MeritValue

IGC Pharma, Inc.

IGCdata completeness 100%15 fiscal years on file
The thesis, from the filings

IGC Pharma, Inc. earns about -92% on invested capital, but has diluted owners by 82% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$898,0001$289,0002$911,0003$1.35M4$1.27M4
Net income−$8.81M5−$15M6−$11.5M7−$13M8−$7.12M8
Operating cash flow−$10.8M9−$7.46M10−$7.05M11−$5.2M12−$4.8M12
Capital expenditure$1.47M13$236,00014$310,00015$138,00016$112,00016
Free cash flow (derived)−$12.3M9−$7.7M10−$7.36M11−$5.34M12−$4.91M12
Total debt$580,00017$147,00018$144,00019$140,00020$137,00020
Cash & equivalents$14.5M21$10.5M22$3.2M23$1.2M24$405,00024
Diluted shares42.0M50.0M52.6M58.8M76.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.83
your share of equity
Profit it earned you last year
−$0.93
Free cash flow it threw off
−$0.64
Debt you’d be carrying
$0.02

10 shares is a claim on $0.83 of net worth that earned you −$0.93 and generated −$0.64 of cash last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-92% avg · 5y
FY21 -37%FY22 -87%FY23 -77%FY24 -164%FY25 -93%

It earned an average -92% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+82% shares · 5y

Share count is up 82% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 76% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-03-31 · accession 0001185185-22-000768 (Revenues)
  2. 10-K · period ending 2022-03-31 · accession 0001185185-22-000768 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-03-31 · accession 0001185185-24-000650 (Revenues)
  4. 10-K · period ending 2024-03-31 · accession 0001185185-25-000706 (Revenues)
  5. 10-K · period ending 2021-03-31 · accession 0001185185-22-000768 (NetIncomeLoss)
  6. 10-K · period ending 2022-03-31 · accession 0001185185-23-000693 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001185185-24-000650 (NetIncomeLoss)
  8. 10-K · period ending 2024-03-31 · accession 0001185185-25-000706 (NetIncomeLoss)
  9. 10-K · period ending 2021-03-31 · accession 0001185185-22-000768 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001185185-23-000693 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-03-31 · accession 0001185185-24-000650 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-03-31 · accession 0001185185-25-000706 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-03-31 · accession 0001185185-22-000768 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-03-31 · accession 0001185185-23-000693 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-03-31 · accession 0001185185-24-000650 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-03-31 · accession 0001185185-25-000706 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-03-31 · accession 0001185185-22-000768 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-03-31 · accession 0001185185-23-000693 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-03-31 · accession 0001185185-24-000650 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-03-31 · accession 0001185185-25-000706 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-03-31 · accession 0001185185-22-000768 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-03-31 · accession 0001185185-23-000693 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-03-31 · accession 0001185185-24-000650 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-03-31 · accession 0001185185-25-000706 (CashAndCashEquivalentsAtCarryingValue)