Niva Bupa Health Insurance Co (BOM:544286) Beneish M-Score: -2.29 (As of Jul. 27, 2026)

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BOM:544286 Niva Bupa Health Insurance Co Ltd BOM:544286
11 GF Score
Price ₹86.62
! 4 Warning Signs
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What is Niva Bupa Health Insurance Co Beneish M-Score?

Niva Bupa Health Insurance Co BOM:544286 +2.11% 11 Beneish M-Score is -2.29 as of Jul. 27, 2026. GuruFocus rates BOM:544286 with a GF Score™ of 11/100. The stock has 4 warning signs investors should review. Among 399 Insurance companies, Niva Bupa Health Insurance Co ranks worse than 71.43% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Niva Bupa Health Insurance Co's Beneish M-Score or its related term are showing as below:

BOM:544286' s Beneish M-Score Range Over the Past 10 Years
Min: -2.29   Med: -1.76   Max: -1.22
Current: -2.29

During the past 5 years, the highest Beneish M-Score of Niva Bupa Health Insurance Co was -1.22. The lowest was -2.29. And the median was -1.76.

BOM:544286
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Niva Bupa Health Insurance Co Ltd BOM:544286
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Niva Bupa Health 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 Niva Bupa Health 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 * 0.7604+0.528 * 1+0.404 * 1.001+0.892 * 1.2457+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4839+4.679 * 0.011598-0.327 * 0.8656
=-2.29

* 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 ₹10,429 Mil.
Revenue was 21385.6 + 16110.3 + 15740.3 + 13710.8 = ₹66,947 Mil.
Gross Profit was 21385.6 + 16110.3 + 15740.3 + 13710.8 = ₹66,947 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹112,759 Mil.
Property, Plant and Equipment(Net PPE) was ₹398 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,244 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,500 Mil.
Net Income was 3451.3 + -876.4 + -352.7 + -914.4 = ₹1,308 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
 Total Receivables was ₹11,010 Mil.
Revenue was 16707.9 + 12580.2 + 13212.8 + 11241.9 = ₹53,743 Mil.
Gross Profit was 16707.9 + 12580.2 + 13212.8 + 11241.9 = ₹53,743 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹97,602 Mil.
Property, Plant and Equipment(Net PPE) was ₹443 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,064 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,500 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)
=(10429.1 / 66947) / (11009.5 / 53742.8)
=0.155781 / 0.204855
=0.7604

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)
=(53742.8 / 53742.8) / (66947 / 66947)
=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 + 397.5) / 112758.6) / (1 - (0 + 442.9) / 97601.6)
=0.996475 / 0.995462
=1.001

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
=66947 / 53742.8
=1.2457

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))
=(0 / (0 + 442.9)) / (0 / (0 + 397.5))
=0 / 0
=1

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)
=(1244 / 66947) / (2063.7 / 53742.8)
=0.018582 / 0.0384
=0.4839

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)
=((2500 + 0) / 112758.6) / ((2500 + 0) / 97601.6)
=0.022171 / 0.025614
=0.8656

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
=(1307.8 - 0 - 0) / 112758.6
=0.011598

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.

Niva Bupa Health Insurance Co has a M-score of -2.29 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 -2.29 mean?
Niva Bupa Health Insurance Co (BOM:544286) has a Beneish M-Score of -2.29 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Niva Bupa Health Insurance Co and its competitors. According to the industry distribution chart, Niva Bupa Health Insurance Co ranks #285 out of 399 companies in the Insurance industry, placing it in the top 71.4%.
Is Niva Bupa Health Insurance Co's Beneish M-Score too high?
Niva Bupa Health Insurance Co's current Beneish M-Score is -2.29. Based on the distribution chart, Niva Bupa Health Insurance Co ranks #285 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Niva Bupa Health Insurance Co has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Niva Bupa Health Insurance Co's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Niva Bupa Health Insurance Co ranks #285 out of 399 companies for Beneish M-Score. This places Niva Bupa Health 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 Niva Bupa Health Insurance Co and its competitors. Niva Bupa Health Insurance Co's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Niva Bupa Health Insurance Co stock overvalued right now?
Niva Bupa Health Insurance Co (BOM:544286) has a current Beneish M-Score of -2.29. The current Beneish M-Score is -2.29. Niva Bupa Health Insurance Co's overall GF Score™ is 11/100 with 4 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 Niva Bupa Health Insurance Co (BOM:544286), the current Beneish M-Score is -2.29 as of Jul. 27, 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.

Niva Bupa Health Insurance Co Business Description

Other Exchanges NIVABUPA:India
Address Golf Course Extension Road, Sector - 59, 3rd Floor, Capital Cyber scape, Gurugram, HR, IND, 122102
Niva Bupa Health Insurance Co Ltd is an insurance company in India. It provides various insurance plans under categories such as Health Insurance, Travel Insurance, and Corporate Insurance. Some of the insurance plans offered by the company include Critical illness plans, Individual health insurance plans, Corporate Insurance Plans, International Travel Insurance, Personal Accident Insurance Plans, and Family Health Insurance Plans, among others. Geographically, the company caters only to the Indian market.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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