VEDA's forensic scores are quantitative screening outputs — not investment advice and not a determination of fraud. Read the full disclaimer · Glossary
Risk Grade
LOW
Revenue FY25
₹5,504.80 Cr
Net Income
₹-789.00 Cr
EBITDA
₹-116.00 Cr
Op. Cash Flow
₹38.60 Cr
Market Cap
₹1,14,853.56 Cr
Higher number = lower risk
Multi-model forensic assessment by Veda Analytics Engine
One97 Communications Limited demonstrates a fundamentally sound forensic profile. Our multi-model analysis indicates limited risk of financial distress or earnings manipulation at this time.
The Altman Z-Score of 14.63 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 -2.69: 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 -2.97 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.
The Piotroski F-Score of 4/9 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 0.29%, well within acceptable parameters. Accrual quality appears sound.
Operating cash flow is positive at ₹39 Cr, corroborating the quality of reported earnings. Cash-backed profitability is a strong signal in our forensic assessment framework.
The composite forensic risk score of 80/100 (LOW) 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.
