Fino Payments Bank (NSE:FINOPB) Beneish M-Score: -2.28 (As of Jun. 27, 2026)


NSE:FINOPB Fino Payments Bank Ltd NSE:FINOPB
56 GF Score
Price ₹146.60
GF Value ₹722.16
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Fino Payments Bank Beneish M-Score?

Fino Payments Bank NSE:FINOPB -2.19% 56 Beneish M-Score is -2.28 as of Jun. 27, 2026. GuruFocus rates NSE:FINOPB with a GF Score™ of 56/100 and a GF Value™ of ₹722.16 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Fino Payments Bank ranks worse than 69.94% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:FINOPB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.22   Max: -0.4
Current: -2.28

During the past 8 years, the highest Beneish M-Score of Fino Payments Bank was -0.40. The lowest was -2.67. And the median was -2.22.

NSE:FINOPB
56GF Score
Fino Payments Bank Ltd NSE:FINOPB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fino Payments 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 Fino Payments 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 * 1.0024+0.892 * 0.8438+0.115 * 0.9985
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.067616-0.327 * 1.4481
=-2.28

* 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 ₹14,737 Mil.
Gross Profit was ₹14,737 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹53,119 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,641 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹762 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹15,353 Mil.
Net Income was ₹525 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-3,067 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹17,465 Mil.
Gross Profit was ₹17,465 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹42,059 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,976 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹621 Mil.
Selling, General, & Admin. Expense(SGA) was ₹754 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8,395 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 / 14736.5) / (0 / 17465.2)
=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)
=(17465.2 / 17465.2) / (14736.5 / 14736.5)
=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 + 3641.4) / 53119) / (1 - (0 + 2975.752) / 42059.319)
=0.931448 / 0.929249
=1.0024

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
=14736.5 / 17465.2
=0.8438

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))
=(621.2 / (621.2 + 2975.752)) / (761.5 / (761.5 + 3641.4))
=0.172702 / 0.172954
=0.9985

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 / 14736.5) / (754.465 / 17465.2)
=0 / 0.043198
=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)
=((15353 + 0) / 53119) / ((8394.572 + 0) / 42059.319)
=0.28903 / 0.199589
=1.4481

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
=(524.6 - 0 - -3067.1) / 53119
=0.067616

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.

Fino Payments Bank has a M-score of -2.28 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 -2.28 mean?
Fino Payments Bank (NSE:FINOPB) has a Beneish M-Score of -2.28 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fino Payments Bank and its competitors. According to the industry distribution chart, Fino Payments Bank ranks #977 out of 1397 companies in the Banks industry, placing it in the top 69.9%.
Is Fino Payments Bank's Beneish M-Score too high?
Fino Payments Bank's current Beneish M-Score is -2.28. Based on the distribution chart, Fino Payments Bank ranks #977 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Fino Payments Bank has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Fino Payments Bank's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Fino Payments Bank ranks #977 out of 1397 companies for Beneish M-Score. This places Fino Payments 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 Fino Payments Bank and its competitors. Fino Payments Bank's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fino Payments Bank stock overvalued right now?
Based on GuruFocus' analysis, Fino Payments Bank (NSE:FINOPB) is currently considered Possible Value Trap. The stock's GF Value™ is ₹722.16, compared to a current price of ₹146.60 — trading 79.7% below its estimated fair value. The current Beneish M-Score is -2.28. Fino Payments Bank's overall GF Score™ is 56/100 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 Fino Payments Bank (NSE:FINOPB), the current Beneish M-Score is -2.28 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.

Is Fino Payments Bank (NSE:FINOPB) Overvalued in 2026?

Based on GuruFocus' analysis, Fino Payments Bank stock appears to be undervalued. The current stock price of ₹146.60 is trading 79.7% below its estimated GF Value™ of ₹722.16. GuruFocus considers Fino Payments Bank to be Possible Value Trap.

Key valuation signals for NSE:FINOPB:

  • Beneish M-Score: -2.28
  • GF Value™: ₹722.16 vs. price of ₹146.60 (79.7% below fair value)
  • GF Score™: 56/100 with 3 warning signs

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

Fino Payments Bank Business Description

Other Exchanges 543386:India
Address TTC Industrial Area, Plot No. Gen 2/1/F, Tower 1, 8th Floor, Mindspace Juinagar, MIDC Shirwane, Juinagar, Navi Mumbai, MH, IND, 400706
Fino Payments Bank Ltd is an Indian payments bank providing various banking and financial services, with a focus on meeting the needs of low-income families, small businesses, and rural communities. It offers various services such as savings and current accounts, money transfers, bill payments, and mobile recharges etc., and has partnered with institutions to provide customized offerings like microinsurance and micro-investments. The company operates in four segments: Treasury, Corporate Banking, Retail Banking, and Other Banking Operations. Its key revenue is derived from the Other Banking Operations segment, which includes Business Correspondent Services, Digital Payment Services, Cash Management Services, Domestic Money Transfer, Micro-ATM, and Aadhaar-enabled Payment System (AePS).
56GF Score

Get the complete analysis for NSE:FINOPB

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

₹146.60
Price
₹722.16
GF Value