IGC Industries Q4 FY26 results: net loss of ₹2.64 crore vs ₹0.02 crore profit

How did IGC Industries perform in Q4 FY26?

IGC Industries reported standalone revenue of ₹0 crore in Q4 FY26, unchanged from both Q4 FY25 and Q3 FY26. Total expenses were ₹2.64 crore, resulting in an EBITDA loss of ₹2.64 crore and a PBT loss of ₹2.64 crore. No EBITDA margin was reported for the quarter.

The company reported a net loss of ₹2.64 crore in Q4 FY26, compared with a net profit of ₹0.02 crore in Q4 FY25 and a net loss of ₹0.29 crore in Q3 FY26. Basic EPS was ₹0.76, against ₹0 in the year-ago quarter and ₹0.08 in the previous quarter. The filing also showed other income of ₹0 crore and no exceptional item.

The filing was presented on a standalone basis and included consolidated figures only where provided in the broader filing context. The company reported revenue of ₹0 crore, other income of ₹0 crore, total expenses of ₹2.64 crore, a PBT loss of ₹2.64 crore, tax of ₹0 crore and a net loss of ₹2.64 crore for the quarter.

What changed in IGC Industries' costs and profit?

The main movement in Q4 FY26 was the increase in expenses. Total expenses rose ₹2.59 crore from Q4 FY25 to ₹2.64 crore, while other income remained at ₹0 crore and there was no exceptional item. Employee benefits expense increased ₹0.21 crore to ₹0.23 crore, and other expenses increased ₹2.08 crore to ₹2.11 crore.

Finance costs and depreciation remained at ₹0 crore in the quarter, according to the reported figures. Tax expense was ₹0 crore, compared with a reported ₹0.07 crore in Q4 FY25. Against Q3 FY26, employee benefits expense increased ₹0.22 crore and other expenses increased ₹2.09 crore. The filing excerpts do not state a reason for the expense movements.

How did IGC Industries do in FY26 as a whole?

For FY26, IGC Industries reported revenue of ₹0 crore and total income of ₹0 crore, compared with ₹1.99 crore on both measures in FY25. PBT and PAT were each a loss of ₹2.93 crore in FY26, compared with a loss of ₹0.06 crore in FY25, a deterioration of ₹2.87 crore on each line.

Basic EPS was ₹0.84 for FY26, compared with ₹0 for FY25. The company’s reported FY26 total expenses were ₹2.93 crore, against ₹0.06 crore in FY25.

What do the balance sheet and cash flow show?

At 31 March 2026, total assets were ₹21.45 crore and total equity was ₹21.45 crore, compared with ₹54.45 crore and ₹42.68 crore at 30 September 2025. Borrowings and cash were ₹0 crore on both dates, while inventories fell from ₹0.56 crore to ₹0 crore.

For FY26, net cash used in operating activities was ₹11.89 crore, compared with ₹21.83 crore in FY25. Net cash from investing activities was ₹11.9 crore, compared with net cash used of ₹20.2 crore in FY25. Financing cash flow was ₹0 crore in FY26, compared with ₹42.03 crore in FY25; capital expenditure was ₹0 crore in both periods.

How has IGC Industries done over the last 8 quarters?

Revenue was highest in Q2 FY25 at ₹1.99 crore and was ₹0 crore in the other reported quarters, including Q4 FY26. The available quarterly profit pattern moved from a net loss of ₹0.28 crore in Q3 FY25 to net profit of ₹0.02 crore in Q4 FY25, then losses of ₹0.29 crore in Q3 FY26 and ₹2.64 crore in Q4 FY26. The only reported EBITDA margin was 13.9% in Q2 FY25; no margin was reported for Q4 FY26.

What did the auditors point out?

The auditors’ report includes a going-concern-related paragraph. The auditors stated that the company incurred continuous losses during all four quarters of FY26 as well as in the preceding FY25, and that these recurring losses raised significant doubt about its ability to continue as a going concern. They also said management had not provided a comprehensive assessment or mitigation plan addressing the financial uncertainties and maintaining operational viability.

The auditors said they were unable to assess the appropriateness of the going-concern assumption used in preparing the financial statements and were unable to determine whether adjustments might be required to the carrying value of assets, liabilities and classification of balances. The filing also states that proper books of account appeared to have been kept, except for matters described in the Basis for Disclaimer of Opinion, and refers to a separate Report in “Annexure B” for internal financial controls.

How did IGC Industries shares react?

IGC Industries’ stock was up 6.3% on the reaction day after the filing, from the previous close of ₹2.21. By the next day’s close, the stock was up 5.9% from its pre-results close, and by the fifth session it was up 8.1%. The industry median move was 0.0% on the reaction day, 0.4% by the next day and -0.0% by the fifth session; the corresponding excess moves were 6.3 percentage points, 5.5 percentage points and 8.2 percentage points.

Earlier results-day reactions included falls of 5.8% on 12 February 2026 and 6.4% on 14 November 2025. The stock also rose 0.6% on 14 August 2025, 5.2% on 16 July 2024 and 2.0% on 22 April 2024, while it fell 54.4% on 17 October 2024.

How did other Trading & Distributors companies do?

Among the other Trading & Distributors companies that had filed this quarter, the median revenue growth was 5.1%, based on 129 peers. The available peer data did not provide a count of peers growing faster than or slower than IGC Industries, nor a count of peers with profit growth.