A bank’s credit committee doesn’t move on instinct. They move on reports. When your loan file reaches the appraisal desk, the first question isn’t about collateral. It’s about the project — does this make sense? Can it sustain repayments? Is the technology proven? That answer comes from a TEV study.

Sapient Services has been preparing TEV studies in Delhi NCR for banks, NBFCs, ARCs, and project promoters for years. Our reports are prepared by Registered Valuers and Chartered Engineers who have actually commissioned power plants, assessed manufacturing lines, and evaluated projects across India and 16 other countries. Not desk analysts. Real engineers.

This matters because a TEV report is only as good as the person who signed it. Banks know which consultants cut corners. They’ve seen enough NPA files to recognise a rubber-stamp TEV within minutes of opening it.

What Is a TEV Study — and What Does It Actually Tell a Bank?

TEV stands for Techno Economic Viability. Some banks call it a project feasibility study or techno economic assessment — the name varies, the purpose doesn’t. It tells you whether a project is technically doable and economically sensible. But the real purpose is narrower than that.

A TEV report answers one question for the lender: if this loan is given and things go according to plan — even a realistic plan, not the promoter’s optimistic one — will this project generate enough cash to repay the debt?

That’s why banks ask for it. Not because it’s a regulatory checkbox. Because lending crores into a project that can’t service its debt is how NPAs are born.

Three things every TEV study examines:

A fourth element — often underweighted by cheaper consultants — is managerial competence. Banks need to know whether the promoters have the track record and team to actually execute. A good TEV report addresses this directly.

Who Needs a TEV Study — and When

Not every loan needs a TEV. A working capital limit for a running business doesn’t. But once you’re talking about a project loan with long gestation, capital investment above ₹5–10 crore, or any greenfield asset — the bank’s credit team will ask for it.

If You’re a Project Promoter

Your bank officer has asked you to get a TEV report before the proposal goes to the credit committee. This is standard for:

• Manufacturing plant setup or expansion (new machinery, new line, new facility)
• Renewable energy projects — solar, wind, biomass — where PPA terms and PLF assumptions need independent validation
• Real estate or construction projects with term loan financing
• Healthcare — hospital expansion, diagnostic centre, pharma plant
• Any project where the bank sees technology risk, market risk, or execution risk

One thing that surprises many promoters: a good TEV study can actually help your case, not just satisfy the bank. If projections are conservative and technology is validated, the credit committee has less reason to negotiate down the loan amount.

If You’re a Bank, NBFC, or ARC

You need a TEV from a consultant you trust — not one the promoter has pre-selected. That independence is the point. Some banks maintain an empanelled list of TEV consultants. If your institution does, we can confirm whether Sapient Services is already empanelled or what the process is.

For ARCs evaluating distressed assets: a TEV in the stressed-asset context is different from a standard pre-sanction study. You need to assess whether the underlying project is viable at all — and if revived under a resolution plan, what it can realistically generate. Sapient Services has experience with stressed-asset TEV work under IBC and SARFAESI frameworks.

Why Sapient Services — and What’s Different Here

The consulting market in Delhi has plenty of firms that will prepare a TEV report in three days for a fixed low fee. Banks have learned to recognise those reports. The language is standard. The assumptions are copied. The site visit is a formality, if it happens at all.

Cheap TEV reports get files moving. They rarely survive the credit committee’s questions — and by the time they don’t, you’ve lost eight weeks and have to start over.

A few things that actually matter when you’re choosing a TEV consultant:

• Our lead consultant, Mr. Devender Kumar Malhotra, has 43 years of actual project experience — thermal power commissioning, industrial plant assessment, valuation, insurance claims advisory. Not finance theory. Real projects.
• He is a Registered Valuer under Section 247 of the Companies Act, 2013 — a credential that matters specifically for bank-commissioned studies.
• He has evaluated projects in 16+ countries, which means the benchmarks used aren’t just local market assumptions.
• We write reports to match the format and criteria of specific lenders — SBI, PNB, HDFC, Canara, and others. Different banks have different emphases.
• We don’t just validate what the promoter presents. We challenge it where it needs to be challenged. That’s what banks are paying for.

⚠  Note on consultant selection: Some banks require TEV from their empanelled list. Before engaging any consultant, confirm with your relationship manager what the bank’s policy is. We can advise you on this during the free consultation.

What Goes Into a TEV Report — The Full Scope

A TEV is not a polished version of the promoter’s DPR. It’s a critical, independent examination. Nine sections. Every one of them matters to the lender.

The depth of each section depends on the project. A 200MW solar plant needs more grid-connectivity and tariff analysis than a food-processing unit does. We scope the study based on where the real risk lies.

Common Reasons Banks Reject or Downsize Projects at the TEV Stage

Promoters blame the bank. Sometimes the bank blames the consultant. Usually the problem was sitting in the project all along — the TEV just put it in writing. The most common reasons a project gets rejected or downsized at appraisal:

• Capacity utilisation assumed too aggressively — 90% in Year 2 sounds good in a DPR, sounds suspicious to a credit manager
• Technology not commercially proven at scale — a pilot-stage process is not the same as production-ready
• Raw material sourcing not tied down — availability and price volatility not stress-tested
• Project cost underestimated — no contingency buffer, IDC not properly accounted for, civil cost shortcuts
• DSCR falling below 1.25x in sensitivity scenarios — banks typically want DSCR above 1.25–1.5x even in a downside case
• Promoter equity not firmly committed — banks want to see promoter skin in the game, not just on paper
• Regulatory approvals missing — environmental clearance, land conversion, municipal NOCs — any gap creates project delay risk

A good TEV study flags these proactively. If the issue can be fixed before submission, it gets fixed. If it’s structural, the lender is better off knowing now than after disbursement.

TEV for Stressed Assets and IBC Restructuring

Most TEV service pages don’t mention this at all. But a meaningful chunk of real demand — especially from Delhi-based ARCs and consortium lenders — comes from stressed-asset situations, not fresh project sanctions.

When a project has turned NPA or is undergoing resolution under the Insolvency and Bankruptcy Code (IBC), lenders and ARCs need an independent view on one question: is this project viable at all if restructured properly? And if yes — under what conditions, at what capacity, with what kind of revised debt structure?

That requires a different kind of TEV. Not a standard pre-sanction study. More like a forensic technical and economic assessment combined with a revised financial model. The consultant needs to understand both the project’s original design and why it failed — and distinguish between structural failure and temporary stress.

Sapient Services has done this work. We understand SARFAESI proceedings, IBC timelines, and what ARCs, resolution professionals, and NCLT applicants need from a techno economic assessment in a stressed-asset context.

How the Process Works — From Your First Call to Report Delivery

Most clients come to us after their bank has already asked twice. Here’s how we work, stage by stage:

For express assignments — 7 working days — the process is compressed but not cut. We don’t skip the site visit. We don’t skip the financial stress-testing. We just move faster on everything else.

Sectors We Handle for TEV Studies in Delhi NCR

The Regulatory Context — What RBI and Banks Actually Require

Since October 1, 2025, the RBI (Project Finance) Directions, 2025 are in force. For PPP infrastructure projects where aggregate lender exposure crosses ₹100 crore, a TEV study is no longer optional — it’s explicitly required.

Even outside that threshold, the direction is clear. Banks are expected to show sound credit appraisal. A TEV from a qualified, independent consultant is how they document that — and increasingly, how they defend lending decisions if a project later runs into trouble.

What the 2025 Directions mean in practice:

• Financial closure must be completed before funds are disbursed
• Repayment schedule cannot exceed 85% of the project’s economic life
• Independent technical validation by certified engineers is now a codified lender obligation
• SBI and other PSBs have empanelment criteria for TEV consultants — Registered Valuer credentials are central to that

For promoters: if your bank hasn’t specified who the TEV consultant should be, clarify this upfront. Some banks accept any qualified independent consultant. Others insist on their empanelled list. Getting clarity early saves time.

Where We Work — Locations Served for TEV Assignments

Our office is in Okhla, South Delhi. We serve projects across:

• Delhi — Okhla, Rohini, Narela, Dwarka, Patparganj, Wazirpur industrial areas
• Noida and Greater Noida — Sectors 63, 68, 80, 135, IMT Kasna, Surajpur
• Gurgaon / Gurugram — NH-48 corridor, IMT Manesar, Sector 34 industrial area
• Faridabad — IMT Faridabad, Ballabhgarh, Sector 31 industrial zone
• Ghaziabad — Sahibabad, Loni Road, Indirapuram, Mohan Nagar industrial
• Pan India — for projects above ₹20 crore or where site visit is critical, with key presence in Mumbai, Hyderabad, Bengaluru, Pune, Ahmedabad, and Chennai

FAQs

1.  My bank asked me to get a TEV done. What exactly are they looking for?

Short answer: can this project repay the loan, even when things don’t go exactly as planned? That’s the core question every credit manager is trying to answer. The TEV report is their basis for answering it.

At the credit committee, the questions will be about DSCR, IRR, whether the technology is commercially proven, and whether the market demand numbers hold up under scrutiny. A properly done TEV prepares your file for those questions — section by section. A rushed one leaves gaps the committee will find.

2.  What does a TEV study cost in Delhi?

No standard rate card here — project size, sector, and scope of primary research all affect the fee. For a manufacturing project in the ₹10–50 crore range, fees typically start from ₹75,000 to ₹1,50,000. Larger infrastructure or energy projects are priced differently.

We don’t quote off a rate card. After a free 30-minute consultation, we give a fixed fee — one number, no escalations. Contact us with your project details and you’ll have a quote the same day.

3.  How long does it take to get a TEV report?

Standard delivery is 10–15 working days from the date we receive all documents and complete the site visit. This isn’t padded time — the market research, financial modelling, and internal review genuinely take this long if done properly.

For urgent situations — bank deadline in 7 days — we can manage that. The process is compressed, not compromised. Site visit still happens. Modelling still happens.

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

A DPR (Detailed Project Report) is written by you or your consultant to present the project to the bank. A TEV study is written by an independent consultant hired to critically assess whether the DPR is realistic.

The bank often asks for both because they know a promoter’s DPR is naturally optimistic. The TEV is the independent check on those assumptions. If the TEV consultant is effectively working for the promoter rather than giving an honest view, it defeats the purpose — and banks increasingly recognise this.

5.  What documents do I need to provide for the TEV?

To get started we need:

• Project summary or DPR — even a draft is fine initially
• Last 3 years’ audited financials if it’s an existing business
• Projected financials — P&L, cash flow, balance sheet
• Technical specifications — machinery, process flow, utility requirements
• Land documents, approvals obtained so far, environmental clearances
• Loan application with your bank, if already submitted

We’ll send a complete checklist after the initial call. If some documents aren’t ready, tell us — we work around it and flag gaps to you rather than waiting.

6.  Does my bank have to approve which TEV consultant I use?

Some do, some don’t. Public sector banks like SBI maintain an empanelled list of consultants and may insist you use someone from that list. Private banks and NBFCs are usually more flexible.

The safest approach is to ask your relationship manager or the credit department directly — ‘Do you have a preferred or empanelled TEV consultant?’ — before engaging anyone. We can advise you on this during our free consultation, including what banks in your loan’s geography typically require.

7.  Can a TEV study be used for stressed asset resolution or IBC proceedings?

Yes, and this is a distinct use case from a regular pre-sanction TEV. In the context of a stressed asset — whether being resolved through IBC, SARFAESI, or an ARC buyout — the TEV serves a different purpose. It answers whether the project can be revived and under what realistic conditions.

This involves reviewing why the original project ran into stress, separating structural problems from circumstantial ones, and modelling a revised financial structure. Sapient Services has done this work for ARCs and consortium lenders evaluating distressed infrastructure and manufacturing assets.

8.  We have multiple banks in a consortium. Does each bank need its own TEV?

No. In consortium lending, one independent TEV report is shared across all lenders. The report needs to be genuinely independent — which is why it should be commissioned by the lead lender or by all lenders collectively, rather than by the promoter alone.

If individual banks have specific concerns or require additional analysis, we can provide addendums to the main report. We’ve done this in multi-lender situations where different banks had different risk thresholds for the same project.

9.  Will the TEV study guarantee my loan gets approved?

No. If any consultant tells you a TEV guarantees loan approval, walk away. A TEV report is an independent assessment — its job is to give the credit committee a credible basis for decision, not to argue for the borrower. The loan still depends on collateral, promoter track record, bank policy, sector exposure limits, and the project itself.

What a good TEV can do: prevent rejection on the grounds of insufficient technical and financial analysis. What it can’t do: make an unviable project appear viable. Banks have seen enough of those to know the difference.

10.  How do I get started with Sapient Services for a TEV study?

Call us or send a WhatsApp message with a brief description of your project. We’ll set up a 30-minute consultation — free, no commitment. In that call we’ll:

• Understand the project and the loan requirement
• Advise on what your specific bank is likely to need
• Confirm timeline and give a fixed-fee quote

If we’re not the right fit for your project, we’ll tell you that too. Our office is in Okhla, New Delhi. We work with projects across Delhi NCR and pan-India for larger assignments.

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