IGC Pharma, Inc.
IGC Pharma, Inc.’s revenue for fiscal 2025 (year ended March 2025) was $1.3 million, down 5.50% from fiscal 2024. In the quarter to June 2026, revenue fell 19.7%, EPS fell 100.0%, free cash flow fell 103.3% and total debt rose 713.5%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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IGC Pharma, Inc. (IGC) Altman Z-score
IGC Pharma, Inc.'s Altman Z-score for fiscal 2025 is −16.58, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −16.58 | (3.02) |
| FY2024 | −13.56 | (8.24) |
| FY2023 | −5.32 | (9.04) |
| FY2022 | 3.72 | (8.03) |
| FY2021 | 11.74 | 10.14 |
| FY2020 | 1.60 | (46.11) |
| FY2019 | 47.71 | 51.53 |
| FY2018 | −3.82 | 1.10 |
| FY2017 | −4.92 | (2.11) |
| FY2016 | −2.81 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | (13.80) | — | −19.33 | |
| EBIT / total assets | (0.85) | — | −2.81 | |
| Market value of equity / total liabilities | 8.86 | — | 5.32 | |
| Sales / total assets | 0.15 | — | 0.15 | |
| Altman Z-score | Distress zone | −16.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −47.49 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IBO Impact Biomedical Inc. compare | 0.3× |
| IMMP Prima BioMed Ltd compare | −10.5× |
| MCRB Seres Therapeutics, Inc. compare | −11.0× |
| BYSI BeyondSpring Inc. compare | −12.5× |
| ABVC ABVC BioPharma, Inc. compare | −14.9× |
| ATOS Atossa Therapeutics, Inc. compare | −15.6× |
| IGC IGC Pharma, Inc. | −16.6× |
| PLRZ Polyrizon Ltd. compare | — |
| CYAD Celyad SA compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets