Manappuram Finance (NSE:MANAPPURAM) Beneish M-Score: -1.11 (As of Jun. 29, 2026)


NSE:MANAPPURAM Manappuram Finance Ltd NSE:MANAPPURAM
70 GF Score
Price ₹318.50
GF Value ₹203.87
Valuation Significantly Overvalued
! 9 Warning Signs
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What is Manappuram Finance Beneish M-Score?

Manappuram Finance NSE:MANAPPURAM +0.05% 70 Beneish M-Score is -1.11 as of Jun. 29, 2026. GuruFocus rates NSE:MANAPPURAM with a GF Score™ of 70/100 and a GF Value™ of ₹203.87 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 483 Credit Services companies, Manappuram Finance ranks worse than 75.16% 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.

Warning Sign:

Beneish M-Score -1.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:MANAPPURAM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39   Med: -1.8   Max: -1.11
Current: -1.11

During the past 13 years, the highest Beneish M-Score of Manappuram Finance was -1.11. The lowest was -2.39. And the median was -1.80.

NSE:MANAPPURAM
70GF Score
Manappuram Finance Ltd NSE:MANAPPURAM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Manappuram Finance 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 Manappuram Finance 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 * 1.0083+0.892 * 0.8832+0.115 * 0.8523
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.284888-0.327 * 1.0579
=-1.11

* 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 ₹56,602 Mil.
Gross Profit was ₹56,602 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹745,593 Mil.
Property, Plant and Equipment(Net PPE) was ₹9,966 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3,094 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹578,366 Mil.
Net Income was ₹10,033 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-202,377 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹64,091 Mil.
Gross Profit was ₹64,091 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹492,047 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,569 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,674 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,573 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹360,789 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 / 56602.2) / (0 / 64091)
=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)
=(64091 / 64091) / (56602.2 / 56602.2)
=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 + 9965.8) / 745593.3) / (1 - (0 + 10569.1) / 492046.93)
=0.986634 / 0.97852
=1.0083

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
=56602.2 / 64091
=0.8832

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))
=(2673.7 / (2673.7 + 10569.1)) / (3093.5 / (3093.5 + 9965.8))
=0.201898 / 0.236881
=0.8523

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 / 56602.2) / (1573.05 / 64091)
=0 / 0.024544
=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)
=((578366.1 + 0) / 745593.3) / ((360789.16 + 0) / 492046.93)
=0.775713 / 0.733241
=1.0579

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
=(10033 - 0 - -202377.4) / 745593.3
=0.284888

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.

Manappuram Finance has a M-score of -1.11 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.11 mean?
Manappuram Finance (NSE:MANAPPURAM) has a Beneish M-Score of -1.11 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Manappuram Finance and its competitors. According to the industry distribution chart, Manappuram Finance ranks #363 out of 483 companies in the Credit Services industry, placing it in the top 75.2%.
Is Manappuram Finance's Beneish M-Score too high?
Manappuram Finance's current Beneish M-Score is -1.11. Based on the distribution chart, Manappuram Finance ranks #363 out of 483 companies in the Credit Services industry, which is in the bottom quartile relative to peers. Overall, Manappuram Finance has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Manappuram Finance's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Manappuram Finance ranks #363 out of 483 companies for Beneish M-Score. This places Manappuram Finance 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Manappuram Finance and its competitors. Manappuram Finance's current Beneish M-Score is -1.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manappuram Finance stock overvalued right now?
Based on GuruFocus' analysis, Manappuram Finance (NSE:MANAPPURAM) is currently considered Significantly Overvalued. The stock's GF Value™ is ₹203.87, compared to a current price of ₹318.50 — trading 56.2% above its estimated fair value. The current Beneish M-Score is -1.11. Manappuram Finance's overall GF Score™ is 70/100 with 9 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 Manappuram Finance (NSE:MANAPPURAM), the current Beneish M-Score is -1.11 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 Manappuram Finance (NSE:MANAPPURAM) Overvalued in 2026?

Based on GuruFocus' analysis, Manappuram Finance stock appears to be overvalued. The current stock price of ₹318.50 is trading 56.2% above its estimated GF Value™ of ₹203.87. GuruFocus considers Manappuram Finance to be Significantly Overvalued.

Key valuation signals for NSE:MANAPPURAM:

  • Beneish M-Score: -1.11
  • GF Value™: ₹203.87 vs. price of ₹318.50 (56.2% above fair value)
  • GF Score™: 70/100 with 9 warning signs

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

Manappuram Finance Business Description

Other Exchanges 531213:India
Address W-4/638 A, Manappuram House, P.O. Valappad, Chavakkad, Thrissur, KL, IND, 680567
Manappuram Finance Ltd is an Indian non-banking financial company. It is engaged in providing gold loans, microfinance, housing loans, and commercial vehicle loans. The company's products include SME loans, online gold loans, money transfers, domestic money transfers, foreign exchange, loans against property, depository services, and commercial vehicle loans. It also provides loans against a property to self-employed professionals, non-professionals, individuals/proprietorships, partnerships, and limited companies as well as commercial vehicle loans to first-time users, captive customers, fleet owners, and others. The company manages its business in the below segments namely Microfinance, Gold loan, and others. It generates maximum revenue from Gold loans and other segments.
70GF Score

Get the complete analysis for NSE:MANAPPURAM

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

₹318.50
Price
₹203.87
GF Value