IGC Pharma (IGC)


Market Price (9/30/2026): $0.2754 | Market Cap: $27.6 MilSector: Health Care | Industry: Biotechnology

IGC Pharma (IGC)


Market Price (9/30/2026): $0.2754
Market Cap: $27.6 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Medical Cannabis & Phytopharmaceuticals. Themes include Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -56%, 3Y Excs Rtn is -103%

Penny stock
Mkt Price is 0.3

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -987%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%, Rev Chg QQuarterly Revenue Change % is -19%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 304%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -609%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33%

Key risks
IGC key risks include [1] a significant bankruptcy risk, Show more.

0 Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Medical Cannabis & Phytopharmaceuticals. Themes include Biopharmaceutical R&D, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -56%, 3Y Excs Rtn is -103%
2 Penny stock
Mkt Price is 0.3
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -987%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%, Rev Chg QQuarterly Revenue Change % is -19%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 304%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -609%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33%
8 Key risks
IGC key risks include [1] a significant bankruptcy risk, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/29/2026

IGC Pharma (IGC) stock has lost about 5% since 5/31/2026 because of the following key factors:

1. IGC Pharma reported a significant decline in its fiscal Q2 2026 financial results, which ended on June 30, 2026. The company's revenue decreased to approximately $265 thousand compared to $328 thousand in the prior-year quarter. Additionally, the net loss widened to about $3.0 million, or $0.03 per share, from a $1.6 million loss, or $0.02 per share, in fiscal Q2 2025. This financial performance also included increased research and development expenses of approximately $1.4 million and selling, general, and administrative expenses of approximately $1.4 million.

2. The broader biotechnology sector faced persistent macroeconomic headwinds and financing uncertainties during the period. While the overall biotechnology market is projected for strong growth in the long term, the industry in 2026 continued to grapple with economic and geopolitical disruptions, tightened financing environments, and cost pressures. Despite some market recovery signals and increased M&A activity for de-risked assets, a general cautious sentiment prevailed, impacting investor confidence in smaller biotechnology companies like IGC Pharma.

Show more
Updated on 9/29/2026

IGC Pharma (IGC) stock has lost about 5% since 5/31/2026 because of the following key factors:

1. IGC Pharma reported a significant decline in its fiscal Q2 2026 financial results, which ended on June 30, 2026. The company's revenue decreased to approximately $265 thousand compared to $328 thousand in the prior-year quarter. Additionally, the net loss widened to about $3.0 million, or $0.03 per share, from a $1.6 million loss, or $0.02 per share, in fiscal Q2 2025. This financial performance also included increased research and development expenses of approximately $1.4 million and selling, general, and administrative expenses of approximately $1.4 million.

2. The broader biotechnology sector faced persistent macroeconomic headwinds and financing uncertainties during the period. While the overall biotechnology market is projected for strong growth in the long term, the industry in 2026 continued to grapple with economic and geopolitical disruptions, tightened financing environments, and cost pressures. Despite some market recovery signals and increased M&A activity for de-risked assets, a general cautious sentiment prevailed, impacting investor confidence in smaller biotechnology companies like IGC Pharma.

3. Investor sentiment was likely tempered by the anticipation of crucial clinical trial data, despite positive updates. Although IGC Pharma completed enrollment in its Phase 2 CALMA Alzheimer's Trial on September 28, 2026, with topline results expected in fiscal Q4 2026, the absence of actual clinical data may have led to investor hesitancy. While Ascendiant Capital Markets raised its price target for IGC Pharma to $6.00 on August 28, 2026, citing CALMA progress, the stock's movement suggests investors are awaiting the definitive trial results before making substantial commitments.

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Stock Movement Drivers

Fundamental Drivers

The -7.4% change in IGC stock from 5/31/2026 to 9/29/2026 was primarily driven by a -5.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269292026Change
Stock Price ($)0.290.27-7.4%
Change Contribution By: 
Total Revenues ($ Mil)11-5.3%
P/S Multiple23.923.9-0.1%
Shares Outstanding (Mil)98100-2.2%
Cumulative Contribution-7.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/29/2026
ReturnCorrelation
IGC-7.4% 
Market (SPY)1.3%26.7%
Sector (XLV)14.7%0.1%

Fundamental Drivers

The -3.5% change in IGC stock from 2/28/2026 to 9/29/2026 was primarily driven by a -9.8% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820269292026Change
Stock Price ($)0.280.27-3.5%
Change Contribution By: 
Total Revenues ($ Mil)111.5%
P/S Multiple22.723.95.4%
Shares Outstanding (Mil)90100-9.8%
Cumulative Contribution-3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/29/2026
ReturnCorrelation
IGC-3.5% 
Market (SPY)12.0%30.2%
Sector (XLV)7.5%10.2%

Fundamental Drivers

The -37.9% change in IGC stock from 8/31/2025 to 9/29/2026 was primarily driven by a -17.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120259292026Change
Stock Price ($)0.430.27-37.9%
Change Contribution By: 
Total Revenues ($ Mil)11-15.4%
P/S Multiple27.023.9-11.4%
Shares Outstanding (Mil)83100-17.2%
Cumulative Contribution-37.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/29/2026
ReturnCorrelation
IGC-37.9% 
Market (SPY)19.8%28.8%
Sector (XLV)26.4%8.4%

Fundamental Drivers

The -22.6% change in IGC stock from 8/31/2023 to 9/29/2026 was primarily driven by a -47.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120239292026Change
Stock Price ($)0.350.27-22.6%
Change Contribution By: 
Total Revenues ($ Mil)11-10.5%
P/S Multiple14.623.963.4%
Shares Outstanding (Mil)53100-47.1%
Cumulative Contribution-22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/29/2026
ReturnCorrelation
IGC-22.6% 
Market (SPY)76.1%14.4%
Sector (XLV)34.8%9.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IGC Return-37%-67%-12%20%-16%-3%-82%
Peers Return35%14%1%1%27%23%145%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
IGC Win Rate42%33%58%50%33%33% 
Peers Win Rate63%57%42%43%60%69% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
IGC Max Drawdown-68%-72%-39%-52%-40%-32% 
Peers Max Drawdown-21%-20%-26%-24%-22%-16% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: BIIB, LLY, ABBV, JNJ, PFE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/29/2026 (YTD)

How Low Can It Go

EventIGCS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.1%-9.5%
  % Gain to Breakeven17.8%10.5%
  Time to Breakeven123 days24 days
2023 SVB Regional Banking Crisis
  % Loss-27.2%-6.7%
  % Gain to Breakeven37.4%7.1%
  Time to Breakeven37 days31 days
2020 COVID-19 Crash
  % Loss-46.5%-33.7%
  % Gain to Breakeven86.9%50.9%
  Time to Breakeven8 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-53.4%-3.7%
  % Gain to Breakeven114.5%3.9%
  Time to Breakeven107 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-47.7%-12.2%
  % Gain to Breakeven91.3%13.9%
  Time to Breakeven33 days62 days
2014-2016 Oil Price Collapse
  % Loss-85.4%-6.8%
  % Gain to Breakeven585.2%7.3%
  Time to Breakeven783 days15 days

Compare to BIIB, LLY, ABBV, JNJ, PFE

In The Past

IGC Pharma's stock fell -8.4% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIGCS&P 500
2023 SVB Regional Banking Crisis
  % Loss-27.2%-6.7%
  % Gain to Breakeven37.4%7.1%
  Time to Breakeven37 days31 days
2020 COVID-19 Crash
  % Loss-46.5%-33.7%
  % Gain to Breakeven86.9%50.9%
  Time to Breakeven8 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-53.4%-3.7%
  % Gain to Breakeven114.5%3.9%
  Time to Breakeven107 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-47.7%-12.2%
  % Gain to Breakeven91.3%13.9%
  Time to Breakeven33 days62 days
2014-2016 Oil Price Collapse
  % Loss-85.4%-6.8%
  % Gain to Breakeven585.2%7.3%
  Time to Breakeven783 days15 days
2013 Taper Tantrum
  % Loss-68.5%-0.2%
  % Gain to Breakeven217.1%0.2%
  Time to Breakeven1619 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-54.3%-17.9%
  % Gain to Breakeven118.7%21.8%
  Time to Breakeven27 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-30.6%-15.4%
  % Gain to Breakeven44.1%18.2%
  Time to Breakeven2986 days125 days

Compare to BIIB, LLY, ABBV, JNJ, PFE

In The Past

IGC Pharma's stock fell -8.4% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About IGC Pharma (IGC)

IGC Pharma, Inc. (IGC) is a clinical-stage biotechnology company focused on developing cannabinoid-based formulations for various medical conditions. The company's primary therapeutic areas include neurological disorders such as Alzheimer's disease, women's health issues like dysmenorrhea and premenstrual syndrome, and the management of chronic pain.

The company's main product pipeline includes two investigational drug assets targeting Alzheimer's disease. IGC-AD1 is currently undergoing a Phase 2B clinical trial as a treatment for agitation in dementia due to Alzheimer's, while TGR-63 is in pre-clinical development. Complementing its pharmaceutical efforts, IGC Pharma also operates Holief, a wellness brand that offers products specifically for women experiencing premenstrual syndrome and menstrual cramps, serving both patients with neurological conditions and women seeking relief for menstrual-related discomfort.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe IGC Pharma:

  1. A smaller, clinical-stage version of GW Pharmaceuticals, but focused on Alzheimer's disease and women's health with cannabinoid-based drugs.
  2. A biotech company pursuing novel Alzheimer's treatments, akin to an early-stage Biogen or Eli Lilly, but with a unique focus on cannabinoid-derived medicines.
  3. Think of it as a micro-version of Johnson & Johnson, with a core pharmaceutical research division focused on Alzheimer's, alongside a growing consumer wellness brand for women's health.

AI Analysis | Feedback

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  • IGC-AD1: An investigational cannabinoid-based drug asset currently in Phase 2B clinical trials for treating agitation in dementia due to Alzheimer's disease.
  • TGR-63: An investigational cannabinoid-based drug asset in pre-clinical development targeting Alzheimer's disease.
  • Holief: A wellness brand offering products aimed at women experiencing premenstrual syndrome and menstrual cramps.
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AI Analysis | Feedback

IGC Pharma (IGC) primarily sells to individuals through its Holief wellness brand. As a clinical-stage biotechnology company, its investigational drug assets (IGC-AD1 and TGR-63) are currently in development and not yet commercially available, therefore they do not have customers for these specific products at this time.

For its Holief brand, IGC Pharma serves the following categories of individual customers:

  1. Women experiencing premenstrual syndrome (PMS)
  2. Women experiencing menstrual cramps

AI Analysis | Feedback

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Ram Mukunda, Chief Executive Officer

Ram Mukunda has served as CEO of IGC Pharma since April 2005. He is also the founder of IGC Pharma. With over two decades of leadership experience across public companies and emerging technologies, he leads the company's mission in developing cannabinoid-based formulations for Alzheimer's disease, including guiding the Phase 2 clinical trial for IGC-AD1. Previously, Mr. Mukunda founded and served as CEO of Startec Global Communications from 1991 to 2003, a company he took public on NASDAQ in 1997. He also worked as a Strategic Planning Advisor at Intelsat and started his career as an Analyst at Caine Gressel Midgley Slater, Inc., focusing on mortgage-backed securities and municipal bonds. Mr. Mukunda holds bachelor's degrees in electrical engineering and mathematics, and a master's degree in engineering from the University of Maryland.

Claudia Grimaldi, Vice President, Principal Financial Officer, and Chief Compliance Officer

Claudia Grimaldi is Vice President, Principal Financial Officer (PFO), and Chief Compliance Officer (CCO) at IGC Pharma. She is responsible for overseeing international teams involved in preclinical research, regulatory compliance, and trial operations, and plays a key role in managing IGC's FDA-registered Alzheimer's trials. Ms. Grimaldi has been with the company for nearly 12 years, taking on increasing responsibilities including managing SEC and NYSE filings, regulatory compliance, and disclosures. She also serves as the Managing Director of IGC Pharma Columbia and as a director for the company's subsidiary in India, as well as a director on the board of IGC. She earned her MBA with highest honors from Meredith College and holds a bachelor's degree in psychology with highest honors from Javeriana University in Colombia.

Rohit Goel, Senior Director of Accounting & Principal Accounting Officer

Rohit Goel is the Senior Director of Accounting & Principal Accounting Officer at IGC Pharma. He brings expertise in financial reporting, regulatory compliance, and operational efficiency, holding both Certified Public Accounting (CPA) credentials and a Master of Business Administration (MBA).

Benysh Qureshi, Director of Operations

Benysh Qureshi serves as the Director of Operations at IGC Pharma, Inc. His background includes legal expertise and an MBA, and he is responsible for overseeing various operational functions, including supply chain management, manufacturing oversight, process optimization, and quality assurance.

Dr. Jagadeesh Rao, Principal Scientist

Dr. Jagadeesh Rao is the Principal Scientist at IGC Pharma. His career spans two decades in the public sector and in product research and development for Johnson & Johnson. Dr. Rao leads IGC's scientists in developing pharmaceutical and over-the-counter products, and previously worked for the federal National Institutes of Health and the National Institute on Drug Abuse. He holds a Ph.D. in Neurochemistry from the National Institute of Mental Health & Neurosciences in India and completed postdoctoral training at the University of Illinois-Chicago.

AI Analysis | Feedback

Here are the key risks to IGC Pharma's business:

  1. Clinical Trial Failure and Regulatory Approval: As a clinical-stage biotechnology company, IGC Pharma's success heavily depends on the successful completion of clinical trials for its investigational drug assets, such as IGC-AD1, which is in a Phase 2B clinical trial. There is a significant risk that their drug candidates may not demonstrate adequate safety or efficacy, or may fail to obtain the necessary regulatory approvals (e.g., from the FDA) required to commercialize them.
  2. Funding and Liquidity: IGC Pharma faces substantial risks related to cash sufficiency, balance sheet issues, and liquidity. The company requires significant capital to fund ongoing and future clinical development programs, research, and general operations. Failure to secure adequate funding could impede the progress of its drug candidates and its ability to continue operations.
  3. Commercialization Challenges and Regulatory Landscape for Cannabinoids: Even if IGC Pharma's drug candidates receive regulatory approval, there is a risk of failure to successfully commercialize them. This includes challenges related to the competitive landscape, market acceptance, and the FDA's evolving position and specific regulations regarding cannabis- and hemp-based products, which are central to IGC Pharma's formulations.

AI Analysis | Feedback

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AI Analysis | Feedback

IGC Pharma focuses on developing cannabinoid-based formulations for treating Alzheimer's disease, dysmenorrhea, premenstrual syndrome, and chronic pain. The addressable markets for their main products and services are as follows:

Alzheimer's Disease (IGC-AD1 and TGR-63)

The global Alzheimer's therapeutics market size was valued at approximately USD 6.49 billion in 2025 and is projected to reach approximately USD 33.62 billion by 2034, growing at a compound annual growth rate (CAGR) of 20.06% from 2025 to 2034. North America is a dominant region in this market, holding a 46.10% share in 2024. The U.S. Alzheimer's drugs market alone was valued at USD 1.62 billion in 2022.

For agitation in Alzheimer's disease, which IGC-AD1 targets, it is estimated that up to 50% of Alzheimer's patients experience symptoms of agitation at some point during their illness. While a specific market size for agitation in Alzheimer's is not distinctively quantified as a separate numerical value from the broader Alzheimer's therapeutics market in the provided information, the market for agitation in Alzheimer's disease is projected to experience consistent growth.

Dysmenorrhea and Premenstrual Syndrome (Holief)

Holief, IGC Pharma's wellness brand for premenstrual syndrome and menstrual cramps, targets two significant markets:

  • Dysmenorrhea Treatment Market: The global dysmenorrhea treatment market is forecasted to attain USD 7.17 billion by 2025 and is projected to reach USD 14.19 billion by 2035, growing at a CAGR of 7.1%. The U.S. dysmenorrhea treatment market size is valued at USD 1.74 billion in 2025 and is projected to reach USD 3.08 billion by 2033.
  • Premenstrual Syndrome (PMS) Treatment Market: The global premenstrual syndrome treatment market size was valued at USD 1.44 billion in 2024 and is poised to grow to USD 1.95 billion by 2033, with a CAGR of 3.42% in the forecast period (2026–2033). North America is expected to hold a significant share in this market. Additionally, the global PMS and menstrual health supplements market, which may also be relevant for a wellness brand, was valued at USD 22.6 billion in 2022 and is projected to reach USD 35.0 billion by 2030.

AI Analysis | Feedback

IGC Pharma (NYSE American: IGC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Advancement and Potential Commercialization of IGC-AD1 for Alzheimer's Disease: IGC Pharma's lead asset, IGC-AD1, is currently in a Phase 2 CALMA clinical trial for the treatment of agitation associated with Alzheimer's disease. The company reported approximately 70% patient enrollment by February 2026, with full enrollment expected by mid-2026. Positive interim data has shown a statistically significant reduction in agitation. Furthermore, IGC-AD1 is also being advanced as a potential disease-modifying therapy for Alzheimer's, with plans to initiate a new Phase 2 clinical trial in 2025. The market for Alzheimer's treatments, particularly for agitation, represents a significant unmet medical need and a multi-billion-dollar opportunity. The company has secured North American composition protection for IGC-AD1, enhancing its long-term commercial positioning.
  2. Expansion and Growth of the Holief/Holiby Wellness Brand: IGC Pharma is strategically expanding its presence in the wellness market through its Holief brand, which targets women experiencing premenstrual syndrome and menstrual cramps. The company launched Holiby in February 2025, a wellness brand offering products like Immunity Gummies and Energy Gummies, generating near-term revenue. This was further expanded in February 2025 with "Longevity" and "Renew" product lines, targeting the anti-aging market, which is projected to exceed $182 billion by 2028. The growth strategy includes direct-to-consumer e-commerce, white-label, and private-label partnerships, along with targeted marketing.
  3. Progression of Other Investigational Drug Assets: Beyond IGC-AD1, IGC Pharma has a pipeline of other investigational drugs. TGR-63 is in preclinical development for Alzheimer's, demonstrating the ability to cross the blood-brain barrier and suppress tau fibril formation while disrupting amyloid-beta plaques. IGC-1C has shown promising preclinical results for targeting tau protein phase separation in Alzheimer's. Additionally, IGC-1A has been identified through AI modeling as a potential GLP-1 agonist, opening new avenues in metabolic and neurological treatment. These pipeline assets could provide future revenue streams upon successful clinical development and regulatory approval.
  4. Monetization of AI-Driven Diagnostic Tools: IGC Pharma leverages Artificial Intelligence in its drug discovery and development processes. A direct revenue driver stemming from this is the development of MINT-AD, an AI diagnostic platform for early Alzheimer's detection, which has received recognition from the National Institute on Aging (NIH). The company plans to launch the beta version of its MINT-AD platform, which could potentially expand its reach into the metabolic disorder market, creating a new avenue for revenue generation through diagnostic services.

AI Analysis | Feedback

Share Issuance

  • IGC Pharma increased its authorized common stock from 150,000,000 to 600,000,000 shares, effective December 12, 2025.
  • The company raised approximately $4.64 million in fiscal year 2025 through a combination of private equity placements and an at-the-market (ATM) offering program.
  • Common stock issued by the company totaled approximately $16.22 million for the fiscal year ending September 2025.

Inbound Investments

  • In fiscal year 2025, IGC Pharma raised about $4.64 million through private equity placements.

Outbound Investments

  • IGC Pharma's Holi Hemp LLC subsidiary completed the sale of certain equipment, inventory, and operating assets from its Vancouver, Washington facility, delivering approximately $2.7 million in consideration.

Capital Expenditures

  • Capital expenditures amounted to approximately $82,000 in the last 12 months.
  • For the fiscal year ending September 2025, capital expenditures were approximately $318,000, primarily supporting research and development activities and clinical trial infrastructure.

Better Bets vs. IGC Pharma (IGC)

Peer Outperformance in Biotechnology

IGC has trailed 51% of its 362 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that IGC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
35%
of 454 industry peers · -36.3% return
3Y
50%
of 402 industry peers · -25.5% return
5Y
49%
of 362 industry peers · -81.9% return
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is IGC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 7.3%44.8%91.5% CAH 400% · MCK 344% · COR 172%
Health Care Services 20 18.5%36.2%5.7% HIMS 281% · RDNT 141% · DGX 76%
Managed Health Care 8 32.0%-7.4%4.7% OSCR 71% · HQY 35% · ELV 13%
Health Care Facilities 24 2.4%7.6%-3.3% THC 288% · NHC 263% · ENSG 137%
Health Care Equipment 50 -2.4%-1.0%-15.1% POCI 10575% · UFPT 382% · GKOS 229%
Pharmaceuticals 62 -7.7%-0.5%-28.8% LQDA 2461% · INDV 1157% · ETON 1074%
Health Care Supplies 12 27.5%-7.6%-37.1% LNTH 288% · HAE 50% · MMSI 22%
Life Sciences Tools & Services 109 -1.0%-16.8%-66.5% SNWV 1835% · NTRA 272% · MEDP 229%
Health Care Technology 21 -33.1%-53.9%-76.9% SPOK 69% · HSTM 6% · VEEV -3%
Biotechnology ← 363 -10.5%-24.8%-78.3% CELZ 1279% · DNTH 1097% · ELVN 1040%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IGCBIIBLLYABBVJNJPFEMedian
NameIGC Phar.Biogen Eli LillyAbbVie Johnson .Pfizer  
Mkt Price0.28227.071,185.00266.63267.5028.71246.85
Mkt Cap0.033.51,057.5471.7644.0163.6317.6
Rev LTM110,02879,66664,38697,92963,69564,040
Op Inc LTM-111,93539,60821,85026,25617,01919,434
FCF LTM-72,49013,56018,21022,22810,98512,272
FCF 3Y Avg-61,9353,29418,07619,4869,4116,352
CFO LTM-62,87928,08319,50727,60813,40116,454
CFO 3Y Avg-52,26014,51019,14325,09312,19813,354

Growth & Margins

IGCBIIBLLYABBVJNJPFEMedian
NameIGC Phar.Biogen Eli LillyAbbVie Johnson .Pfizer  
Rev Chg LTM-15.4%0.3%49.6%10.4%8.1%-0.2%4.2%
Rev Chg 3Y Avg-1.9%0.2%39.4%4.9%6.0%-5.2%2.5%
Rev Chg Q-19.2%3.4%47.7%10.2%6.6%2.6%5.0%
QoQ Delta Rev Chg LTM-5.3%0.9%10.3%2.5%1.6%0.6%1.3%
Op Inc Chg LTM-59.3%-21.7%76.5%59.5%21.4%2.1%11.8%
Op Inc Chg 3Y Avg-6.8%-6.0%71.3%11.2%6.7%233.9%8.9%
Op Mgn LTM-986.8%19.3%49.7%33.9%26.8%26.7%26.8%
Op Mgn 3Y Avg-819.2%21.5%42.1%27.5%25.6%18.7%23.6%
QoQ Delta Op Mgn LTM-126.5%-3.9%2.4%0.8%0.0%-0.5%-0.2%
CFO/Rev LTM-524.1%28.7%35.3%30.3%28.2%21.0%28.4%
CFO/Rev 3Y Avg-440.3%22.8%22.5%32.4%27.4%19.7%22.6%
FCF/Rev LTM-609.2%24.8%17.0%28.3%22.7%17.2%20.0%
FCF/Rev 3Y Avg-499.2%19.5%2.5%30.6%21.2%15.1%17.3%

Valuation

IGCBIIBLLYABBVJNJPFEMedian
NameIGC Phar.Biogen Eli LillyAbbVie Johnson .Pfizer  
Mkt Cap0.033.51,057.5471.7644.0163.6317.6
P/S25.23.313.37.36.62.67.0
P/Op Inc-2.517.326.721.624.59.619.5
P/EBIT-2.525.925.740.624.623.725.1
P/E-3.640.239.674.730.637.838.7
P/CFO-4.811.737.724.223.312.217.8
Total Yield-29.1%2.5%3.1%3.9%5.2%8.6%3.5%
Dividend Yield0.0%0.0%0.5%2.6%2.0%6.0%1.3%
FCF Yield 3Y Avg-20.3%7.4%0.3%5.2%4.6%6.7%4.9%
D/E0.00.20.10.20.10.40.1
Net D/E0.00.20.00.10.00.30.1

Returns

IGCBIIBLLYABBVJNJPFEMedian
NameIGC Phar.Biogen Eli LillyAbbVie Johnson .Pfizer  
1M Rtn-10.0%3.9%0.9%4.4%-0.2%2.7%1.8%
3M Rtn2.6%5.1%-1.1%6.7%5.8%21.3%5.5%
6M Rtn6.1%23.9%29.2%24.5%10.6%5.7%17.2%
12M Rtn-33.6%63.9%64.1%23.2%50.6%28.8%39.7%
3Y Rtn-22.3%-11.6%125.2%98.4%87.0%5.0%46.0%
1M Excs Rtn-9.4%4.5%1.4%4.9%0.3%3.2%2.3%
3M Excs Rtn0.2%2.8%-3.3%4.4%3.6%19.0%3.2%
6M Excs Rtn-12.6%0.1%13.1%5.9%-9.4%-14.0%-4.6%
12M Excs Rtn-46.0%49.8%49.1%9.0%36.7%13.9%25.3%
3Y Excs Rtn-103.4%-89.4%42.1%15.1%4.0%-71.0%-33.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
White labeling services11   
Wellness and lifestyle00   
Other 0   
Infrastructure segment  000
Life Sciences segment  101
Total11101


Price Behavior

Price Behavior
Market Price$0.27 
Market Cap ($ Bil)0.0 
First Trading Date05/24/2006 
Distance from 52W High-36.9% 
   50 Days200 Days
DMA Price$0.28$0.29
DMA Trenddownup
Distance from DMA-4.0%-6.4%
 3M1YR
Volatility51.2%50.3%
Downside Capture149.32157.65
Upside Capture121.7377.89
Correlation (SPY)27.6%30.0%
IGC Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.062.001.261.221.210.65
Up Beta-1.430.470.510.941.340.37
Down Beta4.113.871.460.701.020.81
Up Capture494%244%158%156%80%35%
Bmk +ve Days10213268138427
Stock +ve Days14233361110343
Down Capture254%193%137%147%136%97%
Bmk -ve Days11213259113324
Stock -ve Days7193165138399

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IGC
IGC-32.8%50.5%-0.62-
Sector ETF (XLV)27.7%16.0%1.339.2%
Equity (SPY)16.5%13.0%0.9030.2%
Gold (GLD)10.5%29.6%0.3414.1%
Commodities (DBC)40.5%20.8%1.52-9.1%
Real Estate (VNQ)3.2%13.6%-0.02-1.9%
Bitcoin (BTCUSD)-24.6%44.7%-0.5023.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IGC
IGC-29.6%79.3%-0.14-
Sector ETF (XLV)7.0%15.2%0.2710.1%
Equity (SPY)13.5%17.2%0.6017.1%
Gold (GLD)18.2%18.9%0.785.3%
Commodities (DBC)10.6%19.6%0.425.0%
Real Estate (VNQ)0.9%18.9%-0.066.3%
Bitcoin (BTCUSD)15.3%52.4%0.467.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IGC
IGC-5.6%154.3%0.45-
Sector ETF (XLV)10.9%16.7%0.5310.8%
Equity (SPY)15.4%17.9%0.7313.3%
Gold (GLD)11.8%16.4%0.593.2%
Commodities (DBC)8.3%18.1%0.377.7%
Real Estate (VNQ)4.6%20.7%0.187.8%
Bitcoin (BTCUSD)63.5%66.2%1.037.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity1.1 Mil
Short Interest: % Change Since 831202648.0%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest2.0 days
Basic Shares Quantity100.3 Mil
Short % of Basic Shares1.1%

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Core Cache Last Updated: 9/29/2026