VEDA's forensic scores are quantitative screening outputs — not investment advice and not a determination of fraud. Read the full disclaimer · Glossary
Risk Grade
VERY LOW
Revenue FY25
₹69,419.00 Cr
Net Income
₹5,452.00 Cr
EBITDA
₹10,482.00 Cr
Op. Cash Flow
₹9,795.00 Cr
Market Cap
₹2,68,078.64 Cr
Higher number = lower risk
Multi-model forensic assessment by Veda Analytics Engine
Tata Motors Limited exhibits robust financial health across all forensic dimensions. The company's indicators are consistent with well-governed, financially disciplined entities in Indian capital markets.
The Altman Z-Score of 6.67 places TATAMOTORS 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 -0.98: 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 -2.82 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 8/9 (Strong) reflects strong financial fundamentals across profitability, capital structure, and operating efficiency dimensions. This score places TATAMOTORS in the upper quartile of financially robust Indian listed entities.
Dechow RSST analysis indicates a low fraud probability of 0.07%, well within acceptable parameters. Accrual quality appears sound.
Operating cash flow is positive at ₹9,795 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: 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 92/100 (VERY 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.
