Jyoti Bikas Bank (XNEP:JBBL) Beneish M-Score: -2.43 (As of Jun. 30, 2026)


XNEP:JBBL Jyoti Bikas Bank Ltd XNEP:JBBL
72 GF Score
Price NPR336.00
GF Value NPR329.03
Valuation Fairly Valued
! 3 Warning Signs
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What is Jyoti Bikas Bank Beneish M-Score?

Jyoti Bikas Bank XNEP:JBBL -0.59% 72 Beneish M-Score is -2.43 as of Jun. 30, 2026. GuruFocus rates XNEP:JBBL with a GF Score™ of 72/100 and a GF Value™ of NPR329.03 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,399 Banks companies, Jyoti Bikas Bank ranks better than 55.97% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XNEP:JBBL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.41   Max: -2.14
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Jyoti Bikas Bank was -2.14. The lowest was -3.03. And the median was -2.41.

XNEP:JBBL
72GF Score
Jyoti Bikas Bank Ltd XNEP:JBBL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Jyoti Bikas 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 Jyoti Bikas 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 * 0.9967+0.892 * 0.938+0.115 * 1.0464
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0115+4.679 * 0.035493-0.327 * 1.2009
=-2.43

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was NPR0 Mil.
Revenue was NPR2,515 Mil.
Gross Profit was NPR2,515 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR70,872 Mil.
Property, Plant and Equipment(Net PPE) was NPR1,668 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR167 Mil.
Selling, General, & Admin. Expense(SGA) was NPR122 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR1,854 Mil.
Net Income was NPR113 Mil.
Gross Profit was NPR0 Mil.
Cash Flow from Operations was NPR-2,402 Mil.
 Total Receivables was NPR0 Mil.
Revenue was NPR2,681 Mil.
Gross Profit was NPR2,681 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR76,151 Mil.
Property, Plant and Equipment(Net PPE) was NPR1,546 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR163 Mil.
Selling, General, & Admin. Expense(SGA) was NPR129 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR1,659 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 / 2514.58) / (0 / 2680.648)
=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)
=(2680.648 / 2680.648) / (2514.58 / 2514.58)
=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 + 1667.595) / 70871.906) / (1 - (0 + 1546.003) / 76151.43)
=0.97647 / 0.979698
=0.9967

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
=2514.58 / 2680.648
=0.938

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))
=(163.039 / (163.039 + 1546.003)) / (167.286 / (167.286 + 1667.595))
=0.095398 / 0.09117
=1.0464

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)
=(122.152 / 2514.58) / (128.741 / 2680.648)
=0.048577 / 0.048026
=1.0115

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)
=((1853.959 + 0) / 70871.906) / ((1658.785 + 0) / 76151.43)
=0.026159 / 0.021783
=1.2009

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
=(113.19 - 0 - -2402.268) / 70871.906
=0.035493

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.

Jyoti Bikas Bank has a M-score of -2.43 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 -2.43 mean?
Jyoti Bikas Bank (XNEP:JBBL) has a Beneish M-Score of -2.43 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jyoti Bikas Bank and its competitors. According to the industry distribution chart, Jyoti Bikas Bank ranks #616 out of 1399 companies in the Banks industry, placing it in the top 44%.
Is Jyoti Bikas Bank's Beneish M-Score too high?
Jyoti Bikas Bank's current Beneish M-Score is -2.43. Based on the distribution chart, Jyoti Bikas Bank ranks #616 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, Jyoti Bikas Bank has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Jyoti Bikas Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Jyoti Bikas Bank ranks #616 out of 1399 companies for Beneish M-Score. This puts Jyoti Bikas 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 Jyoti Bikas Bank and its competitors. Jyoti Bikas Bank's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jyoti Bikas Bank stock overvalued right now?
Based on GuruFocus' analysis, Jyoti Bikas Bank (XNEP:JBBL) is currently considered Fairly Valued. The stock's GF Value™ is NPR329.03, compared to a current price of NPR336.00 — trading 2.1% above its estimated fair value. The current Beneish M-Score is -2.43. Jyoti Bikas Bank's overall GF Score™ is 72/100 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 Jyoti Bikas Bank (XNEP:JBBL), the current Beneish M-Score is -2.43 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 Jyoti Bikas Bank (XNEP:JBBL) Overvalued in 2026?

Based on GuruFocus' analysis, Jyoti Bikas Bank stock appears to be overvalued. The current stock price of NPR336.00 is trading 2.1% above its estimated GF Value™ of NPR329.03. GuruFocus considers Jyoti Bikas Bank to be Fairly Valued.

Key valuation signals for XNEP:JBBL:

  • Beneish M-Score: -2.43
  • GF Value™: NPR329.03 vs. price of NPR336.00 (2.1% above fair value)
  • GF Score™: 72/100 with 3 warning signs

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

Jyoti Bikas Bank Business Description

Address Kamalpokhari, Kathmandu, NPL
Jyoti Bikas Bank Ltd provides standard banking services in Nepal. The company focuses on financing the development of hydropower and infrastructure and providing banking facilities to the general public for various purposes. The Bank operates in the following segments: Core Banking, Micro Finance, Treasury, and Digital Banking & Others. The majority of the revenue is generated from the Core Banking segment. All the revenues come from the domestic market.
72GF Score

Get the complete analysis for XNEP:JBBL

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

NPR336.00
Price
NPR329.03
GF Value