Mid-sized Indian F&B — Capacity Expansion TEV

A Maharashtra-based processed-food company — annual revenue in the ₹400-500 Cr range — was planning a greenfield ₹180 Cr capacity expansion across two sites: a ready-to-eat line in Aurangabad and a cold-store + repack facility in Nashik.

The project finance application was with a consortium of two public-sector banks. The banks' risk committees had flagged three concerns that existing internal projections didn't address credibly: first, the realism of the volume ramp against specific MT/month commitments already signed with modern-trade buyers; second, the cold-chain economics of the Nashik facility given Mumbai-Pune-Bangalore delivery-window constraints; third, the DSCR trajectory if input commodity prices moved to the upper bound seen in the last 36-month window. The existing internal case presented the base-case assumptions as the only case, and the banks wanted a proper TEV — not a cheerleading deck.

AgPro delivered a bank-format TEV in 5 weeks. The technical assessment rebuilt the capacity assumptions bottom-up from line balance and SKU mix, identifying a 12% over-sizing in the Aurangabad line that was corrected pre-sanction to save capex. The commercial assessment ran primary interviews with three of the client's four modern-trade buyers to validate offtake commitments and surface contract clauses that mattered for projections — including volume-tier discount schedules the original model had understated. The financial exhibits added base / upside / downside scenarios with named trigger assumptions (monsoon impact on input costs, lag-payment behaviour by large buyer, utilisation ramp shape), producing DSCR and IRR bands rather than a single-point base case. The risk section enumerated five named risks with specific mitigants, including a structured working-capital tie-up that materially improved the cash-conversion cycle on quarter-ended reporting.

The consortium sanction closed in two review cycles with no additional conditions beyond those AgPro had already built into the TEV. Capex was approved at the revised level — ₹163 Cr against the original ₹180 Cr — preserving ₹17 Cr of headroom the client later deployed into cold-chain upgrades at Nashik. Drawdown began on the original timeline. The TEV framework we delivered has been reused internally by the client's finance team for subsequent capex approvals, a secondary outcome neither side had priced at engagement start.