Housing & Urban Development (NSE:HUDCO) Beneish M-Score: -1.30 (As of Jun. 29, 2026)


NSE:HUDCO Housing & Urban Development Corp Ltd NSE:HUDCO
70 GF Score
Price ₹208.27
GF Value ₹244.51
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Housing & Urban Development Beneish M-Score?

Housing & Urban Development NSE:HUDCO +0.14% 70 Beneish M-Score is -1.30 as of Jun. 29, 2026. GuruFocus rates NSE:HUDCO with a GF Score™ of 70/100 and a GF Value™ of ₹244.51 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 483 Credit Services companies, Housing & Urban Development ranks worse than 72.67% 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.

Warning Sign:

Beneish M-Score -1.3 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Housing & Urban Development's Beneish M-Score or its related term are showing as below:

NSE:HUDCO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.57   Med: -1.78   Max: -0.65
Current: -1.3

During the past 13 years, the highest Beneish M-Score of Housing & Urban Development was -0.65. The lowest was -2.57. And the median was -1.78.

NSE:HUDCO
70GF Score
Housing & Urban Development Corp Ltd NSE:HUDCO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Housing & Urban Development 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 Housing & Urban Development 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 * 1.0001+0.892 * 0.9606+0.115 * 0.8702
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.227445-0.327 * 1.0169
=-1.30

* 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 ₹34,565 Mil.
Gross Profit was ₹34,565 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹1,668,389 Mil.
Property, Plant and Equipment(Net PPE) was ₹822 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹125 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,416,770 Mil.
Net Income was ₹40,344 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-339,122 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹35,983 Mil.
Gross Profit was ₹35,983 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹1,284,957 Mil.
Property, Plant and Equipment(Net PPE) was ₹818 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹106 Mil.
Selling, General, & Admin. Expense(SGA) was ₹623 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,073,049 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 / 34564.9) / (0 / 35982.7)
=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)
=(35982.7 / 35982.7) / (34564.9 / 34564.9)
=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 + 821.7) / 1668388.5) / (1 - (0 + 817.7) / 1284956.5)
=0.999507 / 0.999364
=1.0001

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
=34564.9 / 35982.7
=0.9606

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))
=(106.4 / (106.4 + 817.7)) / (125.3 / (125.3 + 821.7))
=0.115139 / 0.132313
=0.8702

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 / 34564.9) / (623.1 / 35982.7)
=0 / 0.017317
=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)
=((1416770.1 + 0) / 1668388.5) / ((1073049.2 + 0) / 1284956.5)
=0.849185 / 0.835086
=1.0169

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
=(40343.7 - 0 - -339122.2) / 1668388.5
=0.227445

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.

Housing & Urban Development has a M-score of -1.30 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.30 mean?
Housing & Urban Development (NSE:HUDCO) has a Beneish M-Score of -1.30 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Housing & Urban Development and its competitors. According to the industry distribution chart, Housing & Urban Development ranks #351 out of 483 companies in the Credit Services industry, placing it in the top 72.7%.
Is Housing & Urban Development's Beneish M-Score too high?
Housing & Urban Development's current Beneish M-Score is -1.30. Based on the distribution chart, Housing & Urban Development ranks #351 out of 483 companies in the Credit Services industry, which is below the industry midpoint. Overall, Housing & Urban Development has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Housing & Urban Development's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Housing & Urban Development ranks #351 out of 483 companies for Beneish M-Score. This places Housing & Urban Development 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Housing & Urban Development and its competitors. Housing & Urban Development's current Beneish M-Score is -1.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Housing & Urban Development stock overvalued right now?
Based on GuruFocus' analysis, Housing & Urban Development (NSE:HUDCO) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹244.51, compared to a current price of ₹208.27 — trading 14.8% below its estimated fair value. The current Beneish M-Score is -1.30. Housing & Urban Development's overall GF Score™ is 70/100 with 5 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 Housing & Urban Development (NSE:HUDCO), the current Beneish M-Score is -1.30 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.

Is Housing & Urban Development (NSE:HUDCO) Overvalued in 2026?

Based on GuruFocus' analysis, Housing & Urban Development stock appears to be undervalued. The current stock price of ₹208.27 is trading 14.8% below its estimated GF Value™ of ₹244.51. GuruFocus considers Housing & Urban Development to be Modestly Undervalued.

Key valuation signals for NSE:HUDCO:

  • Beneish M-Score: -1.30
  • GF Value™: ₹244.51 vs. price of ₹208.27 (14.8% below fair value)
  • GF Score™: 70/100 with 5 warning signs

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

Housing & Urban Development Business Description

Other Exchanges 540530:India
Address Lodhi Road, Core-7-A, HUDCO Bhawan, India Habitat Centre, New Delhi, IND, 110003
Housing & Urban Development Corp Ltd is engaged in providing long-term finance for the construction of houses for residential purposes or finances or undertaking housing and urban infrastructure development programs. The company provides loans for projects like water supply, roads and transport, power, social infrastructure, sewerage, drainage, solid waste management, and others.
70GF Score

Get the complete analysis for NSE:HUDCO

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

₹208.27
Price
₹244.51
GF Value