IVCA

MKT CAP:$95M

Investcorp India Acquisition Corp

Market Cap

$95M

Financial Services·Shell Companies·🇰🇾 Cayman Islands·NASDAQ

Financials·Shell Companies·🇰🇾·NASDAQ

Stock Price

$12.00+$0.00 (+0.00%)

Apr 6, 2026

Company Details

Investcorp India Acquisition Corp focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It intends to focus on completing a business co...

CEO

Nikhil Kalghatgi

IPO Date

Jun 30, 2022

Website

www.investcorpspac.com/india

Key Metrics TTM

Revenue

$2M

— YoY

Net Income

-$299.6K

EPS (Diluted)

-$0.03

Free Cash Flow

-$1M

Revenue / Share

$3.57

Gross Margin

22.7%

Operating Margin

-90.0%

Net Margin

-13.3%

FCF Margin

-59.9%

P/S

42.3x

P/E

—

Earnings Reports

Q2 2025

Aug 14, 2025

$0EPS -$0.07

Q1 2025

May 15, 2025

$0EPS -$0.01

FY 2024

Apr 16, 2025

$0EPS $0.18

Q4 2024

Apr 16, 2025

$2MEPS $0.07

Q3 2024

Nov 19, 2024

$0EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$751
Q2 22	$0	-$524.0K	-$524.0K
Q3 22	$0	-$273.0K	-$273.0K
Q4 22	$0	-$1M	-$503.0K
Q1 23	$0	-$325.0K	-$325.0K
Q2 23	$0	-$521.0K	-$521.0K
Q3 23	$0	-$462.0K	-$462.0K
Q4 23	$0	-$467.0K	-$467.0K
Q1 24	$0	-$194.0K	-$194.0K
Q2 24	$0	-$319.0K	-$319.0K
Q3 24	$0	-$615.0K	-$615.0K
Q4 24	$2M	$1M	-$821.0K
Q1 25	$0	$0	-$282.0K
Q2 25	$0	$0	-$313.1K

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	14.0x
Q1 23	—	10.8x
Q2 23	—	8.6x
Q3 23	—	9.6x
Q4 23	—	10.8x
Q1 24	—	13.3x
Q2 24	—	17.9x
Q3 24	—	24.5x
Q4 24	42.3x	41.0x
Q1 25	42.3x	50.3x
Q2 25	42.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$0	$0
Q1 22	$0	$0
Q2 22	-$1M	-$1M
Q3 22	-$371.7K	-$371.7K
Q4 22	-$222.3K	-$222.3K
Q1 23	-$298.5K	-$298.5K
Q2 23	-$225.9K	-$225.9K
Q3 23	-$80.8K	-$80.8K
Q4 23	-$53.6K	-$53.6K
Q1 24	-$53.6K	-$53.6K
Q2 24	-$302.4K	-$302.4K
Q3 24	-$199.6K	-$199.6K
Q4 24	-$50.6K	-$50.6K
Q1 25	-$848.0K	-$848.0K
Q2 25	-$253.5K	-$253.5K

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$4
Q4 23	$0
Q1 24	$4
Q2 24	$0
Q3 24	$4
Q4 24	$4
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	—	+43175.6%
Q2 23	—	-0.6%
Q3 23	—	+69.2%
Q4 23	—	-7.2%
Q1 24	—	-40.3%
Q2 24	—	-38.8%
Q3 24	—	+33.1%
Q4 24	—	+558.8%
Q1 25	—	+45.4%
Q2 25	—	-1.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	—
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$0	—
Q2 23	$0	—
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$0	—
Q2 24	$0	—
Q3 24	$0	—
Q4 24	$0	0.0%
Q1 25	$0	—
Q2 25	$0	—

OpEx Breakdown

Quarter	G&A	SG&A
Q4 21	—	$751
Q2 22	$523.5K	—
Q3 22	$273.2K	—
Q4 22	$796.8K	—
Q1 23	—	$325.1K
Q2 23	—	$520.6K
Q3 23	—	$461.5K
Q4 23	—	$467.0K
Q1 24	—	$194.1K
Q2 24	—	$319.2K
Q3 24	—	$614.6K
Q4 24	—	$821.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$0	$0	$0
Q1 22	$25.0K	$0	$25.0K
Q2 22	$1M	$0	$1M
Q3 22	$857.9K	$0	$857.9K
Q4 22	$635.6K	$0	$635.6K
Q1 23	$337.1K	$0	$337.1K
Q2 23	$111.2K	$0	$111.2K
Q3 23	$30.4K	$0	$30.4K
Q4 23	$276.8K	$0	$276.8K
Q1 24	$95.2K	$0	$95.2K
Q2 24	$272.8K	$0	$272.8K
Q3 24	$73.2K	$0	$73.2K
Q4 24	$1M	$0	$1M
Q1 25	$184.6K	$0	$184.6K
Q2 25	$977.2K	$0	$977.2K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	30M	—	—
Q2 22	32M	+7.0%	—
Q3 22	32M	0.0%	—
Q4 22	32M	0.0%	—
Q1 23	32M	0.0%	+7.0%
Q2 23	32M	0.0%	0.0%
Q3 23	25M	-23.5%	-23.5%
Q4 23	20M	-19.5%	-38.4%
Q1 24	16M	-18.4%	-49.7%
Q2 24	16M	0.0%	-49.7%
Q3 24	12M	-27.2%	-52.2%
Q4 24	15M	+23.9%	-26.5%
Q1 25	13M	-11.0%	-19.8%
Q2 25	631K	-95.2%	-96.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$0	2
Q1 23	$0	2
Q2 23	$0	2
Q3 23	$0	2
Q4 23	$0	2
Q1 24	$0	2
Q2 24	$0	2
Q3 24	$0	2
Q4 24	$751.9K	3
Q1 25	$0	3
Q2 25	$0	3

Revenue / Employee