Excel Development Bank (XNEP:EDBL) Beneish M-Score: 0.00 (As of Aug. 20, 2026)

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XNEP:EDBL Excel Development Bank Ltd XNEP:EDBL
67 GF Score
Price NPR584.00
GF Value NPR681.59
Valuation Modestly Undervalued
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What is Excel Development Bank Beneish M-Score?

Excel Development Bank XNEP:EDBL +0.15% 67 Beneish M-Score is 0.00 as of Aug. 20, 2026. GuruFocus rates XNEP:EDBL with a GF Score™ of 67/100 and a GF Value™ of NPR681.59 (Modestly Undervalued). Among 1,393 Banks companies, Excel Development Bank ranks worse than 71787.44% 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.

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

During the past 13 years, the highest Beneish M-Score of Excel Development Bank was -2.03. The lowest was -2.59. And the median was -2.17.

XNEP:EDBL
67GF Score
Excel Development Bank Ltd XNEP:EDBL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Excel Development 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 Excel Development 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jul26) TTM:Last Year (Jul25) TTM:
Total Receivables was NPR0.0 Mil.
Revenue was NPR762.4 Mil.
Gross Profit was NPR762.4 Mil.
Total Current Assets was NPR0.0 Mil.
Total Assets was NPR21,329.6 Mil.
Property, Plant and Equipment(Net PPE) was NPR192.0 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR41.5 Mil.
Selling, General, & Admin. Expense(SGA) was NPR0.0 Mil.
Total Current Liabilities was NPR0.0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR0.0 Mil.
Net Income was NPR309.4 Mil.
Gross Profit was NPR0.0 Mil.
Cash Flow from Operations was NPR605.4 Mil.
 Total Receivables was NPR0.0 Mil.
Revenue was NPR650.4 Mil.
Gross Profit was NPR650.4 Mil.
Total Current Assets was NPR0.0 Mil.
Total Assets was NPR19,170.1 Mil.
Property, Plant and Equipment(Net PPE) was NPR183.2 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR42.4 Mil.
Selling, General, & Admin. Expense(SGA) was NPR0.0 Mil.
Total Current Liabilities was NPR0.0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR0.0 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 / 762.35) / (0 / 650.4)
=0 / 0
=

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)
=(650.4 / 650.4) / (762.35 / 762.35)
=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 + 191.995) / 21329.58) / (1 - (0 + 183.156) / 19170.113)
=0.990999 / 0.990446
=

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
=762.35 / 650.4
=

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))
=(42.405 / (42.405 + 183.156)) / (41.49 / (41.49 + 191.995))
=0.187998 / 0.177699
=

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 / 762.35) / (0 / 650.4)
=0 / 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)
=((0 + 0) / 21329.58) / ((0 + 0) / 19170.113)
=0 / 0
=

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
=(309.401 - 0 - 605.367) / 21329.58
=-0.013876

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Excel Development Bank (XNEP:EDBL) has a Beneish M-Score of 0.00 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Excel Development Bank and its competitors. According to the industry distribution chart, Excel Development Bank ranks #999999 out of 1393 companies in the Banks industry.
Is Excel Development Bank's Beneish M-Score too high?
Excel Development Bank's current Beneish M-Score is 0.00. Based on the distribution chart, Excel Development Bank ranks #999999 out of 1393 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Excel Development Bank has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Excel Development Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Excel Development Bank ranks #999999 out of 1393 companies for Beneish M-Score. This places Excel Development Bank 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 Excel Development Bank and its competitors. Excel Development Bank's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Excel Development Bank stock overvalued right now?
Based on GuruFocus' analysis, Excel Development Bank (XNEP:EDBL) is currently considered Modestly Undervalued. The stock's GF Value™ is NPR681.59, compared to a current price of NPR584.00 — trading 14.3% below its estimated fair value. The current Beneish M-Score is 0.00. Excel Development Bank's overall GF Score™ is 67/100. 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 Excel Development Bank (XNEP:EDBL), the current Beneish M-Score is 0.00 as of Aug. 20, 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 Excel Development Bank (XNEP:EDBL) Overvalued in 2026?

Based on GuruFocus' analysis, Excel Development Bank stock appears to be undervalued. The current stock price of NPR584.00 is trading 14.3% below its estimated GF Value™ of NPR681.59. GuruFocus considers Excel Development Bank to be Modestly Undervalued.

Key valuation signals for XNEP:EDBL:

  • Beneish M-Score: 0.00
  • GF Value™: NPR681.59 vs. price of NPR584.00 (14.3% below fair value)
  • GF Score™: 67/100

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

Excel Development Bank Business Description

Address Bhadrapur Road, Mukti Chowk, Ward No. 4, Birtamode Municipality, Birtamode, Jhapa, NPL
Excel Development Bank Ltd is a banking company. It offers savings accounts, fixed deposits, current accounts, loans, and other services. The bank provides services to g individuals, corporates, large public sector companies, government corporations, etc.
67GF Score

Get the complete analysis for XNEP:EDBL

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

NPR584.00
Price
NPR681.59
GF Value