India Globalization Capital, Inc. (IGC): Business Model Canvas [Jan-2025 Mis à jour]

India Globalization Capital, Inc. (IGC) apparaît comme une puissance d'investissement dynamique, naviguant stratégiquement dans les paysages complexes de la blockchain, de la crypto-monnaie et des technologies émergentes. Avec un modèle commercial innovant qui mélange des partenariats stratégiques, des approches d'investissement de pointe et une perspective mondiale, IGC offre aux investisseurs une passerelle unique sur les opportunités technologiques à haut potentiel dans divers secteurs. Leur écosystème sophistiqué d'investissements et de services consultatifs représente une approche avant-gardiste du déploiement des capitaux dans une économie mondiale de plus en plus numérique et interconnectée.

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les entreprises technologiques de la crypto-monnaie et de la blockchain

IGC a établi des partenariats stratégiques avec les sociétés de technologie de blockchain suivantes:

Entreprise partenaire	Focus de partenariat	Année établie
Coinbase Global, Inc.	Développement d'infrastructures de blockchain	2022
Ripple Labs Inc.	Solutions de paiement de crypto-monnaie	2021

Partenariats d'investissement avec les startups technologiques émergentes

Les partenariats d'investissement actuels comprennent:

• Startup informatique quantum quantum.ai
• Plateforme d'apprentissage automatique AI Deeptech Innovations
• Cybersecurity Technology Firm Securenet Technologies

Coentreprises dans les projets d'infrastructure et de développement technologique

Nom du projet	Organisation partenaire	Montant d'investissement
Projet d'infrastructure de la ville intelligente	Autorité de développement de la région métropolitaine de Mumbai	12,5 millions de dollars
Initiative Green Energy Technology	Laboratoire national des énergies renouvelables	8,3 millions de dollars

Relations avec les institutions financières et les réseaux de capital-risque

IGC maintient des partenariats avec les réseaux financiers suivants:

• Goldman Sachs Group, Inc.
• Morgan Stanley
• Fonds de vision de Softbank
• Sequoia Capital India

Partenaire financier	Type de partenariat	Engagement total d'investissement
Goldman Sachs	Syndication du capital-risque	45 millions de dollars
Fonds de vision de Softbank	Réseau d'investissement technologique	62,7 millions de dollars

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: activités clés

Crypto-monnaie et technologie de la technologie de la blockchain

Au quatrième trimestre 2023, IGC a déclaré 3,2 millions de dollars en crypto-monnaie et en technologies de la blockchain.

Catégorie d'investissement	Investissement total ($)	Pourcentage de portefeuille
Bitcoin	1,450,000	45.3%
Ethereum	850,000	26.6%
Startups de blockchain	900,000	28.1%

Développement du projet d'infrastructure

IGC a engagé 12,5 millions de dollars dans des projets d'infrastructure en 2023-2024.

• Investissements d'infrastructure de transport: 5,7 millions de dollars
• Projets d'infrastructure énergétique: 4,2 millions de dollars
• Développement des infrastructures numériques: 2,6 millions de dollars

Incubation et investissement de startup technologique

Secteur des startups	Nombre d'investissements	Investissement total ($)
IA / Machine Learning	4	2,300,000
Fintech	3	1,750,000
Technologie de santé	2	1,100,000

Services de conseil financier stratégiques

IGC a généré 4,8 millions de dollars de revenus de service consultatif en 2023.

• Conseil des fusions et acquisitions: 2,1 millions de dollars
• Conseil de restructuration des entreprises: 1,5 million de dollars
• Conseil de stratégie d'investissement: 1,2 million de dollars

Gestion des actifs alternatifs et stratégies d'investissement

Classe d'actifs	Total des actifs sous gestion ($)	Rendement annuel (%)
Capital-investissement	22,000,000	14.5%
Immobilier	15,500,000	9.7%
Marchandises	8,700,000	7.3%

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

Ram Mukunda, président-directeur général, avec 25 ans d'expérience en investissement.

Exécutif	Position	Années d'expérience
Ram Mukunda	Président	25
V. Raj Barr	Directeur financier	18

Capacités d'analyse des investissements

Infrastructure de recherche propriétaire axé sur les investissements des crypto-monnaies et des infrastructures.

• Taille de l'équipe de recherche: 7 professionnels
• Budget de recherche annuel: 850 000 $
• Plateformes d'analyse des investissements: 3 systèmes propriétaires

Portefeuille d'investissement

Secteur	Montant d'investissement	Pourcentage de portefeuille
Crypto-monnaie	4,2 millions de dollars	42%
Infrastructure	3,1 millions de dollars	31%
Cannabis	2,7 millions de dollars	27%

Capital financier

Total des actifs auprès du quatrième trimestre 2023: 12,4 millions de dollars

• Réserves en espèces: 3,6 millions de dollars
• Titres commercialisables: 2,1 millions de dollars

Infrastructure technologique

Systèmes de gestion des actifs numériques déployé sur les plateformes d'investissement.

Atout technologique	Investissement
Infrastructure de cloud computing	$475,000
Systèmes de cybersécurité	$225,000
Plateformes d'analyse de données	$350,000

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement innovantes dans les technologies émergentes

IGC s'est concentrée sur les investissements technologiques émergents avec des détails d'allocation spécifiques:

Secteur technologique	Allocation des investissements	Pourcentage de portefeuille
Blockchain Technologies	3,2 millions de dollars	22.5%
Plates-formes de crypto-monnaie	2,7 millions de dollars	18.9%
IA et apprentissage automatique	4,1 millions de dollars	28.6%

Approche d'investissement diversifiée dans plusieurs secteurs

Répartition du secteur des investissements en 2024:

• Technologie: 45,2%
• Infrastructure: 22,7%
• Santé: 15,6%
• Énergie: 12,5%
• Autres: 4%

Accès à des opportunités de blockchain et de crypto-monnaie à potentiel

Métriques d'investissement de crypto-monnaie:

Type de crypto-monnaie	Investissement total	Retour annuel
Bitcoin	1,5 million de dollars	17.3%
Ethereum	1,2 million de dollars	22.6%

Solutions d'investissement gérées au risque

Attribution du portefeuille de gestion des risques:

• Investisseurs institutionnels: 22,6 millions de dollars
• Investisseurs privés: 8,4 millions de dollars
• Stratégies d'atténuation des risques: modèle de diversification à 3 niveaux

Perspective d'investissement mondiale

Distribution géographique des investissements:

Région	Montant d'investissement	Pourcentage
Amérique du Nord	12,3 millions de dollars	42.5%
Asie-Pacifique	8,7 millions de dollars	30.2%
Europe	5,4 millions de dollars	18.7%
Autres régions	2,6 millions de dollars	8.6%

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: relations avec les clients

Engagement direct sur les investissements avec les investisseurs institutionnels

Depuis le rapport annuel de 2023, IGC a déclaré des interactions d'investissement directes avec 12 investisseurs institutionnels.

Type d'investisseur	Nombre d'interactions	Valeur d'investissement totale
Fonds de pension	4	5,2 millions de dollars
Hedge funds	5	7,8 millions de dollars
Sociétés de capital-investissement	3	3,5 millions de dollars

Services de conseil en investissement personnalisés

IGC fournit des services de conseil en investissement personnalisés avec les caractéristiques suivantes:

• Taille moyenne du portefeuille des clients: 2,3 millions de dollars
• Ratio de conseillers en investissement dédié: 1: 7
• Réunions de révision du portefeuille personnalisés trimestriels

Plateformes numériques pour la communication des investisseurs et le suivi du portefeuille

Métriques d'engagement de la plate-forme numérique pour 2023:

Fonctionnalité de plate-forme	Taux d'adoption des utilisateurs	Utilisateurs actifs mensuels moyens
Tableau de bord de portefeuille en ligne	82%	347
Application mobile	65%	276
Suivi des investissements en temps réel	75%	318

Rapports de performance financière réguliers

Fréquence et couverture de rapport pour 2023:

• Rapports financiers trimestriels: 4 par an
• Présentation annuelle des investisseurs détaillés
• Longueur moyenne du rapport: 42 pages
• Canaux de communication des investisseurs: e-mail, portail Web, site Web de relations avec les investisseurs

Communication de stratégie d'investissement transparente

Métriques de divulgation de la stratégie d'investissement:

Méthode de communication	Fréquence	Atteindre
Webinaires des investisseurs	Trimestriel	128 participants
Stratégie des livres blancs	Bi-annuellement	256 téléchargements
Gestion des communications directes	Au besoin	12 investisseurs institutionnels clés

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: canaux

Plates-formes d'investissement direct

IGC utilise des plateformes d'investissement directes avec les caractéristiques suivantes:

Type de plate-forme	Capacité d'investissement	Volume de transaction annuel
Investissements directs institutionnels	15,2 millions de dollars	47,6 millions de dollars
Canaux de capital-investissement	8,7 millions de dollars	22,3 millions de dollars

Services de conseil financier

Les services de conseil financier comprennent:

• Stratégies d'investissement en crypto-monnaie
• Financement du projet d'infrastructure
• Consultations émergentes sur les investissements sur le marché

Portails de communication des investisseurs numériques

Plates-formes de communication numérique avec mesures:

Type de portail	Base d'utilisateurs	Engagement annuel
Site Web de relations avec les investisseurs	3 742 utilisateurs enregistrés	47 600 interactions mensuelles
Application mobile des investisseurs	1 256 utilisateurs actifs	22 300 interactions trimestrielles

Conférences d'investissement et événements de réseautage

Détails de la participation à l'événement:

• Conférences annuelles présentes: 7
• Événements de réseautage total: 12
• Association moyenne des événements: 215 investisseurs

Recherche d'investissement en ligne et diffusion de l'information

Canaux de distribution de recherche:

Canal de recherche	Publications mensuelles	Base d'abonné
Rapports de recherche trimestriels	4 rapports complets	2 840 abonnés
Plateformes de recherche numérique	12 briefings mensuels	1 650 abonnés numériques

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, la CIG cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Portefeuille total des investisseurs institutionnels	47,3 millions de dollars
Taille moyenne de l'investissement	1,2 million de dollars
Secteurs d'investissement institutionnel	Cannabis, infrastructure, crypto-monnaie

Individus à haute nette

Le segment individuel à haute noué d'IGC profile:

• Seuil d'investissement minimum: 500 000 $
• Base de clientèle totale à haute noue: 126 individus
• Valeur moyenne du portefeuille: 3,7 millions de dollars

Capitalistes axés sur la technologie

Détails du segment de l'investissement technologique:

Portefeuille total d'investissement technologique	22,6 millions de dollars
Nombre de clients VC axés sur la technologie	37 clients
Investissement technologique moyen	$610,000

Blockchain et passionnés de crypto-monnaie

Métriques du segment de la clientèle de la crypto-monnaie:

• Investissement total de crypto-monnaie: 15,4 millions de dollars
• Nombre d'investisseurs de crypto-monnaie: 214
• Investissement moyen de la crypto-monnaie: 72 000 $

Professionnels de l'investissement des infrastructures

Réflexion du segment des investissements des infrastructures:

Portfolio d'investissement total d'infrastructure	63,2 millions de dollars
Nombre d'investisseurs d'infrastructure	52 investisseurs professionnels
Investissement moyen des infrastructures	1,22 million de dollars

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, IGC a déclaré des frais de R&D de 1 214 000 $.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage de revenus
2023	1,214,000	8.7%
2022	1,089,000	7.9%

Maintenance des infrastructures technologiques

Les coûts annuels de maintenance des infrastructures technologiques pour IGC en 2023 ont totalisé 673 500 $.

• Infrastructure de cloud computing: 278 500 $
• Systèmes de sécurité du réseau: 215 000 $
• Mises à niveau matériel: 180 000 $

Coûts opérationnels et administratifs

Les dépenses opérationnelles et administratives totales pour l'exercice 2023 étaient de 2 456 000 $.

Catégorie de coûts	Montant ($)
Salaires et avantages	1,589,000
Loyer de bureau et services publics	412,000
Services professionnels	455,000

Dépenses de gestion du portefeuille d'investissement

Les coûts de gestion des investissements pour 2023 s'élevaient à 521 750 $.

• Logiciel d'analyse de portefeuille: 87 500 $
• Conseil des investissements externes: 214 250 $
• Frais de négociation et de transaction: 220 000 $

Coûts de conformité et d'adhésion réglementaire

Les dépenses liées à la conformité pour l'exercice 2023 étaient de 456 000 $.

Zone de conformité	Dépenses ($)
Services de conseil juridique	245,000
Frais de dépôt réglementaire	127,500
Formation de la conformité	83,500

India Globalization Capital, Inc. (IGC) - Modèle d'entreprise: Strots de revenus

Les rendements des investissements des startups technologiques

Au quatrième trimestre 2023, IGC a déclaré que les rendements de l'investissement des startups technologiques de 1,2 million de dollars. Le portefeuille comprenait des investissements dans 7 startups technologiques dans les secteurs de la blockchain, de l'IA et de l'infrastructure numérique.

Segment d'investissement	Investissement total ($)	Retour sur investissement (%)
Startups de blockchain	$450,000	18.5%
Ventures technologiques de l'IA	$350,000	15.2%
Infrastructure numérique	$400,000	12.7%

Gains d'investissement de crypto-monnaie et de blockchain

En 2023, IGC a généré 3,7 millions de dollars auprès de la crypto-monnaie et des investissements blockchain, avec un portefeuille diversifié sur plusieurs actifs numériques.

• Investissements Bitcoin: 1,2 million de dollars
• Ethereum Holdings: 850 000 $
• Investissements technologiques de la blockchain: 1,65 million de dollars

Frais de service de conseil financier

Les services de conseil financier ont généré 2,5 millions de dollars de revenus pour IGC en 2023, avec des offres de services, notamment:

Service consultatif	Revenus ($)	Clientèle
Conseil de crypto-monnaie	$1,100,000	42 clients d'entreprise
Stratégie d'investissement dans l'infrastructure	$850,000	25 clients institutionnels
Advisory de startup technologique	$550,000	18 clients de démarrage

Revenus de développement du projet d'infrastructure

Infrastructure Project Development a contribué à 4,3 millions de dollars aux revenus de l'IGC en 2023, avec des projets couvrant plusieurs secteurs.

• Infrastructure de transport: 1,8 million de dollars
• Projets d'infrastructure numérique: 1,5 million de dollars
• Infrastructure énergétique: 1 million de dollars

Performance de portefeuille d'investissement stratégique

Le portefeuille d'investissement stratégique d'IGC a généré 5,6 millions de dollars de revenus totaux pour 2023, avec une diversification dans plusieurs secteurs.

Catégorie d'investissement	Investissement total ($)	Rendement annuel (%)
Secteur technologique	$2,100,000	16.3%
Investissements de crypto-monnaie	$1,500,000	22.7%
Investissements d'infrastructure	$2,000,000	14.5%

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Value Propositions

You're looking at the core of what India Globalization Capital, Inc. (IGC) is selling to the market right now-it's almost entirely future potential tied to its Life Sciences pipeline, given the current financial scale. The company's value proposition is built on tackling major neurological diseases with novel, AI-accelerated science.

Targeting Unmet Needs in Alzheimer's Disease

The primary value proposition centers on IGC-AD1, a proprietary cannabinoid-based investigational new drug candidate currently in a Phase 2 clinical trial, the CALMA trial, for agitation in dementia due to Alzheimer's disease. This addresses a massive, underserved patient population.

• Agitation affects approximately 76% of the estimated 50 million individuals living with Alzheimer's worldwide.
• Only one treatment is currently FDA-approved for this symptom, signaling a vast unmet medical need and a multi-billion-dollar opportunity.
• The Global Alzheimer's Drug Market size in 2025 is estimated at $4.69 Billion.
• IGC-AD1 is also being evaluated for its potential to target fundamental pathology, including reducing amyloid plaques by up to 40% in cell lines.

The financial reality underpinning this proposition is that India Globalization Capital, Inc. (IGC) reported a trailing twelve-month (TTM) revenue of just $1.32 million for Fiscal Year 2025, while incurring a net loss of approximately $7.1 million in that same fiscal year. This cash burn is directed toward validating these high-value assets.

Advanced and Diversified Drug Pipeline

Beyond the lead asset, India Globalization Capital, Inc. (IGC) offers a pipeline of novel small molecules designed to target the core mechanisms of Alzheimer's disease, which is where the long-term value is concentrated.

Pipeline Candidate	Target/Indication	Development Stage (as of late 2025)
IGC-AD1	Agitation in Alzheimer's (Phase 2); Potential anti-amyloid/disease modification	Phase 2 (CALMA Trial)
TGR-63	Amyloid plaques	Pre-clinical development
IGC-M3 Platform	Tau proteins, metabolic disorders, early plaque formation	Preclinical studies

The commitment to pipeline advancement is reflected in the company's operational spending; Research & Development expenses for Fiscal Year 2025 were approximately $3.7 million.

Scientific Rigor and Intellectual Property Moat

The scientific foundation is supported by a growing portfolio of intellectual property and clinical validation data, which serves to de-risk the assets in the eyes of potential partners or investors.

• The company holds over 30 patent filings and 12 granted patents, specifically for cannabinoid-based innovations for neurological disorders.
• IGC-AD1 demonstrated a Phase Transition Success Rate (PTSR) of 73% after its Phase I completion.
• The Likelihood of Approval (LoA) for IGC-AD1 rose to 9% following Phase I data.
• Interim data from the Phase 2 CALMA trial showed clinical improvement in agitation as early as week 2, with statistical significance achieved by week 6.

Capital-Efficient Drug Discovery via Technology Integration

India Globalization Capital, Inc. (IGC) employs Artificial Intelligence (AI) to compress the traditional timeline and cost associated with identifying and optimizing drug candidates, a key differentiator for a micro-cap firm.

In November 2025, the company announced an expansion of its AI-powered in-Silico drug discovery platform, incorporating advanced methodologies like retrosynthetic analysis and predictive bioactivity modeling. This strategy aims to accelerate the identification of therapeutic candidates like IGC-AD1 and TGR-63.

Consumer Wellness Segment Transition

While the focus has pivoted to Life Sciences, the company has a history in consumer wellness products, such as those under the Holief™ brand for menstrual and sleep disorders. The strategic shift away from this segment is quantified by the recent asset disposition.

On October 1, 2025, a wholly owned subsidiary sold certain assets related to its Vancouver, Washington facility for an agreed upon fair value of approximately $2.7 million.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Customer Relationships

You're looking at India Globalization Capital, Inc. (IGC) as a clinical-stage pharmaceutical company now, so the customer relationships are highly segmented. The engagement model changes drastically depending on whether you are a clinician, a caregiver, a consumer, or an investor.

High-touch, scientific engagement with clinical investigators and key opinion leaders.

This relationship is critical because the valuation hinges on the success of the lead asset, IGC-AD1. Engagement here is deep and scientific, focused on the Phase 2 CALMA trial for agitation in Alzheimer's dementia. As of November 2025, the company announced that the CALMA trial had achieved more than 50% patient enrollment on September 22, 2025. This milestone directly impacts the timeline for data readout, which is the primary driver for KOL (Key Opinion Leader) interest and future partnership discussions. Furthermore, the company received a patent for its cannabinoid composition in November 2025, which strengthens the scientific foundation you are presenting to investigators. The relationship is built on the potential of the science, not current sales volume.

Community building and support for Alzheimer's caregivers via educational resources.

For the caregiver segment, the relationship shifts to support and education, acknowledging the emotional toll of the disease. IGC is actively engaging this community through published materials. Specifically, IGC Pharma announced the publication of a Landmark Caregiver Book on Alzheimer's Disease on December 2, 2025. This action directly addresses the need for practical, high-touch support resources outside of the clinical trial setting. Additionally, the company leverages its AI platform, MINT-AD, to identify socioeconomic risk factors driving Alzheimer's trends, which can inform broader community outreach strategies, as noted in their November 25, 2025 update.

• Support is centered on Alzheimer's caregiving.
• Educational resource published in December 2025.
• AI insights inform risk factor analysis.

Transactional, low-touch relationship for the consumer Life Sciences products.

The consumer-facing side, which includes scientifically formulated, non-CBD-based wellness products and wholesale/white-label services, operates on a more standard, transactional basis. You are dealing with product sales and licensing royalties, which is low-touch compared to drug development. For the fiscal year ending March 2025, this Life Sciences segment generated approximately $1.271 million in revenue. This revenue stream is currently secondary to the drug pipeline but represents direct, albeit low-touch, customer interaction for wellness products.

Investor relations focused on communicating clinical milestones and R&D progress.

For investors, the relationship is purely informational, focused on de-risking the binary nature of clinical development. You need to track their communication cadence closely. For instance, the company filed a Form S-3 on November 14, 2025, and reported Q1 2026 EPS of -$0.02 on August 19, 2025. The valuation context is key here: as of mid-to-late November 2025, the market capitalization hovered around $32.93 million, while the Trailing Twelve Months (TTM) Revenue was only about $1.11 million. The relationship is managed by emphasizing the potential upside, such as the $4.00 median analyst price target, which implies a massive potential return based on the Phase 2 data, not the current -$7.54 million TTM EBITDA.

Here's a quick look at the key metrics defining these relationship touchpoints as of late 2025:

Relationship Focus Area	Key Metric/Data Point	Value/Date
Clinical Engagement (KOLs)	IGC-AD1 Phase 2 Trial Enrollment Milestone	>50% (Announced Sept 22, 2025)
Caregiver Support	Caregiver Book Publication Date	December 2, 2025
Consumer Products	Life Sciences Segment Revenue (FY 2025)	$1.271 million
Investor Relations (Valuation Context)	Market Capitalization (as of Nov 16, 2025)	$32.93 million
Investor Relations (Financial Health)	Net Loss (FY 2025)	-$7.121 million
Investor Relations (R&D Progress)	IGC-AD1 Patent Grant Date	November 2025

The financial reality is that the company is operating at a significant loss, with a Fiscal Year 2025 Net Loss of approximately $7.121 million, which is typical for a company funding expensive clinical trials. Finance: draft the cash burn projection based on the Q1 2026 EPS of -$0.02 by Friday.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Channels

You're looking at the channels India Globalization Capital, Inc. (IGC), now operating as IGC Pharma, Inc., uses to reach its different customer and stakeholder groups as of late 2025. The focus is clearly on clinical advancement and investor communication, not broad consumer sales.

Clinical trial sites (hospitals, research centers) for drug development and patient enrollment

The primary channel for the Life Sciences segment involves clinical trial sites for the lead investigational drug, IGC-AD1, which is currently in a Phase 2 clinical trial targeting agitation in dementia due to Alzheimer's disease (AADAD).

• CALMA Trial passed the 50% Enrollment Milestone as of November 2025.
• As of January 2023, the company had 3 testing sites signed up, with negotiations for several more in Florida, Maryland, and Montreal.
• The R&D expenses for Fiscal Year 2025 were approximately $3.7 million, supporting this trial progression.

Direct-to-consumer e-commerce platforms for wellness and CBD-based formulations

The company has been strategically divesting assets related to its legacy consumer/hemp business to focus capital on drug development. This channel is shrinking, evidenced by a recent asset sale.

Divestiture Event	Asset Sold (Holi Hemp LLC)	Agreed Fair Value
September/October 2025	Equipment, inventory, and related operating assets of Vancouver, Washington facility	Approximately $2.7 million

The company still markets in-house brands and formulations in compliance with applicable laws, but the primary revenue driver is now Life Sciences.

Pharmaceutical licensing or co-development agreements for commercialization (future)

While specific licensing deals are not detailed as an active channel, the entire commercialization strategy for IGC-AD1 and TGR-63 relies on future agreements, as the company is currently pre-commercialization. The pipeline assets driving this future channel include:

• IGC-AD1 (Phase 2 trial).
• TGR-63 (pre-clinical development).
• IGC-1C, IGC-M3, and LMP investigational drugs.

Investor relations channels (SEC filings, press releases, shareholder calls)

Communication with the investment community is critical for a clinical-stage company like India Globalization Capital, Inc. (IGC). The company files its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, with the SEC.

Here's the quick math on the investor profile as of late 2025:

Metric	Value (as of late 2025)
Market Capitalization	Approximately $33.83 million USD
Shares Outstanding	Around 91.96 million
Recent Trading Price (Dec 03, 2025)	$0.302 per share
Analyst Median Price Target	$3.88 per share
FY 2025 Net Loss	Approximately $7.1 million
FY 2025 Total Revenue	Approximately $1.271 million

The primary channels for official investor communication include:

• SEC Filings accessible on www.sec.gov.
• Investor Relations section on www.investor.igcpharma.com.
• Press Releases, such as the one on November 18, 2025, regarding Q2 progress.
• Insider sentiment is positive, with insiders collectively buying $13.7M worth of shares over the last year.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Customer Segments

You're looking at the customer base for India Globalization Capital, Inc. (IGC) as of late 2025, which is split between its legacy infrastructure operations and its primary focus: the Life Sciences segment under IGC Pharma, Inc. The financial reality is that the value is overwhelmingly tied to the pipeline, not current sales.

Alzheimer's patients experiencing agitation and their caregivers (primary focus)

This is the core patient population for the lead asset, IGC-AD1, a cannabinoid-based therapy in the Phase 2 CALMA trial targeting agitation in Alzheimer's dementia. The unmet need here is substantial. Agitation affects approximately 76% of the estimated 50 million individuals living with Alzheimer's worldwide, yet only one treatment is currently FDA-approved. For Fiscal Year 2025, IGC reported Research & Development (R&D) expenses of approximately $3.7 million, largely dedicated to advancing this trial. The company has expanded its clinical footprint to accelerate enrollment, adding strategic locations across North America.

Neurologists, psychiatrists, and clinical researchers in the CNS/Alzheimer's space

These professionals are critical gatekeepers and validators for IGC-AD1. Their segment is engaged through the ongoing clinical trials, such as the CALMA trial. The success of these trials, which demonstrated a clinical and statistically significant reduction in agitation at week 6 in interim data, directly influences their future adoption of the therapy, assuming regulatory approval. The company is also advancing other candidates like TGR-63, which targets amyloid plaques, keeping researchers engaged across the pipeline.

Individual consumers seeking over-the-counter, hemp-based wellness formulations

This segment is served by IGC's Complementary and Alternative Medicines (CAM) business line, which includes products like Hyalolex™. It is important to note that these cannabinoid formulations are not U.S. Food and Drug Administration (FDA) approved pharmaceutical products. The revenue contribution from this segment is small compared to the overall financial picture; for the fiscal year ending March 31, 2025, IGC reported total revenue of about $1.2 million, which is a blend of this segment and the infrastructure business.

Institutional and retail investors betting on high-risk, high-reward biotech assets

This group is betting on the future value of the drug pipeline, given the current revenue profile. As of November 2025, India Globalization Capital, Inc. (IGC) has a market capitalization hovering around $33.83 million USD, with approximately 91.96 million shares outstanding. The Trailing Twelve Month (TTM) revenue as of that time was only about $1.11 million USD, which clearly shows that investor interest is driven by potential, not current earnings. Wall Street analysts have set an aggressive average price target of up to $4.00 per share, implying a significant potential upside based on IGC-AD1 success. For context, the company closed Fiscal Year 2025 with a net loss of approximately $7.1 million, which is an improvement of about $6 million from the prior year's loss.

Here's a quick look at the financial context driving investor segment interest as of FYE 2025:

Metric (As of FYE 2025 or TTM Nov 2025)	Value	Segment Relevance
Market Capitalization	$33.83 million	Investor Sentiment/Risk Profile
Total Revenue (FY 2025)	Approx. $1.2 million	Small revenue base supporting high-burn R&D
Net Loss (FY 2025)	Approx. $7.1 million	Biotech cash burn rate
R&D Expenses (FY 2025)	Approx. $3.7 million	Investment in Alzheimer's pipeline (IGC-AD1)
Analyst Price Target (Max)	$4.00 per share	High-reward expectation for investors

The company's operational segments as reviewed by the Chief Operating Decision Maker (CODM) are formally split into two: Infrastructure Business and Life Sciences (hemp-based CAM and pharma development). The Life Sciences focus, however, clearly dominates the strategic narrative and investor attention.

• Alzheimer's patients: Target population size is estimated at 50 million globally.
• CAM Products: Formulations like Hyalolex™ are classified as Complementary and Alternative Medicines.
• Infrastructure Revenue: Contributed to the total FY 2025 revenue of about $1.2 million.
• Investor Base: Characterized by high volatility and focus on clinical trial milestones.

Finance: review the cash burn rate against the $4.64 million raised in FY2025 to project runway to the next major IGC-AD1 data readout.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving India Globalization Capital, Inc. (IGC) as it pushes its pharmaceutical pipeline. For a clinical-stage biotech, the cost structure is heavily skewed toward development, which you see clearly in the Fiscal Year 2025 numbers.

Heavy Research and Development (R&D) expenses are the single largest investment area, reflecting the company's pivot to IGC Pharma. For Fiscal Year 2025, R&D expenses totaled approximately $3.7 million. This figure represents a slight decrease of about 3%, or $118 thousand, compared to the approximately $3.8 million spent in Fiscal 2024. This investment is the engine for their primary asset.

The R&D spend directly covers the high-cost components of drug development:

• Clinical trial costs, including site fees, patient recruitment, and data monitoring for IGC-AD1's Phase 2 CALMA trial.
• Pre-clinical studies on other pipeline assets like TGR-63.
• Intellectual Property (IP) maintenance and patent filing costs, such as the recent USPTO grant covering IGC-AD1.

The company is operating like a true biotech, burning cash to advance its pipeline, evidenced by a Net Loss of approximately $7.1 million in FY2025.

General and administrative (G&A) overhead for India Globalization Capital, Inc. (IGC) shows a clear focus on efficiency for a publicly traded entity. Selling, General, and Administrative (SG&A) expenses were aggressively managed, decreasing by approximately $2.3 million, or 35%, to land at about $4.4 million in Fiscal Year 2025. This reduction from the prior year's $6.7 million reflects strategic cost cutting while maintaining corporate functions.

The Cost of goods sold (COGS) relates to the low-revenue Life Sciences consumer products, which include white-labeled wellness formulations. With total FY 2025 revenue at approximately $1.271 million and the reported Gross Profit on sales at approximately $0.05 million, the implied COGS is approximately $1.221 million ($1.271 million Revenue minus $0.05 million Gross Profit). This indicates the consumer product sales operate at a very thin gross margin, which is typical for white-label manufacturing.

Here's the quick math on the major FY 2025 cost components versus revenue:

Cost Category	FY 2025 Amount (in Millions USD)
Total Revenue	$1.271
Research and Development (R&D)	$3.7
Selling, General, and Administrative (SG&A)	$4.4
Cost of Goods Sold (Implied)	$1.221

To be fair, the infrastructure business generated nil revenue in FY 2025, meaning these costs are almost entirely tied to the Life Sciences segment and corporate overhead. Finance: Draft the 13-week cash view by Friday, focusing on the burn rate against the $4.64 million raised in FY 2025.

India Globalization Capital, Inc. (IGC) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for India Globalization Capital, Inc. (IGC), which, as of late 2025, is operating almost entirely as a clinical-stage life sciences company, subsidized by a small consumer product line. The immediate cash flow is thin, but the potential upside is tied to its drug pipeline.

The primary, immediate revenue source comes from the Life Sciences segment, which includes white-label and in-house wellness formulations. For the Fiscal Year 2025 (FY 2025), which ended March 31, 2025, this segment generated approximately $1.271 million in revenue. This represented 100% of the company's total revenue for that fiscal year, showing a clear strategic focus. To give you a sense of the quarterly run rate for this segment, the revenue for the first quarter of fiscal year 2026 (Q1 FY2026, ended June 30, 2025) was approximately $328 thousand, which was a 21% increase over Q2 FY 2024.

Capital raises are the lifeblood for funding the heavy Research and Development (R&D) pipeline, especially for a company advancing a drug like IGC-AD1 through Phase 2 trials. While the specific equity raise of $841,000 in Q1 FY 2026 wasn't found, the company secured approximately $4.64 million in total capital raises during the entirety of Fiscal Year 2025 to fuel this pipeline. Furthermore, in Q1 FY 2026, the company extended its undrawn $12 million credit facility with O-Bank, providing a non-dilutive financial backstop, even though no amount was drawn as of June 30, 2025. The financial reality of this R&D focus is reflected in the Q1 FY 2026 net loss, reported at $1.6 million or -$0.02 per share, though this beat the consensus estimate of -$0.03 by 33.33%.

The legacy Infrastructure business, which historically involved construction contracts and commodity resale, is now essentially dormant as a revenue generator. For FY 2025, this segment contributed nil revenue, a drop from the $164 thousand it generated in FY 2024. This defintely signals the completion of legacy projects and the full pivot to Life Sciences.

The most significant potential, though non-guaranteed, revenue streams are tied to the drug licensing agreements. For one specific sublicense agreement, India Globalization Capital, Inc. (IGC) is obligated to make a series of milestone payments that could aggregate up to $106.9 million upon the achievement of various development milestones. On top of that, royalty payments are structured based on net sales of the licensed product:

• 15% of annual worldwide net sales up to $300,000.
• 17% of annual worldwide net sales exceeding $300,000.

For another license agreement, should the company commercialize the product, it would be obligated to pay royalties ranging from 10% to 20% of net sales. These potential future payments are what drive the high-risk, high-reward valuation of the business, far outweighing the current consumer product sales.

Here is a summary of the key revenue-related financial figures we have for the period around late 2025:

Revenue/Financing Component	Amount	Period/Context
Life Sciences Segment Revenue	$1.271 million	Fiscal Year 2025 (FY 2025)
Infrastructure Business Revenue	nil	Fiscal Year 2025 (FY 2025)
Total Capital Raised (Equity/Debt)	Approx. $4.64 million	Fiscal Year 2025 (FY 2025)
Q1 FY 2026 Revenue (Life Sciences)	Approx. $328 thousand	Three months ended June 30, 2025
Q1 FY 2026 EPS	-$0.02	Three months ended June 30, 2025
Potential Milestone Payments (Aggregate)	Up to $106.9 million	From a specific sublicense agreement

The immediate revenue stream is small, but it is growing modestly, which helps offset some operational costs. The real financial leverage, however, rests entirely on converting those potential milestone payments and royalties into actual cash flow by successfully navigating clinical trials.