# India Capital Growth Fund Ltd (IGC.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 179p, market value 115 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). India Capital Growth Fund Ltd reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 1.9×**. Each dollar of revenue is priced at 1.9×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 5.2×**. Enterprise value is 5.2× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -2.5%** (5-yr avg -0.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 93.5%**. India Capital Growth Fund Ltd keeps 93.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 10.5%**. 10.5% of revenue is left after running the business.
- **Net margin: -70.8%**. The company reported a net loss over the last twelve months.
- **Return on equity: -15.6%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 3.8%**. Return on all capital, debt included, is 3.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.0%**. Each dollar of assets produces 3.0% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -35.8%** (3-yr 20.4%/yr). Revenue fell 35.8% over the last year.
- **EPS growth (1 yr): -185.2%**. Earnings per share fell 185.2%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: 1 millionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. India Capital Growth Fund Ltd does not currently pay a dividend, but it returned 54.5% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 9.6%** (YTD 7.6%, 3-mo 15.8%). The shares are up 9.6% over twelve months including dividends.
- **From 52-week high: -3.5%** (32.7% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 66**. An RSI of 66 is neutral.
- **Beta (1 yr): 0.39** (volatility 21%). Beta of 0.39 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=IGC.L · Page: https://foliofundamentals.com/stocks/igc.l

Not investment advice.