Axis Bank (FRA:UZC) Beneish M-Score: -2.22 (As of Jun. 26, 2026)


FRA:UZC Axis Bank Ltd FRA:UZC
74 GF Score
Price €63.00
GF Value €59.64
Valuation Fairly Valued
! 7 Warning Signs
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What is Axis Bank Beneish M-Score?

Axis Bank FRA:UZC +1.61% 74 Beneish M-Score is -2.22 as of Jun. 26, 2026. GuruFocus rates FRA:UZC with a GF Score™ of 74/100 and a GF Value™ of €59.64 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Axis Bank ranks worse than 78.74% 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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:UZC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.39   Max: -1.82
Current: -2.22

During the past 13 years, the highest Beneish M-Score of Axis Bank was -1.82. The lowest was -2.61. And the median was -2.39.

FRA:UZC
74GF Score
Axis Bank Ltd FRA:UZC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Axis 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 Axis 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 * 1.0004+0.892 * 0.9067+0.115 * 0.9775
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9897+4.679 * 0.017996-0.327 * 1.0823
=-2.51

* 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 €0 Mil.
Revenue was €8,207 Mil.
Gross Profit was €8,207 Mil.
Total Current Assets was €0 Mil.
Total Assets was €181,358 Mil.
Property, Plant and Equipment(Net PPE) was €630 Mil.
Depreciation, Depletion and Amortization(DDA) was €176 Mil.
Selling, General, & Admin. Expense(SGA) was €38 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €26,142 Mil.
Net Income was €2,459 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €-805 Mil.
 Total Receivables was €0 Mil.
Revenue was €9,052 Mil.
Gross Profit was €9,052 Mil.
Total Current Assets was €0 Mil.
Total Assets was €177,146 Mil.
Property, Plant and Equipment(Net PPE) was €694 Mil.
Depreciation, Depletion and Amortization(DDA) was €189 Mil.
Selling, General, & Admin. Expense(SGA) was €42 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €23,594 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 / 8207.251) / (0 / 9051.888)
=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)
=(9051.888 / 9051.888) / (8207.251 / 8207.251)
=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 + 629.614) / 181358.128) / (1 - (0 + 694.068) / 177145.818)
=0.996528 / 0.996082
=1.0004

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
=8207.251 / 9051.888
=0.9067

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))
=(188.907 / (188.907 + 694.068)) / (176.408 / (176.408 + 629.614))
=0.213944 / 0.218863
=0.9775

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)
=(37.969 / 8207.251) / (42.309 / 9051.888)
=0.004626 / 0.004674
=0.9897

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)
=((26141.607 + 0) / 181358.128) / ((23593.613 + 0) / 177145.818)
=0.144144 / 0.133188
=1.0823

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
=(2458.881 - 0 - -804.88) / 181358.128
=0.017996

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.

Axis Bank has a M-score of -2.51 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 -2.22 mean?
Axis Bank (FRA:UZC) has a Beneish M-Score of -2.22 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Axis Bank and its competitors. According to the industry distribution chart, Axis Bank ranks #1100 out of 1397 companies in the Banks industry, placing it in the top 78.7%.
Is Axis Bank's Beneish M-Score too high?
Axis Bank's current Beneish M-Score is -2.22. Based on the distribution chart, Axis Bank ranks #1100 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Axis Bank has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Axis Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Axis Bank ranks #1100 out of 1397 companies for Beneish M-Score. This places Axis Bank 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 Axis Bank and its competitors. Axis Bank's current Beneish M-Score is -2.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Axis Bank stock overvalued right now?
Based on GuruFocus' analysis, Axis Bank (FRA:UZC) is currently considered Fairly Valued. The stock's GF Value™ is €59.64, compared to a current price of €63.00 — trading 5.6% above its estimated fair value. The current Beneish M-Score is -2.22. Axis Bank's overall GF Score™ is 74/100 with 7 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 Axis Bank (FRA:UZC), the current Beneish M-Score is -2.22 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 Axis Bank (FRA:UZC) Overvalued in 2026?

Based on GuruFocus' analysis, Axis Bank stock appears to be overvalued. The current stock price of €63.00 is trading 5.6% above its estimated GF Value™ of €59.64. GuruFocus considers Axis Bank to be Fairly Valued.

Key valuation signals for FRA:UZC:

  • Beneish M-Score: -2.22
  • GF Value™: €59.64 vs. price of €63.00 (5.6% above fair value)
  • GF Score™: 74/100 with 7 warning signs

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

Axis Bank Business Description

Address Pandurang Budhkar Marg, Axis House, C-2, Wadia International Centre, Worli, Mumbai, MH, IND, 400 025
Axis Bank Ltd is a full-service bank operating mostly in India. The bank operates under four segments: treasury, corporate/wholesale banking, retail banking, Digital Banking and other banking. Treasury operations include security investments and derivative trading. Corporate/wholesale banking solutions include mid/large corporate relationships, corporate advisory, project appraisals, and syndication. Retail banking solutions include lending to individual/small businesses, savings accounts, debit and credit cards, ATMs and mobile banking, personal loans. Other banking operations include third-party product distribution and other banking transactions. It derives maximum revenue from Retail Banking.
74GF Score

Get the complete analysis for FRA:UZC

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

€63.00
Price
€59.64
GF Value