IGC Industries logo

IGC Industries financials and balance sheet

BSE: 539449Commercial Services & SuppliesSmall Cap

Last close ₹1.54down ₹0.16 (9.41%)

Share price at the BSE close on 23 Oct 2026. Previous close ₹1.70.

52-week range of traded prices to 23 Oct 2026
₹1.54Low, 23 Oct 2026₹3.30High, 27 Oct 2025
Market cap
₹5.35 Cr4,791st largest listed
P/E
Lossover the last 12 months
P/B
4.3
Dividend yield
Nonein the last 12 months
ROE
−105.3%
ROCE
−1,846.7%
Debt to equity
0.00
Volume, BSE
43,530

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.IGC Industries annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹49 Cr, year to Mar 2018A loss in 8 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue0.0
  2. Materials and goods−0.6
  3. Employee costs−0.2
  4. Other expenses−2.1
  5. Operating profit−2.9
  6. Depreciation0.0
  7. Other income0.0
  8. One-off items0.0
  9. Finance costs0.0
  10. Profit before tax−2.9
  11. Tax0.0
  12. Net profit−2.9

What the company owns

  • Plant, investments and other assets₹21 Cr
  • Cash and bank₹0 Cr

What pays for it: net worth and liabilities

  • Net worth₹21 Cr

Profit and loss

Standalone, ₹ crore, years to March.IGC Industries quarterly results

₹ croreMar 2017Mar 2018Mar 2019Filed 14 JunMar 2020Filed 26 JunMar 2021Filed 8 JunMar 2022Filed 10 JunMar 2023Filed 20 MarMar 2024Filed 30 AprMar 2025Filed 15 AugMar 2026Filed 21 May
Revenue from operations1.149.20.50.00.00.00.00.02.00.0
1.148.90.81.20.30.40.20.42.02.9
Materials and goods bought–48.50.50.00.00.00.00.01.70.6
Employee costs–0.10.10.10.10.10.10.10.10.2
Other expenses–0.30.11.10.20.30.10.30.22.1
Operating profit before depreciation0.00.4−0.2−1.2−0.3−0.3−0.2−0.4−0.1−2.9
Operating margin2.2%0.7%−44.1%−5,272.4%−1,013.4%−882.6%−17,230.0%–−2.9%–
Materials, % of revenue–98.6%92.5%69.8%102.5%51.4%0.0%–86.0%–
Employee costs, % of revenue–0.2%24.7%557.2%405.4%192.5%7,070.0%–6.2%–
Other expenses, % of revenue–0.5%26.9%4,745.4%605.4%738.7%10,260.0%–10.8%–
Depreciation and amortisation0.00.10.20.20.00.00.00.00.00.0
Operating profit after depreciation0.00.2−0.5−1.3−0.3−0.3−0.2−0.4−0.1−2.9
Other income––0.50.20.00.00.00.00.00.0
Finance costs0.00.20.00.00.00.00.00.00.00.0
One-off items––0.00.00.00.00.00.00.00.0
Profit before tax0.00.00.0−1.2−0.3−0.3−0.2−0.4−0.1−2.9
0.00.00.00.00.00.00.00.00.00.0
Net profit0.00.00.0−1.2−0.3−0.3−0.2−0.4−0.1−2.9
Net margin0.8%0.0%−0.8%−5,262.6%−983.4%−906.8%−17,880.0%–−3.1%–
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ croreMar 2019Filed 14 JunMar 2020Filed 26 JunMar 2021Filed 8 JunMar 2022Filed 10 JunMar 2023Filed 20 MarMar 2024Filed 30 AprMar 2025Filed 15 AugMar 2026Filed 21 MaySep 2026Half yearFiled 13 Oct
3.11.91.61.31.10.742.721.51.3
Share capital2.22.22.22.22.22.234.734.734.7
Reserves0.9−0.3−0.6−1.0−1.1−1.58.0−13.3−33.5
Borrowings38.39.80.00.00.00.00.00.00.0
46.819.914.113.913.99.711.80.00.5
0.00.00.00.00.00.00.00.00.0
Total assets49.921.815.715.215.010.454.521.51.8
1.85.25.45.45.40.220.47.60.0
48.116.610.49.89.610.234.113.91.8
Net debt38.39.70.00.00.00.00.00.00.0
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ croreMar 2021Filed 8 JunMar 2022Filed 10 JunMar 2023Filed 20 MarMar 2024Filed 30 AprMar 2025Filed 15 AugMar 2026Filed 21 MaySep 2026Half yearFiled 13 Oct
9.90.00.0−5.2−21.8−11.9−7.5
9.90.00.0−5.2−21.86.4−7.5
10.20.40.2−4.8−21.87.24.7
Receivables0.00.00.00.0−2.02.00.0
Inventories0.00.00.00.00.00.60.0
Payables0.2−0.20.00.01.70.00.0
Other working capital10.10.50.2−4.8−21.54.74.7
Capital spending0.00.00.00.00.00.00.0
Free cash flow9.90.00.0−5.2−21.8−11.9−7.5
Cash from investing−0.20.00.05.2−20.211.97.5
−9.80.00.00.042.00.00.0
Dividends paid0.00.00.00.00.00.00.0
Shares bought back0.00.00.00.00.00.00.0
Shares issued0.00.00.00.042.00.00.0
Net change in cash0.00.00.00.00.00.00.0
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Standalone, ₹ per share, years to March.

₹ per shareMar 2017Mar 2018Mar 2019Filed 14 JunMar 2020Filed 26 JunMar 2021Filed 8 JunMar 2022Filed 10 JunMar 2023Filed 20 MarMar 2024Filed 30 AprMar 2025Filed 15 AugMar 2026Filed 21 May
–––––––––−₹0.84
As stated that year–––−₹5.22−₹1.38−₹1.56−₹0.83−₹1.76–−₹0.84
–––––––––−₹0.84
––––––––₹12.29₹6.18
Shareholder yield––––0.0%0.0%–0.0%−195.3%0.0%
Market cap at the year end (₹ crore)5.610.8––7.96.7–7.921.56.5
Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2019: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown. As stated that year and earnings per share are left blank for the year to Mar 2025: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Standalone, years to March.IGC Industries PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Filed 14 JunMar 2020Filed 26 JunMar 2021Filed 8 JunMar 2022Filed 10 JunMar 2023Filed 20 MarMar 2024Filed 30 AprMar 2025Filed 15 AugMar 2026Filed 21 May
Revenue growth35.6%4,399.3%−98.9%−95.8%41.4%22.6%−97.4%−100.0%–−100.0%
Operating profit growth–1,404.7%––––––––
Net profit growth–22.2%––––––––
––−0.1%−46.3%−17.3%−24.0%−15.0%–−0.3%–
–––−46.2 pts29.0 pts−6.7 pts9.0 pts–––
From the net margin–––−891.5 pts37.7 pts1.4 pts−449.6 pts–––
From asset turnover–––839.3 pts−14.7 pts−7.8 pts461.0 pts–––
From borrowing–––6.0 pts6.1 pts−0.2 pts−2.4 pts–––
Return on capital employed––−1.1%−11.4%−19.7%−27.2%−16.2%−55.6%−0.1%−13.7%
Interest cover38.51.1––––––––
Debt to equity––12.345.060.000.000.000.000.000.00
Receivable days––001624438–365–
Inventory days––41012,8176,32210,270––1190
Payable days––255532,089142––3730
Cash conversion cycle, days––38612,2644,24910,152––111–
Working capital days––27,4781,06,730−43,351−38,848−15,57,930–4,099–
Asset turnover––0.010.000.000.000.000.000.060.00
Assets per rupee of net worth––16.0714.2310.5410.6412.7014.091.501.19
Sales per rupee of plant––0.324.320.010.010.000.00189.060.00
Capital spending to depreciation––––0.003.210.000.000.000.00
Plant being built, % of plant in use–––97,684.8%–0.0%0.0%–0.0%–
Interest cover is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year
−7.7%
Measure5 years3 years
Return on capital employed, average−22.5%−23.1%
Asset turnover, average0.010.02
Debt to equity, average0.000.00

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations−38.9−38.9−11.9
Cash from investing−3.2−3.111.9
Cash from financing42.042.00.0
Capital spending0.00.00.0
Dividends paid0.00.00.0
Shares bought back0.00.00.0
Shares issued for cash42.042.00.0
Borrowings raised0.00.00.0
Borrowings repaid0.00.00.0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––––554–––
Altman Z-scorePublished threshold 1.1––0.30−1.28−1.69−2.03−2.11−0.336.93–
Beneish M-scorePublished threshold −1.78–––––−3.00––––
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––−53.59−2.27−1.18−3.13129.20−7.73
Receivables growth less revenue growthOur threshold 0 percentage points–––−4.22–55.9645.40100.00–0.00
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––96.34−105.2838.40100.00––−32.65
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––4,610.14−1,446.56−24,742.60−230.00–1,104.94–
Assets under construction, years of additionsOur threshold 2 years of additions–––––0.00––––
Effective tax ratePublished threshold 17.16 per cent40.0062.96139.45–––––––
A threshold marked as ours has no published figure; it is the line we read the check against.