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) Beneish M-score
IGC Pharma, Inc.'s Beneish M-score for fiscal 2025 is −3.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.69 | 2.84 |
| FY2024 | −6.53 | (3.73) |
| FY2023 | −2.80 | 1.52 |
| FY2022 | −4.32 | (4.61) |
| FY2021 | 0.28 | 2.87 |
| FY2020 | −2.59 | (0.57) |
| FY2019 | −2.02 | (17.03) |
| FY2018 | 15.01 | 13.39 |
| FY2017 | 1.62 | 4.91 |
| FY2016 | −3.29 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.85 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 1.19 | — | 0.48 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 0.91 | — | 0.11 | |
| SG&A index | 0.69 | — | −0.12 | |
| Total accruals to total assets | (0.27) | — | −1.24 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.69 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ABVC ABVC BioPharma, Inc. compare | −4.0× |
| IGC IGC Pharma, Inc. | −3.7× |
| IMMP Prima BioMed Ltd compare | −3.5× |
| CYAD Celyad SA compare | 10.5× |
| ATOS Atossa Therapeutics, Inc. compare | — |
| MCRB Seres Therapeutics, Inc. compare | — |
| PLRZ Polyrizon Ltd. compare | — |
| BYSI BeyondSpring Inc. compare | — |
| IBO Impact Biomedical Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI