VEDA's forensic scores are quantitative screening outputs — not investment advice and not a determination of fraud. Read the full disclaimer · Glossary
Risk Grade
MODERATE
Revenue FY25
₹3.00 Cr
Net Income
₹-40.00 Cr
EBITDA
₹55.00 Cr
Op. Cash Flow
₹-117.00 Cr
Market Cap
₹15,251.18 Cr
Higher number = lower risk
Multi-model forensic assessment by Veda Analytics Engine
Ola Electric Mobility Limited presents a mixed forensic profile with select indicators requiring sustained monitoring. While no single model triggers a definitive red flag, the cumulative signal warrants vigilance.
The Altman Z-Score of 14.78 places OLAELEC in the Safe Zone (above 2.99), indicating adequate financial resilience against near-term bankruptcy risk. This is consistent with a stable capital structure.
On the emerging-markets Altman Z (Bandyopadhyay form), the score is -2.42: a negative value under that measure indicates a greater probability of default within one year. It is shown as an indicator alongside the classic score and does not enter the composite.
The Beneish M-Score of -4.15 falls below the −2.22 threshold established in the original Beneish (1999) framework, indicating low probability of earnings manipulation through accrual-based techniques. The eight-variable decomposition does not surface anomalous patterns in receivables, depreciation, or asset quality indices.
Piotroski F-Score of 1/9 classifies financial strength as Weak. Across the nine binary signals spanning profitability, leverage, and operating efficiency (Piotroski, 2000), the company fails on 8 dimensions — a pattern our analysts associate with deteriorating fundamentals that often precede earnings downgrades.
Dechow RSST analysis indicates a low fraud probability of 0.28%, well within acceptable parameters. Accrual quality appears sound.
Negative operating cash flow is a significant concern. When a company reports positive net income but negative OCF, it signals that reported earnings may not be backed by actual cash generation — a classic indicator of accrual-based earnings inflation that our forensic methodology specifically targets.
Our operational red flag detection system has triggered 2 high-severity alerts: Days Sales Outstanding Spike; Excessive Related Party Transactions. Each flag is calibrated against Indian market benchmarks and historical fraud patterns from our proprietary database of 3,000+ SEBI, SFIO, and MCA enforcement cases.
The composite forensic risk score of 64/100 (MODERATE) is the weighted average of each model's 0–100 safety value: Altman Z (33%), Beneish M (28%), Piotroski F (17%), Dechow F (11%), DuPont (5%), Montier C (5%). Weights are re-scaled over the models that ran, and penalty multipliers apply when Beneish flags manipulation or Altman Z is in the distress zone.
Monitoring Recommendations
This analysis applies six forensic accounting models — Altman Z-Score (1968/1993), Beneish M-Score (1999), Piotroski F-Score (2000), Dechow RSST F-Score (2011), Montier C-Score (2008) and DuPont decomposition — calibrated for Indian capital market conditions. Governance is not part of the composite. Findings are indicative and should be corroborated with primary source documents.
