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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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Dr. Lal PathLabs's Beneish M-Score or its related term are showing as below:
NSE:LALPATHLAB'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.53 Max: -0.76
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Dr. Lal PathLabs was -0.76. The lowest was -2.92. And the median was -2.53.
The historical data trend for Dr. Lal PathLabs's Beneish M-Score can be seen below:
* 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.
NSE:LALPATHLAB vs TMO, DHR, IDXX: Beneish M-Score Comparison
For the Diagnostics & Research subindustry, Dr. Lal PathLabs'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.
Dr. Lal PathLabs Beneish M-Score vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Dr. Lal PathLabs's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dr. Lal PathLabs'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 Dr. Lal PathLabs 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 * 1.0627
+
0.528 * 0.9974
+
0.404 * 0.9311
+
0.892 * 1.1225
+
0.115 * 1.1795
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0248
+
4.679 * -0.041586
-
0.327 * 1.0193
=
-2.53
* 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))
=
(1419.22 / (1419.22 + 3426.61))
/
(1618.03 / (1618.03 + 4898.15))
=
0.292874
/
0.24831
=
1.1795
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
=
(5047.79 - 0
-
6356.08)
/
31459.96
=
-0.041586
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.
Dr. Lal PathLabs has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Dr. Lal PathLabs (NSE:LALPATHLAB) has a Beneish M-Score of -2.53 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dr. Lal PathLabs and its competitors. According to the industry distribution chart, Dr. Lal PathLabs ranks #113 out of 193 companies in the Medical Diagnostics & Research industry, placing it in the top 58.5%.
Is Dr. Lal PathLabs' Beneish M-Score too high?
Dr. Lal PathLabs' current Beneish M-Score is -2.53. Based on the distribution chart, Dr. Lal PathLabs ranks #113 out of 193 companies in the Medical Diagnostics & Research industry, which is below the industry midpoint. Overall, Dr. Lal PathLabs has a GF Score™ of 93/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dr. Lal PathLabs' Beneish M-Score compare to TMO and DHR?
According to the Medical Diagnostics & Research industry distribution chart, Dr. Lal PathLabs ranks #113 out of 193 companies for Beneish M-Score. This places Dr. Lal PathLabs 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 Medical Diagnostics & Research company?
A good Beneish M-Score depends on the Medical Diagnostics & Research 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 Dr. Lal PathLabs and its competitors. Dr. Lal PathLabs's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dr. Lal PathLabs stock overvalued right now?
Based on GuruFocus' analysis, Dr. Lal PathLabs (NSE:LALPATHLAB) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹1,735.83, compared to a current price of ₹1,949.90 — trading 12.3% above its estimated fair value. The current Beneish M-Score is -2.53. Dr. Lal PathLabs' overall GF Score™ is 93/100 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 Dr. Lal PathLabs (NSE:LALPATHLAB), the current Beneish M-Score is -2.53 as of Aug. 12, 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 Dr. Lal PathLabs (NSE:LALPATHLAB) Overvalued in 2026?
Based on GuruFocus' analysis, Dr. Lal PathLabs stock appears to be overvalued.
The current stock price of ₹1,949.90 is trading 12.3% above its estimated GF Value™ of ₹1,735.83.
GuruFocus considers Dr. Lal PathLabs to be Modestly Overvalued.
Key valuation signals for NSE:LALPATHLAB:
Beneish M-Score: -2.53
GF Value™: ₹1,735.83 vs. price of ₹1,949.90 (12.3% above fair value)
No single metric tells the full story. See the NSE:LALPATHLAB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dr. Lal PathLabs Ltd is a pathology lab based in India. It is involved in providing diagnostic services and other healthcare tests in the areas of pathology and radiology. The company operates laboratories for carrying out pathological diagnostic services in various branches of biochemistry, hematology, histopathology, microbiology, electrophoresis, immunochemistry, immunology, virology, cytology, and other pathological and radiological investigations. Its diagnostic services assist in preventing, monitoring, and treating diseases and improving health conditions. The company has business operations in India and other countries, of which maximum revenue is generated within India.
93GF Score
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