Bank of Maharashtra (NSE:MAHABANK) Beneish M-Score: -2.25 (As of Jun. 29, 2026)


NSE:MAHABANK Bank of Maharashtra NSE:MAHABANK
52 GF Score
Price ₹88.71
GF Value ₹63.46
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Bank of Maharashtra Beneish M-Score?

Bank of Maharashtra NSE:MAHABANK +0.20% 52 Beneish M-Score is -2.25 as of Jun. 29, 2026. GuruFocus rates NSE:MAHABANK with a GF Score™ of 52/100 and a GF Value™ of ₹63.46 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,399 Banks companies, Bank of Maharashtra ranks worse than 74.7% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:MAHABANK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.29   Max: -2.16
Current: -2.25

During the past 13 years, the highest Beneish M-Score of Bank of Maharashtra was -2.16. The lowest was -2.91. And the median was -2.29.

NSE:MAHABANK
52GF Score
Bank of Maharashtra NSE:MAHABANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank of Maharashtra 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 Bank of Maharashtra 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 * 1.001+0.892 * 1.1485+0.115 * 0.8719
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9816+4.679 * 0.042934-0.327 * 1.2763
=-2.25

* 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 ₹158,019 Mil.
Gross Profit was ₹158,019 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹4,274,714 Mil.
Property, Plant and Equipment(Net PPE) was ₹29,618 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,436 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,685 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹352,336 Mil.
Net Income was ₹70,169 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-113,360 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹137,592 Mil.
Gross Profit was ₹137,592 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹3,693,538 Mil.
Property, Plant and Equipment(Net PPE) was ₹29,156 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,906 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,495 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹238,525 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 / 158019.124) / (0 / 137592.477)
=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)
=(137592.477 / 137592.477) / (158019.124 / 158019.124)
=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 + 29617.921) / 4274713.894) / (1 - (0 + 29156.222) / 3693538.065)
=0.993071 / 0.992106
=1.001

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
=158019.124 / 137592.477
=1.1485

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))
=(2905.975 / (2905.975 + 29156.222)) / (3436.053 / (3436.053 + 29617.921))
=0.090636 / 0.103953
=0.8719

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)
=(1684.88 / 158019.124) / (1494.625 / 137592.477)
=0.010663 / 0.010863
=0.9816

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)
=((352335.755 + 0) / 4274713.894) / ((238525.15 + 0) / 3693538.065)
=0.082423 / 0.064579
=1.2763

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
=(70168.561 - 0 - -113360.311) / 4274713.894
=0.042934

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.

Bank of Maharashtra has a M-score of -2.25 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 -2.25 mean?
Bank of Maharashtra (NSE:MAHABANK) has a Beneish M-Score of -2.25 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of Maharashtra and its competitors. According to the industry distribution chart, Bank of Maharashtra ranks #1045 out of 1399 companies in the Banks industry, placing it in the top 74.7%.
Is Bank of Maharashtra's Beneish M-Score too high?
Bank of Maharashtra's current Beneish M-Score is -2.25. Based on the distribution chart, Bank of Maharashtra ranks #1045 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Bank of Maharashtra has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank of Maharashtra's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Bank of Maharashtra ranks #1045 out of 1399 companies for Beneish M-Score. This places Bank of Maharashtra 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 Bank of Maharashtra and its competitors. Bank of Maharashtra's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Maharashtra stock overvalued right now?
Based on GuruFocus' analysis, Bank of Maharashtra (NSE:MAHABANK) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹63.46, compared to a current price of ₹88.71 — trading 39.8% above its estimated fair value. The current Beneish M-Score is -2.25. Bank of Maharashtra's overall GF Score™ is 52/100 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 Bank of Maharashtra (NSE:MAHABANK), the current Beneish M-Score is -2.25 as of Jun. 29, 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 Bank of Maharashtra (NSE:MAHABANK) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of Maharashtra stock appears to be overvalued. The current stock price of ₹88.71 is trading 39.8% above its estimated GF Value™ of ₹63.46. GuruFocus considers Bank of Maharashtra to be Significantly Overvalued.

Key valuation signals for NSE:MAHABANK:

  • Beneish M-Score: -2.25
  • GF Value™: ₹63.46 vs. price of ₹88.71 (39.8% above fair value)
  • GF Score™: 52/100 with 7 warning signs

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

Bank of Maharashtra Business Description

Other Exchanges 532525:India
Address Lokmangal, 1501, Shivaji Nagar, Pune, MH, IND, 411005
Bank of Maharashtra is an Indian banking corporation. The bank offers various deposit schemes, including savings accounts, current accounts, term deposits, and capital gain accounts. It also provides credit facilities such as term loans, overdrafts, letters of credit, and guarantees. The bank organizes its business in four segments, namely Treasury, Corporate/Wholesale banking; Retail banking; and Other banking operations. Its Treasury segment includes investment, balances with banks outside India, and interest accrued on investments; the corporate banking segment includes all advances to trusts, partnership firms, companies, and statutory bodies; retail banking includes exposure to individuals and small businesses. The bank principally generates revenue within India.
52GF Score

Get the complete analysis for NSE:MAHABANK

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

₹88.71
Price
₹63.46
GF Value