Jammu & Kashmir Bank (NSE:J&KBANK) Beneish M-Score: -2.28 (As of Jun. 26, 2026)


NSE:J&KBANK Jammu & Kashmir Bank Ltd NSE:J&KBANK
50 GF Score
Price ₹158.40
GF Value ₹115.92
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Jammu & Kashmir Bank Beneish M-Score?

Jammu & Kashmir Bank NSE:J&KBANK -0.72% 50 Beneish M-Score is -2.28 as of Jun. 26, 2026. GuruFocus rates NSE:J&KBANK with a GF Score™ of 50/100 and a GF Value™ of ₹115.92 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Jammu & Kashmir 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 Jammu & Kashmir Bank's Beneish M-Score or its related term are showing as below:

NSE:J&KBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.33   Max: -2.19
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Jammu & Kashmir Bank was -2.19. The lowest was -2.71. And the median was -2.33.

NSE:J&KBANK
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Jammu & Kashmir Bank Ltd NSE:J&KBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jammu & Kashmir 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 Jammu & Kashmir 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 * 0.9995+0.892 * 0.9845+0.115 * 1.4773
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.018444-0.327 * 1.291
=-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 ₹68,328 Mil.
Gross Profit was ₹68,328 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹1,889,598 Mil.
Property, Plant and Equipment(Net PPE) was ₹25,330 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,283 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹34,310 Mil.
Net Income was ₹23,595 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-11,257 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹69,403 Mil.
Gross Profit was ₹69,403 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹1,694,235 Mil.
Property, Plant and Equipment(Net PPE) was ₹21,918 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,680 Mil.
Selling, General, & Admin. Expense(SGA) was ₹474 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23,828 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 / 68327.6) / (0 / 69403.1)
=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)
=(69403.1 / 69403.1) / (68327.6 / 68327.6)
=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 + 25329.6) / 1889597.5) / (1 - (0 + 21918.395) / 1694235.371)
=0.986595 / 0.987063
=0.9995

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
=68327.6 / 69403.1
=0.9845

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))
=(1680.1 / (1680.1 + 21918.395)) / (1282.5 / (1282.5 + 25329.6))
=0.071195 / 0.048192
=1.4773

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 / 68327.6) / (474.009 / 69403.1)
=0 / 0.00683
=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)
=((34310 + 0) / 1889597.5) / ((23828.443 + 0) / 1694235.371)
=0.018157 / 0.014064
=1.291

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
=(23595.1 - 0 - -11256.7) / 1889597.5
=0.018444

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.

Jammu & Kashmir 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?
Jammu & Kashmir Bank (NSE:J&KBANK) has a Beneish M-Score of -2.28 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jammu & Kashmir Bank and its competitors. According to the industry distribution chart, Jammu & Kashmir Bank ranks #977 out of 1397 companies in the Banks industry, placing it in the top 69.9%.
Is Jammu & Kashmir Bank's Beneish M-Score too high?
Jammu & Kashmir Bank's current Beneish M-Score is -2.28. Based on the distribution chart, Jammu & Kashmir Bank ranks #977 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Jammu & Kashmir Bank has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Jammu & Kashmir Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Jammu & Kashmir Bank ranks #977 out of 1397 companies for Beneish M-Score. This places Jammu & Kashmir 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 Jammu & Kashmir Bank and its competitors. Jammu & Kashmir 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 Jammu & Kashmir Bank stock overvalued right now?
Based on GuruFocus' analysis, Jammu & Kashmir Bank (NSE:J&KBANK) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹115.92, compared to a current price of ₹158.40 — trading 36.6% above its estimated fair value. The current Beneish M-Score is -2.28. Jammu & Kashmir Bank's overall GF Score™ is 50/100 with 7 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 Jammu & Kashmir Bank (NSE:J&KBANK), the current Beneish M-Score is -2.28 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 Jammu & Kashmir Bank (NSE:J&KBANK) Overvalued in 2026?

Based on GuruFocus' analysis, Jammu & Kashmir Bank stock appears to be overvalued. The current stock price of ₹158.40 is trading 36.6% above its estimated GF Value™ of ₹115.92. GuruFocus considers Jammu & Kashmir Bank to be Significantly Overvalued.

Key valuation signals for NSE:J&KBANK:

  • Beneish M-Score: -2.28
  • GF Value™: ₹115.92 vs. price of ₹158.40 (36.6% above fair value)
  • GF Score™: 50/100 with 7 warning signs

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

Jammu & Kashmir Bank Business Description

Other Exchanges 532209:India
Address Maulana Azad Road, Srinagar, IND, 190001
Jammu & Kashmir Bank Ltd is a bank that has businesses comprised of treasury, corporate/wholesale banking, retail banking and others. The bank's personal financial products include various loan products, personal account services, term bank deposits, mutual funds, bank cards, and insurance products. The company has Four crucial business segments namely Treasury Operations, Corporate/Wholesale Banking, Retail Banking and Other Banking Business. The company generates majority of its revenue from Retail Banking segment. The bank's financial products for businesses include loans, business accounts, agriculture accounts, and others.
50GF Score

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

₹158.40
Price
₹115.92
GF Value