VEDA's forensic scores are quantitative screening outputs — not investment advice and not a determination of fraud. Read the full disclaimer · Glossary
Risk Grade
HIGH
Revenue FY24
₹7,660.80 Cr
Net Income
₹-1,476.20 Cr
EBITDA
₹-731.80 Cr
Op. Cash Flow
₹225.10 Cr
Market Cap
₹1,14,853.56 Cr
Higher number = lower risk
Multi-model forensic assessment by Veda Analytics Engine
Multiple forensic models converge on elevated risk signals for One97 Communications Limited. The pattern of indicators is consistent with entities that have historically required regulatory intervention.
The Altman Z-Score of 2.88 places PAYTM 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 -2.91: 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 (Beneish, 1999) of -1.25 exceeds the −2.22 manipulation threshold — a statistically significant indicator that earnings may be subject to aggressive accounting practices. Our forensic team notes that companies breaching this threshold in Indian markets have, in multiple documented cases (SEBI enforcement actions 2019–2025), subsequently disclosed restatements or faced regulatory scrutiny.
The Piotroski F-Score of 5/9 indicates average financial health. While not alarming, the score suggests pockets of weakness across the nine signals that merit monitoring — particularly around leverage dynamics and margin sustainability.
Dechow RSST analysis indicates a low fraud probability of 0.14%, well within acceptable parameters. Accrual quality appears sound.
Operating cash flow is positive at ₹225 Cr, corroborating the quality of reported earnings. Cash-backed profitability is a strong signal in our forensic assessment framework.
Our operational red flag detection system has triggered 1 high-severity alert: Days Sales Outstanding Spike. 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 36/100 (HIGH) 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.
