Jana Small Finance Bank (NSE:JSFB) Beneish M-Score: -2.30 (As of Jun. 24, 2026)


NSE:JSFB Jana Small Finance Bank Ltd NSE:JSFB
26 GF Score
Price ₹461.95
! 5 Warning Signs
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What is Jana Small Finance Bank Beneish M-Score?

Jana Small Finance Bank NSE:JSFB +0.16% 26 Beneish M-Score is -2.30 as of Jun. 24, 2026. GuruFocus rates NSE:JSFB with a GF Score™ of 26/100. The stock has 5 warning signs investors should review. Among 1,396 Banks companies, Jana Small Finance Bank ranks worse than 67.55% 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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:JSFB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.3   Max: -1.34
Current: -2.3

During the past 9 years, the highest Beneish M-Score of Jana Small Finance Bank was -1.34. The lowest was -2.61. And the median was -2.30.

NSE:JSFB
26GF Score
Jana Small Finance Bank Ltd NSE:JSFB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jana Small Finance 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 Jana Small Finance 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 * 0.9998+0.892 * 1.1548+0.115 * 1.0296
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.005632-0.327 * 1.3196
=-2.30

* 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 ₹36,150 Mil.
Gross Profit was ₹36,150 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹474,477 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,987 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹754 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹54,968 Mil.
Net Income was ₹3,264 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹5,936 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹31,305 Mil.
Gross Profit was ₹31,305 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹384,636 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,532 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹606 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,869 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹33,768 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 / 36150.21) / (0 / 31305.142)
=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)
=(31305.142 / 31305.142) / (36150.21 / 36150.21)
=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 + 1986.883) / 474477.269) / (1 - (0 + 1531.772) / 384636.165)
=0.995812 / 0.996018
=0.9998

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
=36150.21 / 31305.142
=1.1548

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))
=(605.6 / (605.6 + 1531.772)) / (754.376 / (754.376 + 1986.883))
=0.283339 / 0.275193
=1.0296

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 / 36150.21) / (2868.972 / 31305.142)
=0 / 0.091645
=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)
=((54967.618 + 0) / 474477.269) / ((33768.171 + 0) / 384636.165)
=0.115849 / 0.087793
=1.3196

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
=(3264.282 - 0 - 5936.435) / 474477.269
=-0.005632

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.

Jana Small Finance Bank has a M-score of -2.30 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 -2.30 mean?
Jana Small Finance Bank (NSE:JSFB) has a Beneish M-Score of -2.30 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jana Small Finance Bank and its competitors. According to the industry distribution chart, Jana Small Finance Bank ranks #943 out of 1396 companies in the Banks industry, placing it in the top 67.6%.
Is Jana Small Finance Bank's Beneish M-Score too high?
Jana Small Finance Bank's current Beneish M-Score is -2.30. Based on the distribution chart, Jana Small Finance Bank ranks #943 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Jana Small Finance Bank has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Jana Small Finance Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Jana Small Finance Bank ranks #943 out of 1396 companies for Beneish M-Score. This places Jana Small Finance 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 Jana Small Finance Bank and its competitors. Jana Small Finance Bank's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jana Small Finance Bank stock overvalued right now?
Jana Small Finance Bank (NSE:JSFB) has a current Beneish M-Score of -2.30. The current Beneish M-Score is -2.30. Jana Small Finance Bank's overall GF Score™ is 26/100 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 Jana Small Finance Bank (NSE:JSFB), the current Beneish M-Score is -2.30 as of Jun. 24, 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.

Jana Small Finance Bank Business Description

Other Exchanges 544118:India
Address Koramangala Inner Ring Road, The Fairway Business Park, First Floor, Survey No.10/1, 11/2 & 12/2B Off Domlur, Next to EGL Business Park Challaghatta, Bengaluru, KA, IND, 560071
Jana Small Finance Bank Ltd is engaged in the banking sector. The company is engaged in savings accounts, current accounts, Deposits, Insurance, Loans such as secured business loans, microloans against property, MSME loans, affordable housing loans, term loans to NBFC, loans against fixed deposits, two-wheeler loans, and gold loans. It operates in four segments namely the Treasury segment, Corporate/Wholesale Banking segment, Retail Banking segment, and Other Banking Operations segment. The retail banking segment includes lending to and deposits from retail customers and the identified earnings and expenses of the segment. Maximum revenue is generated from the Retail Banking segment.
26GF Score

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

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