What is IGC Pharma, Inc.'s earnings per share (EPS)?

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) Financials

IGC

FY2025 annual

Revenue $1.3M -5.5% YoY

Net Income -$7.1M +45.2% YoY

EPS (Diluted) -$0.09 +59.1% YoY

Free Cash Flow -$4.9M +8.1% YoY

Market Cap $29.2M as of Oct 6, 2026

Price / Sales 22.9x on $1.3M revenue, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 4.8x on $6.1M equity, Q1 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE March

Newest figures come from the 10-Q for Q1 FY2027, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IGC SEC filings page.

IGC Pharma, Inc. (IGC) reported $1.3M in revenue for fiscal year 2025, down 5.5% from the prior fiscal year. This page shows its 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).

Rhea AI IGC FY2025 2026-10-03

The development-stage business produces modest gross profit, but R&D and overhead leave operations dependent on financing.

Operating cash outflow narrowed from $5.2M in FY2024 to $4.8M in FY2025. Yet FY2025 free cash flow remained negative at $4.9M, so the improvement has not translated into internally funded operations.

FY2025 R&D reached $3.7M, nearly three times revenue of $1.3M; product-development spending is larger than the current sales base. SG&A was $4.4M, meaning the cost structure—not only direct production costs—absorbed the gross profit.

The current ratio fell from 9.9x in FY2021 to 1.3x in FY2025, narrowing the short-term asset cushion. FY2025 financing inflow was $4.5M while long-term debt was only $134K, indicating that external support came mainly through non-debt financing rather than borrowing.

Financial Health Signals

Financial Health Score 43/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of IGC Pharma, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

IGC Pharma, Inc. held $405K in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $4.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and IGC Pharma, Inc. scores 4/100 among other emerging companies.

Dilution

IGC Pharma, Inc. had 84M shares outstanding at the end of fiscal year 2025, against 76M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and IGC Pharma, Inc. scores 30/100 among other emerging companies.

R&D Intensity

IGC Pharma, Inc. spent $3.7M on research and development in fiscal year 2025, which was 41.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and IGC Pharma, Inc. scores 73/100 among other emerging companies.

Revenue Progress

IGC Pharma, Inc. reported revenue of $1.3M in fiscal year 2025, against $1.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and IGC Pharma, Inc. scores 62/100 among other emerging companies.

Burn Trend

IGC Pharma, Inc.'s operations used $4.8M of cash in fiscal year 2025, against $5.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and IGC Pharma, Inc. scores 62/100 among other emerging companies.

Balance Sheet

IGC Pharma, Inc.'s cash, cash equivalents and investments came to $405K at the end of fiscal year 2025, against $2.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and IGC Pharma, Inc. scores 24/100 among other emerging companies.

Altman Z-Score Distress

-14.66

IGC Pharma, Inc. scores -14.66, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($29.2M) relative to total liabilities ($2.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

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 No Cash Backing

N/A

IGC Pharma, Inc. reported a net loss of $7.1M while operations used $4.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

IGC Pharma, Inc. reported an operating loss of $7.4M against $5K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$265K

YoY-19.2%

QoQ-16.4%

IGC Pharma, Inc. generated $265K in revenue in Q1 2027. This represents a decrease of 19.2% from the same quarter a year earlier. Against the prior quarter it is down 16.4%.

EBITDA

-$2.7M

YoY-54.6%

QoQ-13.6%

IGC Pharma, Inc.'s EBITDA was -$2.7M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 54.6% from the same quarter a year earlier. Against the prior quarter it is down 13.6%.

Net Income

-$2.9M

YoY-83.6%

QoQ-22.2%

IGC Pharma, Inc. reported -$2.9M in net income in Q1 2027. This represents a decrease of 83.6% from the same quarter a year earlier. Against the prior quarter it is down 22.2%.

EPS (Diluted)

-$0.03

YoY-50.0%

QoQ-50.0%

IGC Pharma, Inc. earned -$0.03 per diluted share (EPS) in Q1 2027. This represents a decrease of 50.0% from the same quarter a year earlier. Against the prior quarter it is down 50.0%.

Cash & Balance Sheet

Free Cash Flow

-$1.4M

YoY+4.2%

QoQ-10.7%

IGC Pharma, Inc. recorded an outflow of $1.4M in free cash flow in Q1 2027, representing a cash shortfall after capex. This represents an increase of 4.2% from the same quarter a year earlier. Against the prior quarter it is down 10.7%.

Cash & Debt

$331K

YoY-27.1%

QoQ+59.9%

5Y CAGR-52.2%

10Y CAGR-13.0%

IGC Pharma, Inc. held $331K in cash as of Q1 2027; long-term debt is not reported for that period.

Shares Outstanding

103M

YoY+13.8%

QoQ+3.3%

5Y CAGR+15.7%

10Y CAGR+16.0%

IGC Pharma, Inc. had 103M shares outstanding in Q1 2027. This represents an increase of 13.8% from the same quarter a year earlier. Against the prior quarter it is up 3.3%.

Dividends Per Share

Not reported for Q1 2027.

Margins & Returns

Gross Margin

18.1%

YoY-28.8pp

QoQ+0.8pp

IGC Pharma, Inc.'s gross margin was 18.1% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is down 28.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.

Return on Equity

-47.9%

YoY-21.6pp

QoQ-8.6pp

IGC Pharma, Inc.'s ROE was -47.9% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is down 21.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.6 percentage points.

Operating Margin

Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$1.4M

YoY+63.3%

QoQ+9.3%

IGC Pharma, Inc. invested $1.4M in research and development in Q1 2027. This represents an increase of 63.3% from the same quarter a year earlier. Against the prior quarter it is up 9.3%.

Capital Expenditures

$5K

YoY-37.5%

QoQ+400.0%

IGC Pharma, Inc. invested $5K in capex in Q1 2027, funding long-term assets and infrastructure. This represents a decrease of 37.5% from the same quarter a year earlier. Against the prior quarter it is up 400.0%.

Share Buybacks

Not reported for Q1 2027.

IGC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IGC quarterly income statement

Metric	TTM	FY2510-KT	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	$1.3M-5.5%	$1.3M+47.6%	$911K+129.5%	$397K-55.8%	$898K-77.9%	$4.1M-20.4%	$5.1M+133.3%	$2.2M+277.9%	$580K-90.9%	$6.4M-17.1%	$7.7M+237.9%	$2.3M-71.7%	$8.0M+91.2%	$4.2M+3.1%	$4.1M
Cost of Revenue	N/A	$652K+6.5%	$612K+30.5%	$469K+131.0%	$203K-74.1%	$785K-80.2%	$4.0M-20.6%	$5.0M+136.1%	$2.1M+482.9%	$362K-93.4%	$5.5M-22.2%	$7.1M+275.4%	$1.9M-70.9%	$6.5M+34.8%	$4.8M+23.1%	$3.9M
Gross Profit	N/A	$619K-15.6%	$733K+65.8%	$442K+127.8%	$194K+71.7%	$113K-1.7%	$115K-12.9%	$132K+61.0%	$82K-62.4%	$218K-74.1%	$843K+45.5%	$580K+51.9%	$382K-75.1%	$1.5M+347.9%	-$618K-488.3%	$159K
R&D Expenses	N/A	$3.7M-3.1%	$3.8M+9.0%	$3.5M+48.5%	$2.3M+150.8%	$929K-8.1%	$1.0M-19.5%	$1.3M+816.8%	$137K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$4.4M-34.7%	$6.8M-21.0%	$8.6M-35.7%	$13.3M+68.1%	$7.9M+32.5%	$6.0M+69.6%	$3.5M+102.9%	$1.7M-23.7%	$2.3M-15.9%	$2.7M-34.7%	$4.1M+90.0%	$2.2M-28.4%	$3.0M-35.3%	$4.7M-35.4%	$7.3M
Operating Income	N/A	-$7.4M+24.0%	-$9.8M+15.3%	-$11.6M+25.0%	-$15.4M-76.8%	-$8.7M-27.1%	-$6.9M-47.8%	-$4.6M-159.5%	-$1.8M+12.9%	-$2.1M+29.3%	-$2.9M+33.1%	-$4.3M-71.8%	-$2.5M-1.8%	-$2.5M+66.9%	-$7.5M+52.7%	-$15.9M
EBITDA	N/A	-$6.8M+25.5%	-$9.2M+16.1%	-$10.9M+26.1%	-$14.8M-79.2%	-$8.2M-22.7%	-$6.7M-46.6%	-$4.6M-159.0%	-$1.8M-6.8%	-$1.7M+23.8%	-$2.2M+38.9%	-$3.6M-96.1%	-$1.8M-0.3%	-$1.8M+72.2%	-$6.5M+56.9%	-$15.1M
Interest Expense	N/A	$5K0.0%	$5K0.0%	$5K0.0%	$5K+66.7%	$3K	N/A	N/A	$31K-86.2%	$223K+4.5%	$214K-25.3%	$286K-1.8%	$292K-30.5%	$419K-57.4%	$984K-29.5%	$1.4M
Income Tax	N/A	$0	$0	$0	$0	$0	$0-100.0%	$2K	$0-100.0%	$14K+2392.4%	$579-88.8%	$5K	$0+100.0%	-$365K-311.3%	$173K-95.8%	$4.1M
Net Income	N/A	-$7.1M+45.2%	-$13.0M-13.0%	-$11.5M+23.4%	-$15.0M-70.4%	-$8.8M-20.5%	-$7.3M-78.5%	-$4.1M-129.4%	-$1.8M+4.4%	-$1.9M+33.5%	-$2.8M+39.1%	-$4.6M-52.7%	-$3.0M-34.2%	-$2.3M+70.9%	-$7.8M+61.7%	-$20.2M
EPS (Basic)	N/A	-$0.09+59.1%	-$0.22	N/A	N/A	N/A	N/A	N/A	N/A	-$0.07+58.8%	-$0.17+45.2%	-$0.31+16.2%	-$0.37-15.6%	-$0.32+88.0%	-$2.66-98.5%	-$1.34
EPS (Diluted)	—	-$0.09+59.1%	-$0.22	N/A	N/A	N/A	N/A	N/A	N/A	-$0.07	-$0.17+45.2%	-$0.31	-$0.37-15.6%	-$0.32	-$2.66	-$1.34
Diluted Shares (Avg)	N/A	77M+30.0%	59M	N/A	N/A	N/A	N/A	N/A	N/A	26M	16M+11.1%	15M	8M+17.8%	7M	3M	15M

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Revenue	$265K-19.2%	$317K-3.9%	N/A	$191K-53.6%	$328K+20.6%	$330K+11.9%	$257K+26.0%	$412K+41.6%
Cost of Revenue	$217K+24.7%	$262K+48.9%	N/A	$92K-57.0%	$174K+59.6%	$176K+41.9%	$153K+115.5%	$214K+82.9%
Gross Profit	$48K-68.8%	$55K-64.3%	N/A	$99K-50.0%	$154K-5.5%	$154K-9.9%	$104K-21.8%	$198K+13.8%
R&D Expenses	$1.4M+63.3%	$1.3M+27.6%	N/A	$1.6M+73.2%	$851K-4.3%	$997K+16.6%	$852K-5.6%	$917K-27.7%
SG&A Expenses	$1.4M+19.4%	$1.2M+117.7%	N/A	$1.4M+35.4%	$1.2M-27.7%	$570K-61.6%	$1.1M-49.3%	$1.0M-25.5%
Operating Income	-$2.8M-46.1%	-$2.5M-74.0%	N/A	-$2.9M-64.7%	-$1.9M+20.5%	-$1.4M+34.9%	-$1.9M+37.4%	-$1.8M+29.3%
EBITDA	-$2.7M-54.6%	-$2.4M-90.6%	N/A	-$2.8M-74.3%	-$1.8M+21.0%	-$1.3M+37.2%	-$1.7M+39.5%	-$1.6M+31.6%
Interest Expense	N/A	$1K	N/A	N/A	$1K0.0%	N/A	N/A	N/A
Income Tax	$0	$0	N/A	$0	$0	$0	$0	$0
Net Income	-$2.9M-83.6%	-$2.4M-100.5%	N/A	-$1.8M-6.1%	-$1.6M+32.8%	-$1.2M+58.5%	-$1.8M+67.3%	-$1.7M+29.9%
EPS (Basic)	-$0.03-50.0%	-$0.020.0%	N/A	-$0.020.0%	-$0.02+33.3%	-$0.02+50.0%	-$0.02+77.8%	-$0.02+60.0%
EPS (Diluted)	-$0.03-50.0%	-$0.02	N/A	-$0.020.0%	-$0.02+33.3%	-$0.02+50.0%	-$0.02+77.8%	-$0.02
Diluted Shares (Avg)	100M+20.8%	98M	N/A	90M+19.0%	83M+14.0%	80M	78M+21.8%	76M

IGC Balance Sheet

IGC quarterly balance sheet

Metric	FY2510-KT	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$8.7M-11.7%	$9.9M-42.4%	$17.2M-36.0%	$26.8M-25.2%	$35.9M+23.7%	$29.0M-15.9%	$34.5M+217.6%	$10.9M-3.8%	$11.3M-40.2%	$18.9M-7.2%	$20.3M+14.6%	$17.7M-7.9%	$19.3M-23.8%	$25.3M+39.1%	$18.2M
Current Assets	$2.9M-21.8%	$3.7M-42.7%	$6.5M-57.2%	$15.1M-35.7%	$23.5M+32.4%	$17.8M-33.6%	$26.7M+733.8%	$3.2M-10.5%	$3.6M-6.8%	$3.8M-14.2%	$4.5M+19.1%	$3.8M-12.0%	$4.3M-18.2%	$5.2M-20.2%	$6.5M
Cash & Equivalents	$405K-66.2%	$1.2M-62.5%	$3.2M-69.4%	$10.5M-28.1%	$14.5M+100.4%	$7.3M-71.7%	$25.6M+1444.6%	$1.7M+208.2%	$538K-63.9%	$1.5M+80.8%	$824K-19.7%	$1.0M-3.6%	$1.1M+89.1%	$563K-64.4%	$1.6M
Short-Term Investments	$0	$0-100.0%	$154K	$0-100.0%	$80K	$0	$0-100.0%	$148K-92.1%	$1.9M	$0	$0	$0	$0	$0	$0
Inventory	$1.4M-11.7%	$1.5M-41.9%	$2.7M-25.3%	$3.5M-35.2%	$5.5M+29.0%	$4.2M+1611.7%	$248K-49.0%	$486K	$0-100.0%	$162K-77.2%	$710K+16.0%	$612K+50.3%	$407K+5.1%	$387K+190.2%	$134K
Accounts Receivable	$34K-12.8%	$39K-63.6%	$107K-14.4%	$125K-28.6%	$175K+31.6%	$133K+58.3%	$84K-84.9%	$558K-25.9%	$753K-21.8%	$963K-3.1%	$993K+75.4%	$566K-46.9%	$1.1M-35.0%	$1.6M-50.4%	$3.3M
Long-Term Investments	$0	$0	$0	$0-100.0%	$12K+9.1%	$11K-98.6%	$794K-0.6%	$799K-86.7%	$6.0M+16.1%	$5.2M+16881.3%	$30K-3.7%	$32K-62.1%	$83K-86.9%	$638K-27.4%	$878K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$198K-83.2%	$1.2M+20.2%	$983K	$0	$0-100.0%	$966K+135.3%	$410K
Total Liabilities	$2.4M-6.4%	$2.6M+13.9%	$2.3M-22.9%	$2.9M-4.0%	$3.1M+25.2%	$2.4M+174.0%	$893K-68.0%	$2.8M-29.1%	$3.9M-19.9%	$4.9M-12.0%	$5.6M+55.5%	$3.6M-16.1%	$4.3M-54.7%	$9.4M-17.8%	$11.5M
Current Liabilities	$2.3M-3.5%	$2.3M+23.3%	$1.9M-22.2%	$2.4M+3.1%	$2.4M+21.7%	$1.9M+121.6%	$878K-62.6%	$2.3M+81.9%	$1.3M-59.7%	$3.2M+30.7%	$2.4M+137.5%	$1.0M-43.5%	$1.8M-59.4%	$4.5M-31.6%	$6.6M
Non-Current Liabilities	$160K-33.6%	$241K-34.7%	$369K-26.3%	$501K-28.0%	$696K+38.9%	$501K+3240.0%	$15K-96.6%	$442K-83.3%	$2.6M+54.5%	$1.7M-45.4%	$3.1M+22.5%	$2.6M+4.3%	$2.5M-50.4%	$4.9M+0.6%	$4.9M
Long-Term Debt	$134K-2.2%	$137K-2.8%	$141K-2.1%	$144K-47.8%	$276K	$0	N/A	N/A	$452K-43.6%	$801K+147.4%	$324K	$0	N/A	N/A	N/A
Total Equity	$6.3M-13.5%	$7.3M-50.9%	$14.9M-37.6%	$23.9M-27.2%	$32.8M+23.6%	$26.5M-21.0%	$33.6M+316.3%	$8.1M+9.6%	$7.4M-45.4%	$13.5M-5.3%	$14.2M+4.5%	$13.6M-5.6%	$14.4M-2.7%	$14.8M+122.6%	$6.7M
Retained Earnings	-$120.7M-6.2%	-$113.7M-12.9%	-$100.7M-12.9%	-$89.2M-20.3%	-$74.1M-13.4%	-$65.4M-12.6%	-$58.1M-7.9%	-$53.8M-3.4%	-$52.0M-3.7%	-$50.1M-5.9%	-$47.3M-10.8%	-$42.7M-7.6%	-$39.7M-6.0%	-$37.4M-26.1%	-$29.7M

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Total Assets	$9.5M+19.6%	$9.2M+5.0%	$9.7M+7.0%	$9.7M-6.0%	$7.9M-25.0%	$8.7M-11.7%	$9.1M-19.4%	$10.4M-37.2%
Current Assets	$1.3M-41.3%	$1.1M-60.4%	$1.8M-41.3%	$2.0M-52.8%	$2.2M-51.1%	$2.9M-21.8%	$3.1M-14.8%	$4.3M-30.5%
Cash & Equivalents	$331K-27.1%	$207K-48.9%	$900K+91.5%	$1.1M-28.5%	$454K-75.1%	$405K-66.2%	$470K-65.9%	$1.5M-48.9%
Short-Term Investments	$23K	$28K	$38K	$25K	$0	$0	$0	$0-100.0%
Inventory	$640K-52.6%	$638K-53.1%	$640K-55.3%	$658K-56.4%	$1.3M-10.7%	$1.4M-11.7%	$1.4M-25.6%	$1.5M-42.7%
Accounts Receivable	$56K-35.6%	$37K+8.8%	$12K-75.5%	$41K-6.8%	$87K+210.7%	$34K-12.8%	$49K-46.7%	$44K-67.9%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$3.4M+80.4%	$3.1M+26.8%	$2.3M-18.8%	$1.7M-44.8%	$1.9M-31.3%	$2.4M-6.4%	$2.8M+27.8%	$3.0M+24.3%
Current Liabilities	$3.2M+86.4%	$2.9M+27.3%	$2.2M-18.9%	$1.5M-46.0%	$1.7M-30.7%	$2.3M-3.5%	$2.7M+37.2%	$2.8M+33.0%
Non-Current Liabilities	$149K+6.4%	$191K+19.4%	$133K-17.9%	$137K-27.9%	$140K-37.8%	$160K-33.6%	$162K-40.0%	$190K-37.1%
Long-Term Debt	N/A	N/A	$131K-2.2%	$132K-2.2%	$133K-2.2%	$134K-2.2%	$134K-2.9%	$135K-2.9%
Total Equity	$6.1M+0.9%	$6.1M-3.3%	$7.4M+18.6%	$8.1M+9.7%	$6.1M-22.9%	$6.3M-13.5%	$6.3M-30.9%	$7.4M-47.7%
Retained Earnings	-$130.2M-6.4%	-$127.3M-5.4%	-$124.9M-4.4%	-$122.8M-4.3%	-$122.3M-5.4%	-$120.7M-6.2%	-$119.6M-8.0%	-$117.8M-11.9%

Not reported in any period shown, so not listed: Goodwill.

IGC Cash Flow Statement

IGC quarterly cash flow statement

Metric	TTM	FY2510-KT	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$5.9M	-$4.8M+7.8%	-$5.2M+26.2%	-$7.0M+5.6%	-$7.5M+30.9%	-$10.8M-24.5%	-$8.7M-160.6%	-$3.3M-72.4%	-$1.9M-38.8%	-$1.4M-782.1%	-$158K+93.9%	-$2.6M-48.3%	-$1.7M-408.4%	$565K+111.2%	-$5.0M-90.6%	-$2.6M
Depreciation & Amortization	N/A	$618K-3.0%	$637K-3.0%	$657K+0.9%	$651K+36.2%	$478K+231.9%	$144K+144.1%	$59K+210.5%	$19K-95.2%	$396K-45.6%	$729K-6.8%	$782K+9.7%	$712K+5.7%	$674K-32.4%	$996K+26.9%	$785K
Stock-Based Compensation	N/A	$4.3M-6.5%	$4.6M-16.4%	$5.5M-21.4%	$7.0M+895.7%	$703K+34.9%	$521K+1.2%	$515K-10.6%	$576K+129.9%	$251K+17.0%	$214K-74.3%	$833K+360.2%	$181K-78.1%	$825K+3644.4%	-$23K	N/A
Capital Expenditures	$47K	$112K-18.8%	$138K-55.5%	$310K+31.4%	$236K-83.9%	$1.5M-66.5%	$4.4M+29160.0%	$15K-89.0%	$136K-6.6%	$146K+19.2%	$122K+59.7%	$77K+801.9%	$8K-97.4%	$326K+5850.3%	$5K-98.1%	$285K
Free Cash Flow	-$5.9M	-$4.9M+8.1%	-$5.3M+27.5%	-$7.4M+4.4%	-$7.7M+37.3%	-$12.3M+6.1%	-$13.1M-290.6%	-$3.3M-61.8%	-$2.1M-34.5%	-$1.5M-449.1%	-$280K+89.5%	-$2.7M-52.0%	-$1.8M-833.2%	$239K+104.7%	-$5.0M-72.2%	-$2.9M
Investing Cash Flow	-$1.0M	-$442K-39.4%	-$317K-34.9%	-$235K+68.3%	-$742K-121.9%	$3.4M+135.5%	-$9.5M-3571.9%	-$260K+60.4%	-$657K-172.2%	-$241K-31.6%	-$183K+64.6%	-$518K-16904.7%	$3K+104.1%	-$75K-101.6%	$4.7M+10544.0%	-$45K
Financing Cash Flow	$6.8M	$4.5M+26.3%	$3.5M+3424.0%	$100K-97.6%	$4.1M-71.8%	$14.7M+24994.9%	-$59K-100.2%	$27.6M+642.9%	$3.7M+425.0%	$708K-30.0%	$1.0M-65.1%	$2.9M+67.0%	$1.7M+6170.3%	$28K+104.4%	-$626K-118.3%	$3.4M

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Operating Cash Flow	-$1.4M+4.1%	-$1.2M-67.5%	-$1.2M+7.1%	-$2.1M-109.8%	-$1.4M+19.7%	-$730K-38.8%	-$1.3M+17.0%	-$996K+38.4%
Depreciation & Amortization	$57K-59.6%	$58K-62.3%	$64K-60.2%	$119K-27.9%	$141K-13.0%	$154K-6.1%	$161K+0.6%	$165K+4.4%
Stock-Based Compensation	N/A	$4.0M+779.1%	N/A	N/A	$4.7M+2.2%	$455K	N/A	N/A
Capital Expenditures	$5K-37.5%	$1K-94.4%	$12K-55.6%	$29K0.0%	$8K-78.9%	$18K+20.0%	$27K-60.3%	$29K-17.1%
Free Cash Flow	-$1.4M+4.2%	-$1.2M-63.6%	-$1.2M+8.1%	-$2.1M-106.7%	-$1.4M+20.9%	-$748K-38.3%	-$1.3M+18.8%	-$1.0M+38.0%
Investing Cash Flow	-$254K-143.8%	-$170K-19.7%	-$228K-119.2%	-$374K-475.4%	$580K+542.7%	-$142K+56.0%	-$104K-70.5%	-$65K-190.3%
Financing Cash Flow	$1.7M+103.3%	$710K-11.8%	$1.3M+266.4%	$3.1M+291.7%	$851K-66.1%	$805K+20.7%	$345K+34600.0%	$794K-72.2%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

IGC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IGC quarterly financial ratios

Metric	FY2510-KT	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	48.7%-5.8pp	54.5%+6.0pp	48.5%-0.4pp	48.9%+36.3pp	12.6%+9.8pp	2.8%+0.2pp	2.6%-1.2pp	3.7%-33.9pp	37.6%+24.3pp	13.3%+5.7pp	7.5%-9.2pp	16.8%-2.3pp	19.1%+33.8pp	-14.7%-18.6pp	3.9%
Operating Margin	-585.8%	-728.5%	-1270.1%	-3886.2%	-971.5%	-168.6%	-90.8%-9.2pp	-81.6%	-354.0%	-45.6%+10.9pp	-56.5%	-111.2%	-30.9%	-178.9%	-390.0%
Net Margin	-560.4%	-966.5%	-1263.0%	-3782.4%	-981.2%	-179.6%	-80.1%+1.4pp	-81.4%	-321.7%	-44.1%+16.0pp	-60.1%	-133.0%	-28.1%	-184.6%	-496.8%
Return on Equity	-112.5%+65.1pp	-177.6%-100.4pp	-77.2%-14.3pp	-62.8%-36.0pp	-26.9%+0.7pp	-27.6%-15.4pp	-12.2%+10.0pp	-22.1%+3.2pp	-25.4%-4.5pp	-20.8%+11.6pp	-32.4%-10.2pp	-22.2%-6.6pp	-15.6%+36.6pp	-52.2%+251.4pp	-303.6%
Return on Assets	-81.4%+49.9pp	-131.3%-64.3pp	-67.0%-11.0pp	-56.0%-31.4pp	-24.6%+0.7pp	-25.2%-13.4pp	-11.9%+4.6pp	-16.5%+0.1pp	-16.6%-1.7pp	-14.9%+7.8pp	-22.7%-5.6pp	-17.0%-5.3pp	-11.7%+19.0pp	-30.7%+80.8pp	-111.5%
Current Ratio	1.28-0.3x	1.58-1.8x	3.41-2.8x	6.19-3.7x	9.93+0.8x	9.12-21.3x	30.44+29.1x	1.37-1.4x	2.78+1.6x	1.20-0.6x	1.83-1.8x	3.65+1.3x	2.34+1.2x	1.16+0.2x	1.00
Debt-to-Equity	0.020.0x	0.020.0x	0.010.0x	0.010.0x	0.010.0x	0.000.0x	0.03-0.3x	0.35+0.3x	0.060.0x	0.060.0x	0.020.0x	0.00-0.3x	0.30-0.3x	0.64-1.1x	1.72
Asset Turnover	0.150.0x	0.14+0.1x	0.050.0x	0.010.0x	0.03-0.1x	0.140.0x	0.15-0.1x	0.20+0.2x	0.05-0.3x	0.340.0x	0.38+0.2x	0.13-0.3x	0.42+0.3x	0.17-0.1x	0.22
FCF Margin	-386.1%	-396.8%	-807.6%	-1939.0%	-1366.4%	-320.9%	-65.4%+28.9pp	-94.3%	-264.8%	-4.4%+30.2pp	-34.6%+42.4pp	-77.0%-80.0pp	3.0%	-119.7%	-71.7%

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Gross Margin	18.1%-28.8pp	17.3%-29.3pp	N/A	51.8%+3.8pp	46.9%-13.0pp	46.7%-11.3pp	40.5%-24.7pp	48.1%-11.7pp
Operating Margin	-1050.6%	-775.4%	N/A	-1517.8%	-580.8%	-428.2%	-730.7%	-427.2%
Net Margin	-1107.9%	-757.7%	N/A	-953.4%	-487.5%	-363.0%	-711.7%	-416.8%
Return on Equity	-47.9%-21.6pp	-39.2%-20.3pp	N/A	-22.5%+0.8pp	-26.3%+3.9pp	-18.9%+20.5pp	-29.2%+32.5pp	-23.3%-5.9pp
Return on Assets	-30.9%-10.8pp	-26.2%-12.4pp	N/A	-18.7%-2.1pp	-20.1%+2.3pp	-13.7%+15.4pp	-20.2%+29.5pp	-16.6%-1.7pp
Current Ratio	0.39-0.9x	0.40-0.9x	0.83-0.3x	1.32-0.2x	1.25-0.5x	1.28-0.3x	1.15-0.7x	1.52-1.4x
Debt-to-Equity	0.55+0.5x	0.50+0.5x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x
Asset Turnover	0.030.0x	0.030.0x	N/A	0.020.0x	0.040.0x	0.040.0x	0.030.0x	0.040.0x
FCF Margin	-511.3%	-386.1%	N/A	-1109.4%	-431.4%	-226.7%	-523.0%	-248.8%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
IGC Pharma, Inc. IGC	FY2025	$1.3M	-$7.1M	N/A	$29.2M	43/100
Estrella Immunopharma, Inc. ESLA	FY2025	N/A	-$13.1M	N/A	$20.4M	—
Klotho Neurosciences, Inc. KLTO	FY2025	N/A	-$10.6M	N/A	$56.7M	—
LakeShore Biopharma Co., Ltd LSB	FY2025	$85.7M	-$13.9M	-16.3%	$25.8M	48/100
CASI Pharmaceuticals, Inc. CASI	FY2025	$20.7M	-$48.1M	N/A	$4.3M	21/100
Lantern Pharma Inc. LTRN	FY2025	N/A	-$17.1M	N/A	$12.8M	—

Where IGC Pharma, Inc. Ranks

Frequently Asked Questions

What is IGC Pharma, Inc.'s annual revenue?

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.

How fast is IGC Pharma, Inc.'s revenue growing?

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

Is IGC Pharma, Inc. profitable?

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

What is IGC Pharma, Inc.'s EBITDA?

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

How much debt does IGC Pharma, Inc. have?

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

What is IGC Pharma, Inc.'s gross margin?

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.

What is IGC Pharma, Inc.'s return on equity (ROE)?

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.

What is IGC Pharma, Inc.'s free cash flow?

IGC Pharma, Inc. (IGC) recorded an outflow of $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.

What is IGC Pharma, Inc.'s operating cash flow?

IGC Pharma, Inc. (IGC) recorded an outflow of $4.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are IGC Pharma, Inc.'s total assets?

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

What are IGC Pharma, Inc.'s capital expenditures?

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

How much does IGC Pharma, Inc. spend on research and development?

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

How many shares does IGC Pharma, Inc. have outstanding?

IGC Pharma, Inc. (IGC) had 84M shares outstanding as of fiscal year 2025.

What is IGC Pharma, Inc.'s current ratio?

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

What is IGC Pharma, Inc.'s debt-to-equity ratio?

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.

What is IGC Pharma, Inc.'s return on assets (ROA)?

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.

What is IGC Pharma, Inc.'s P/E ratio?

IGC Pharma, Inc. (IGC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $29.2M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is IGC Pharma, Inc.'s price-to-sales ratio?

IGC Pharma, Inc. (IGC) trades at 22.9x sales, its market capitalization divided by revenue of $1.3M revenue, FY2025. The market capitalization is $29.2M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does IGC Pharma, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, IGC Pharma, Inc. (IGC) held $405K in cash, cash equivalents and investments, and reported an operating cash outflow of $4.8M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is IGC Pharma, Inc.'s Altman Z-Score?

IGC Pharma, Inc. (IGC) has an Altman Z-Score of -14.66, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is IGC Pharma, Inc.'s Piotroski F-Score?

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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are IGC Pharma, Inc.'s earnings high quality?

IGC Pharma, Inc. (IGC) reported a net loss of $7.1M while operations used $4.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.

Can IGC Pharma, Inc. cover its interest payments?

IGC Pharma, Inc. (IGC) reported an operating loss of $7.4M against $5K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.

How financially healthy is IGC Pharma, Inc.?

IGC Pharma, Inc. (IGC) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.