Capital Small Finance Bank (NSE:CAPITALSFB) Beneish M-Score: -2.41 (As of Jun. 27, 2026)


NSE:CAPITALSFB Capital Small Finance Bank Ltd NSE:CAPITALSFB
28 GF Score
Price ₹280.10
! 2 Warning Signs
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What is Capital Small Finance Bank Beneish M-Score?

Capital Small Finance Bank NSE:CAPITALSFB -0.52% 28 Beneish M-Score is -2.41 as of Jun. 27, 2026. GuruFocus rates NSE:CAPITALSFB with a GF Score™ of 28/100. The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Capital Small Finance Bank ranks better than 51.9% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CAPITALSFB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.41   Med: -2.12   Max: -0.94
Current: -2.41

During the past 6 years, the highest Beneish M-Score of Capital Small Finance Bank was -0.94. The lowest was -2.41. And the median was -2.12.

NSE:CAPITALSFB
28GF Score
Capital Small Finance Bank Ltd NSE:CAPITALSFB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Capital Small Finance 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 Capital Small Finance 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 * 1.0007+0.892 * 1.1279+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.011643-0.327 * 1.2967
=-2.41

* 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 1464.6 + 1457.8 + 1347.8 + 1326.7 = ₹5,597 Mil.
Gross Profit was 1464.6 + 1457.8 + 1347.8 + 1326.7 = ₹5,597 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹121,439 Mil.
Property, Plant and Equipment(Net PPE) was ₹968 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,994 Mil.
Net Income was 400.8 + 344.1 + 348.9 + 320.1 = ₹1,414 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
 Total Receivables was ₹0 Mil.
Revenue was 1286.3 + 1252.8 + 1266.2 + 1156.9 = ₹4,962 Mil.
Gross Profit was 1286.3 + 1252.8 + 1266.2 + 1156.9 = ₹4,962 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹101,075 Mil.
Property, Plant and Equipment(Net PPE) was ₹877 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,206 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 / 5596.9) / (0 / 4962.2)
=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)
=(4962.2 / 4962.2) / (5596.9 / 5596.9)
=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 + 968.246) / 121439.406) / (1 - (0 + 877.485) / 101075.126)
=0.992027 / 0.991318
=1.0007

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
=5596.9 / 4962.2
=1.1279

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))
=(0 / (0 + 877.485)) / (0 / (0 + 968.246))
=0 / 0
=1

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)
=(0 / 5596.9) / (0 / 4962.2)
=0 / 0
=1

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)
=((4994.267 + 0) / 121439.406) / ((3205.8 + 0) / 101075.126)
=0.041126 / 0.031717
=1.2967

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
=(1413.9 - 0 - 0) / 121439.406
=0.011643

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.

Capital Small Finance Bank has a M-score of -2.41 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 -2.41 mean?
Capital Small Finance Bank (NSE:CAPITALSFB) has a Beneish M-Score of -2.41 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capital Small Finance Bank and its competitors. According to the industry distribution chart, Capital Small Finance Bank ranks #672 out of 1397 companies in the Banks industry, placing it in the top 48.1%.
Is Capital Small Finance Bank's Beneish M-Score too high?
Capital Small Finance Bank's current Beneish M-Score is -2.41. Based on the distribution chart, Capital Small Finance Bank ranks #672 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Capital Small Finance Bank has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Capital Small Finance Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Capital Small Finance Bank ranks #672 out of 1397 companies for Beneish M-Score. This puts Capital Small Finance Bank in the upper 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 Capital Small Finance Bank and its competitors. Capital Small Finance Bank's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Capital Small Finance Bank stock overvalued right now?
Capital Small Finance Bank (NSE:CAPITALSFB) has a current Beneish M-Score of -2.41. The current Beneish M-Score is -2.41. Capital Small Finance Bank's overall GF Score™ is 28/100 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 Capital Small Finance Bank (NSE:CAPITALSFB), the current Beneish M-Score is -2.41 as of Jun. 27, 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.

Capital Small Finance Bank Business Description

Other Exchanges 544120:India
Address 37, G.T. Road, MIDAS Corporate Park, 3rd Floor, Jalandhar, PB, IND, 144001
Capital Small Finance Bank Ltd is India's first small finance bank. It offers a range of banking products such as saving accounts, Current Accounts, Term deposits, agriculture loans, MSME and trading loans (working capital, machinery loans, etc.), and mortgages (housing loans and loans against property) and operates in Punjab, Haryana, Delhi, Rajasthan, Himachal Pradesh and Union Territory of Chandigarh. It has four segments, namely Treasury, Wholesale Banking, Retail Banking, and Other Banking Operations. Maximum revenue is generated from the Retail Banking segment.
28GF Score

Get the complete analysis for NSE:CAPITALSFB

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

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