India Globalization Capital, Inc. (IGC) Balance Sheet
IGC balance sheet, FY2026
March 31, 2026 · U.S. dollars$9.2M assets = $3.1M liabilities + $6.1M equity
Both columns are drawn to the same scale: what IGC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IGC financial health
Descriptive bands, not a rating. Fiscal FY2026.
IGC balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.3MFY2017 | $9.2MFY2026 | −2.3%/yr | |
| Total liabilities | $3.9MFY2017 | $3.1MFY2026 | −2.7%/yr | |
| Shareholders’ equity | $7.4MFY2017 | $6.1MFY2026 | −2.0%/yr | |
| Cash & short-term investments | $2.4MFY2017 | $235,000FY2026 | −22.8%/yr | |
| Total debt | $2.6MFY2017 | $926,000FY2026 | −11.0%/yr | |
| Net cash (debt) | −$226,277FY2017 | −$691,000FY2026 | −$464,723 | |
| Working capital | $2.3MFY2017 | −$1.7MFY2026 | −$4.0M | |
| Book value per share | $0.29FY2017 | $0.06FY2026 | −15.3%/yr | |
| Current ratio | 2.78FY2017 | 0.40FY2026 | −2.38 | |
| Debt / equity | 0.36FY2017 | 0.15FY2026 | −0.21 | |
| Shares outstanding | 25.7MFY2017 | 95.0MFY2026 | +15.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IGC assets
IGC liabilities and equity
IGC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IGC balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $235,000 | $405,000 | $1.2M | $3.4M | $10.5M | $14.6M | $12.3M | $25.6M | $1.7M | $2.4M |
| Cash & equivalents | $207,000 | $405,000 | $1.2M | $3.2M | $10.5M | $14.5M | $7.3M | $25.6M | $1.7M | $538,029 |
| Short-term investments | $28,000 | $0 | $0 | $154,000 | $0 | $80,000 | $5.1M | $781,000 | $148,000 | $1.9M |
| Receivables | $37,000 | $77,000 | $91,000 | $131,000 | $597,000 | $175,000 | $133,000 | $84,000 | $557,813 | $752,926 |
| Inventory | $638,000 | $1.4M | $1.5M | $2.7M | $3.5M | $7.2M | $4.2M | $248,000 | $486,497 | $0 |
| Other current assets | $237,000 | $1.1M | $876,000 | $334,000 | $506,000 | $1.5M | $1.0M | $781,000 | $502,141 | $410,408 |
| Total current assets | $1.1M | $2.9M | $3.7M | $6.5M | $15.1M | $23.5M | $17.8M | $26.7M | $3.2M | $3.6M |
| Property, plant & equipment (net) | $2.1M | $3.3M | $3.9M | $8.5M | $9.9M | $11.3M | $10.4M | $5.9M | $6.2M | $953,936 |
| Goodwill & intangible assets | $5.3M | $1.9M | $1.6M | $1.2M | $917,000 | $407,000 | $504,000 | $368,000 | $255,652 | $198,169 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $12,000 | $11,000 | $794,000 | $798,922 | $6.0M |
| Other non-current assets | $659,000 | $681,000 | $688,000 | $1.0M | $937,000 | $603,000 | $358,000 | $694,000 | $356,736 | $539,720 |
| Total assets | $9.2M | $8.7M | $9.9M | $17.2M | $26.8M | $35.9M | $29.0M | $34.5M | $10.9M | $11.3M |
| Liabilities | ||||||||||
| Accounts payable | $1.3M | $883,000 | $773,000 | $530,000 | $981,000 | $476,000 | $762,000 | $319,000 | $52,270 | $416,532 |
| Short-term debt | $735,000 | $97,000 | $124,000 | $133,000 | $126,000 | $394,000 | $139,000 | $50,000 | $1.8M | $2.6M |
| Deferred revenue | — | — | $1.0M | $877,000 | — | $1.2M | $836,000 | $474,000 | — | — |
| Total current liabilities | $2.9M | $2.3M | $2.3M | $1.9M | $2.4M | $2.4M | $1.9M | $878,000 | $2.3M | $1.3M |
| Long-term debt | $131,000 | $134,000 | $137,000 | $141,000 | $144,000 | $276,000 | $0 | $0 | $427,500 | $2.6M |
| Lease obligations | — | $104,000 | $208,000 | $340,000 | $341,000 | $405,000 | $485,000 | — | — | — |
| Other long-term liabilities | $60,000 | $26,000 | $104,000 | $228,000 | $357,000 | $420,001 | $501,000 | $15,000 | $14,896 | $0 |
| Total liabilities | $3.1M | $2.4M | $2.6M | $2.3M | $2.9M | $3.1M | $2.4M | $893,000 | $2.8M | $3.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $139.1M | $130.6M | $124.4M | $119.0M | $116.0M | $109.7M | $94.8M | $94.0M | $127.8M | $61.4M |
| Retained earnings (deficit) | −$127.3M | −$120.7M | −$113.7M | −$100.7M | −$89.2M | −$74.1M | −$65.4M | −$58.1M | −$53.8M | −$52.0M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$5.7M | −$3.5M | −$3.4M | −$3.4M | −$3.0M | −$2.8M | −$2.9M | −$2.4M | −$2.1M | −$2.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | −$8,836 |
| Total shareholders' equity | $6.1M | $6.3M | $7.3M | $14.9M | $23.9M | $32.8M | $26.5M | $33.6M | $8.1M | $7.4M |
| Key figures | ||||||||||
| Total debt | $926,000 | $241,000 | $345,000 | $481,000 | $611,000 | $1.1M | $624,000 | $50,000 | $2.2M | $2.6M |
| Net cash (debt) | −$691,000 | $164,000 | $853,000 | $2.9M | $9.8M | $13.6M | $11.7M | $25.6M | −$569,004 | −$226,277 |
| Working capital | −$1.7M | $639,000 | $1.4M | $4.6M | $12.7M | $21.1M | $15.8M | $25.8M | $858,993 | $2.3M |
| Tangible book value | $853,000 | $4.5M | $5.7M | $13.7M | $23.0M | $32.4M | $26.0M | $33.2M | $7.8M | $7.2M |
| Book value per share | $0.06 | $0.08 | $0.12 | $0.28 | $0.48 | $0.78 | $0.67 | $0.95 | $0.29 | $0.29 |
| Shares outstanding | 95.0M | 76.5M | 58.8M | 52.6M | 50.0M | 42.0M | 39.5M | 35.4M | 27.9M | 25.7M |
| Current ratio | 0.40 | 1.28 | 1.58 | 3.41 | 6.19 | 9.93 | 9.12 | 30.44 | 1.37 | 2.78 |
| Quick ratio | 0.09 | 0.21 | 0.55 | 1.83 | 4.53 | 6.25 | 6.41 | 29.26 | 0.94 | 2.46 |
| Debt / equity | 0.15 | 0.04 | 0.05 | 0.03 | 0.03 | 0.03 | 0.02 | 0.00 | 0.28 | 0.36 |
| Equity / assets | 66.6% | 72.4% | 73.9% | 86.8% | 89.0% | 91.5% | 91.6% | 97.4% | 74.3% | 65.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $354,000 | $235,000 | $938,000 | $1.1M | $454,000 | $405,000 | $470,000 | $1.5M | $1.8M | $1.2M | $1.4M | $3.1M |
| Cash & equivalents | $331,000 | $207,000 | $900,000 | $1.1M | $454,000 | $405,000 | $470,000 | $1.5M | $1.8M | $1.2M | $1.4M | $3.0M |
| Short-term investments | $23,000 | $28,000 | $38,000 | $25,000 | — | $0 | — | — | — | $0 | $0 | $98,000 |
| Receivables | $56,000 | $37,000 | $75,000 | $61,000 | $185,000 | $77,000 | $49,000 | $88,000 | $79,000 | $91,000 | $108,000 | $137,000 |
| Inventory | $392,000 | $656,000 | $640,000 | $658,000 | $1.3M | $1.4M | $1.4M | $1.5M | $1.5M | $1.5M | $1.9M | $2.6M |
| Other current assets | $462,000 | $219,000 | $137,000 | $155,000 | $165,000 | $1.1M | $1.1M | $1.1M | $994,000 | $876,000 | $172,000 | $220,000 |
| Total current assets | $1.3M | $1.1M | $1.8M | $2.0M | $2.2M | $2.9M | $3.1M | $4.2M | $4.4M | $3.7M | $3.6M | $6.1M |
| Property, plant & equipment (net) | $2.1M | $2.1M | $2.2M | $2.2M | $3.1M | $3.3M | $3.5M | $3.6M | $3.8M | $3.9M | $5.5M | $8.2M |
| Goodwill & intangible assets | $5.5M | $5.3M | $5.1M | $4.9M | $2.0M | $1.9M | $1.9M | $1.8M | $1.7M | $1.6M | $1.2M | $1.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $656,000 | $659,000 | $669,000 | $672,000 | $680,000 | $681,000 | $681,000 | $687,000 | $688,000 | $688,000 | $999,000 | $998,000 |
| Total assets | $9.5M | $9.2M | $9.7M | $9.7M | $7.9M | $8.7M | $9.1M | $10.4M | $10.6M | $9.9M | $11.3M | $16.5M |
| Liabilities | ||||||||||||
| Accounts payable | $1.6M | $1.3M | $1.0M | $628,000 | $933,000 | $883,000 | $835,000 | $768,000 | $771,000 | $773,000 | $648,000 | $549,000 |
| Short-term debt | $933,000 | $735,000 | $9,000 | $13,000 | $65,000 | $97,000 | $124,000 | $134,000 | $136,000 | $124,000 | $127,000 | $133,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $1.0M | — | $1.1M |
| Total current liabilities | $3.2M | $2.9M | $2.2M | $1.5M | $1.7M | $2.3M | $2.7M | $2.8M | $2.5M | $2.3M | $1.9M | $2.1M |
| Long-term debt | $0 | $191,000 | $131,000 | $132,000 | $133,000 | $134,000 | $134,000 | $135,000 | $136,000 | $137,000 | $138,000 | $139,000 |
| Lease obligations | — | $9,000 | $11,000 | $14,000 | $69,000 | $104,000 | $136,000 | $169,000 | $202,000 | $208,000 | $239,000 | $276,000 |
| Other long-term liabilities | $149,000 | $0 | $2,000 | $5,000 | $7,000 | $26,000 | $28,000 | $55,000 | $89,000 | $104,000 | $132,000 | $163,000 |
| Total liabilities | $3.4M | $3.1M | $2.3M | $1.7M | $1.9M | $2.4M | $2.8M | $3.0M | $2.7M | $2.6M | $2.2M | $2.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $142.1M | $139.1M | $138.0M | $135.8M | $131.9M | $130.6M | $129.3M | $128.6M | $127.3M | $124.4M | $123.3M | $122.7M |
| Retained earnings (deficit) | −$130.2M | −$127.3M | −$124.9M | −$122.8M | −$122.3M | −$120.7M | −$119.6M | −$117.8M | −$116.0M | −$113.7M | −$110.8M | −$105.2M |
| Accumulated other comprehensive income | −$5.7M | −$5.7M | −$5.7M | −$4.9M | −$3.5M | −$3.5M | −$3.5M | −$3.4M | −$3.4M | −$3.4M | −$3.4M | −$3.4M |
| Total shareholders' equity | $6.1M | $6.1M | $7.4M | $8.1M | $6.1M | $6.3M | $6.3M | $7.4M | $7.9M | $7.3M | $9.1M | $14.1M |
| Key figures | ||||||||||||
| Total debt | $1.1M | $933,000 | $142,000 | $150,000 | $205,000 | $241,000 | $270,000 | $304,000 | $341,000 | $345,000 | $380,000 | $418,000 |
| Net cash (debt) | −$728,000 | −$698,000 | $796,000 | $980,000 | $249,000 | $164,000 | $200,000 | $1.2M | $1.5M | $853,000 | $998,000 | $2.7M |
| Working capital | −$2.0M | −$1.7M | −$366,000 | $490,000 | $428,000 | $639,000 | $394,000 | $1.4M | $1.9M | $1.4M | $1.6M | $4.0M |
| Tangible book value | $625,000 | $853,000 | $2.3M | $3.2M | $4.1M | $4.5M | $4.4M | $5.6M | $6.2M | $5.7M | $7.9M | $12.9M |
| Book value per share | $0.06 | $0.06 | $0.08 | $0.09 | $0.07 | $0.08 | $0.08 | $0.10 | $0.11 | $0.11 | $0.14 | $0.26 |
| Shares outstanding | 100.3M | 95.0M | 95.0M | 90.5M | 83.0M | 76.5M | 77.6M | 76.0M | 72.8M | 66.2M | 63.7M | 54.3M |
| Current ratio | 0.39 | 0.40 | 0.83 | 1.32 | 1.25 | 1.28 | 1.15 | 1.52 | 1.77 | 1.58 | 1.85 | 2.90 |
| Quick ratio | 0.13 | 0.09 | 0.47 | 0.79 | 0.37 | 0.21 | 0.20 | 0.58 | 0.76 | 0.55 | 0.77 | 1.55 |
| Debt / equity | 0.18 | 0.15 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.03 |
| Equity / assets | 64.6% | 66.6% | 76.4% | 83.1% | 76.5% | 72.4% | 68.9% | 71.1% | 74.4% | 73.9% | 80.4% | 85.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 15, 2026); data from EODHD.
IGC financial position
At the end of fiscal 2026 (March 31, 2026), India Globalization Capital had total assets of $9.2 million (up 5.0% from a year earlier), total liabilities of $3.1 million and shareholders' equity of $6.1 million. It held $0.2 million in cash and short-term investments against $0.9 million of debt, net debt of $0.7 million. Its current ratio was 0.40. In the latest quarter (ended June 30, 2026) total assets were $9.5 million and equity $6.1 million.
Related: IGC income statement, IGC cash flow statement, IGC key metrics. See the IGC stock overview for the latest quote and news.
IGC balance sheet FAQ
What are India Globalization Capital's total assets?
India Globalization Capital reported total assets of $9.2 million at the end of fiscal 2026 (March 31, 2026), compared with $8.7 million a year earlier.
How much debt does India Globalization Capital have?
India Globalization Capital had $0.9 million of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 0.15.
How much cash does India Globalization Capital have?
India Globalization Capital held $0.2 million in cash and short-term investments at the end of fiscal 2026; with $0.9 million of debt that is net debt of $0.7 million.
What is India Globalization Capital's book value?
India Globalization Capital's shareholders' equity (book value) was $6.1 million at the end of fiscal 2026, or $0.06 per share.
What is India Globalization Capital's current ratio?
India Globalization Capital had current assets of $1.1 million and current liabilities of $2.9 million, a current ratio of 0.40 (current liabilities exceed current assets).
How much goodwill does India Globalization Capital have?
India Globalization Capital carried $5.3 million of goodwill and intangible assets, 57.4% of total assets, at the end of fiscal 2026.