ICICI Bank (BUE:IBN) Beneish M-Score: -3.39 (As of Jun. 26, 2026)


BUE:IBN ICICI Bank Ltd BUE:IBN
75 GF Score
Price ARS44,940.00
GF Value ARS45,499.36
Valuation Fairly Valued
! 3 Warning Signs
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What is ICICI Bank Beneish M-Score?

ICICI Bank BUE:IBN -0.09% 75 Beneish M-Score is -3.39 as of Jun. 26, 2026. GuruFocus rates BUE:IBN with a GF Score™ of 75/100 and a GF Value™ of ARS45,499.36 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, ICICI Bank ranks better than 96.78% 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 -3.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BUE:IBN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -2.48   Max: -2.24
Current: -3.39

During the past 13 years, the highest Beneish M-Score of ICICI Bank was -2.24. The lowest was -3.39. And the median was -2.48.

BUE:IBN
75GF Score
ICICI Bank Ltd BUE:IBN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ICICI 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 ICICI 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 * 0+0.528 * 1+0.404 * 1+0.892 * 1.3269+0.115 * 0.9566
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0128+4.679 * -0.004501-0.327 * 1.1031
=-3.17

* 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 ARS0 Mil.
Revenue was ARS33,607,008 Mil.
Gross Profit was ARS33,607,008 Mil.
Total Current Assets was ARS0 Mil.
Total Assets was ARS439,049,944 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,624,260 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS470,407 Mil.
Selling, General, & Admin. Expense(SGA) was ARS16,133,154 Mil.
Total Current Liabilities was ARS0 Mil.
Long-Term Debt & Capital Lease Obligation was ARS33,181,365 Mil.
Net Income was ARS8,166,033 Mil.
Gross Profit was ARS0 Mil.
Cash Flow from Operations was ARS10,142,132 Mil.
 Total Receivables was ARS8,646,578 Mil.
Revenue was ARS25,327,122 Mil.
Gross Profit was ARS25,327,122 Mil.
Total Current Assets was ARS0 Mil.
Total Assets was ARS325,552,647 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,948,261 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS331,484 Mil.
Selling, General, & Admin. Expense(SGA) was ARS12,005,181 Mil.
Total Current Liabilities was ARS0 Mil.
Long-Term Debt & Capital Lease Obligation was ARS22,304,555 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 / 33607007.632) / (8646578.082 / 25327122.102)
=0 / 0.341396
=0

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)
=(25327122.102 / 25327122.102) / (33607007.632 / 33607007.632)
=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 + 2624259.611) / 439049944.473) / (1 - (0 + 1948261.147) / 325552646.635)
=0.994023 / 0.994016
=1

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
=33607007.632 / 25327122.102
=1.3269

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))
=(331483.84 / (331483.84 + 1948261.147)) / (470406.678 / (470406.678 + 2624259.611))
=0.145404 / 0.152006
=0.9566

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)
=(16133154.151 / 33607007.632) / (12005181.125 / 25327122.102)
=0.480053 / 0.474005
=1.0128

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)
=((33181364.646 + 0) / 439049944.473) / ((22304554.934 + 0) / 325552646.635)
=0.075575 / 0.068513
=1.1031

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
=(8166033.368 - 0 - 10142131.584) / 439049944.473
=-0.004501

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.

ICICI Bank has a M-score of -3.17 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 -3.39 mean?
ICICI Bank (BUE:IBN) has a Beneish M-Score of -3.39 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ICICI Bank and its competitors. According to the industry distribution chart, ICICI Bank ranks #45 out of 1397 companies in the Banks industry, placing it in the top 3.2%.
Is ICICI Bank's Beneish M-Score too high?
ICICI Bank's current Beneish M-Score is -3.39. Based on the distribution chart, ICICI Bank ranks #45 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, ICICI Bank has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does ICICI Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, ICICI Bank ranks #45 out of 1397 companies for Beneish M-Score. This places ICICI Bank in the top 3% 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 ICICI Bank and its competitors. ICICI Bank's current Beneish M-Score is -3.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ICICI Bank stock overvalued right now?
Based on GuruFocus' analysis, ICICI Bank (BUE:IBN) is currently considered Fairly Valued. The stock's GF Value™ is ARS45,499.36, compared to a current price of ARS44,940.00 — trading 1.2% below its estimated fair value. The current Beneish M-Score is -3.39. ICICI Bank's overall GF Score™ is 75/100 with 3 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 ICICI Bank (BUE:IBN), the current Beneish M-Score is -3.39 as of Jun. 26, 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 ICICI Bank (BUE:IBN) Overvalued in 2026?

Based on GuruFocus' analysis, ICICI Bank stock appears to be undervalued. The current stock price of ARS44,940.00 is trading 1.2% below its estimated GF Value™ of ARS45,499.36. GuruFocus considers ICICI Bank to be Fairly Valued.

Key valuation signals for BUE:IBN:

  • Beneish M-Score: -3.39
  • GF Value™: ARS45,499.36 vs. price of ARS44,940.00 (1.2% below fair value)
  • GF Score™: 75/100 with 3 warning signs

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

ICICI Bank Business Description

Address ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, MH, IND, 400 051
ICICI Bank Ltd provides banking services. The company's operating segments include Retail Banking; Wholesale Banking; Treasury, Life insurance, Other Banking Business, and Others. The company generates maximum revenue from the Retail Banking segment which includes exposures of the Bank, which satisfy the four qualifying criteria of a regulatory retail portfolio as stipulated by RBI guidelines on the Basel III framework as well as includes income from credit cards, debit cards, third party product distribution, and the associated costs. Geographical segments include Domestic operations and Foreign operations. The company generates the majority of its revenue from the domestic operations.
75GF Score

Get the complete analysis for BUE:IBN

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

ARS44,940.00
Price
ARS45,499.36
GF Value