ICICI Bank (MEX:IBN N) Beneish M-Score: -3.39 (As of Jun. 25, 2026)


MEX:IBN N ICICI Bank Ltd MEX:IBN N
79 GF Score
Price MXN468.22
GF Value MXN479.42
! 3 Warning Signs
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What is ICICI Bank Beneish M-Score?

ICICI Bank MEX:IBN N 79 Beneish M-Score is -3.39 as of Jun. 25, 2026. GuruFocus rates MEX:IBN N with a GF Score™ of 79/100 and a GF Value™ of MXN479.42. The stock has 3 warning signs investors should review. Among 1,396 Banks companies, ICICI Bank ranks better than 96.7% 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 -3.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:IBN N' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -2.48   Max: -2.24
Current: -3.39

During the past 13 years, the highest Beneish M-Score of ICICI Bank was -2.24. The lowest was -3.39. And the median was -2.48.

MEX:IBN N
79GF Score
ICICI Bank Ltd MEX:IBN N
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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ICICI 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 ICICI 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 * 0+0.528 * 1+0.404 * 1+0.892 * 0.8917+0.115 * 0.9566
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0128+4.679 * -0.004501-0.327 * 1.1031
=-3.56

* 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 MXN0 Mil.
Revenue was MXN433,418 Mil.
Gross Profit was MXN433,418 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN5,662,280 Mil.
Property, Plant and Equipment(Net PPE) was MXN33,844 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,067 Mil.
Selling, General, & Admin. Expense(SGA) was MXN208,064 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN427,929 Mil.
Net Income was MXN105,315 Mil.
Gross Profit was MXN0 Mil.
Cash Flow from Operations was MXN130,800 Mil.
 Total Receivables was MXN165,936 Mil.
Revenue was MXN486,050 Mil.
Gross Profit was MXN486,050 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN6,247,645 Mil.
Property, Plant and Equipment(Net PPE) was MXN37,389 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,361 Mil.
Selling, General, & Admin. Expense(SGA) was MXN230,390 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN428,044 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 / 433418.346) / (165935.541 / 486050.049)
=0 / 0.341396
=0

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)
=(486050.049 / 486050.049) / (433418.346 / 433418.346)
=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 + 33844.199) / 5662280.409) / (1 - (0 + 37388.868) / 6247645.471)
=0.994023 / 0.994016
=1

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
=433418.346 / 486050.049
=0.8917

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))
=(6361.47 / (6361.47 + 37388.868)) / (6066.678 / (6066.678 + 33844.199))
=0.145404 / 0.152006
=0.9566

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)
=(208063.898 / 433418.346) / (230390.127 / 486050.049)
=0.480053 / 0.474005
=1.0128

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)
=((427928.971 + 0) / 5662280.409) / ((428044.29 + 0) / 6247645.471)
=0.075575 / 0.068513
=1.1031

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
=(105314.603 - 0 - 130799.682) / 5662280.409
=-0.004501

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.

ICICI Bank has a M-score of -3.56 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 -3.39 mean?
ICICI Bank (MEX:IBN N) has a Beneish M-Score of -3.39 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ICICI Bank and its competitors. According to the industry distribution chart, ICICI Bank ranks #46 out of 1396 companies in the Banks industry, placing it in the top 3.3%.
Is ICICI Bank's Beneish M-Score too high?
ICICI Bank's current Beneish M-Score is -3.39. Based on the distribution chart, ICICI Bank ranks #46 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, ICICI Bank has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does ICICI Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, ICICI Bank ranks #46 out of 1396 companies for Beneish M-Score. This places ICICI Bank in the top 3% 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 ICICI Bank and its competitors. ICICI Bank's current Beneish M-Score is -3.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ICICI Bank stock overvalued right now?
ICICI Bank (MEX:IBN N) has a current Beneish M-Score of -3.39. The stock's GF Value™ is MXN479.42, compared to a current price of MXN468.22 — trading 2.3% below its estimated fair value. The current Beneish M-Score is -3.39. ICICI Bank's overall GF Score™ is 79/100 with 3 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 ICICI Bank (MEX:IBN N), the current Beneish M-Score is -3.39 as of Jun. 25, 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 ICICI Bank (MEX:IBN N) Overvalued in 2026?

Based on GuruFocus' analysis, ICICI Bank stock appears to be undervalued. The current stock price of MXN468.22 is trading 2.3% below its estimated GF Value™ of MXN479.42.

Key valuation signals for MEX:IBN N:

  • Beneish M-Score: -3.39
  • GF Value™: MXN479.42 vs. price of MXN468.22 (2.3% below fair value)
  • GF Score™: 79/100 with 3 warning signs

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

ICICI Bank Business Description

Address ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, MH, IND, 400 051
ICICI Bank Ltd provides banking services. The company's operating segments include Retail Banking; Wholesale Banking; Treasury, Life insurance, Other Banking Business, and Others. The company generates maximum revenue from the Retail Banking segment which includes exposures of the Bank, which satisfy the four qualifying criteria of a regulatory retail portfolio as stipulated by RBI guidelines on the Basel III framework as well as includes income from credit cards, debit cards, third party product distribution, and the associated costs. Geographical segments include Domestic operations and Foreign operations. The company generates the majority of its revenue from the domestic operations.
79GF Score

Get the complete analysis for MEX:IBN N

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

MXN468.22
Price
MXN479.42
GF Value