Lodha Developers (NSE:LODHA) Beneish M-Score: -1.98 (As of Jun. 27, 2026)


NSE:LODHA Lodha Developers Ltd NSE:LODHA
82 GF Score
Price ₹947.45
GF Value ₹1,644.66
Valuation Significantly Undervalued
! 2 Warning Signs
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What is Lodha Developers Beneish M-Score?

Lodha Developers NSE:LODHA +1.02% 82 Beneish M-Score is -1.98 as of Jun. 27, 2026. GuruFocus rates NSE:LODHA with a GF Score™ of 82/100 and a GF Value™ of ₹1,644.66 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,682 Real Estate companies, Lodha Developers ranks worse than 68.31% on this metric.

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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Lodha Developers's Beneish M-Score or its related term are showing as below:

NSE:LODHA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67   Med: -1.98   Max: -1.3
Current: -1.98

During the past 9 years, the highest Beneish M-Score of Lodha Developers was -1.30. The lowest was -3.67. And the median was -1.98.

Lodha Developers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lodha Developers'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.

Lodha Developers Beneish M-Score Chart

Lodha Developers Annual Data
Trend Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.38 -3.67 -2.08 -1.96 -1.98

Lodha Developers Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.96 0.00 0.00 0.00 -1.98

Lodha Developers Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Lodha Developers'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.

Lodha Developers Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Lodha Developers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lodha Developers's Beneish M-Score falls into.


NSE:LODHA
82GF Score
Lodha Developers Ltd NSE:LODHA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Lodha Developers 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 Lodha Developers 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 * 0.8139+0.528 * 0.9728+0.404 * 1.2217+0.892 * 1.2102+0.115 * 1.3911
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.041891-0.327 * 1.0142
=-1.98

* 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 ₹42,621 Mil.
Revenue was ₹166,762 Mil.
Gross Profit was ₹68,798 Mil.
Total Current Assets was ₹544,202 Mil.
Total Assets was ₹589,366 Mil.
Property, Plant and Equipment(Net PPE) was ₹12,254 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,454 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹311,067 Mil.
Long-Term Debt & Capital Lease Obligation was ₹37,261 Mil.
Net Income was ₹34,282 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹9,593 Mil.
 Total Receivables was ₹43,270 Mil.
Revenue was ₹137,795 Mil.
Gross Profit was ₹55,299 Mil.
Total Current Assets was ₹469,455 Mil.
Total Assets was ₹498,406 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,170 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,719 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,782 Mil.
Total Current Liabilities was ₹278,159 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12,274 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)
=(42621 / 166762) / (43270 / 137795)
=0.25558 / 0.314017
=0.8139

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)
=(55299 / 137795) / (68798 / 166762)
=0.401314 / 0.412552
=0.9728

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 - (544202 + 12254) / 589366) / (1 - (469455 + 6170) / 498406)
=0.05584 / 0.045708
=1.2217

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
=166762 / 137795
=1.2102

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))
=(2719 / (2719 + 6170)) / (3454 / (3454 + 12254))
=0.305884 / 0.219888
=1.3911

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 / 166762) / (2782 / 137795)
=0 / 0.020189
=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)
=((37261 + 311067) / 589366) / ((12274 + 278159) / 498406)
=0.591022 / 0.582724
=1.0142

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
=(34282 - 0 - 9593) / 589366
=0.041891

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.

Lodha Developers has a M-score of -1.98 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 -1.98 mean?
Lodha Developers (NSE:LODHA) has a Beneish M-Score of -1.98 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lodha Developers and its competitors. According to the industry distribution chart, Lodha Developers ranks #1149 out of 1682 companies in the Real Estate industry, placing it in the top 68.3%.
Is Lodha Developers' Beneish M-Score too high?
Lodha Developers' current Beneish M-Score is -1.98. Based on the distribution chart, Lodha Developers ranks #1149 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Lodha Developers has a GF Score™ of 82/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Lodha Developers' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Lodha Developers ranks #1149 out of 1682 companies for Beneish M-Score. This places Lodha Developers 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Lodha Developers and its competitors. Lodha Developers's current Beneish M-Score is -1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lodha Developers stock overvalued right now?
Based on GuruFocus' analysis, Lodha Developers (NSE:LODHA) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹1,644.66, compared to a current price of ₹947.45 — trading 42.4% below its estimated fair value. The current Beneish M-Score is -1.98. Lodha Developers' overall GF Score™ is 82/100 with 2 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 Lodha Developers (NSE:LODHA), the current Beneish M-Score is -1.98 as of Jun. 27, 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 Lodha Developers (NSE:LODHA) Overvalued in 2026?

Based on GuruFocus' analysis, Lodha Developers stock appears to be undervalued. The current stock price of ₹947.45 is trading 42.4% below its estimated GF Value™ of ₹1,644.66. GuruFocus considers Lodha Developers to be Significantly Undervalued.

Key valuation signals for NSE:LODHA:

  • Beneish M-Score: -1.98
  • GF Value™: ₹1,644.66 vs. price of ₹947.45 (42.4% below fair value)
  • GF Score™: 82/100 with 2 warning signs

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

Lodha Developers Business Description

Other Exchanges 543287:India
Address Senapati Bapat Marg, One Lodha Place, Lower Parel, Mumbai, MH, IND, 400013
Lodha Developers Ltd is a real estate developer in India. Its core business is residential real estate developments with a brand presence across luxury, premium, and mid-income housing segments. The company's portfolio includes approximately forty projects across three key real estate markets in India: Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. In addition, it is involved in building select annuity income streams through facilities management, industrial and warehousing, and leasing of selected retail and office spaces. The company has introduced BelleVie, a digital platform that complements its facilities management business by connecting residents with a diverse range of customized marketplace services. It operates in one reportable segment, i.e., Real Estate development.
82GF Score

Get the complete analysis for NSE:LODHA

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

₹947.45
Price
₹1,644.66
GF Value