shelter Finance and its competitors. According to the industry distribution chart, India Shelter Finance ranks #1352 out of 1394 companies in the Banks industry, placing it in the top 97%.
Is India Shelter Finance's Beneish M-Score too high?
India Shelter Finance's current Beneish M-Score is -1.30. Based on the distribution chart, India Shelter Finance ranks #1352 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, India Shelter Finance has a GF Score™ of 38/100, reflecting its overall financial health beyond just this single metric.
How does India Shelter Finance's Beneish M-Score compare to RKT and FNMA?
According to the Banks industry distribution chart, India Shelter Finance ranks #1352 out of 1394 companies for Beneish M-Score. This places India Shelter Finance 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 India Shelter Finance and its competitors. India Shelter Finance's current Beneish M-Score is -1.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is India Shelter Finance stock overvalued right now?
India Shelter Finance (BOM:544044) has a current Beneish M-Score of -1.30. The current Beneish M-Score is -1.30. India Shelter Finance's overall GF Score™ is 38/100 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 India Shelter Finance (BOM:544044), the current Beneish M-Score is -1.30 as of Jul. 21, 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.
India Shelter Finance Corporation Ltd caters to the housing needs of the self-employed, informal segment of customers, belonging to the middle income, predominantly from semi-urban and rural markets. It is engaged in providing secured retail home loans, home equity loans, and loans against property to borrowers for a period of up to twenty years. These loans are mainly to be used by borrowers for home purchase, home improvements, home extension, and the construction of dwelling units on plots owned by borrowers. Geographically, the company's operations are spread across different regions in India.
38GF Score
Get the complete analysis for BOM:544044
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