Punjab National Bank (NSE:PNB) Beneish M-Score: -2.50 (As of Jun. 30, 2026)


NSE:PNB Punjab National Bank NSE:PNB
68 GF Score
Price ₹106.96
GF Value ₹111.46
Valuation Fairly Valued
! 3 Warning Signs
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What is Punjab National Bank Beneish M-Score?

Punjab National Bank NSE:PNB -0.84% 68 Beneish M-Score is -2.50 as of Jun. 30, 2026. GuruFocus rates NSE:PNB with a GF Score™ of 68/100 and a GF Value™ of ₹111.46 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,399 Banks companies, Punjab National Bank ranks better than 70.05% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:PNB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.37   Max: -1.83
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Punjab National Bank was -1.83. The lowest was -2.79. And the median was -2.37.

NSE:PNB
68GF Score
Punjab National Bank NSE:PNB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Punjab National 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 Punjab National 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 * 0.9994+0.892 * 1.0478+0.115 * 0.8937
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9959+4.679 * -0.003562-0.327 * 1.0946
=-2.50

* 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 ₹626,200 Mil.
Gross Profit was ₹626,200 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹20,333,310 Mil.
Property, Plant and Equipment(Net PPE) was ₹150,785 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12,812 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,309 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹862,682 Mil.
Net Income was ₹183,927 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹256,354 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹597,606 Mil.
Gross Profit was ₹597,606 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹18,575,436 Mil.
Property, Plant and Equipment(Net PPE) was ₹127,240 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹9,575 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,171 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹719,991 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 / 626199.7) / (0 / 597605.5)
=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)
=(597605.5 / 597605.5) / (626199.7 / 626199.7)
=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 + 150785.3) / 20333309.5) / (1 - (0 + 127239.8) / 18575436.3)
=0.992584 / 0.99315
=0.9994

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
=626199.7 / 597605.5
=1.0478

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))
=(9575.1 / (9575.1 + 127239.8)) / (12812 / (12812 + 150785.3))
=0.069986 / 0.078314
=0.8937

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)
=(3308.7 / 626199.7) / (3171.1 / 597605.5)
=0.005284 / 0.005306
=0.9959

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)
=((862682.3 + 0) / 20333309.5) / ((719990.7 + 0) / 18575436.3)
=0.042427 / 0.03876
=1.0946

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
=(183926.9 - 0 - 256354.1) / 20333309.5
=-0.003562

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.

Punjab National Bank has a M-score of -2.50 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 -2.50 mean?
Punjab National Bank (NSE:PNB) has a Beneish M-Score of -2.50 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Punjab National Bank and its competitors. According to the industry distribution chart, Punjab National Bank ranks #419 out of 1399 companies in the Banks industry, placing it in the top 29.9%.
Is Punjab National Bank's Beneish M-Score too high?
Punjab National Bank's current Beneish M-Score is -2.50. Based on the distribution chart, Punjab National Bank ranks #419 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, Punjab National Bank has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Punjab National Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Punjab National Bank ranks #419 out of 1399 companies for Beneish M-Score. This puts Punjab National Bank in the upper 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 Punjab National Bank and its competitors. Punjab National Bank's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Punjab National Bank stock overvalued right now?
Based on GuruFocus' analysis, Punjab National Bank (NSE:PNB) is currently considered Fairly Valued. The stock's GF Value™ is ₹111.46, compared to a current price of ₹106.96 — trading 4% below its estimated fair value. The current Beneish M-Score is -2.50. Punjab National Bank's overall GF Score™ is 68/100 with 3 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 Punjab National Bank (NSE:PNB), the current Beneish M-Score is -2.50 as of Jun. 30, 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 Punjab National Bank (NSE:PNB) Overvalued in 2026?

Based on GuruFocus' analysis, Punjab National Bank stock appears to be undervalued. The current stock price of ₹106.96 is trading 4% below its estimated GF Value™ of ₹111.46. GuruFocus considers Punjab National Bank to be Fairly Valued.

Key valuation signals for NSE:PNB:

  • Beneish M-Score: -2.50
  • GF Value™: ₹111.46 vs. price of ₹106.96 (4% below fair value)
  • GF Score™: 68/100 with 3 warning signs

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

Punjab National Bank Business Description

Other Exchanges 532461:India
Address Plot No. 4, Sector 10, Sector - 10, Dwarka, New Delhi, IND, 110075
Punjab National Bank is an Indian public sector bank. It provides all banking products and financial services including acceptance of various kinds of deposits like savings, term, current, recurring deposits etc. and credit financing. Its banking operations cater to individuals, corporates, farmers, government entities, start-ups, MSMEs, and other constituents, offering comprehensive Product offering and services. Its primary segments are Treasury, Retail Banking, Corporate / Wholesale Banking, and Other Banking Operations. The bank generates majority of revenue from Corporate / Wholesale Banking includes all advances which are not included under Retail Banking. Secondary segments are Domestic operations, and Foreign Operations. It generates majority of income from Domestic operations.
68GF Score

Get the complete analysis for NSE:PNB

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

₹106.96
Price
₹111.46
GF Value