SBKFF (State Bank of India) Beneish M-Score: -2.39 (As of Jun. 25, 2026)


SBKFF State Bank of India SBKFF
66 GF Score
Price $107.81
GF Value $87.16
Valuation Modestly Overvalued
! 1 Warning Sign
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What is State Bank of India Beneish M-Score?

State Bank of India SBKFF -2.37% 66 Beneish M-Score is -2.39 as of Jun. 25, 2026. GuruFocus rates SBKFF with a GF Score™ of 66/100 and a GF Value™ of $87.16 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, State Bank of India ranks worse than 51.72% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SBKFF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.48   Med: -2.4   Max: -2.24
Current: -2.39

During the past 13 years, the highest Beneish M-Score of State Bank of India was -2.24. The lowest was -2.48. And the median was -2.40.

SBKFF
66GF Score
State Bank of India SBKFF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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State Bank of India 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 State Bank of India 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 * 0.9995+0.892 * 1.018+0.115 * 1.0178
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0446+4.679 * 0.005432-0.327 * 1.0336
=-2.46

* 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 $41,124 Mil.
Gross Profit was $41,124 Mil.
Total Current Assets was $0 Mil.
Total Assets was $896,545 Mil.
Property, Plant and Equipment(Net PPE) was $6,157 Mil.
Depreciation, Depletion and Amortization(DDA) was $520 Mil.
Selling, General, & Admin. Expense(SGA) was $588 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $78,314 Mil.
Net Income was $8,974 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $4,105 Mil.
 Total Receivables was $0 Mil.
Revenue was $40,397 Mil.
Gross Profit was $40,397 Mil.
Total Current Assets was $0 Mil.
Total Assets was $845,361 Mil.
Property, Plant and Equipment(Net PPE) was $5,356 Mil.
Depreciation, Depletion and Amortization(DDA) was $461 Mil.
Selling, General, & Admin. Expense(SGA) was $553 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $71,442 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 / 41124.389) / (0 / 40397.337)
=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)
=(40397.337 / 40397.337) / (41124.389 / 41124.389)
=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 + 6157.424) / 896544.921) / (1 - (0 + 5355.634) / 845361.418)
=0.993132 / 0.993665
=0.9995

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
=41124.389 / 40397.337
=1.018

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))
=(461.328 / (461.328 + 5355.634)) / (520.342 / (520.342 + 6157.424))
=0.079307 / 0.077922
=1.0178

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)
=(588 / 41124.389) / (552.917 / 40397.337)
=0.014298 / 0.013687
=1.0446

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)
=((78313.544 + 0) / 896544.921) / ((71441.914 + 0) / 845361.418)
=0.08735 / 0.08451
=1.0336

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
=(8974.402 - 0 - 4104.517) / 896544.921
=0.005432

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.

State Bank of India has a M-score of -2.46 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 -2.39 mean?
State Bank of India (SBKFF) has a Beneish M-Score of -2.39 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on State Bank of India and its competitors. According to the industry distribution chart, State Bank of India ranks #722 out of 1396 companies in the Banks industry, placing it in the top 51.7%.
Is State Bank of India's Beneish M-Score too high?
State Bank of India's current Beneish M-Score is -2.39. Based on the distribution chart, State Bank of India ranks #722 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, State Bank of India has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does State Bank of India's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, State Bank of India ranks #722 out of 1396 companies for Beneish M-Score. This places State Bank of India 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 State Bank of India and its competitors. State Bank of India's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is State Bank of India stock overvalued right now?
Based on GuruFocus' analysis, State Bank of India (SBKFF) is currently considered Modestly Overvalued. The stock's GF Value™ is $87.16, compared to a current price of $107.81 — trading 23.7% above its estimated fair value. The current Beneish M-Score is -2.39. State Bank of India's overall GF Score™ is 66/100 with 1 warning sign 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 State Bank of India (SBKFF), the current Beneish M-Score is -2.39 as of Jun. 25, 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 State Bank of India (SBKFF) Overvalued in 2026?

Based on GuruFocus' analysis, State Bank of India stock appears to be overvalued. The current stock price of $107.81 is trading 23.7% above its estimated GF Value™ of $87.16. GuruFocus considers State Bank of India to be Modestly Overvalued.

Key valuation signals for SBKFF:

  • Beneish M-Score: -2.39
  • GF Value™: $87.16 vs. price of $107.81 (23.7% above fair value)
  • GF Score™: 66/100 with 1 warning sign

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

State Bank of India Business Description

Address Madam Cama Road, State Bank Bhavan, 14th Floor, Corporate Centre, SBI, Shares & Bonds Departmen, Nariman Point, Mumbai, MH, IND, 400 021
State Bank of India is a bank in India. The bank's business segments include Treasury; Corporate/Wholesale Banking; Retail Banking and Other Banking businesses. The bank generates maximum revenue from the Retail Banking segment. The Retail Banking Segment comprises retail branches, which include Personal Banking activities including lending activities to corporate customers having banking relations with these branches. This segment also includes the agency business and ATMs. Geographically, the Company derives a majority of its revenue from India, It also operates in Foreign Countries.
66GF Score

Get the complete analysis for SBKFF

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

$107.81
Price
$87.16
GF Value