Techno-Economic Viability (TEV) Study Services in Delhi

A bank’s credit committee works off reports, not instinct. When your loan file lands on the appraisal desk, the first question usually isn’t about collateral — it’s about the project: does the plan hold up, can it service the debt, is the technology proven rather than promised? That’s what a TEV study — a Techno-Economic Viability Study, often just a TEV report — is built to answer.

Sapient Services has prepared TEV reports across Delhi NCR for banks, NBFCs, and project promoters. Our team is built around Registered Valuers and Chartered Engineers who have assessed projects across India and, per our records, 16 other countries — not desk-based analysts working off templates. (Note: the 16-country figure and years-of-experience claims should be reconfirmed against internal records before publishing — see also the separate note on the 43 years vs 35+ years figures used elsewhere on the site.) That distinction matters because a TEV report only carries real weight when the assumptions, site findings, and financial model behind it can stand up to scrutiny.

What Is a TEV Study?

TEV stands for Techno Economic Viability. Terminology varies between lenders and assignments — some call it a project feasibility study, others a techno-economic assessment or TEV analysis — but a TEV study generally combines technical, market, and financial assessment to support project appraisal.

At its core, it answers one question: if the loan goes through and the project runs on a realistic plan, will it generate enough cash to service the debt? A TEV study helps lenders identify technical, commercial, and financial risks to a project’s cash flows and repayment capacity.

A typical TEV assessment covers four broad areas:

• Technical feasibility — is the technology proven, and can the team build and run it?
• Economic/commercial viability — is there real market demand, and do the pricing and revenue assumptions hold up?
• Financial viability — cash flows, DSCR, IRR, debt-to-equity, and downside scenarios
• Managerial competence — does the promoter have a track record of executing projects like this one?

That fourth point is where lighter-scope TEV reports usually fall short — it’s easier to model numbers than to judge whether a team can actually deliver them.

Who Needs a TEV Study, and When

TEV studies are generally associated with project and capital-investment financing — greenfield or brownfield projects with a long gestation period — rather than routine working-capital facilities, though the lender’s specific requirements always prevail. For a project promoter, this typically comes up for:

• Manufacturing plant setup or expansion, including MSME project TEV study and larger industrial project feasibility assessments
• Renewable energy projects (solar, wind, biomass) — a solar project TEV report or wind project assessment examining offtake arrangements where applicable, tariff, grid connectivity, and capacity-utilisation assumptions
• Real estate or infrastructure projects under term-loan financing, including CRE and CRE-RH
• Healthcare — hospital/diagnostic centre expansion, or pharmaceutical manufacturing
• Any greenfield or brownfield project where the bank sees technology, market, or execution risk

A well-prepared study works in your favour: a solid financial feasibility study and project feasibility analysis give the credit committee less reason to trim the loan amount, and turn a proposal into what lenders actually treat as a bankable project report — a rushed or overly optimistic version tends to invite more questions.

For a bank or NBFC, you need a TEV consultant with no stake in the promoter’s outcome, feeding into their own credit appraisal process. Some lenders maintain empanelled consultant lists — worth confirming directly. For ARCs and resolution professionals, a related but distinct exercise applies — see the stressed-asset section below. Once a loan is sanctioned, many lenders separately appoint a Lender’s Independent Engineer to monitor construction and fund utilisation — a related due diligence service we also provide.

Why Sapient Services

As a TEV study company, we know report quality varies significantly in this market. A quick turnaround built on templated assumptions and a token site visit tends to face more questions at the credit committee stage than a properly scoped report — and a rejected file costs more time than a well-prepared one would have.

Our lead consultant, Devender Kumar Malhotra, brings hands-on project experience across thermal power commissioning, industrial plant assessment, valuation, and insurance advisory. (Specific years of experience and country count should be verified and made consistent across the website before publishing.)

He is a Registered Valuer under the Companies (Registered Valuers and Valuation) Rules, 2017 (valuation framework: Section 247, Companies Act, 2013) — relevant to statutory valuation work, alongside his TEV and project-appraisal experience.

We tailor the report structure and supporting analysis to a lender’s stated requirements where these are provided. (Specific bank names should only be used where a current, verifiable relationship exists.)

We test the promoter’s assumptions rather than simply repackaging them — the actual job of a certified TEV consultant and professional TEV consultancy. If your bank requires TEV from an empanelled list, confirm that with your relationship manager first — we’re happy to advise during a free consultation.

What Goes Into a TEV Report

A TEV report isn’t a polished rewrite of the promoter’s Detailed Project Report (DPR) — it independently assesses the technical, commercial, and financial assumptions behind the project. It sits alongside technical due diligence and financial due diligence in a lender’s broader appraisal toolkit, but is typically wider in scope than either on its own. Depth varies: a 200MW solar plant needs far more grid and tariff analysis than a food-processing unit does.

Taken together, these sections amount to a full project evaluation service — closer to a capital investment analysis, business feasibility report, and investment feasibility study combined than a single-purpose checklist.

Where Projects Get Questioned or Downsized

Common issues that surface during lender appraisal:

• Year 1–2 capacity assumptions not backed by a realistic commissioning timeline
• Technology proven at pilot scale but not yet commercial scale
• Raw material sourcing not stress-tested against price or supply shocks
• Project cost without a contingency buffer, or IDC left out
• Debt-servicing metrics that weaken sharply in a downside scenario
• Promoter equity committed on paper but not yet in place
• Milestone-dependent approvals not clearly tracked against disbursement

Fixable issues get fixed before submission. Structural ones — better for the lender and promoter to know before disbursement, not after.

TEV for Stressed Assets and Restructuring

TEV and related viability assessments are also commissioned in stressed-asset or restructuring situations — where lenders, ARCs, or resolution professionals want an independent view on whether a project is viable if restructured. This differs from a pre-sanction TEV: it separates a structurally broken project from one that’s hit temporary headwinds. We’ve worked on this kind of assessment for ARCs, resolution professionals, and consortium lenders in IBC and SARFAESI-related contexts.

How the Process Works

Clients typically reach out after their lender has already requested a TEV study.

Typical turnaround is 10–15 working days after receipt of complete documents and completion of the site visit, subject to project complexity. Tighter timelines may be possible for some assignments, depending on document readiness and lender requirements.

Sectors We Handle

The Regulatory Backdrop — RBI’s Project Finance Directions, 2025

Since October 1, 2025, the RBI (Project Finance) Directions, 2025 have applied to banks, NBFCs, primary (urban) co-operative banks, and All India Financial Institutions. An exposure qualifies as “project finance” only if at least 51% of expected repayment (at financial closure) comes from the project’s own cash flows, with all lenders sharing a common loan agreement.

The Directions include a specific TEV trigger for PPP infrastructure projects: if the concession-granting authority changes the Appointed Date before disbursement, the original DCCO can be revised through a supplementary agreement — but only after a fresh TEV study, and only where aggregate lender exposure is ₹100 crore or more. This is tied to that specific scenario, not a blanket rule that every PPP project above ₹100 crore needs a TEV.

Other requirements apply more broadly across covered project-finance exposures:

• Financial closure — the project’s capital structure (equity, debt, and any grant) legally committed for at least 90% of total project cost — and the original DCCO must be documented before any disbursement
• Repayment tenor, including any moratorium, cannot exceed 85% of the project’s economic life
• Land or right-of-way must be secured before disbursement — at least 50% for PPP infrastructure projects, 75% for others
• Project progress must be certified by an independent engineer or architect ahead of each phase of disbursement

Projects that achieved financial closure before October 1, 2025 continue under earlier norms, unless a fresh credit event brings them into the new framework. Even where the ₹100 crore TEV trigger doesn’t apply, lenders commonly still commission an independent TEV as part of their own credit appraisal — a policy choice, not a blanket mandate below the threshold.

Where We Work

As a TEV study consultant in Delhi, the office is in Okhla, South Delhi, with coverage across Delhi, Noida, Greater Noida, Gurugram, Faridabad, and Ghaziabad. We also work as a Techno Economic Viability consultant across India for larger projects, (specific city references and any project-size threshold for Pan-India work should be confirmed before publishing) including regular assignments as a TEV consultant in Mumbai and a TEV consultancy in Bangalore, alongside Hyderabad, Pune, Ahmedabad, and Chennai.

Regardless of location, our TEV study services in India follow the same standard: a physical site visit, independent financial modelling, and a report built to your lender’s format.

FAQs

My bank asked for a TEV. What are they actually checking for?

Whether the project can service the debt even if things don’t go exactly to plan — DSCR, IRR, and whether the technology and market demand are genuinely proven.

What does a TEV study cost?

There’s no fixed rate card for TEV study cost — project size, sector, and scope of work affect the fee. A free consultation gets you one fixed quote.

How long does a TEV report take?

Typical turnaround is 10–15 working days once documents are in and the site visit is done, subject to project complexity.

Is there a standard TEV report format?

There’s no single mandated Techno-Economic Viability report format — lenders often have their own template or checklist, and we build the report to match rather than submitting a generic one.

What’s the difference between a TEV study and a DPR?

A DPR presents the project to the bank, usually prepared by or for the promoter. A TEV study is an independent assessment of the assumptions behind it — why a lender may want both.

What documents do I need to get started?

A project summary or draft DPR, three years’ audited financials (if existing business), projected financials, technical specifications, and land approvals so far. Full checklist follows the first call.

Does my bank have to approve which consultant I use?

Sometimes. Some lenders maintain empanelled lists — worth checking with your relationship manager first.

Can a TEV study be used for stressed-asset resolution or restructuring?

Yes — a different exercise from a pre-sanction TEV, separating structural problems from temporary ones. We’ve done this for ARCs and consortium lenders in IBC/SARFAESI-related contexts.

We have a lender consortium. Does each bank need its own TEV?

Often, one report can be shared across a consortium if the lenders agree, with an addendum if individual lenders need more.

Will a TEV study guarantee loan approval?

No. A TEV report gives the credit committee a credible basis for its decision and can reduce rejection risk from weak analysis — but it can’t make an unviable project look viable.

How do I hire a TEV consultant and get started?

A short call is usually enough — bring a brief project description, and we’ll cover what your lender is likely to need, along with a timeline and fee estimate for TEV report preparation.

Next Step

Whether your bank has asked for a bank TEV report, a TEV report for loan approval, or a full TEV report for project finance, the fastest way forward is a 30-minute call. Have your project summary and, if it’s an existing business, your last three years’ financials on hand — that’s usually enough for a prompt timeline and fee estimate.

Sapient House, S-15, Pocket S, Okhla Phase II, Okhla Industrial Estate, New Delhi – 110020

Phone: +91-9540-162888  |  Email: valuation@sapientservices.com