Indian Hotels Co (LSE:96IR) Beneish M-Score: -2.45 (As of Jun. 24, 2026)


What is Indian Hotels Co Beneish M-Score?

Indian Hotels Co LSE:96IR 85 Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus rates LSE:96IR with a GF Score™ of 85/100. The stock has 2 warning signs investors should review. Among 823 Travel & Leisure companies, Indian Hotels Co ranks worse than 64.64% 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.

Good Sign:

Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:96IR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.53   Max: -1.99
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Indian Hotels Co was -1.99. The lowest was -2.81. And the median was -2.53.

Indian Hotels Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Indian Hotels Co'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.

Indian Hotels Co Beneish M-Score Chart

Indian Hotels Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.49 -2.03 -2.60 -2.27 -2.45

Indian Hotels Co 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.27 0.00 0.00 0.00 -2.45

LSE:96IR vs MAR, HLT, H: Beneish M-Score Comparison

For the Lodging subindustry, Indian Hotels Co'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.

Indian Hotels Co Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Indian Hotels Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Indian Hotels Co's Beneish M-Score falls into.


Indian Hotels 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 Indian Hotels 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 * 0.9648+0.528 * 1.004+0.404 * 0.9351+0.892 * 1.0454+0.115 * 0.9387
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0211+4.679 * -0.019069-0.327 * 0.8718
=-2.55

* 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 £58.73 Mil.
Revenue was £752.01 Mil.
Gross Profit was £451.46 Mil.
Total Current Assets was £450.60 Mil.
Total Assets was £1,640.06 Mil.
Property, Plant and Equipment(Net PPE) was £905.52 Mil.
Depreciation, Depletion and Amortization(DDA) was £48.90 Mil.
Selling, General, & Admin. Expense(SGA) was £90.69 Mil.
Total Current Liabilities was £180.61 Mil.
Long-Term Debt & Capital Lease Obligation was £222.21 Mil.
Net Income was £168.42 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £199.70 Mil.
 Total Receivables was £58.23 Mil.
Revenue was £719.35 Mil.
Gross Profit was £433.59 Mil.
Total Current Assets was £373.03 Mil.
Total Assets was £1,583.75 Mil.
Property, Plant and Equipment(Net PPE) was £917.49 Mil.
Depreciation, Depletion and Amortization(DDA) was £46.35 Mil.
Selling, General, & Admin. Expense(SGA) was £84.95 Mil.
Total Current Liabilities was £178.57 Mil.
Long-Term Debt & Capital Lease Obligation was £267.63 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)
=(58.729 / 752.009) / (58.226 / 719.345)
=0.078096 / 0.080943
=0.9648

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)
=(433.587 / 719.345) / (451.464 / 752.009)
=0.602753 / 0.600344
=1.004

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 - (450.602 + 905.524) / 1640.059) / (1 - (373.033 + 917.491) / 1583.752)
=0.173124 / 0.185148
=0.9351

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
=752.009 / 719.345
=1.0454

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))
=(46.353 / (46.353 + 917.491)) / (48.899 / (48.899 + 905.524))
=0.048092 / 0.051234
=0.9387

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)
=(90.689 / 752.009) / (84.954 / 719.345)
=0.120596 / 0.118099
=1.0211

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)
=((222.214 + 180.61) / 1640.059) / ((267.633 + 178.571) / 1583.752)
=0.245616 / 0.281739
=0.8718

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
=(168.424 - 0 - 199.698) / 1640.059
=-0.019069

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.

Indian Hotels Co has a M-score of -2.55 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 -2.45 mean?
Indian Hotels Co (LSE:96IR) has a Beneish M-Score of -2.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Indian Hotels Co and its competitors. According to the industry distribution chart, Indian Hotels Co ranks #532 out of 823 companies in the Travel & Leisure industry, placing it in the top 64.6%.
Is Indian Hotels Co's Beneish M-Score too high?
Indian Hotels Co's current Beneish M-Score is -2.45. Based on the distribution chart, Indian Hotels Co ranks #532 out of 823 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Indian Hotels Co has a GF Score™ of 85/100, reflecting its overall financial health beyond just this single metric.
How does Indian Hotels Co's Beneish M-Score compare to MAR and HLT?
According to the Travel & Leisure industry distribution chart, Indian Hotels Co ranks #532 out of 823 companies for Beneish M-Score. This places Indian Hotels 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 a Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Indian Hotels Co and its competitors. Indian Hotels Co's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indian Hotels Co stock overvalued right now?
Indian Hotels Co (LSE:96IR) has a current Beneish M-Score of -2.45. The current Beneish M-Score is -2.45. Indian Hotels Co's overall GF Score™ is 85/100 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 Indian Hotels Co (LSE:96IR), the current Beneish M-Score is -2.45 as of Jun. 24, 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.

Indian Hotels Co Business Description

Other Exchanges INDHOTEL:India500850:India
Address Barrister Rajni Patel Marg, 9th Floor, Express Towers, Nariman Point, Mumbai, MH, IND, 400021
Indian Hotels Co Ltd , is mainly engaged in the business of owning, operating & managing hotels, palaces and resorts. The company has two operating segments Hotel Services: This segment includes revenue and expenses related to providing accommodation, food and beverage services, other hospitality-related services including operating and management fees where the hotels are not owned or leased by the Group; and Air and Institutional Catering: This segment includes revenue and expenses related to the preparation and delivery of in-flight meals and catering services to airlines and institutions. The hotel generates majority of revenue from Hotel Services. It has presence in India, and Overseas locations. The hotel generates majority of revenue from India.