HDFC Bank (LTS:0A7I) Beneish M-Score: 0.00 (As of Jun. 29, 2026)


LTS:0A7I HDFC Bank Ltd LTS:0A7I
21 GF Score
Price $25.10
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What is HDFC Bank Beneish M-Score?

HDFC Bank LTS:0A7I 21 Beneish M-Score is 0.00 as of Jun. 29, 2026. GuruFocus rates LTS:0A7I with a GF Score™ of 21/100. Among 1,399 Banks companies, HDFC Bank ranks worse than 71479.56% 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.

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

During the past 13 years, the highest Beneish M-Score of HDFC Bank was 0.00. The lowest was 0.00. And the median was 0.00.

LTS:0A7I
21GF Score
HDFC Bank Ltd LTS:0A7I
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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HDFC 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 HDFC 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 * 1.0468+0.528 * 1+0.404 * 0.9995+0.892 * 1.0993+0.115 * 0.9785
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9069+4.679 * -0.010835-0.327 * 0.813
=-2.32

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $5,255 Mil.
Revenue was $21,251 Mil.
Gross Profit was $21,251 Mil.
Total Current Assets was $0 Mil.
Total Assets was $556,945 Mil.
Property, Plant and Equipment(Net PPE) was $3,638 Mil.
Depreciation, Depletion and Amortization(DDA) was $728 Mil.
Selling, General, & Admin. Expense(SGA) was $6,842 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $69,579 Mil.
Net Income was $7,784 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $13,819 Mil.
 Total Receivables was $4,567 Mil.
Revenue was $19,332 Mil.
Gross Profit was $19,332 Mil.
Total Current Assets was $0 Mil.
Total Assets was $531,412 Mil.
Property, Plant and Equipment(Net PPE) was $3,232 Mil.
Depreciation, Depletion and Amortization(DDA) was $631 Mil.
Selling, General, & Admin. Expense(SGA) was $6,863 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $81,663 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)
=(5254.716 / 21250.709) / (4566.627 / 19331.985)
=0.247273 / 0.236221
=1.0468

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)
=(19331.985 / 19331.985) / (21250.709 / 21250.709)
=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 + 3637.658) / 556945.115) / (1 - (0 + 3232.093) / 531412.058)
=0.993469 / 0.993918
=0.9995

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
=21250.709 / 19331.985
=1.0993

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))
=(630.54 / (630.54 + 3232.093)) / (728.39 / (728.39 + 3637.658))
=0.163241 / 0.166831
=0.9785

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)
=(6842.347 / 21250.709) / (6863.252 / 19331.985)
=0.321982 / 0.355021
=0.9069

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)
=((69579.237 + 0) / 556945.115) / ((81663.463 + 0) / 531412.058)
=0.12493 / 0.153673
=0.813

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
=(7784.297 - 0 - 13818.748) / 556945.115
=-0.010835

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.

HDFC Bank has a M-score of -2.32 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 0.00 mean?
HDFC Bank (LTS:0A7I) has a Beneish M-Score of 0.00 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HDFC Bank and its competitors. According to the industry distribution chart, HDFC Bank ranks #999999 out of 1399 companies in the Banks industry.
Is HDFC Bank's Beneish M-Score too high?
HDFC Bank's current Beneish M-Score is 0.00. Based on the distribution chart, HDFC Bank ranks #999999 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, HDFC Bank has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does HDFC Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, HDFC Bank ranks #999999 out of 1399 companies for Beneish M-Score. This places HDFC 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 HDFC Bank and its competitors. HDFC Bank'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 HDFC Bank stock overvalued right now?
HDFC Bank (LTS:0A7I) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. HDFC Bank's overall GF Score™ is 21/100. 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 HDFC Bank (LTS:0A7I), the current Beneish M-Score is 0.00 as of Jun. 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.

HDFC Bank Business Description

Address Senapati Bapat Marg, HDFC Bank House, Lower Parel (West), Mumbai, MH, IND, 400013
HDFC Bank Ltd is an Indian bank. It operates in the following segments: Treasury, Retail banking, Wholesale banking, and Other banking business. The maximum revenue for the company is generated from its Retail banking segment, which serves retail customers through its branch network and other channels. This segment raises customer deposits and provides loans and other services to customers using different product groups. Its other operations include providing wholesale banking services to corporates, government entities, and other enterprises, generating income from its treasury operations, and performing para-banking activities such as offering credit cards, debit cards, etc. Geographically, the company generates a majority of its revenue from its operations in India.
21GF Score

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

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