Power Grid Company of Bangladesh (DHA:POWERGRID) Beneish M-Score: 0.00 (As of Jul. 29, 2026)

Author:

Vera Yuan

Director of Data and Quant Analytics at GuruFocus

Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.

View Profile →

Reviewed by:

Charlie Tian

Founder & CEO of GuruFocus

Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

View Profile →

Power Grid Company of Bangladesh Ltd DHA:POWERGRID

73 GF Score

Price BDT40.80

GF Value BDT47.46

Valuation Modestly Undervalued

8 Warning Signs

View Full Analysis

What is Power Grid Company of Bangladesh Beneish M-Score?

Power Grid Company of Bangladesh DHA:POWERGRID -0.97% 73 Beneish M-Score is 0.00 as of Jul. 29, 2026. GuruFocus rates DHA:POWERGRID with a GF Score™ of 73/100 and a GF Value™ of BDT47.46 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 486 Utilities - Regulated companies, Power Grid Company of Bangladesh ranks worse than 205761.11% on this metric.

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.

The historical rank and industry rank for Power Grid Company of Bangladesh's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Power Grid Company of Bangladesh was -3.04. The lowest was -3.04. And the median was -3.04.

Power Grid Company of Bangladesh Beneish M-Score Related Terms

Power Grid Company of Bangladesh Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Power Grid Company of Bangladesh'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.

Power Grid Company of Bangladesh Beneish M-Score Chart

Power Grid Company of Bangladesh Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

Get a 7-Day Free Trial

0.00

-3.04

Power Grid Company of Bangladesh Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-3.04	0.00	0.00	0.00

DHA:POWERGRID vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Power Grid Company of Bangladesh'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.

Power Grid Company of Bangladesh Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Power Grid Company of Bangladesh's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Power Grid Company of Bangladesh's Beneish M-Score falls into.

Save Embed

73GF Score

Power Grid Company of Bangladesh Ltd DHA:POWERGRID

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Power Grid Company of Bangladesh 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 Power Grid Company of Bangladesh for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was BDT8,971 Mil.
Revenue was 7147.522 + 7408.455 + 9308.278 + 8811.173 = BDT32,675 Mil.
Gross Profit was 1975.153 + 2523.694 + 4905.966 + 2279.981 = BDT11,685 Mil.
Total Current Assets was BDT101,448 Mil.
Total Assets was BDT871,941 Mil.
Property, Plant and Equipment(Net PPE) was BDT770,493 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT13,994 Mil.
Selling, General, & Admin. Expense(SGA) was BDT642 Mil.
Total Current Liabilities was BDT65,609 Mil.
Long-Term Debt & Capital Lease Obligation was BDT663,416 Mil.
Net Income was 936.719 + 1130.931 + 3635.343 + -1792.032 = BDT3,911 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 4785.454 + 4671.415 + 6405.067 + 936.384 = BDT16,798 Mil.

Total Receivables was BDT10,775 Mil.
Revenue was 6924.51 + 6786.198 + 8476.059 + 8242.401 = BDT30,429 Mil.
Gross Profit was 2288.957 + 3075.734 + 4757.492 + 1681.713 = BDT11,804 Mil.
Total Current Assets was BDT89,376 Mil.
Total Assets was BDT737,795 Mil.
Property, Plant and Equipment(Net PPE) was BDT648,419 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT12,462 Mil.
Selling, General, & Admin. Expense(SGA) was BDT439 Mil.
Total Current Liabilities was BDT56,508 Mil.
Long-Term Debt & Capital Lease Obligation was BDT547,847 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)
	=	(8971.476 / 32675.428)	/	(10774.767 / 30429.168)
	=	0.274563	/	0.354093
	=

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)
	=	(11803.896 / 30429.168)	/	(11684.794 / 32675.428)
	=	0.387914	/	0.357602
	=

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 - (101447.94 + 770493.109) / 871941.049)	/	(1 - (89376.187 + 648418.859) / 737795.046)
	=	-0	/	-0
	=

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
	=	32675.428	/	30429.168
	=

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))
	=	(12462.03 / (12462.03 + 648418.859))	/	(13994.248 / (13994.248 + 770493.109))
	=	0.018857	/	0.017839
	=

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)
	=	(642.251 / 32675.428)	/	(438.996 / 30429.168)
	=	0.019655	/	0.014427
	=

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)
	=	((663415.666 + 65608.754) / 871941.049)	/	((547846.749 + 56507.644) / 737795.046)
	=	0.836094	/	0.819136
	=

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
	=	(3910.961 - 0	-	16798.32)	/	871941.049
	=	-0.01478

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.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Power Grid Company of Bangladesh (DHA:POWERGRID) has a Beneish M-Score of 0.00 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Power Grid Company of Bangladesh and its competitors. According to the industry distribution chart, Power Grid Company of Bangladesh ranks #999999 out of 486 companies in the Utilities - Regulated industry.

Is Power Grid Company of Bangladesh's Beneish M-Score too high?

Power Grid Company of Bangladesh's current Beneish M-Score is 0.00. Based on the distribution chart, Power Grid Company of Bangladesh ranks #999999 out of 486 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Power Grid Company of Bangladesh has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Power Grid Company of Bangladesh's Beneish M-Score compare to NEE and SO?

According to the Utilities - Regulated industry distribution chart, Power Grid Company of Bangladesh ranks #999999 out of 486 companies for Beneish M-Score. This places Power Grid Company of Bangladesh 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 Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated 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 Power Grid Company of Bangladesh and its competitors. Power Grid Company of Bangladesh's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Power Grid Company of Bangladesh stock overvalued right now?

Based on GuruFocus' analysis, Power Grid Company of Bangladesh (DHA:POWERGRID) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT47.46, compared to a current price of BDT40.80 — trading 14% below its estimated fair value. The current Beneish M-Score is 0.00. Power Grid Company of Bangladesh's overall GF Score™ is 73/100 with 8 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 Power Grid Company of Bangladesh (DHA:POWERGRID), the current Beneish M-Score is 0.00 as of Jul. 29, 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 Power Grid Company of Bangladesh (DHA:POWERGRID) Overvalued in 2026?

Based on GuruFocus' analysis, Power Grid Company of Bangladesh stock appears to be undervalued. The current stock price of BDT40.80 is trading 14% below its estimated GF Value™ of BDT47.46. GuruFocus considers Power Grid Company of Bangladesh to be Modestly Undervalued.

Key valuation signals for DHA:POWERGRID:

Beneish M-Score: 0.00
GF Value™: BDT47.46 vs. price of BDT40.80 (14% below fair value)
GF Score™: 73/100 with 8 warning signs

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

Power Grid Company of Bangladesh Business Description

Industry Utilities Utilities - Regulated

Comparable Companies DHA:SUMITPOWER DHA:DESCO DHA:KPCL DHA:BPPL DHA:BARKAPOWER DHA:GBBPOWER NEE SO DUK LSE:NG.AEP D PCG ETR XEL EXC XMAD:ELE ED PEG WEC

Address Grid Bhaban, Avenue-03, Jahurul Islam City, Aftabnagar, Badda, Dhaka, BGD, 1212

Website https://www.pgcb.gov.bd

Power Grid Company of Bangladesh Ltd is involved in planning, promoting, developing, operating, and maintaining an integrated and efficient power transmission system/network throughout Bangladesh. It also provides transmission lines, sub-stations, load dispatch centers, communication facilities, and others. It also provides consultancy services in power systems and the execution of turnkey jobs for other organizations.

73GF Score

Get the complete analysis for DHA:POWERGRID

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

BDT40.80

Price

BDT47.46

GF Value

View DHA:POWERGRID Analysis

See Beneish M-Score data for all stocks →