City Union Bank (NSE:CUB) Beneish M-Score: -2.54 (As of Jun. 25, 2026)


NSE:CUB City Union Bank Ltd NSE:CUB
79 GF Score
Price ₹198.85
GF Value ₹172.76
Valuation Modestly Overvalued
! 3 Warning Signs
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What is City Union Bank Beneish M-Score?

City Union Bank NSE:CUB -2.81% 79 Beneish M-Score is -2.54 as of Jun. 25, 2026. GuruFocus rates NSE:CUB with a GF Score™ of 79/100 and a GF Value™ of ₹172.76 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, City Union Bank ranks better than 75.29% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CUB' s Beneish M-Score Range Over the Past 10 Years
Min: -5.38   Med: -2.38   Max: -2.08
Current: -2.54

During the past 13 years, the highest Beneish M-Score of City Union Bank was -2.08. The lowest was -5.38. And the median was -2.38.

NSE:CUB
79GF Score
City Union Bank Ltd NSE:CUB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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City Union 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 City Union 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 * 0.9993+0.892 * 1.2038+0.115 * 1.0832
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.005398-0.327 * 2.3803
=-2.54

* 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 ₹38,687 Mil.
Gross Profit was ₹38,687 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹970,244 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,685 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,074 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹53,268 Mil.
Net Income was ₹13,262 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹8,025 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹32,138 Mil.
Gross Profit was ₹32,138 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹776,232 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,223 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹816 Mil.
Selling, General, & Admin. Expense(SGA) was ₹338 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹17,904 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 / 38686.611) / (0 / 32137.757)
=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)
=(32137.757 / 32137.757) / (38686.611 / 38686.611)
=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 + 4685.32) / 970243.952) / (1 - (0 + 3223.385) / 776232.149)
=0.995171 / 0.995847
=0.9993

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
=38686.611 / 32137.757
=1.2038

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))
=(815.9 / (815.9 + 3223.385)) / (1074 / (1074 + 4685.32))
=0.201991 / 0.18648
=1.0832

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 / 38686.611) / (337.899 / 32137.757)
=0 / 0.010514
=0

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)
=((53267.979 + 0) / 970243.952) / ((17904.1 + 0) / 776232.149)
=0.054902 / 0.023065
=2.3803

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
=(13262.31 - 0 - 8024.6) / 970243.952
=0.005398

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.

City Union Bank has a M-score of -2.54 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 -2.54 mean?
City Union Bank (NSE:CUB) has a Beneish M-Score of -2.54 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on City Union Bank and its competitors. According to the industry distribution chart, City Union Bank ranks #345 out of 1396 companies in the Banks industry, placing it in the top 24.7%.
Is City Union Bank's Beneish M-Score too high?
City Union Bank's current Beneish M-Score is -2.54. Based on the distribution chart, City Union Bank ranks #345 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, City Union Bank has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does City Union Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, City Union Bank ranks #345 out of 1396 companies for Beneish M-Score. This places City Union Bank in the top 25% 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 City Union Bank and its competitors. City Union Bank's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is City Union Bank stock overvalued right now?
Based on GuruFocus' analysis, City Union Bank (NSE:CUB) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹172.76, compared to a current price of ₹198.85 — trading 15.1% above its estimated fair value. The current Beneish M-Score is -2.54. City Union 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 City Union Bank (NSE:CUB), the current Beneish M-Score is -2.54 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 City Union Bank (NSE:CUB) Overvalued in 2026?

Based on GuruFocus' analysis, City Union Bank stock appears to be overvalued. The current stock price of ₹198.85 is trading 15.1% above its estimated GF Value™ of ₹172.76. GuruFocus considers City Union Bank to be Modestly Overvalued.

Key valuation signals for NSE:CUB:

  • Beneish M-Score: -2.54
  • GF Value™: ₹172.76 vs. price of ₹198.85 (15.1% above fair value)
  • GF Score™: 79/100 with 3 warning signs

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

City Union Bank Business Description

Other Exchanges 532210:India
Address Number 24 - B, Gandhi Nagar, Narayana, Kumbakonam, Thanjavur, TN, IND, 612 001
City Union Bank Ltd is a provider of banking products and services to individuals and corporations in India. The company is based in India, and generates the entirety of its revenue domestically. City Union Bank operates through four segments: Corporate banking, Treasury, Retail Banking and Other Banking Operations. Of these, Retail Banking contributes for maximum of the bank's revenues. Services offered to clients include savings and current accounts, deposits, credit, foreign deposits, auto loans, educational loans, consumer and jewel loans, life insurance, general insurance and online banking services.
79GF Score

Get the complete analysis for NSE:CUB

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

₹198.85
Price
₹172.76
GF Value