IGC Pharma, Inc. (IGC) stock analysis

IGCNYSEPharmaceutical PreparationsFiscal year ends December 31

Financials through Q1 FY2027, quarter ended Jun 30, 2026Last filing: 10-Q on Nov 6, 2026Score 2/3021% above fair value

$0.20+0.00 (+1.48%)

Close on Nov 11, 2026Market cap $20.56MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak2 of 30 checks passed

IGC Pharma passes 2 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 0/6
Past performance: 1/6
Financial health: 1/6
Dividend: 0/6

What stands out

Low debt
Debt is 2.0% of shareholders' equity, under the 40% we consider low.
Net margin above its 5-year average
Net margin was -702% over the last twelve months, against a 5-year average of -1643%.

What to watch

Margin of safety under 20%
The price is 20.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $0.20 is above our fair value estimate of $0.17.
Return on equity under 15%
Return on equity was -113% over the last twelve months and averaged -83.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -136%, below the 10% that usually covers the cost of capital.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
IGC Pharma's price-to-book of 3.16 is above the Drugs median of 2.29.
Trading above fair value
The share price of $0.20 is above our fair value estimate of $0.17.
Margin of safety under 20%
The price is 20.5% above fair value, so there is no margin of safety.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -15.4% over the last twelve months; the Drugs median is 8.0%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was 21.9% over the last twelve months, against 46.0% a year earlier.

Past performance1/6

Return on equity under 15%
Return on equity was -113% over the last twelve months and averaged -83.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -136%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
IGC Pharma's return on equity of -113% is below the Drugs median of -58.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was -702% over the last twelve months, against a 5-year average of -1643%.
Net margin below the industry
IGC Pharma's net margin of -702% is below the Drugs median of -53.0%.

Financial health1/6

Low debt
Debt is 2.0% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 1.8% five years ago to 2.0%.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term assets don't cover short-term debts
Current assets are 0.42 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is -19.08; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
IGC Pharma has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$0.17

The share price is 21% above this estimate.

20%+ below

Near fair value

20%+ above

$0.20Price$0.17Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/B	2.8×	3.2×	2.3×	$0.17	50%
P/S	14.4×	23.9×	4.8×	$0.16	50%
Fair value				$0.17	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/B at month end
Own 5-year median 3.2
Drugs median 2.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day: $134.71K
Value traded per 1% price move: $47.89K

Downside

High risk

Typical loss in a bad month: 28.4%
Volatility (annualized): 53%
Sharpe ratio, 1 year: -0.99
Beta to the S&P 500 (5Y): 0.61

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2012 to 2026

Gross margin

–

Operating margin

–

Net margin

–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2017	FY2021	FY2026
Return on equity	-17.9%	-29.7%	–
Return on assets	-12.4%	-27.2%	–
Current ratio	2.78	9.93	0.40
Debt to equity	0.24	0.02	0.03
Net debt to EBITDA	-0.76×	1.69×	–
Interest coverage	-9.2×	-2908.0×	–
Inventory turnover	4.5×	0.2×	–
Capex to revenue	25.1%	163.7%	–
Diluted shares	0M	42M	–

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin-560.3%

Asset turnover0.14×

Equity multiplier1.37×

Return on equity, FY2025-104.3%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	-560.3%	0.14×	1.37×	-104.3%
FY2024	-966.5%	0.10×	1.22×	-116.9%
FY2023	-1263.0%	0.04×	1.13×	-59.3%
FY2022	-3782.4%	0.01×	1.11×	-53.0%
FY2021	-981.2%	0.03×	1.09×	-29.7%
FY2020	-179.6%	0.13×	1.06×	-24.3%
FY2019	-80.1%	0.23×	1.09×	-19.7%
FY2018	-81.4%	0.20×	1.44×	-23.2%
FY2017	-321.7%	0.04×	1.45×	-17.9%