Rupali Bank (DHA:RUPALIBANK) Beneish M-Score: -3.02 (As of Jun. 28, 2026)


DHA:RUPALIBANK Rupali Bank PLC DHA:RUPALIBANK
67 GF Score
Price BDT17.00
GF Value BDT15.18
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Rupali Bank Beneish M-Score?

Rupali Bank DHA:RUPALIBANK +0.59% 67 Beneish M-Score is -3.02 as of Jun. 28, 2026. GuruFocus rates DHA:RUPALIBANK with a GF Score™ of 67/100 and a GF Value™ of BDT15.18 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Rupali Bank ranks better than 93.85% 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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:RUPALIBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -7.48   Med: -2.56   Max: -1.65
Current: -3.02

During the past 12 years, the highest Beneish M-Score of Rupali Bank was -1.65. The lowest was -7.48. And the median was -2.56.

DHA:RUPALIBANK
67GF Score
Rupali Bank PLC DHA:RUPALIBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Rupali 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 Rupali 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 * 1.0008+0.892 * 0.6994+0.115 * 0.6741
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4325+4.679 * -0.060048-0.327 * 0.638
=-3.02

* 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 BDT0 Mil.
Revenue was -859.869 + 5092.604 + 810.232 + 3152.102 = BDT8,195 Mil.
Gross Profit was -859.869 + 5092.604 + 810.232 + 3152.102 = BDT8,195 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT861,606 Mil.
Property, Plant and Equipment(Net PPE) was BDT14,457 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT980 Mil.
Selling, General, & Admin. Expense(SGA) was BDT216 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT7,042 Mil.
Net Income was -3963.242 + 1648.354 + -1679.542 + 33.617 = BDT-3,961 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 7724.29 + -19263.04 + -5331.196 + 64646.884 = BDT47,777 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 2992.421 + 218.365 + 2954.667 + 5552.169 = BDT11,718 Mil.
Gross Profit was 2992.421 + 218.365 + 2954.667 + 5552.169 = BDT11,718 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT823,951 Mil.
Property, Plant and Equipment(Net PPE) was BDT14,478 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT647 Mil.
Selling, General, & Admin. Expense(SGA) was BDT216 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT10,556 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 / 8195.069) / (0 / 11717.622)
=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)
=(11717.622 / 11717.622) / (8195.069 / 8195.069)
=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 + 14456.737) / 861605.738) / (1 - (0 + 14477.939) / 823950.537)
=0.983221 / 0.982429
=1.0008

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
=8195.069 / 11717.622
=0.6994

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))
=(647.055 / (647.055 + 14477.939)) / (979.68 / (979.68 + 14456.737))
=0.042781 / 0.063466
=0.6741

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)
=(216.342 / 8195.069) / (215.938 / 11717.622)
=0.026399 / 0.018428
=1.4325

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)
=((7042.366 + 0) / 861605.738) / ((10555.634 + 0) / 823950.537)
=0.008174 / 0.012811
=0.638

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
=(-3960.813 - 0 - 47776.938) / 861605.738
=-0.060048

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.

Rupali Bank has a M-score of -3.02 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 -3.02 mean?
Rupali Bank (DHA:RUPALIBANK) has a Beneish M-Score of -3.02 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rupali Bank and its competitors. According to the industry distribution chart, Rupali Bank ranks #86 out of 1399 companies in the Banks industry, placing it in the top 6.1%.
Is Rupali Bank's Beneish M-Score too high?
Rupali Bank's current Beneish M-Score is -3.02. Based on the distribution chart, Rupali Bank ranks #86 out of 1399 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Rupali Bank has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Rupali Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Rupali Bank ranks #86 out of 1399 companies for Beneish M-Score. This places Rupali Bank in the top 6% 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 Rupali Bank and its competitors. Rupali Bank's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rupali Bank stock overvalued right now?
Based on GuruFocus' analysis, Rupali Bank (DHA:RUPALIBANK) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT15.18, compared to a current price of BDT17.00 — trading 12% above its estimated fair value. The current Beneish M-Score is -3.02. Rupali Bank's overall GF Score™ is 67/100 with 2 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 Rupali Bank (DHA:RUPALIBANK), the current Beneish M-Score is -3.02 as of Jun. 28, 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 Rupali Bank (DHA:RUPALIBANK) Overvalued in 2026?

Based on GuruFocus' analysis, Rupali Bank stock appears to be overvalued. The current stock price of BDT17.00 is trading 12% above its estimated GF Value™ of BDT15.18. GuruFocus considers Rupali Bank to be Modestly Overvalued.

Key valuation signals for DHA:RUPALIBANK:

  • Beneish M-Score: -3.02
  • GF Value™: BDT15.18 vs. price of BDT17.00 (12% above fair value)
  • GF Score™: 67/100 with 2 warning signs

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

Rupali Bank Business Description

Address 34, Dilkusha Commercial Area, Rupali Bhaban, Dhaka, BGD, 1000
Rupali Bank PLC is engaged in banking and related activities in Bangladesh. The company offers deposit products, such as current, call, special notice, savings, savings deposits earned from foreign remittances, fixed deposits, and others.
67GF Score

Get the complete analysis for DHA:RUPALIBANK

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

BDT17.00
Price
BDT15.18
GF Value