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 FY24
₹73,303.00 Cr
Net Income
₹7,902.00 Cr
EBITDA
₹11,574.00 Cr
Op. Cash Flow
₹8,662.00 Cr
Market Cap
₹2,68,078.64 Cr
Higher number = lower risk
Multi-model forensic assessment by Veda Analytics Engine
Tata Motors 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 2.85 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 -1.07: 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 -2.98 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 (Average) 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 ₹8,662 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 82/100 (LOW) is the weighted average of each model's 0–100 safety value: Altman Z (35%), Beneish M (30%), Piotroski F (18%), Dechow F (11%), DuPont (6%). 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.
