IGC
IGC Pharma, Inc.
IGC offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has the edge over IGC overall, supported by stronger fundamentals and lower modeled downside.
IGC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Unavailable |
IGC's revenue is currently healthy, but its profitability and cash flow are weak. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
IGC PE Valuation
IGC has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
IGC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect IGC's revenue to grow, with its earnings and profitability holding steady.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
IGC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.08 | $0.00 |
| Q2 2026 | -$0.08 | $0.00 |
| Q1 2026 | -$0.07 | +$0.02 |
| Q4 2025 | -$0.06 | +$0.06 |
| Q3 2025 | -$0.08 | +$0.11 |
| Q2 2025 | -$0.08 | +$0.13 |
| Q1 2025 | -$0.09 | +$0.13 |
| Q4 2024 | -$0.12 | +$0.13 |
IGC is still losing money, but far less than before: $0.08 per share over the past year, against $0.32 at its worst in mid-2022.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over IGC on earnings quality, reporting a profit while its opponent remains loss making.
IGC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $328K | +72% |
| Q2 2026 | $265K | -19% |
| Q1 2026 | $317K | -3.9% |
| Q4 2025 | $350K | +36% |
| Q3 2025 | $191K | -54% |
| Q2 2025 | $328K | +21% |
| Q1 2025 | $330K | +12% |
| Q4 2024 | $257K | +26% |
IGC's revenue is recovering but still below its 2020 peak: $328,000 last quarter, up 72% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -589% | +929 points |
| Q2 2026 | -1051% | -470 points |
| Q1 2026 | -775% | -348 points |
| Q4 2025 | -840% | -110 points |
| Q3 2025 | -1518% | -1091 points |
| Q2 2025 | -581% | +300 points |
| Q1 2025 | -428% | +308 points |
| Q4 2024 | -731% | +739 points |
IGC's operating margin was −589% last quarter, up 929 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over IGC on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over IGC on profitability, with a higher operating margin.
IGC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.4M | +$702K |
| Q2 2026 | -$1.4M | +$60K |
| Q1 2026 | -$1.2M | -$476K |
| Q4 2025 | -$1.2M | +$109K |
| Q3 2025 | -$2.1M | -$1.1M |
| Q2 2025 | -$1.4M | +$375K |
| Q4 2024 | -$1.3M | +$243K |
| Q3 2024 | -$1M | +$593K |
IGC has burned cash in almost every quarter: −$5M over the past year, against −$6M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over IGC on cash generation, producing positive trailing cash flow while its opponent burns cash.
IGC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.1% | +9.2M shares |
| 1 year | +21% | +19M shares |
| 3 years | +106% | +56.4M shares |
| 5 years | +129% | +61.6M shares |
IGC has 109M diluted shares, up 21% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over IGC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
IGC Net Leverage
IGC's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
IGC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.4 | Neutral |
| Stochastic | 42.1 | Neutral |
IGC's weekly RSI is 30 (neutral) and its Stochastic is 42 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
IGC PE vs Healthcare Sector
IGC has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
IGC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.24 | 25% below |
| 20 week MA | $0.26 | 31% below |
| 50 week MA | $0.28 | 36% below |
| 100 week MA | $0.31 | 42% below |
| 200 week MA | $0.34 | 47% below |
IGC is in a downtrend: it's below all five of its weekly moving averages, and 47% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over IGC on trend strength, trading above more of its moving averages.
IGC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $0.61 | $1.75 | +187% |
| 2021 | $1.75 | $1.15 | -34% |
| 2022 | $1.15 | $0.34 | -70% |
| 2023 | $0.34 | $0.28 | -18% |
| 2024 | $0.28 | $0.37 | +32% |
| 2025 | $0.37 | $0.30 | -19% |
| 2026 YTD | $0.30 | $0.18 | -40% |
IGC's yearly returns have swung widely, from +187% in 2020 to −70% in 2022. It's down 40% so far in 2026.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over IGC on returns for 2026, with the stronger performance.