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IGC Pharma, Inc.

IGC Healthcare Biotechnology

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.

0.25 0.00 0.00%
Market cap
$26.3M
P/E
0.0×
Fwd P/E
−3.6×
Dividend yield
—
F-score
3/9
Altman Z
−16.58
Beneish M
−3.69
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 23.62%

Capital & Financial Ratios $m

Market Cap 26.27
Revenue 1.10
Net Income (2.54)
Free Cash Flow (5.69)
Net Debt 0.73
Current Ratio 0.39 (below 1: weak)
Debt/Equity 0.18 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (3.58) (negative: loss-making)
P/S ratio 22.78 (above 10: high)
P/B ratio 4.09
Past 5Y EPS Growth —
This Y EPS Growth (100.00%) (below 0%: weak)
Next Y EPS Growth 20.00% (at or above 15%: strong)
Next Y revenue growth 0.50%
Next 5Y EPS Growth 18.29% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 23.4×, against a ten-year median of 19.5×; over the ten years it ranged from −3.4× in 2018 to 185× in 2021.
P/S against its own 10 years 55.73%
10-year low 10-year high
P/B against its own 10 years 86.44%
10-year low 10-year high
EV/Sales against its own 10 years 62.44%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3 1 0 0
Receivables 0 0 0 0
Inventory 3 2 1 1
Other 0 1 1 0
6 4 3 1
2023 2024 2025 Q'26
Payables 1 1 1 2
ST’ Debt — — — 1
Other — — — —
2 2 2 3

Compound Annual Growth %

10y 5y 3y
Sales (16.46%) (20.77%) 47.38%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (8.11%) (24.92%) (35.77%)

Revenue $m

Jun Sep Dec Mar Year
’26 0 0 — 0 —
’25 0 0 0 0 1
’24 1 0 0 0 1
’23 0 0 0 0 1
’22 0 0 0 0 0
’21 1 0 0 0 1
’20 2 2 1 0 4
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 (1) (1) — (1) —
’25 (2) (1) (1) (1) (5)
’24 (1) (2) (2) (5) (5)
’23 (2) (2) (2) (7) (7)
’22 (2) (2) (2) (7) (7)
’21 (4) (2) (2) (11) (11)
’20 (3) (2) (2) (9) (9)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 (1) (2) — (1) —
’25 (2) (1) (1) (1) (5)
’24 (1) (2) (2) (6) (6)
’23 (2) (1) (2) (7) (7)
’22 (2) (2) (2) (8) (8)
’21 (5) (3) (2) (12) (12)
’20 (4) (2) (4) (13) (13)
Fiscal quarters ending in the months shown.

EPS $

Jun Sep Dec Mar Year
’26 (0.02) (0.02) — (0.02) —
’25 (0.03) (0.02) (0.02) (0.01) (0.09)
’24 (0.04) (0.05) (0.09) (0.04) (0.22)
’23 (0.05) (0.05) (0.04) (0.08) (0.22)
’22 (0.04) (0.09) (0.05) (0.13) (0.30)
’21 (0.05) (0.04) (0.06) (0.07) (0.21)
’20 (0.03) (0.03) (0.04) (0.08) (0.19)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 0.16 0.23 0.25 0.28 0.26 0.97 0.30 0.25 0.27 0.25

Analyst estimates 2026–2028

Powerpack
High 0.83 1.63 14.58 3.30 4.50 4.65 1.16 0.49 0.91 0.50
People
People Employees 65 31 26 20 50 50 52 61 67 70
Revenue/emp, $m 0.10 0.02 0.08 0.26 0.08 0.02 0.01 0.01 0.02 0.02
Income, $m
Income, $m Revenue 6 1 2 5 4 1 0 1 1 1
Gross margin, % 13.25 37.59 3.74 2.58 2.82 12.58 48.87 48.52 54.50 48.70
EBT (3) (2) (2) (4) (7) (9) (15) (12) (13) (7)
EBT margin, % (44.50) (316.75) (81.44) (80.04) (179.64) (981.18) (3,782.37) (1,263.01) (966.54) (560.27)
Net income (3) (2) (2) (4) (7) (9) (15) (12) (13) (7)
Depreciation 1 0 0 0 0 0 1 1 1 1
Per share, $
Per share, $ Revenue 0.39 0.02 0.08 0.14 0.10 0.02 0.01 0.02 0.02 0.02
Earnings (0.17) (0.07) (0.06) (0.12) (0.19) (0.21) (0.30) (0.22) (0.22) (0.09)
Cash flow (0.01) (0.05) (0.07) (0.09) (0.22) (0.26) (0.15) (0.13) (0.09) (0.06)
Capex (0.01) (0.01) (0.01) 0.00 (0.11) (0.04) (0.01) 0.00 (0.01) (0.01)
Free cash flow (0.02) (0.06) (0.08) (0.10) (0.33) (0.29) (0.16) (0.14) (0.10) (0.07)
Book value 0.85 0.29 0.29 0.95 0.67 0.78 0.48 0.28 0.12 0.08
Shares, m 16 26 28 35 39 42 50 53 59 77
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 1.34 20.78 6.88 13.97 4.75 83.65 119.63 19.62 21.00 17.55
P/B 0.61 1.64 1.87 2.13 0.73 2.29 1.99 1.20 3.86 3.52
EV/Sales 1.26 21.42 6.32 8.99 1.85 68.00 93.65 16.25 20.31 17.44
EV/FCF (33.41) (5.79) (4.08) (8.18) (0.32) (2.76) (2.48) (1.18) (2.60) (4.23)
Cash, $m
Cash, $m Operating cash flow 0 (1) (2) (3) (9) (11) (7) (7) (5) (5)
Capex 0 0 0 0 (4) (2) (1) 0 0 0
Free cash flow 0 (2) (2) (3) (13) (12) (8) (7) (6) (5)
Balance, $m
Balance, $m Working capital 1 2 1 26 16 21 13 5 1 1
Total debt 1 3 2 0 1 1 0 0 0 0
Net debt 0 0 0 (26) (12) (14) (10) (3) (1) 0
Shareholders’ equity 14 7 8 34 27 33 24 15 7 6
Returns, %
Returns, % ROA (14.33) (12.39) (16.14) (18.08) (23.06) (27.17) (47.90) (52.29) (96.01) (76.37)
ROIC (13.48) (16.95) (13.18) (36.22) (29.12) (29.07) (71.03) (61.80) (97.82) (76.81)
ROE (19.57) (17.53) (23.17) (19.68) (24.34) (29.70) (52.97) (59.30) (116.95) (104.33)
Negative figures in brackets.

All 10 years →

Fiscal years to Mar 2025 · latest quarter Jun 2026 · fundamentals updated 5 Oct 2026

Charts ten years each

IGC Pharma, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IBO Impact Biomedical Inc. $27.0M 0.2× — −57.14% (below 0%: shrinking) n/m +167.72% (above 0%: growing) 66.67% (23,400.00%) Compare
ATOS Atossa Therapeutics, Inc. $26.4M — (loss-making) — −94.28% (below 0%: shrinking) n/m −32.86% (below 0%: shrinking) 0.00% 0.00% Compare
IGC IGC Pharma, Inc. $26.3M — (loss-making) — (loss-making) −19.70% (below 0%: shrinking) n/m −103.33% (below 0%: shrinking) 18.11% (1,050.57%)
MCRB Seres Therapeutics, Inc. $25.2M — (loss-making) — (loss-making) +96.79% (above 0%: growing) n/m −66.15% (below 0%: shrinking) 100.00% (2,890.35%) Compare
ABVC ABVC BioPharma, Inc. $24.9M — (loss-making) — (loss-making) +66,233.33% (above 0%: growing) n/m +72.66% (above 0%: growing) 100.00% 0.00% Compare
BYSI BeyondSpring Inc. $23.9M — (loss-making) — (loss-making) +87.78% (above 0%: growing) n/m +35.78% (above 0%: growing) 100.00% 0.00% Compare
CYAD Celyad SA $23.8M — (loss-making) — (loss-making) — n/m +78.72% (above 0%: growing) 0.00% 0.00% Compare
PLRZ Polyrizon Ltd. $23.7M — — — — −744.51% (below 0%: shrinking) — — Compare
IMMP Prima BioMed Ltd $23.7M — (loss-making) — — n/m −589,653.13% (below 0%: shrinking) 100.00% (101.89%) Compare
Median of peers $24.4M — — +87.78% — +1.46% 100.00% 0.00%

All 614 Biotechnology stocks →

IGC Pharma, Inc. (IGC) key facts

  • Concern: IGC Pharma, Inc.’s revenue for fiscal 2025 (year ended March 2025) was $1.3 million, down 5.50% from fiscal 2024.
  • IGC Pharma, Inc. (IGC) is a Biotechnology company in the Healthcare sector, listed on NYSE American.
  • As of October 16, 2026, IGC traded at $0.25, a market capitalization of $26.3 million.
  • Return on equity was −104.3% and debt-to-equity 0.18.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −16.58 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 5, 2026.

IGC Pharma, Inc. (IGC) Latest News

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stockrow.com/IGC · Data as of Oct 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com