Revenue performance remains highly volatile with a 3.9% decline in 2026Q4, while gross margins have compressed significantly to 17.4% during the same period.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Sales/Revenue | 1.19M | 1.27M | 1.34M | 911K | 397K | 898K | 4.07M | 5.12M | 2.19M | 580.37K | 6.37M | 7.68M | 2.27M | 8.03M | 4.2M | 4.07M | 17.9M | 35.34M | 2.19M | -765K | 210.58K |
| Revenue Growth % | -6.69% | -5.5% | 47.64% | 129.47% | -55.79% | -77.95% | -20.41% | 133.29% | 277.86% | -90.88% | -17.1% | 237.88% | -71.69% | 91.19% | 3.09% | -77.24% | -49.35% | 1515.13% | 386.01% | -463.28% | - |
| Cost of Goods Sold | 834K | 652K | 612K | 1.07M | 203K | 1.25M | 3.96M | 4.98M | 2.11M | 362.13K | 5.52M | 7.1M | 1.89M | 6.5M | 4.82M | 3.92M | 15.67M | 28.05M | 1.84M | 0 | 0 |
| COGS % of Revenue | 70.32% | 51.3% | 45.5% | 117.34% | 51.13% | 138.86% | 97.18% | 97.42% | 96.26% | 62.4% | 86.74% | 92.46% | 83.24% | 80.91% | 114.71% | 96.1% | 87.56% | 79.38% | 84.14% | - | - |
| Gross Profit | 352K | 619K | 733K | -158K | 194K | -349K | 115K | 132K | 81.52K | 218.24K | 843.29K | 579.69K | 381.6K | 1.53M | -618K | 159.26K | 2.23M | 7.29M | 346.52K | -765K | 210.58K |
| Gross Margin % | 29.68% | 48.7% | 54.5% | -17.34% | 48.87% | -38.86% | 2.82% | 2.58% | 3.72% | 37.6% | 13.24% | 7.55% | 16.79% | 19.09% | -14.71% | 3.91% | 12.44% | 20.62% | 15.84% | 100% | 100% |
| Gross Profit Growth % | -43.13% | -15.55% | 563.92% | -181.44% | 155.59% | -403.48% | -12.88% | 61.92% | -62.64% | -74.12% | 45.47% | 51.91% | -75.11% | 348.06% | -488.03% | -92.85% | -69.45% | 2002.59% | 145.3% | -463.28% | - |
| Operating Expenses | 10.55M | 8.06M | 10.53M | 11.41M | 15.62M | 8.38M | 6.98M | 4.78M | 1.87M | 2.27M | 3.75M | 4.92M | 2.89M | 3.78M | 5.7M | 16.05M | 6.22M | 5.85M | 400K | 765.05K | 73.68K |
| OpEx % of Revenue | 889.97% | 634.54% | 782.97% | 1252.8% | 3935.01% | 932.63% | 171.39% | 93.33% | 85.27% | 391.47% | 58.88% | 64.09% | 127.19% | 47.04% | 135.69% | 393.86% | 34.74% | 16.56% | 18.28% | -100.01% | 34.99% |
| Selling, General & Admin | 5.36M | 4.41M | 6.76M | 7.95M | 13.29M | 7.45M | 5.97M | 3.52M | 1.87M | 2.27M | 2.7M | 4.14M | 2.18M | 3.04M | 4.7M | 7.28M | 5.62M | 4.98M | 341K | 765.05K | 73.68K |
| SG&A % of Revenue | 452.11% | 346.97% | 502.45% | 872.89% | 3348.11% | 829.18% | 146.56% | 68.78% | 85.27% | 391.47% | 42.45% | 53.91% | 95.86% | 37.88% | 111.95% | 178.77% | 31.37% | 14.09% | 15.58% | -100.01% | 34.99% |
| Research & Development | 5.19M | 3.65M | 3.77M | 3.46M | 2.33M | 929K | 1.01M | 1.26M | 137K | 114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 437.86% | 287.57% | 280.52% | 379.91% | 586.9% | 103.45% | 24.83% | 24.55% | 6.25% | 19.64% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.06K | 119.93K | 1.05M | 781.55K | 730.56K | 975.06K | 996.4K | -7.19M | 603.15K | 0 | 0 | 0 | 0 |
| Operating Income | -10.2M | -7.45M | -9.8M | -11.57M | -15.43M | -8.72M | -6.86M | -4.64M | -1.79M | -2.05M | -2.91M | -4.34M | -2.53M | -2.48M | -7.51M | -7.91M | -3.99M | 3.81M | 5K | 0 | 136.9K |
| Operating Margin % | -860.29% | -585.84% | -728.48% | -1270.14% | -3886.15% | -971.49% | -168.57% | -90.75% | -81.58% | -353.91% | -45.64% | -56.54% | -111.22% | -30.93% | -178.86% | -194.13% | -22.3% | 10.78% | 0.23% | - | 65.01% |
| Operating Income Growth % | -37.03% | 24% | 15.32% | 25% | -76.85% | -27.1% | -47.84% | -159.53% | 12.9% | 29.32% | 33.07% | -71.76% | -1.77% | 66.93% | 5.02% | -98.12% | -204.83% | 76060% | - | -100% | - |
| EBITDA | -9.88M | -6.98M | -9.16M | -10.91M | -14.78M | -8.25M | -6.72M | -4.58M | -1.77M | -1.66M | -2.18M | -3.56M | -1.82M | -1.81M | -6.52M | -7.12M | -3.39M | 4.68M | 4.37M | 2.44M | 136.9K |
| EBITDA Margin % | -832.97% | -549.33% | -681.12% | -1198.02% | -3722.17% | -918.26% | -165.03% | -89.6% | -80.69% | -285.62% | -34.2% | -46.36% | -79.88% | -22.54% | -155.13% | -174.86% | -18.93% | 13.25% | 199.54% | -318.46% | 65.01% |
| EBITDA Growth % | -41.49% | 23.79% | 16.06% | 26.14% | -79.2% | -22.71% | -46.6% | -159.04% | -6.75% | 23.87% | 38.85% | -96.09% | -0.31% | 72.22% | 8.54% | -110.22% | -172.4% | 7.22% | 79.21% | 1679.55% | - |
| D&A (Non-Cash Add-back) | 324K | 464K | 637K | 657K | 651K | 478K | 144K | 59K | 19.41K | 396.35K | 728.74K | 781.55K | 712.31K | 673.92K | 996.4K | 785.07K | 603.15K | 873.02K | 4.36M | 29.23K | 0 |
| EBIT | -6.55M | -7.12M | -13M | -11.51M | -15.02M | -8.81M | -6.86M | -4.64M | -1.75M | -1.61M | -2.62M | -4.39M | -2.75M | -2.21M | -6.76M | -15.51M | -6.34M | 3.48M | 5K | 2.41M | 136.9K |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26K | -101.79K | -212K | -280K | -279K | -389K | -717K | -1.13M | -1.01M | -578K | 0 | 3.28M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.82K | 121.68K | 2.08K | 6.8K | 12.71K | 30.4K | 267.19K | 262.83K | 210.1K | 1.18M | 0 | 3.17M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.74K | 223.46K | 213.93K | 286.33K | 291.52K | 419.44K | 984.02K | 1.4M | 1.22M | 1.75M | 0 | 103.92K | 0 |
| Other Income/Expense | 3.65M | 325K | -3.2M | 65K | 412K | -87K | -451K | 548K | 2.95K | 215.96K | 72.34K | -336K | -515K | -149K | -235K | -9M | -3.93M | -578K | -5.32M | 3.07M | -535.74K |
| Pretax Income | -6.55M | -7.12M | -13M | -11.51M | -15.02M | -8.81M | -7.32M | -4.09M | -1.79M | -1.84M | -2.83M | -4.68M | -3.04M | -2.63M | -7.72M | -16.91M | -7.92M | 1.73M | -5.32M | 3.2M | -398.84K |
| Pretax Margin % | -552.11% | -560.27% | -966.54% | -1263.01% | -3782.37% | -981.18% | -179.64% | -80.04% | -81.44% | -316.69% | -44.5% | -60.91% | -133.88% | -32.79% | -183.76% | -415.07% | -44.24% | 4.9% | -242.92% | -418.69% | -189.4% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 464 | 14.43K | 579 | 5.16K | 0 | -365K | 172.83K | 4.1M | -3.11M | 1.53M | -76K | 784.86K | 45K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.05% | -0.03% | -0.79% | -0.02% | -0.11% | 0% | 13.86% | -2.24% | -24.25% | 39.28% | 88.73% | 1.43% | 24.5% | -11.28% |
| Net Income | -6.55M | -7.12M | -13M | -11.51M | -15.02M | -8.81M | -7.32M | -4.1M | -1.79M | -1.87M | -2.81M | -4.61M | -3.02M | -2.25M | -7.75M | -20.24M | -4.79M | -522K | -5.21M | 1.52M | -443.84K |
| Net Margin % | -552.11% | -560.27% | -966.54% | -1263.01% | -3782.37% | -981.18% | -179.64% | -80.08% | -81.44% | -321.69% | -44.1% | -60.08% | -133% | -28.04% | -184.57% | -496.83% | -26.76% | -1.48% | -238.35% | -198.43% | -210.77% |
| Net Income Growth % | 8.05% | 45.22% | -12.98% | 23.38% | -70.42% | -20.45% | -78.55% | -129.4% | 4.34% | 33.51% | 39.14% | -52.63% | -34.24% | 70.95% | 61.7% | -322.66% | -817.43% | 89.99% | -443.54% | 442.02% | - |
| Net Income (Continuing) | -6.55M | -7.12M | -13M | -11.51M | -15.02M | -8.81M | -7.32M | -4.1M | -1.79M | -1.85M | -2.83M | -4.68M | -3.04M | -2.27M | -7.89M | -21.01M | -4.81M | 195.37K | -5.21M | 1.52M | 91.9K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.84K | 472.06K | 515.93K | 518.11K | 538.1K | 975.51K | 626.55K | 1.38M | 14.26M | 13.55M | 0 | 0 |
| EPS (Diluted) | -0.07 | -0.09 | -0.22 | -0.22 | -0.30 | -0.21 | -0.19 | -0.12 | -0.06 | -0.07 | -0.17 | -0.31 | -0.37 | -0.32 | -2.66 | -13.40 | -4.15 | -0.52 | -6.09 | 1.09 | -1.40 |
| EPS Growth % | 22.34% | 57.68% | 0% | 26.67% | -42.86% | -10.53% | -58.33% | -100% | 14.29% | 58.82% | 45.16% | 16.22% | -15.63% | 87.97% | 80.15% | -222.89% | -698.08% | 91.46% | -658.72% | 177.86% | - |
| EPS (Basic) | -0.07 | -0.09 | -0.22 | -0.22 | -0.30 | -0.21 | -0.19 | -0.12 | -0.06 | -0.07 | -0.17 | -0.31 | -0.37 | -0.32 | -2.66 | -13.40 | -4.15 | -0.52 | -6.09 | 1.09 | -1.40 |
| Diluted Shares Outstanding | 95.04M | 76.52M | 58.84M | 52.58M | 49.99M | 41.96M | 39.49M | 35.39M | 27.94M | 25.66M | 16.39M | 14.76M | 8.21M | 6.97M | 2.91M | 1.51M | 1.15M | 1.01M | 857.01K | 1.4M | 319.1K |
| Basic Shares Outstanding | 95.04M | 76.52M | 58.84M | 52.58M | 49.99M | 41.96M | 39.49M | 35.39M | 27.94M | 25.66M | 16.39M | 14.76M | 8.17M | 6.97M | 2.91M | 1.51M | 1.15M | 1.01M | 857.01K | 1.4M | 319.1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the most recent quarterly data, IGC's revenue trajectory remains highly volatile, with a reported 3.9% decline in 2026Q4, underscoring the lack of a scalable, core commercial engine to support the company's long-term transition into a dedicated clinical-stage biotechnology firm.
The revenue fluctuations appear to stem from legacy segments that are disconnected from the primary Alzheimer's drug pipeline. Investors should interpret this inconsistency as a sign that the company has yet to establish a reliable foundation for growth, leaving the firm entirely dependent on external capital to fund its research objectives.
According to the provided financial statements, IGC's gross margin has fluctuated significantly, dropping to 17.4% in 2026Q4, which suggests that the company lacks the pricing power or manufacturing efficiency required to sustain its operations through non-core product sales alone.
The volatility in gross margins reflects the absence of a proprietary, high-margin commercial product. This instability forces the firm to rely on R&D-heavy spending while its primary revenue sources remain structurally capped by legacy market constraints.
Based on reported figures, the company's cost structure is dominated by clinical trial expenses, with R&D spending reaching $1.3 million in 2026Q4, a level that consistently dwarfs the company's ability to generate meaningful top-line income from its current business segments.
The persistent gap between R&D investment and revenue generation highlights a high-burn operational model that is typical of early-stage biotech. Management's expense discipline appears secondary to the urgent requirement of advancing clinical trials, which may continue to pressure the bottom line indefinitely.
As evidenced by the extremely low cash balance of $207,000 relative to quarterly net losses, the company faces a critical liquidity shortfall that warrants significant investor caution regarding its ability to maintain operations without immediate and potentially dilutive capital market intervention.
Short-sellers would likely focus on the disconnect between the company's ambitious clinical goals and its precarious financial position. The lack of a clear path to self-funding suggests that the current equity structure may be subject to substantial dilution as the firm attempts to bridge its funding gap.
Quick answers to the most common questions about buying IGC stock.
For fiscal year 2026, IGC Pharma, Inc. (IGC) reported total revenue of $1.2M. This represents a 463.2% increase compared to $0.2M in 2006.
IGC Pharma, Inc. (IGC) reported a net loss of $6.5M for the fiscal year ending 2026.
IGC Pharma, Inc. (IGC) reported an operating income of $-10.2M, resulting in an operating profit margin of -860.3%. This margin reflects the operational efficiency of the business before interest and taxes.
IGC Pharma, Inc. (IGC) generated $0.4M in gross profit for the year, representing a gross profit margin of 29.7%. This demonstrates the company's core pricing power and production efficiency.