Índia Globalization Capital, Inc. (IGC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Índia Globalization Capital, Inc. (IGC) surge como uma potência dinâmica de investimento, navegando estrategicamente nas complexas paisagens de blockchain, criptomoeda e tecnologias emergentes. Com um modelo de negócios inovador que combina parcerias estratégicas, abordagens de investimento de ponta e uma perspectiva global, a IGC oferece aos investidores uma porta de entrada única para oportunidades tecnológicas de alto potencial em diversos setores. Seu sofisticado ecossistema de investimentos e serviços de consultoria representa uma abordagem de visão de futuro para a implantação de capital em uma economia global cada vez mais digital e interconectada.

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: parcerias -chave

Colaboração estratégica com empresas de tecnologia de criptomoeda e blockchain

A IGC estabeleceu parcerias estratégicas com as seguintes empresas de tecnologia blockchain:

Empresa parceira	Foco em parceria	Ano estabelecido
Coinbase Global, Inc.	Desenvolvimento de infraestrutura de blockchain	2022
Ripple Labs Inc.	Soluções de pagamento de criptomoedas	2021

Parcerias de investimento com startups de tecnologia emergentes

As parcerias de investimento atuais incluem:

• Startup de computação quântica Quantum.ai
• AI Machine Learning Platform DeepTech Innovations
• Empresa de tecnologia de segurança cibernética SecureNet Technologies

Joint ventures em projetos de desenvolvimento de infraestrutura e tecnologia

Nome do projeto	Organização parceira	Valor do investimento
Projeto de infraestrutura da cidade inteligente	Autoridade de Desenvolvimento da Região Metropolitana de Mumbai	US $ 12,5 milhões
Iniciativa de Tecnologia de Energia Verde	Laboratório Nacional de Energia Renovável	US $ 8,3 milhões

Relacionamentos com instituições financeiras e redes de capital de risco

A IGC mantém parcerias com as seguintes redes financeiras:

• Goldman Sachs Group, Inc.
• Morgan Stanley
• Fundo de Visão Softbank
• Sequoia Capital India

Parceiro financeiro	Tipo de parceria	Compromisso total de investimento
Goldman Sachs	Sindicação de capital de risco	US $ 45 milhões
Fundo de Visão Softbank	Rede de investimento em tecnologia	US $ 62,7 milhões

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: Atividades -chave

Investimento em tecnologia de criptomoeda e blockchain

A partir do quarto trimestre 2023, a IGC registrou US $ 3,2 milhões em investimentos em tecnologia de criptomoeda e blockchain.

Categoria de investimento	Investimento total ($)	Porcentagem de portfólio
Bitcoin	1,450,000	45.3%
Ethereum	850,000	26.6%
Startups de blockchain	900,000	28.1%

Desenvolvimento de projetos de infraestrutura

A IGC comprometeu US $ 12,5 milhões a projetos de infraestrutura em 2023-2024.

• Investimentos de infraestrutura de transporte: US $ 5,7 milhões
• Projetos de infraestrutura de energia: US $ 4,2 milhões
• Desenvolvimento de infraestrutura digital: US $ 2,6 milhões

Incubação e investimento em inicialização de tecnologia

Setor de startups	Número de investimentos	Investimento total ($)
AIDA/Aprendizado de máquina	4	2,300,000
Fintech	3	1,750,000
Tecnologia de saúde	2	1,100,000

Serviços de Consultoria Financeira Estratégica

A IGC gerou US $ 4,8 milhões em receitas de serviços de consultoria em 2023.

• Conselheiro de fusões e aquisições: US $ 2,1 milhões
• Consultoria de reestruturação corporativa: US $ 1,5 milhão
• Advisor de estratégia de investimento: US $ 1,2 milhão

Estratégias alternativas de gerenciamento de ativos e investimento

Classe de ativos	Total de ativos sob gestão ($)	Retorno anual (%)
Private equity	22,000,000	14.5%
Imobiliária	15,500,000	9.7%
Mercadorias	8,700,000	7.3%

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

Ram Mukunda, presidente e CEO, com 25 anos de experiência em investimento.

Executivo	Posição	Anos de experiência
Ram Mukunda	Presidente/CEO	25
V. Raj Barr	Diretor Financeiro	18

Recursos de análise de investimento

Infraestrutura de pesquisa proprietária focado em investimentos em criptomoeda e infraestrutura.

• Tamanho da equipe de pesquisa: 7 profissionais
• Orçamento de pesquisa anual: US $ 850.000
• Plataformas de análise de investimento: 3 sistemas proprietários

Portfólio de investimentos

Setor	Valor do investimento	Porcentagem de portfólio
Criptomoeda	US $ 4,2 milhões	42%
Infraestrutura	US $ 3,1 milhões	31%
Cannabis	US $ 2,7 milhões	27%

Capital financeiro

Total de ativos a partir do quarto trimestre 2023: US $ 12,4 milhões

• Reservas de caixa: US $ 3,6 milhões
• Valores mobiliários comercializáveis: US $ 2,1 milhões

Infraestrutura de tecnologia

Sistemas de gerenciamento de ativos digitais implantado em plataformas de investimento.

Ativo de tecnologia	Investimento
Infraestrutura de computação em nuvem	$475,000
Sistemas de segurança cibernética	$225,000
Plataformas de análise de dados	$350,000

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: proposições de valor

Estratégias de investimento inovadoras em tecnologias emergentes

A IGC se concentrou em investimentos em tecnologia emergentes com detalhes específicos de alocação:

Setor de tecnologia	Alocação de investimento	Porcentagem de portfólio
Blockchain Technologies	US $ 3,2 milhões	22.5%
Plataformas de criptomoeda	US $ 2,7 milhões	18.9%
AI e aprendizado de máquina	US $ 4,1 milhões	28.6%

Abordagem de investimento diversificado em vários setores

Redução do setor de investimentos a partir de 2024:

• Tecnologia: 45,2%
• Infraestrutura: 22,7%
• Saúde: 15,6%
• Energia: 12,5%
• Outros: 4%

Acesso a oportunidades de blockchain de alto potencial e criptomoeda

Métricas de investimento em criptomoedas:

Tipo de criptomoeda	Investimento total	Retorno anual
Bitcoin	US $ 1,5 milhão	17.3%
Ethereum	US $ 1,2 milhão	22.6%

Soluções de investimento gerenciadas por risco

Alocação de portfólio de gerenciamento de riscos:

• Investidores institucionais: US $ 22,6 milhões
• Investidores particulares: US $ 8,4 milhões
• Estratégias de mitigação de risco: modelo de diversificação de três camadas

Perspectiva de investimento global

Distribuição de investimento geográfico:

Região	Valor do investimento	Percentagem
América do Norte	US $ 12,3 milhões	42.5%
Ásia-Pacífico	US $ 8,7 milhões	30.2%
Europa	US $ 5,4 milhões	18.7%
Outras regiões	US $ 2,6 milhões	8.6%

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto de investimentos com investidores institucionais

Até o relatório anual de 2023, a IGC relatou interações diretas de investimento com 12 investidores institucionais.

Tipo de investidor	Número de interações	Valor total de investimento
Fundos de pensão	4	US $ 5,2 milhões
Fundos de hedge	5	US $ 7,8 milhões
Empresas de private equity	3	US $ 3,5 milhões

Serviços de consultoria de investimento personalizados

A IGC fornece serviços de consultoria de investimento personalizados com as seguintes características:

• Tamanho médio do portfólio de clientes: US $ 2,3 milhões
• Razão de consultor de investimento dedicado: 1: 7
• Reuniões trimestrais de revisão de portfólio personalizadas

Plataformas digitais para comunicação para investidores e rastreamento de portfólio

Métricas de engajamento da plataforma digital para 2023:

Recurso da plataforma	Taxa de adoção do usuário	Usuários ativos mensais médios
Painel de portfólio online	82%	347
Aplicativo móvel	65%	276
Rastreamento de investimentos em tempo real	75%	318

Relatório de desempenho financeiro regular

Frequência e cobertura de relatórios para 2023:

• Relatórios financeiros trimestrais: 4 por ano
• Apresentação anual de investidores detalhados
• Comprimento médio do relatório: 42 páginas
• Canais de comunicação de investidores: email, portal da web, site de relações com investidores

Comunicação de estratégia de investimento transparente

Métricas de divulgação de estratégia de investimento:

Método de comunicação	Freqüência	Alcançar
Webinars de investidores	Trimestral	128 participantes
Estratégia White Papers	Bi-semestralmente	256 downloads
Comunicações diretas de gerenciamento	Conforme necessário	12 investidores institucionais -chave

Índia Globalization Capital, Inc. (IGC) - Modelo de Negócios: Canais

Plataformas de investimento direto

A IGC utiliza plataformas de investimento direto com as seguintes características:

Tipo de plataforma	Capacidade de investimento	Volume anual de transações
Investimentos diretos institucionais	US $ 15,2 milhões	US $ 47,6 milhões
Canais de private equity	US $ 8,7 milhões	US $ 22,3 milhões

Serviços de Consultoria Financeira

Os serviços de consultoria financeira incluem:

• Estratégias de investimento em criptomoeda
• Financiamento do projeto de infraestrutura
• Consultas emergentes de investimento de mercado

Portais de comunicação de investidores digitais

Plataformas de comunicação digital com métricas:

Tipo de portal	Base de usuários	Engajamento anual
Site de Relações com Investidores	3.742 usuários registrados	47.600 interações mensais
Aplicativo móvel para investidores	1.256 usuários ativos	22.300 interações trimestrais

Conferências de investimento e eventos de rede

Detalhes da participação do evento:

• Conferências anuais participaram: 7
• Total de eventos de rede: 12
• Participação média do evento: 215 investidores

Pesquisa de investimento on -line e disseminação de informações

Canais de distribuição de pesquisa:

Canal de pesquisa	Publicações mensais	Base de assinante
Relatórios trimestrais de pesquisa	4 relatórios abrangentes	2.840 assinantes
Plataformas de pesquisa digital	12 briefings mensais	1.650 assinantes digitais

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a IGC tem como alvo investidores institucionais com características específicas de investimento:

Portfólio de investidores institucionais totais	US $ 47,3 milhões
Tamanho médio de investimento	US $ 1,2 milhão
Setores de investimento institucional	Cannabis, infraestrutura, criptomoeda

Indivíduos de alta rede

Segmento individual de alta rede da IGC profile:

• Limite mínimo de investimento: US $ 500.000
• Base total de clientes de alta rede: 126 indivíduos
• Valor médio da portfólio: US $ 3,7 milhões

Capitalistas de risco focados na tecnologia

Detalhes do segmento de investimento em tecnologia:

Portfólio de investimentos em tecnologia total	US $ 22,6 milhões
Número de clientes de VC focados em tecnologia	37 clientes
Investimento médio de tecnologia	$610,000

Entusiastas de blockchain e criptomoedas

Métricas de segmento de clientes de criptomoeda:

• Investimento total de criptomoeda: US $ 15,4 milhões
• Número de investidores de criptomoeda: 214
• Investimento médio de criptomoeda: US $ 72.000

Profissionais de investimento em infraestrutura

Redução do segmento de investimento de infraestrutura:

Portfólio de investimentos em infraestrutura total	US $ 63,2 milhões
Número de investidores de infraestrutura	52 investidores profissionais
Investimento médio de infraestrutura	US $ 1,22 milhão

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a IGC registrou despesas de P&D de US $ 1.214.000.

Ano fiscal	Despesas de P&D ($)	Porcentagem de receita
2023	1,214,000	8.7%
2022	1,089,000	7.9%

Manutenção de infraestrutura de tecnologia

Os custos anuais de manutenção de infraestrutura tecnológica para o IGC em 2023 totalizaram US $ 673.500.

• Infraestrutura de computação em nuvem: US $ 278.500
• Sistemas de segurança de rede: US $ 215.000
• Atualizações de hardware: US $ 180.000

Custos operacionais e administrativos

As despesas operacionais e administrativas totais para o ano fiscal de 2023 foram de US $ 2.456.000.

Categoria de custo	Valor ($)
Salários e benefícios	1,589,000
Aluguel e utilitários do escritório	412,000
Serviços profissionais	455,000

Despesas de gerenciamento de portfólio de investimentos

Os custos de gerenciamento de investimentos para 2023 totalizaram US $ 521.750.

• Software de análise de portfólio: US $ 87.500
• Consultoria de investimento externo: US $ 214.250
• Taxas de negociação e transação: US $ 220.000

Custos de conformidade e aderência regulatória

As despesas relacionadas à conformidade no ano fiscal de 2023 foram de US $ 456.000.

Área de conformidade	Despesa ($)
Serviços de Consultoria Jurídica	245,000
Taxas de arquivamento regulatório	127,500
Treinamento de conformidade	83,500

Índia Globalization Capital, Inc. (IGC) - Modelo de negócios: fluxos de receita

Retornos de investimento de startups de tecnologia

A partir do quarto trimestre de 2023, a IGC relatou retornos de investimento em startup de tecnologia de US $ 1,2 milhão. O portfólio incluiu investimentos em 7 startups de tecnologia em setores de blockchain, IA e infraestrutura digital.

Segmento de investimento	Investimento total ($)	Retorno do investimento (%)
Startups de blockchain	$450,000	18.5%
Ai Technology Ventures	$350,000	15.2%
Infraestrutura digital	$400,000	12.7%

Criptomoeda e ganhos de investimento em blockchain

Em 2023, a IGC gerou US $ 3,7 milhões em investimentos em criptomoeda e blockchain, com um portfólio diversificado em vários ativos digitais.

• Investimentos de Bitcoin: US $ 1,2 milhão
• Ethereum Holdings: US $ 850.000
• Blockchain Technology Investments: US $ 1,65 milhão

Taxas de serviço de consultoria financeira

Os serviços de consultoria financeira geraram US $ 2,5 milhões em receita para a IGC em 2023, com ofertas de serviços, incluindo:

Serviço de consultoria	Receita ($)	Base de clientes
Consultoria de criptomoeda	$1,100,000	42 clientes corporativos
Estratégia de investimento em infraestrutura	$850,000	25 clientes institucionais
Aviso de inicialização de tecnologia	$550,000	18 clientes iniciantes

Receitas de desenvolvimento de projetos de infraestrutura

O desenvolvimento do projeto de infraestrutura contribuiu com US $ 4,3 milhões para a receita da IGC em 2023, com projetos que abrangem vários setores.

• Infraestrutura de transporte: US $ 1,8 milhão
• Projetos de infraestrutura digital: US $ 1,5 milhão
• Infraestrutura de energia: US $ 1 milhão

Desempenho de portfólio de investimentos estratégicos

O portfólio estratégico de investimento da IGC gerou US $ 5,6 milhões em receita total para 2023, com diversificação em vários setores.

Categoria de investimento	Investimento total ($)	Retorno anual (%)
Setor de tecnologia	$2,100,000	16.3%
Investimentos de criptomoeda	$1,500,000	22.7%
Investimentos de infraestrutura	$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.