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IGC Pharma Inc Financials

IGC
Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE March

This page shows IGC Pharma Inc (IGC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 24 / 100
Financial Profile 24/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

IGC Pharma Inc has an operating margin of -585.8%, meaning the company retains $-586 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -728.5% the prior year.

Growth
24

IGC Pharma Inc's revenue declined 5.5% year-over-year, from $1.3M to $1.3M. This contraction results in a growth score of 24/100.

Leverage
100

IGC Pharma Inc carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
21

IGC Pharma Inc's current ratio of 1.28 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 21/100, which could limit financial flexibility.

Cash Flow
0

While IGC Pharma Inc generated -$4.8M in operating cash flow, capex of $112K consumed most of it, leaving -$4.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

IGC Pharma Inc generates a -112.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -177.6% the prior year.

Piotroski F-Score Weak
3/9

IGC Pharma Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.67x

For every $1 of reported earnings, IGC Pharma Inc generates $0.67 in operating cash flow (-$4.8M OCF vs -$7.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-1489.2x

IGC Pharma Inc earns $-1489.2 in operating income for every $1 of interest expense (-$7.4M vs $5K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.3M
YoY-5.5%
5Y CAGR-20.8%
10Y CAGR-16.5%

IGC Pharma Inc generated $1.3M in revenue in fiscal year 2025. This represents a decrease of 5.5% from the prior year.

EBITDA
-$6.8M
YoY+25.5%

IGC Pharma Inc's EBITDA was -$6.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.5% from the prior year.

Net Income
-$7.1M
YoY+45.2%

IGC Pharma Inc reported -$7.1M in net income in fiscal year 2025. This represents an increase of 45.2% from the prior year.

EPS (Diluted)
$-0.09
YoY+59.1%

IGC Pharma Inc earned $-0.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$4.9M
YoY+8.1%

IGC Pharma Inc generated -$4.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.1% from the prior year.

Cash & Debt
$405K
YoY-66.2%
5Y CAGR-43.9%
10Y CAGR-6.9%

IGC Pharma Inc held $405K in cash against $134K in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
81M
YoY+21.3%
5Y CAGR+15.5%
10Y CAGR+18.5%

IGC Pharma Inc had 81M shares outstanding in fiscal year 2025. This represents an increase of 21.3% from the prior year.

Margins & Returns

Gross Margin
48.7%
YoY-5.8pp
5Y CAGR+45.9pp
10Y CAGR+41.1pp

IGC Pharma Inc's gross margin was 48.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.8 percentage points from the prior year.

Operating Margin
-585.8%
YoY+142.6pp
5Y CAGR-417.3pp
10Y CAGR-529.3pp

IGC Pharma Inc's operating margin was -585.8% in fiscal year 2025, reflecting core business profitability. This is up 142.6 percentage points from the prior year.

Net Margin
-560.4%
YoY+406.2pp
5Y CAGR-380.7pp
10Y CAGR-500.3pp

IGC Pharma Inc's net profit margin was -560.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 406.2 percentage points from the prior year.

Return on Equity
-112.5%
YoY+65.1pp
5Y CAGR-84.9pp
10Y CAGR-80.1pp

IGC Pharma Inc's ROE was -112.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 65.1 percentage points from the prior year.

Capital Allocation

R&D Spending
$3.7M
YoY-3.1%
5Y CAGR+29.3%

IGC Pharma Inc invested $3.7M in research and development in fiscal year 2025. This represents a decrease of 3.1% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$112K
YoY-18.8%
5Y CAGR-52.0%
10Y CAGR+3.9%

IGC Pharma Inc invested $112K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.8% from the prior year.

IGC Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $191K-41.8% $328K-0.6% $330K+28.4% $257K-37.6% $412K+51.5% $272K-7.8% $295K+44.6% $204K
Cost of Revenue $92K-47.1% $174K-1.1% $176K+15.0% $153K-28.5% $214K+96.3% $109K-12.1% $124K+74.6% $71K
Gross Profit $99K-35.7% $154K0.0% $154K+48.1% $104K-47.5% $198K+21.5% $163K-4.7% $171K+28.6% $133K
R&D Expenses $1.6M+86.6% $851K-14.6% $997K+17.0% $852K-7.1% $917K+3.1% $889K+4.0% $855K-5.3% $903K
SG&A Expenses $1.4M+16.7% $1.2M+112.3% $569K-49.6% $1.1M+8.5% $1.0M-37.7% $1.7M+12.4% $1.5M-33.3% $2.2M
Operating Income -$2.9M-52.2% -$1.9M-34.9% -$1.4M+24.8% -$1.9M-6.7% -$1.8M+26.5% -$2.4M-10.4% -$2.2M+27.6% -$3.0M
Interest Expense N/A $1K N/A N/A N/A $1K N/A N/A
Income Tax $0 $0 $0 $0 $0 $0 $0 $0
Net Income -$1.8M-13.9% -$1.6M-33.5% -$1.2M+34.5% -$1.8M-6.5% -$1.7M+27.8% -$2.4M+17.6% -$2.9M+48.4% -$5.6M
EPS (Diluted) $-0.020.0% $-0.02 N/A $-0.020.0% $-0.02+33.3% $-0.03 N/A $-0.09

IGC Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $9.7M+22.7% $7.9M-9.2% $8.7M-3.6% $9.1M-12.5% $10.4M-2.1% $10.6M+7.0% $9.9M-12.1% $11.3M
Current Assets $2.0M-6.9% $2.2M-25.7% $2.9M-5.1% $3.1M-28.2% $4.3M-3.6% $4.4M+18.9% $3.7M+3.4% $3.6M
Cash & Equivalents $1.1M+143.4% $454K+12.1% $405K-13.8% $470K-69.6% $1.5M-15.2% $1.8M+52.3% $1.2M-13.1% $1.4M
Inventory $658K-51.2% $1.3M-0.8% $1.4M-5.1% $1.4M-5.1% $1.5M0.0% $1.5M-1.9% $1.5M-20.0% $1.9M
Accounts Receivable $41K-52.9% $87K+155.9% $34K-30.6% $49K+11.4% $44K+57.1% $28K-28.2% $39K-57.6% $92K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $1.7M-11.5% $1.9M-22.8% $2.4M-14.3% $2.8M-5.8% $3.0M+10.2% $2.7M+5.2% $2.6M+17.0% $2.2M
Current Liabilities $1.5M-12.2% $1.7M-23.6% $2.3M-15.1% $2.7M-5.2% $2.8M+12.6% $2.5M+6.4% $2.3M+20.9% $1.9M
Long-Term Debt $132K-0.8% $133K-0.7% $134K0.0% $134K-0.7% $135K-0.7% $136K-0.7% $137K-0.7% $138K
Total Equity $8.1M+33.1% $6.1M-4.0% $6.3M+1.1% $6.3M-15.2% $7.4M-6.4% $7.9M+7.6% $7.3M-19.1% $9.1M
Retained Earnings -$122.8M-0.4% -$122.3M-1.3% -$120.7M-1.0% -$119.6M-1.6% -$117.8M-1.5% -$116.0M-2.1% -$113.7M-2.6% -$110.8M

IGC Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow -$2.1M-48.5% -$1.4M-92.7% -$730K+44.6% -$1.3M-32.2% -$996K+43.2% -$1.8M-233.1% -$526K+66.9% -$1.6M
Capital Expenditures $29K+262.5% $8K-55.6% $18K-33.3% $27K-6.9% $29K-23.7% $38K+153.3% $15K-77.9% $68K
Free Cash Flow -$2.1M-49.8% -$1.4M-89.2% -$748K+44.3% -$1.3M-31.1% -$1.0M+42.7% -$1.8M-230.9% -$541K+67.3% -$1.7M
Investing Cash Flow -$374K-164.5% $580K+508.5% -$142K-36.5% -$104K-60.0% -$65K+50.4% -$131K+59.4% -$323K-429.5% -$61K
Financing Cash Flow $3.1M+265.5% $851K+5.7% $805K+133.3% $345K-56.5% $794K-68.3% $2.5M+275.9% $667K+66800.0% -$1K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

IGC Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin 51.8%+4.9pp 46.9%+0.3pp 46.7%+6.2pp 40.5%-7.6pp 48.1%-11.9pp 59.9%+2.0pp 58.0%-7.2pp 65.2%
Operating Margin -1517.8%-937.0pp -580.8%-152.9pp -427.9%+302.9pp -730.7%-303.6pp -427.2%+453.7pp -880.9%-145.3pp -735.6%+734.0pp -1469.6%
Net Margin -953.4%-465.9pp -487.5%-124.5pp -363.0%+348.6pp -711.7%-294.9pp -416.8%+457.5pp -874.3%+103.7pp -978.0%+1761.7pp -2739.7%
Return on Equity -22.5%+3.8pp -26.3%-7.4pp -18.9%+10.3pp -29.2%-5.9pp -23.3%+6.9pp -30.2%+9.2pp -39.4%+22.3pp -61.7%
Return on Assets -18.7%+1.4pp -20.1%-6.4pp -13.7%+6.5pp -20.2%-3.6pp -16.6%+5.9pp -22.4%+6.7pp -29.1%+20.5pp -49.6%
Current Ratio 1.32+0.1 1.25-0.0 1.28+0.1 1.15-0.4 1.52-0.3 1.77+0.2 1.58-0.3 1.85
Debt-to-Equity 0.020.0 0.020.0 0.020.0 0.020.0 0.020.0 0.020.0 0.020.0 0.02
FCF Margin -1109.4%-678.0pp -431.4%-204.7pp -226.7%+296.3pp -523.0%-274.2pp -248.8%+409.3pp -658.1%-474.7pp -183.4%+627.9pp -811.3%

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Frequently Asked Questions

IGC Pharma Inc (IGC) reported $1.3M in total revenue for fiscal year 2025. This represents a -5.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

IGC Pharma Inc (IGC) revenue declined by 5.5% year-over-year, from $1.3M to $1.3M in fiscal year 2025.

No, IGC Pharma Inc (IGC) reported a net income of -$7.1M in fiscal year 2025, with a net profit margin of -560.4%.

IGC Pharma Inc (IGC) reported diluted earnings per share of $-0.09 for fiscal year 2025. This represents a 59.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

IGC Pharma Inc (IGC) had EBITDA of -$6.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, IGC Pharma Inc (IGC) had $405K in cash and equivalents against $134K in long-term debt.

IGC Pharma Inc (IGC) had a gross margin of 48.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

IGC Pharma Inc (IGC) had an operating margin of -585.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

IGC Pharma Inc (IGC) had a net profit margin of -560.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

IGC Pharma Inc (IGC) has a return on equity of -112.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

IGC Pharma Inc (IGC) generated -$4.9M in free cash flow during fiscal year 2025. This represents a 8.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

IGC Pharma Inc (IGC) generated -$4.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

IGC Pharma Inc (IGC) had $8.7M in total assets as of fiscal year 2025, including both current and long-term assets.

IGC Pharma Inc (IGC) invested $112K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

IGC Pharma Inc (IGC) invested $3.7M in research and development during fiscal year 2025.

IGC Pharma Inc (IGC) had 81M shares outstanding as of fiscal year 2025.

IGC Pharma Inc (IGC) had a current ratio of 1.28 as of fiscal year 2025, which is considered adequate.

IGC Pharma Inc (IGC) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

IGC Pharma Inc (IGC) had a return on assets of -81.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, IGC Pharma Inc (IGC) had $405K in cash against an annual operating cash burn of $4.8M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

IGC Pharma Inc (IGC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

IGC Pharma Inc (IGC) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

IGC Pharma Inc (IGC) has an interest coverage ratio of -1489.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

IGC Pharma Inc (IGC) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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