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 -1.72 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for IL& FS Investment Managers's Beneish M-Score or its related term are showing as below:
NSE:IVC'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.67 Med: -2.45 Max: -1.28
Current: -1.72
During the past 13 years, the highest Beneish M-Score of IL& FS Investment Managers was -1.28. The lowest was -4.67. And the median was -2.45.
IL& FS Investment Managers Beneish M-Score Related Terms
IL& FS Investment Managers Beneish M-Score Historical Data
* 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.
For the Financial Conglomerates subindustry, IL& FS Investment Managers's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
IL& FS Investment Managers Beneish M-Score vs Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, IL& FS Investment Managers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IL& FS Investment Managers's Beneish M-Score falls into.
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 IL& FS Investment Managers 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 * 1.6531
+
0.528 * 1.1693
+
0.404 * 0.9445
+
0.892 * 0.56
+
0.115 * 0.904
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2837
+
4.679 * 0.092097
-
0.327 * 0.6495
=
-1.72
* 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.
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.
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))
=
(2.476 / (2.476 + 4.551))
/
(2.473 / (2.473 + 3.872))
=
0.352355
/
0.389756
=
0.904
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
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
=
(131.464 - 0
-
-88.968)
/
2393.485
=
0.092097
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.
IL& FS Investment Managers has a M-score of -1.72 signals that the company is likely to be a manipulator.
IL& FS Investment Managers (NSE:IVC) has a Beneish M-Score of -1.72 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IL& FS Investment Managers and its competitors. According to the industry distribution chart, IL& FS Investment Managers ranks #73 out of 86 companies in the Diversified Financial Services industry, placing it in the top 84.9%.
Is IL& FS Investment Managers' Beneish M-Score too high?
IL& FS Investment Managers' current Beneish M-Score is -1.72. Based on the distribution chart, IL& FS Investment Managers ranks #73 out of 86 companies in the Diversified Financial Services industry, which is in the bottom quartile relative to peers. Overall, IL& FS Investment Managers has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does IL& FS Investment Managers' Beneish M-Score compare to FRHC and VOYA?
According to the Diversified Financial Services industry distribution chart, IL& FS Investment Managers ranks #73 out of 86 companies for Beneish M-Score. This places IL& FS Investment Managers 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 Diversified Financial Services company?
A good Beneish M-Score depends on the Diversified Financial 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 IL& FS Investment Managers and its competitors. IL& FS Investment Managers's current Beneish M-Score is -1.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IL& FS Investment Managers stock overvalued right now?
Based on GuruFocus' analysis, IL& FS Investment Managers (NSE:IVC) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹5.79, compared to a current price of ₹8.28 — trading 43% above its estimated fair value. The current Beneish M-Score is -1.72. IL& FS Investment Managers' overall GF Score™ is 62/100 with 9 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 IL& FS Investment Managers (NSE:IVC), the current Beneish M-Score is -1.72 as of Jun. 26, 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 IL& FS Investment Managers (NSE:IVC) Overvalued in 2026?
Based on GuruFocus' analysis, IL& FS Investment Managers stock appears to be overvalued.
The current stock price of ₹8.28 is trading 43% above its estimated GF Value™ of ₹5.79.
GuruFocus considers IL& FS Investment Managers to be Significantly Overvalued.
Key valuation signals for NSE:IVC:
Beneish M-Score: -1.72
GF Value™: ₹5.79 vs. price of ₹8.28 (43% above fair value)
No single metric tells the full story. See the NSE:IVC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IL& FS Investment Managers Ltd is a company operating in the financial sector. It operates in one business segment fund management and related services. It has also established investment banking, project finance, project development, management and implementation, merchant banking, infrastructure financing, and corporate advisory capabilities.
62GF Score
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