The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 5.13 is strong.
Indbank Merchant Banking Services has a Altman Z-Score of 5.11, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Indbank Merchant Banking Services's Altman Z-Score or its related term are showing as below:
BOM:511473'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.68 Med: 4 Max: 6.7
Current: 5.13
During the past 13 years, Indbank Merchant Banking Services's highest Altman Z-Score was 6.70. The lowest was 1.68. And the median was 4.00.
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* 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.
BOM:511473 vs MS, GS, SCHW: Altman Z-Score Comparison
For the Capital Markets subindustry, Indbank Merchant Banking Services's Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Indbank Merchant Banking Services Altman Z-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Indbank Merchant Banking Services's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Indbank Merchant Banking Services's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Indbank Merchant Banking Services (BOM:511473) has a Altman Z-Score of 5.11 as of Jul. 04, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Indbank Merchant Banking Services and its competitors. This is 28% above median its historical median of 4.00. Over the past decade, Indbank Merchant Banking Services' Altman Z-Score has ranged from 1.68 to 6.70. According to the industry distribution chart, Indbank Merchant Banking Services ranks #226 out of 662 companies in the Capital Markets industry, placing it in the top 34.1%.
Is Indbank Merchant Banking Services' Altman Z-Score too high?
Indbank Merchant Banking Services' current Altman Z-Score of 5.11 is 28% above median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.68 to a high of 6.70. The Capital Markets industry median Altman Z-Score is 2.55. Indbank Merchant Banking Services' value of 5.11 is 100.4% above this industry median. Based on the distribution chart, Indbank Merchant Banking Services ranks #226 out of 662 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Indbank Merchant Banking Services has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Indbank Merchant Banking Services' Altman Z-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Indbank Merchant Banking Services ranks #226 out of 662 companies for Altman Z-Score. This puts Indbank Merchant Banking Services in the upper half of its industry. The industry median Altman Z-Score is 2.55. Indbank Merchant Banking Services' value of 5.11 is 100.4% above this benchmark. Historically, Indbank Merchant Banking Services' own Altman Z-Score has ranged from 1.68 to 6.70 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 2.55, Indbank Merchant Banking Services has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Capital Markets company?
The median Altman Z-Score among Capital Markets companies is 2.55, based on 662 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Indbank Merchant Banking Services's current Altman Z-Score of 5.11 is 100.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Indbank Merchant Banking Services and its competitors. For the Capital Markets industry, the median Altman Z-Score is 2.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Indbank Merchant Banking Services's current Altman Z-Score is 5.11, which is 28% above median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indbank Merchant Banking Services stock overvalued right now?
Based on GuruFocus' analysis, Indbank Merchant Banking Services (BOM:511473) is currently considered Fairly Valued. The stock's GF Value™ is ₹32.04, compared to a current price of ₹33.39 — trading 4.2% above its estimated fair value. The current Altman Z-Score is 5.11, which is 28% above median its 10-year median of 4.00 and 100.4% above the Capital Markets industry median of 2.55. Indbank Merchant Banking Services' overall GF Score™ is 77/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Indbank Merchant Banking Services (BOM:511473), the current Altman Z-Score is 5.11 as of Jul. 04, 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 Indbank Merchant Banking Services (BOM:511473) Overvalued in 2026?
Based on GuruFocus' analysis, Indbank Merchant Banking Services stock appears to be overvalued.
The current stock price of ₹33.39 is trading 4.2% above its estimated GF Value™ of ₹32.04.
GuruFocus considers Indbank Merchant Banking Services to be Fairly Valued.
Key valuation signals for BOM:511473:
Altman Z-Score: 5.11 (28% above median its 10-year median of 4.00)
GF Value™: ₹32.04 vs. price of ₹33.39 (4.2% above fair value)
Industry Position: 100.4% above the Capital Markets median (#226 of 662)
No single metric tells the full story. See the BOM:511473 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Indbank Merchant Banking Services Business Description
Indbank Merchant Banking Services Ltd is an India based company engaged in merchant banking activities. It is involved in providing fee-based services which include operations like merchant banking, stock broking, depository participant services, distribution of financial products and allied activities. The company carries its operations in India and generates the majority of the revenue from the stock broking membership operations.
77GF Score
Get the complete analysis for BOM:511473
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BOM:511473 has been successfully added to your 
