SBI Cards and Payment Services (NSE:SBICARD) Beneish M-Score: -2.10 (As of Jun. 28, 2026)


NSE:SBICARD SBI Cards and Payment Services Ltd NSE:SBICARD
65 GF Score
Price ₹624.85
GF Value ₹1,013.97
Valuation Significantly Undervalued
! 2 Warning Signs
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What is SBI Cards and Payment Services Beneish M-Score?

SBI Cards and Payment Services NSE:SBICARD +2.84% 65 Beneish M-Score is -2.10 as of Jun. 28, 2026. GuruFocus rates NSE:SBICARD with a GF Score™ of 65/100 and a GF Value™ of ₹1,013.97 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 483 Credit Services companies, SBI Cards and Payment Services ranks worse than 54.45% 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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SBI Cards and Payment Services's Beneish M-Score or its related term are showing as below:

NSE:SBICARD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.38   Med: -1.62   Max: -1.18
Current: -2.1

During the past 10 years, the highest Beneish M-Score of SBI Cards and Payment Services was -1.18. The lowest was -2.38. And the median was -1.62.

NSE:SBICARD
65GF Score
SBI Cards and Payment Services Ltd NSE:SBICARD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SBI Cards and Payment Services 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 SBI Cards and Payment Services 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 * 1.0011+0.892 * 1.1078+0.115 * 0.8484
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.025233-0.327 * 0.964
=-2.10

* 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 ₹164,232 Mil.
Gross Profit was ₹164,232 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹663,278 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,580 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,363 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹440,637 Mil.
Net Income was ₹21,667 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹4,930 Mil.
 Total Receivables was ₹0 Mil.
Revenue was ₹148,255 Mil.
Gross Profit was ₹148,255 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹655,458 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,269 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,468 Mil.
Selling, General, & Admin. Expense(SGA) was ₹29,387 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹451,707 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 / 164231.8) / (0 / 148255.1)
=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)
=(148255.1 / 148255.1) / (164231.8 / 164231.8)
=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 + 1579.8) / 663277.9) / (1 - (0 + 2269) / 655458)
=0.997618 / 0.996538
=1.0011

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
=164231.8 / 148255.1
=1.1078

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))
=(1468.2 / (1468.2 + 2269)) / (1362.5 / (1362.5 + 1579.8))
=0.392861 / 0.463073
=0.8484

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 / 164231.8) / (29386.5 / 148255.1)
=0 / 0.198216
=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)
=((440637.3 + 0) / 663277.9) / ((451706.8 + 0) / 655458)
=0.664333 / 0.689147
=0.964

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
=(21667.1 - 0 - 4930.3) / 663277.9
=0.025233

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.

SBI Cards and Payment Services has a M-score of -2.10 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 -2.10 mean?
SBI Cards and Payment Services (NSE:SBICARD) has a Beneish M-Score of -2.10 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SBI Cards and Payment Services and its competitors. According to the industry distribution chart, SBI Cards and Payment Services ranks #263 out of 483 companies in the Credit Services industry, placing it in the top 54.5%.
Is SBI Cards and Payment Services' Beneish M-Score too high?
SBI Cards and Payment Services' current Beneish M-Score is -2.10. Based on the distribution chart, SBI Cards and Payment Services ranks #263 out of 483 companies in the Credit Services industry, which is below the industry midpoint. Overall, SBI Cards and Payment Services has a GF Score™ of 65/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SBI Cards and Payment Services' Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, SBI Cards and Payment Services ranks #263 out of 483 companies for Beneish M-Score. This places SBI Cards and Payment Services 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 SBI Cards and Payment Services and its competitors. SBI Cards and Payment Services's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SBI Cards and Payment Services stock overvalued right now?
Based on GuruFocus' analysis, SBI Cards and Payment Services (NSE:SBICARD) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹1,013.97, compared to a current price of ₹624.85 — trading 38.4% below its estimated fair value. The current Beneish M-Score is -2.10. SBI Cards and Payment Services' overall GF Score™ is 65/100 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 SBI Cards and Payment Services (NSE:SBICARD), the current Beneish M-Score is -2.10 as of Jun. 28, 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 SBI Cards and Payment Services (NSE:SBICARD) Overvalued in 2026?

Based on GuruFocus' analysis, SBI Cards and Payment Services stock appears to be undervalued. The current stock price of ₹624.85 is trading 38.4% below its estimated GF Value™ of ₹1,013.97. GuruFocus considers SBI Cards and Payment Services to be Significantly Undervalued.

Key valuation signals for NSE:SBICARD:

  • Beneish M-Score: -2.10
  • GF Value™: ₹1,013.97 vs. price of ₹624.85 (38.4% below fair value)
  • GF Score™: 65/100 with 2 warning signs

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

SBI Cards and Payment Services Business Description

Other Exchanges 543066:India
Address DLF Phase 2, 2nd Floor, Tower-B, Infinity Towers, DLF Cyber City, Block 2, Building 3, Gurugram, HR, IND, 122002
SBI Cards and Payment Services Ltd is a credit card issuer in India. The company offers a credit card portfolio to individual cardholders and corporate clients, including lifestyle, rewards, travel and fuel, shopping, banking partnership cards, and corporate cards covering all cardholder segments in terms of income profiles and lifestyles. It offers four primary SBI Card-branded credit cards SimplySave, SimplyClick, Prime, and Elite, each catering to a varying set of cardholder needs. The company earns revenue from selling credit card memberships to card holders, and income earned from the provision of membership services.
65GF Score

Get the complete analysis for NSE:SBICARD

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

₹624.85
Price
₹1,013.97
GF Value