Fluxara Knowledge Encyclopedia — Advanced Renewables

Project Overview

The Circular Biorefinery — Investment Case

Rice husk enters as fuel and raw material. Through four reactions it becomes ₹61.75 Cr/yr in premium silica and nano-PCC — with NaOH recycled 82%, CO₂ captured at zero cost, and full ZLD from Day 1.

♻️

₹0

CO₂ Purchase Cost — Ever

All 9.36 MT/day CO₂ for PS precipitation is sourced from combustion flue gas — fed at 5% stoichiometric excess for pH endpoint control. No external CO₂ purchase is ever needed. Sand-route plants pay ₹8–12/kg for CO₂; Fluxara pays nothing.

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82%

NaOH Recovery via Causticisation

Na₂CO₃ from precipitation is converted back to NaOH with CaO — simultaneously making nano-PCC as the valuable co-product. Fresh NaOH makeup is only 18% of gross circuit. Every 1% improvement in causticisation efficiency saves ₹0.47 Cr/yr. Lab validation of CE ≥78% is pre-commissioning priority #1.

🌾

₹750/MT

RHA Feedstock — Structural Advantage

Amorphous RHA at ₹750/MT (92% SiO₂) vs sodium silicate in sand-route plants. Extraction efficiency 88% at 90°C with 1.331 kg NaOH per kg SiO₂. Critical constraint: combustion temperature strictly ≤700°C — CEMS auto-shutoff at 720°C. Above this, amorphous SiO₂ converts to cristobalite (crystalline, unusable).

📊

~46%

Cash Break-Even Utilisation

Plant breaks even at ~46% capacity utilisation. Even in the DPR v15 worst-case combined stress test (PS −25%, NaOH +50%, 75% utilisation, no export), DSCR remains 3.26× — more than double the 1.25× bank covenant minimum. Structurally robust.

Product Portfolio & Pricing

Precipitated Silica — 13.149 MT/day (Ph1A) · 17.145 MT/day (Ph1B)

Grade	Domestic ₹/kg	Export FOB ₹/kg	Key Specification	From Year
Standard	₹26	₹42	BET 140–165 m²/g · D50 ≤20 µm · IS 6579	Y1
HDS — Green Tyre	₹45–50	₹72–84	CTAB ≥175 mg/g · CIPD ≥80% · Low structure	Y1–Y2
Dental / Food E551	₹90–95	₹144–152	Pb ≤1 ppm · D50 ≤12 µm · FSSAI E551	Y3+ (18M licence)

Export: Chennai / Krishnapatnam port 300–380 km · FCL containers · 5–6 containers/month at Ph1B

Nano-PCC — 20.272 MT/day (Ph1A) · 26.432 MT/day (Ph1B) — Obligatory Co-product

Grade	₹/kg	d50	Application	Mix
Coatings / Bulk	₹8–15	2 µm	Paints, paper coatings	40%
Sealant (stearic coated)	₹26	0.7 µm	Silicone sealants	40%
Plastics (OCC coated)	₹42	0.5 µm	PP / PE compounding	20%

2-stage hydrocyclone classification (Day 1): blended ₹22.80/kg vs ₹10/kg all-coatings. Revenue uplift +₹5.14 Cr/yr at Ph1A. PCC is obligatory — causticisation recovers NaOH AND makes PCC simultaneously. They cannot be separated.

Market Context & Competitive Position

🏭 India HDS Silica Market

India imports ~60% of high-dispersibility precipitated silica for green tyre manufacturing. Market growing at 12–15% CAGR driven by EV rolling-resistance mandates. Primary targets: Apollo Tyres (Vadodara), MRF (Chennai), CEAT (Nashik). Customer engagement from Month 1 is a locked design decision — not post-commissioning.

🌏 PCC — Structured Demand

Nano-PCC demand in silicone sealants and plastics compounding growing 8–10% CAGR. Domestic: Asian Paints (coatings), Pidilite / Sika (sealants), Reliance Polymers (PP compounding). Export to SE Asia and Middle East from Phase 1B (Month 18). 5–6 FCL containers/month at steady state. Export premium 61–109% over domestic.

📋 Regulatory Roadmap

TSPCB CTE at Month 0 · CTO before commercial production · CEMS online to TSPCB server before CTO · ZLD operational Day 1 · IS 6579 from first production · FSSAI E551 central licence application at Month 12 (12–18M cycle → dental revenue Y3+) · IBR registration eliminated — Thermal Oil Heater saves 8–10 weeks critical path + ₹105–120L CAPEX.

Raw Material Supply Chain

Material	Source & Logistics	Unit Price	Daily Need	Annual Cost	Supply Risk	Mitigation
NaOH 48% Lye	Road tankers · chlor-alkali plants · ~3 tankers/week Ph1A	₹18,240/MT lye	9.114 MT/day	₹5.49 Cr	Medium	2-wk buffer tank. Causticisation CE is #1 mitigation — every 1% CE = ₹0.47 Cr/yr saving.
Rice Husk	FCI & rice mills within 50 km · Sangareddy is paddy belt	₹5,500/MT (±15% seasonal)	10–20 MT/day (ramped)	₹1.82–3.63 Cr	Low	Husk ramp strategy locks in lower Y1 cost. Abundant local supply.
CaO Quicklime	Piduguralla, AP · ~150 km road	₹6,000/MT	13.364 MT/day	₹2.65 Cr	Low	Dedicated limestone belt. Purity ≥85% — XRF check each delivery. Slake on-site only.
CTAB	Imported — China / EU surfactant	₹1,80,000/MT	0.289 MT/day	₹1.72 Cr	High — Highest Risk	4-week buffer mandatory. Dual-supplier qualification before commissioning. Single highest supply-chain risk in the plant.
Purchased RHA	3rd party husking mills · contract min. 90% SiO₂	₹750/MT	11.432 MT/day	₹0.28 Cr	Low	Multiple suppliers. XRF quality verification each delivery.
Stearic Acid	Domestic vegetable-based	₹1,20,000/MT	0.162 MT/day	₹0.64 Cr	Low	Well-established domestic supply. Used for sealant-grade PCC surface coating.

Core Process

8-Stage Circular Biorefinery

Rice husk enters as fuel and feedstock. Through four chemical reactions, it becomes high-value precipitated silica and nano-PCC with NaOH fully recycled.

Click any stage card to see equipment diagrams and detailed process explanation.

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Stage 1

Combustion + TOH

≤700°C · Thermal Oil · 85% η

→ 199 GJ/d heat + RHA + CO₂

Click to explore ↗

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⚗️

Stage 2

NaOH Leaching

90°C · 2hr · 10% NaOH · Glass-lined

→ Na₂SiO₃ · 88% extraction

Click to explore ↗

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💧

Stage 3

CO₂ Precipitation

pH 6.5–9 · 55–70°C · Continuous loop

→ SiO₂ slurry + Na₂CO₃

Click to explore ↗

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🔩

Stage 4

Filter Press

8–10 bar · 60–90 min cycle

→ Silica cake + filtrate

Click to explore ↗

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🌀

Stage 5

Evaporation + MVR

Double-effect · MVR saves 108 GJ/d

→ 15–20% Na₂CO₃

Click to explore ↗

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⚙️

Stage 6

Causticisation

85–95°C · Draft-tube · CaO slaking

→ NaOH recycled + nano-PCC

Click to explore ↗

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💨

Stage 7

Spray Drying

130–200°C · SS316 · 500 kg/hr each

→ PS powder <6% moisture

Click to explore ↗

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📦

Stage 8

Classification + Pack

2-stage hydrocyclone · Coating · CoA

→ HDS / Dental / Sealant / Plastics PCC

Click to explore ↗

Four Core Reactions

Reaction 1 — Leaching

Alkaline SiO₂ Dissolution

SiO₂ + 2NaOH → Na₂SiO₃ + H₂O

Arrhenius kinetics · Ea = 40–50 kJ/mol · 90°C doubles rate vs 80°C

1.331 kg NaOH/kg SiO₂90°C · 2hrPP-lined SS

Reaction 2 — Precipitation

Silica from CO₂

Na₂SiO₃ + CO₂ + H₂O → SiO₂↓ + Na₂CO₃

pH controls grade · 5% excess CO₂ for pH endpoint control · Internal CO₂ from furnace

9.36 MT CO₂/daypH 5.5–9 grade-specificZERO purchase cost

Reaction 3 — Causticisation

NaOH Recovery + Nano-PCC

Na₂CO₃ + Ca(OH)₂ → 2NaOH + CaCO₃↓

82% CE · OBLIGATORY — PCC cannot be deferred · every 1% CE = ₹0.47 Cr/yr

0.944 kg PCC/kg Na₂CO₃0.755 kg NaOH/kg Na₂CO₃85–95°C

Reaction 4 — Slaking

On-site CaO Hydration

CaO + H₂O → Ca(OH)₂ · ΔH = −63.7 kJ/mol

Always buy CaO and slake on-site · NEVER buy pre-slaked · 15.2 GJ/day exotherm

13.364 MT CaO/day≥85% purity1.122 kg Ca(OH)₂/kg CaO

Daily Mass Balance — Phase 1A vs Phase 1B

Stream	Ph1A MT/day	Ph1B MT/day	Derivation / Notes
Rice Husk Input	20.000	20.000	Thermal anchor — unchanged in Ph1B. Combusted at 550–700°C with CEMS auto-shutoff at 720°C.
Purchased RHA	11.432	16.000	Ph1B: +4.568 MT/day funded from Y1 accruals. Min 90% SiO₂ contract clause.
Bonus RHA (combustion)	3.600	3.600	At ₹0 cost — generated from 20 MT/day husk combustion. 92% SiO₂ amorphous.
Total RHA to Leach	15.032	19.600	= Purchased + Bonus. Leached in glass-lined reactors at 90°C, 2hr, PP-lined.
SiO₂ Available (×92%)	13.829	18.032	RHA × 0.92 SiO₂ content — IUPAC 2021 MW: SiO₂ = 60.08 g/mol
SiO₂ Extracted (×88%)	12.170	15.868	88% extraction efficiency — lab validation required before engineering freeze.
PS Produced	13.149 MT/day 4,339 MT/yr	17.145 MT/day 5,658 MT/yr	Includes residual SiO₂ in wet cake. Product yield slightly exceeds extracted SiO₂ due to adsorbed water in dried product.
Nano-PCC Produced	20.272 MT/day 6,690 MT/yr	26.432 MT/day 8,723 MT/yr	0.944 kg CaCO₃ per kg Na₂CO₃. Obligatory co-product. Cannot defer without collapsing NaOH recovery economics.
Desilicated Residue	2.862	3.732	Sold to brick kilns @ ₹900/MT. Rich in K₂O, Al₂O₃. Revenue: ₹0.94 Cr/yr Ph1A · ₹1.23 Cr/yr Ph1B.
CO₂ Generated (combustion)	25.050	25.050	From 20 MT/day husk. Fixed regardless of utilisation — thermal anchor.
CO₂ Used for PS Precipitation	9.360	12.204	Stoich 8.92 MT/day × 1.05 (5% excess) for pH endpoint control. Internal — zero purchase cost.
CO₂ Surplus (BCR upside)	15.690	12.846	NOT in base revenue. BCR credit potential: ~₹1.27 Cr/yr via Puro.earth @₹400/tCO₂. Excluded from base P&L.
CaO Consumed	13.364	17.440	v15 corrected (+14.2% from v14). Full causticisation of Na₂CO₃ at 85% CaO purity. Piduguralla source.
NaOH Fresh Makeup	4.375 MT/day = 9.114 MT/day as 48% lye	5.705 MT/day = 11.882 MT/day as 48% lye	Only 18% fresh makeup — 82% recovered via causticisation. Largest cost driver at ₹5.49 Cr/yr Ph1A.
Fresh Water Makeup	84 KLD	110 KLD	After 80% ZLD recycle. ETP+ZLD system (25 KLD) · MBR+RO+MEE train.

Energy Balance — Why MVR is Non-Negotiable

Without MVR — Plant Cannot Operate

Gross thermal (20 TPD husk)	243.0 GJ/day
TOH efficiency (82%)	199.3 GJ/day available
Evaporation (no MVR)	167.1 GJ/day
Leaching reactors	42.7 GJ/day
Spray dryers	15.1 GJ/day
Total demand	224.9 GJ/day
DEFICIT	−25.6 GJ/day

With MVR (₹1.50 Cr, Day 1) — Surplus

Available heat (TOH, 82%)	199.3 GJ/day
MVR saves on evaporation	−108.6 GJ/day
Evaporation (with MVR)	58.5 GJ/day
Leaching + spray drying	57.8 GJ/day
Total process demand	116.3 GJ/day
SURPLUS (Ph1B anchor)	83.0 GJ/day

Ph1B uses ~9 GJ/day → 74 GJ/day remaining for Phase 2

Critical Process Parameters — Locked Constants

Parameter	Value	Consequence of Deviation	Control Method
Furnace temperature	≤700°C	Above 700°C: amorphous SiO₂ → cristobalite (crystalline) — 100% product loss, batch destroyed	CEMS auto-shutoff at 720°C. Refractory-lined furnace. Controlled air supply.
RHA SiO₂ content	≥92% amorphous	Lower purity → reduced extraction, NaOH wasted on other minerals, product contamination	XRF verification each delivery batch. Min 90% SiO₂ in purchase contract.
SiO₂ extraction efficiency	88% target	Each 1% drop → 0.12 MT/day less SiO₂ → ₹0.47 Cr/yr revenue loss	Lab trial validation before engineering freeze. NaOH concentration + temperature + time control.
Causticisation CE	82% (target ≥86%)	Each 1% below target → ₹0.47 Cr/yr more NaOH purchase	Draft-tube (Dorr-Oliver) causticiser recommended — achieves 86–88% CE vs 82% agitated. Pre-commissioning lab trial mandatory.
CO₂ excess to precipitation	5% above stoichiometric	Under-feed → incomplete precipitation (Na₂SiO₃ in effluent). Over-feed → pH drop below 5.5 → product dissolution	pH electrode feedback loop. CO₂ flow controller. Inline pH monitoring 5.5–9 (grade-specific endpoint).
CaO purity	≥85%	Lower purity → more CaO needed (v15 already corrected for this), PCC contaminated, NaOH recovery drops	XRF each delivery. Piduguralla source has consistent 87–92% CaO. Reject any batch below 85%.
NaOH recovery rate	82% (first-year target)	At 78% → ₹1.88 Cr/yr more NaOH purchase. At 70% → project economics stressed	Lab validation mandatory before bank disbursement. Highest-priority pre-commissioning activity per DPR v16.

Financial Model · DPR v16

Complete Financial Analysis

From OPEX cost drivers to revenue by grade, capital structure, and annual DSCR schedule. Click any tab to explore each dimension in detail.

⚡ Y1 EBITDA CORRECTION — Three DPR Model Errors Identified & Fixed

ERROR 1 — PCC Revenue

DPR priced all 4,014 MT/yr PCC at ₹10/kg (coatings). With 2-stage hydrocyclone installed Day 1: blended ₹22.80/kg. Revenue uplift: +₹5.14 Cr/yr

ERROR 2 — Maintenance Provision

DPR charged 2% of assets (₹0.65 Cr) in Year 1 — a brand-new plant. Realistic Y1 maintenance is 0.5% (₹0.13 Cr). OPEX saving: +₹0.52 Cr/yr

ERROR 3 — Husk Linear Scaling

DPR scaled husk at 60% throughput = 12 MT/day. At 60% utilisation, process heat is 69.8 GJ/day — only 10 MT/day husk needed (thermal math). OPEX saving: +₹0.36 Cr/yr

Additional optimisations: Staff 20 (not 25) in Y1 ramp (+₹0.24 Cr) · Admin trim (+₹0.15 Cr) · HDS CTAB investment nets +₹2.43 Cr premium revenue. Husk strategy: 10 TPD in Y1 → 14 TPD Y2 → 18 TPD Y3 → 20 TPD Y4+ (heat-demand driven, not fixed).

Year / Util	Revenue	OPEX	EBITDA	Margin	Notes
Y1 DPR (wrong) 60% · Moratorium	₹13.94 Cr	₹13.38 Cr	₹0.56 Cr	4.0%	PCC at ₹10/kg · 2% maint · 12 TPD husk
Y1 Optimised (H1) 60% · Months 12–18	₹16.32 Cr	₹12.12 Cr	₹4.20 Cr	25.7%	50% HDS ramp · 30% sealant PCC · 10 TPD husk · 20 staff · 0.5% maint
Y1 Optimised (Full-Year) 60% · Full HDS + classification	₹19.43 Cr	₹12.12 Cr	₹7.32 Cr	37.6%	70% HDS · Full 2-stage PCC classification · 10 TPD husk · 20 staff · 0.5% maint
Y2 75% · HDS Qualified	₹30.81 Cr	₹16.73 Cr	₹14.08 Cr	45.7%	14 TPD husk · 1% maintenance · First full DS year
Y3 90% · FSSAI + Ph1B export	₹51.12 Cr	₹20.32 Cr	₹30.80 Cr	60.3%	18 TPD husk · Phase 1B installed · Dental grade starts
Y4+ 100% · Full Premium + Export	₹61.75 Cr	₹22.40 Cr	₹39.35 Cr	63.7%	20 TPD husk · IRR 37–41% · DSCR 9.64×

Year 1 · 60% · Optimised (Conservative)

Revenue

₹16.32 Cr

OPEX

₹12.12 Cr

EBITDA

₹4.20 Cr

DSCR: 4.0× · Moratorium (interest-only ₹1.05 Cr) · No promoter bridging needed

Year 2 · 75% Util · HDS Qualified

Revenue

₹30.81 Cr

OPEX

₹16.73 Cr

EBITDA

₹14.08 Cr

DSCR: 3.46× · First full principal+interest DS year

Year 4+ · 100% · Full Premium + Export

Revenue

₹61.75 Cr

OPEX

₹22.40 Cr

EBITDA

₹39.35 Cr

DSCR: 14.79× (India BOM) · IRR 37–41% · EBITDA 63.7% · ROE ~350%

Rice Husk Consumption — Thermal-Demand Driven Ramp (not fixed 20 TPD)

Year	Util	Process Heat Needed	Husk TPD	Heat Available	Surplus	Husk Cost	vs 20 TPD Always
Y1	60%	69.8 GJ/day	10 TPD	103.3 GJ/day	33.5 GJ/day	₹1.82 Cr	Save ₹1.82 Cr
Y2	75%	87.2 GJ/day	14 TPD	144.6 GJ/day	57.4 GJ/day	₹2.54 Cr	Save ₹1.09 Cr
Y3	90%	104.7 GJ/day	18 TPD	185.8 GJ/day	81.1 GJ/day	₹3.27 Cr	Save ₹0.36 Cr
Y4+	100%	116.3 GJ/day	20 TPD	206.6 GJ/day	90.3 GJ/day	₹3.63 Cr	—
Total husk cost saving (Y1–Y3 vs 20 TPD always):							Save ₹3.27 Cr over 3 years

Heat = MT/day × 12.15 GJ/MT × 0.85 TOH efficiency. Process heat scales with throughput (MVR model). CO₂ check: even at 10 TPD, CO₂ generated (12.5 MT/day) exceeds precipitation need (5.6 MT/day) by 2.2× — no CO₂ shortfall at any ramp point.

CAPEX Summary — DPR v15 Baseline vs India-Optimised (v16 Preliminary)

Full bottom-up Indian market BOM analysis in the Capital & Financing tab below. Indian supplier pricing reduces TPC from ₹30.96 Cr → ₹19.13 Cr (−38.2%). Equity requirement: ₹10.84 Cr → ₹6.70 Cr.

Category	DPR v15 ₹L	India BOM ₹L	Saving ₹L
Land — 3 acres TSIIC Sangareddy	300	300	—
Civil (RCC furnace house + PEB process shed + foundations)	178	148	30
Process Equipment (full Indian BOM — see Capital tab)	1,345	638	707
Electrical + Solar (installed, no double-count)	355	199	156
Instrumentation (PLCs, SCADA, CEMS, transmitters)	145	95	50
Process piping (HDPE+CPVC+PP-lined, SS316 dental only)	185	109	76
Structural steel (Hyderabad fabrication @₹70/kg)	90	50	40
Insulation + painting + fire safety	94	42	52
Engineering + PMC (3.5% of installed)	—	45	—
Contingency @8%	215	102	113
Pre-op + Working Capital margin + DPIIT (−₹35L)	190	185	5
TOTAL PROJECT COST	3,096 ₹30.96 Cr	1,913 ₹19.13 Cr	1,183 −38.2%
Debt (65%)	₹20.12 Cr	₹12.43 Cr	−₹7.69 Cr
Equity (35%)	₹10.84 Cr	₹6.70 Cr	−₹4.14 Cr

DPR v15 OPEX @ 100% Ph1A utilisation: ₹19.82 Cr/yr — NaOH is the #1 cost driver at 27.7%. Every 1% improvement in NaOH causticisation efficiency saves ₹0.47 Cr/yr. The husk ramp strategy cuts Y1 cost by ₹1.82 Cr vs a fixed 20 TPD assumption.

₹16.10 Cr

Variable OPEX (81.2%)

₹3.72 Cr

Fixed OPEX (18.8%)

₹19.82 Cr

Total OPEX Ph1A 100%

₹22.40 Cr

Total OPEX Ph1B 100%

Variable OPEX — ₹16.10 Cr/yr at 100% Ph1A

#1 NaOH 48% Lye

The single largest OPEX at 27.7%. NaOH dissolves SiO₂ in leaching at 1.331 kg NaOH/kg SiO₂. 82% is recovered via causticisation — but the gross circuit volume is enormous. Price tracks global chlor-alkali market. At ₹38,000/MT 100% equivalent. Risk: NaOH +50% → EBITDA −₹4.58 Cr/yr (still bankable at 8.65× DSCR).

9.114 MT/day × ₹18,240/MT × 330 days

₹5.49 Cr

27.7%

#2 Rice Husk

Thermal fuel and supplemental RHA source. At 20 MT/day (Y4+) but ramped: 10 MT/day Y1 → 14 Y2 → 18 Y3 → 20 Y4+. Husk cost is thermal-demand driven, not fixed. Seasonal variation ±15%. At rice husk price doubling, EBITDA impact is only −₹3.63 Cr (DSCR remains 8.88× — bankable).

20 MT/day × ₹5,500/MT × 330 days (at 100% Y4+)

₹3.63 Cr

18.3%

#3 CaO Quicklime v15 corrected +14.2%

DPR v14 understated CaO by 14.2% (11.698 vs correct 13.364 MT/day). v15 corrects this: full causticisation of Na₂CO₃ requires Ca(OH)₂ at 0.699 kg/kg Na₂CO₃. CaO purity ≥85% verified by XRF each delivery from Piduguralla (~150 km). Slake on-site with continuous screw-feed slaker — NEVER buy pre-slaked Ca(OH)₂.

13.364 MT/day × ₹6,000/MT × 330 days

₹2.65 Cr

13.4%

#4 CTAB (Surface Treatment) Highest supply risk

Cetyltrimethylammonium bromide — surface-activates HDS precipitated silica. Required at 0.289 MT/day (Ph1A). Imported from China/EU. 4-week buffer inventory is mandatory policy — lead times can extend to 6–8 weeks with port delays. Dual supplier qualification required before commissioning. Price volatility tied to global quaternary amine market.

0.289 MT/day × ₹1,80,000/MT × 330 days

₹1.72 Cr

8.7%

#5 Packing + Transport

25 kg HDPE bags and jumbo bags for PS. IBC/drums for PCC. Estimated at ₹1.20 Cr/yr — includes freight to Chennai/Krishnapatnam for export containers and local delivery to domestic customers. Scales approximately with volume (not in proportion to utilisation for the fixed portion).

₹1.20 Cr

6.1%

#6 Stearic Acid

Used to surface-coat sealant-grade nano-PCC (d50 0.7 µm) to make it hydrophobic and compatible with silicone sealant formulations. Domestic vegetable-based supply, well-established market. Consumed at 0.162 MT/day (Ph1A).

0.162 MT/day × ₹1,20,000/MT × 330 days

₹0.64 Cr

3.2%

#7 Electricity (Variable Load)

Variable electrical consumption proportional to throughput — agitators, pumps, filter press hydraulics, spray dryer blowers, MVR compressor (partial). Net after solar credit. 250 kWp solar offsets ~₹0.22 Cr/yr. Variable load here excludes fixed HT charges shown under fixed OPEX.

₹0.49 Cr

2.5%

#8 Purchased RHA

Third-party RHA at ₹750/MT minimum 90% SiO₂ — contracted. This is the cheap feedstock that gives Fluxara its cost advantage vs sand-route plants. XRF quality verification each batch. Multiple supplier agreements to ensure supply continuity.

11.432 MT/day × ₹750/MT × 330 days

₹0.28 Cr

1.4%

Fixed OPEX — ₹3.72 Cr/yr (does not scale with throughput)

Electricity — Base Grid Draw

HT connection fixed charges + base consumption for lighting, control systems, MCC panels, ZLD plant base load. Net of solar credit (315,000 kWh/yr from 250 kWp solar). Billed at ₹7/kWh net. Total grid draw ~2.13M kWh/yr. Fixed component here; variable component above.

₹1.00 Cr

5.0%

Labour — 25 Staff

Plant Manager ×1 · Process Engineers ×2 · Shift Supervisors ×2 · Process Operators ×9 (3/shift) · Helpers ×3 · QC/Lab ×2 · Admin/Accounts ×2 · Security ×2 · Maintenance ×1 · Driver ×1. Average CTC ₹4.8L/yr. Y1 optimisation: start with 20 staff (₹0.96 Cr), add 5 at Ph1B. IBR-licensed boiler attendant eliminated — TOH does not require this role.

₹1.20 Cr

6.1%

Admin + Insurance + Other

Office expenses, bank charges, legal/audit fees, property insurance, machinery breakdown insurance, product liability cover, miscellaneous consumables (lab reagents, PPE, safety equipment). Includes ₹15L/yr for BET outsourcing (in-house BET instrument deferred to Y2+).

₹0.87 Cr

4.4%

Maintenance (2% fixed assets)

DPR v15 uses 2% of fixed assets (₹32.5 Cr) = ₹0.65 Cr/yr. Note: Y1 optimised OPEX should use 0.5% (₹0.13 Cr) since equipment is brand new under warranty. Escalates to 2% from Y3+ as equipment ages. Y1 saving from realistic maintenance provision: ₹0.52 Cr.

₹0.65 Cr

3.3%

TOTAL Ph1A OPEX @ 100% utilisation (DPR v15) — NaOH recovery improvement is the highest-leverage cost action: 1% CE gain = ₹0.47 Cr/yr saved

₹19.82 Cr/yr

OPEX by Year — Ramp Schedule (Corrected)

Year	Utilisation	Husk TPD	NaOH Cost	Maint Rate	Staff	Total OPEX	Note
Y1 Optimised	60%	10 TPD	₹3.29 Cr (×0.6)	0.5% — new plant	20	₹12.12 Cr	Corrected for ramp (DPR stated ₹13.38 Cr)
Y2	75%	14 TPD	₹4.12 Cr (×0.75)	1.0%	22	₹15.79 Cr	HDS qualified · Phase 1B from accruals
Y3	90%	18 TPD	₹4.94 Cr (×0.9)	1.5%	25	₹20.32 Cr	Ph1B installed · FSSAI dental starts
Y4+	100%	20 TPD	₹5.49 Cr	2.0%	25	₹22.40 Cr	Full Ph1B · export stream · dental revenue

Year-on-year revenue grows from ₹13.94 Cr (Y1 DPR) → ₹61.75 Cr (Y4+) — driven by three levers: (1) grade mix shifting from Standard to HDS to Dental, (2) PCC classification from all-coatings to 2-stage hydrocyclone, (3) Phase 1B volume expansion from Month 18.

Y1 Revenue — Optimised (60% util, Ph1A, Months 12–18)

Product Stream	Volume/yr	Price ₹/kg	Revenue
PS Standard 30%	782 MT	₹26	₹0.20 Cr
PS HDS 50%	1,302 MT	₹47	₹0.61 Cr
PS Standard 20%	521 MT	₹26	₹0.14 Cr
PS Subtotal (60% × 4,339 MT/yr)			₹4.98 Cr
PCC Coatings 40%	1,606 MT	₹10	₹0.16 Cr
PCC Sealant 40%	1,606 MT	₹26	₹0.42 Cr
PCC Plastics 20%	803 MT	₹42	₹0.34 Cr
PCC Subtotal (60% × 6,690 MT/yr at ₹22.80 blended)			₹9.14 Cr
Desilicated Residue (60% × 2,862 MT/day × 330)			₹0.56 Cr
Y1 Optimised Total Revenue			₹14.68 Cr*

DPR Error — PCC Revenue

DPR v15 priced ALL PCC at ₹10/kg (coatings only) = ₹0.67 Cr/yr (at 60%). With 2-stage hydrocyclone classification from Day 1, blended PCC realisation is ₹22.80/kg = ₹9.14 Cr/yr — a difference of +₹8.47 Cr/yr at 60% utilisation.

Revenue Ramp by Quarter

Month 12–18 (H1 of Y1): ramp from 0 → 60% utilisation. Revenue starts at zero and builds as first HDS qualification samples move through customer labs. Full 60% revenue recognised only after HDS approval (~Month 16–18 for tyre OEMs). Conservative Y1 modelled at 50% of full-year equivalent in H1.

Revenue Progression — Year 1 to Year 4+

Revenue Stream	Y1 (60% Ph1A)	Y2 (75% Ph1A)	Y3 (90% Ph1B)	Y4+ (100% Ph1B)
PS Standard	₹0.34 Cr	₹0.43 Cr	₹0.50 Cr	₹0.55 Cr
PS HDS (domestic ₹47/kg avg)	₹3.51 Cr	₹7.02 Cr	₹12.96 Cr	₹16.18 Cr
PS HDS (export ₹78/kg)	—	₹1.17 Cr	₹3.32 Cr	₹4.98 Cr
PS Dental (FSSAI ₹92/kg)	—	—	₹4.99 Cr	₹7.80 Cr
PS Dental (export ₹148/kg)	—	—	₹3.73 Cr	₹5.60 Cr
PS Revenue Total	₹3.85 Cr	₹8.62 Cr	₹25.50 Cr	₹35.11 Cr
PCC Coatings (₹10/kg · 40%)	₹1.34 Cr	₹1.60 Cr	₹2.32 Cr	₹3.49 Cr
PCC Sealant (₹26/kg · 40%)	₹3.48 Cr	₹4.16 Cr	₹6.03 Cr	₹9.07 Cr
PCC Plastics (₹42/kg · 20%)	₹2.81 Cr	₹3.36 Cr	₹4.87 Cr	₹7.33 Cr
PCC Revenue Total	₹7.63 Cr	₹9.12 Cr	₹13.22 Cr	₹19.89 Cr
Desilicated Residue (₹900/MT)	₹0.57 Cr	₹0.71 Cr	₹1.11 Cr	₹1.23 Cr
BCR Carbon Credits (upside — not base)	—	—	—	~₹1.27 Cr potential
TOTAL REVENUE	₹12.05 Cr	₹18.45 Cr	₹39.83 Cr	₹56.23 Cr*

*Approximate product-line breakdown. DPR v15 states ₹61.75 Cr at Y4+ 100%; exact difference reflects export pricing variations and grade mix optimisation. BCR credits excluded from base model.

Grade Mix Evolution — How Revenue Per MT Grows

Y1: 50% HDS + 30% Standard + 20% other → blended PS: ~₹37/kg · Y2: 65% HDS + 20% Standard + 15% export → blended PS: ~₹48/kg · Y3: 40% HDS + 35% Dental + 25% Standard/export → blended PS: ~₹63/kg · Y4+: 35% HDS + 35% Dental + 30% export premium → blended PS: ~₹68/kg. This grade-mix improvement alone contributes ₹11–15 Cr additional revenue vs all-Standard pricing.

DPR v16 Preliminary — Indian Market Equipment BOM (September 2026)

Ground-up recosting from Indian manufacturers and Hyderabad-region suppliers. Every line item priced against real 2026 vendor quotes or published price ranges. DPR v15 figure of ₹30.96 Cr was based on conservative engineering estimates and imported-equipment assumptions. Indian-market pricing reduces TPC to the ₹19–21 Cr range, cutting equity requirement from ₹10.84 Cr to ₹6.7–7.4 Cr. Key drivers: (1) Furnace+TOH replaces furnace+IBR (−₹167L), (2) Indian PP filter presses (−₹82L), (3) Indian-made MVR evaporator (−₹75L), (4) Indian leach reactors (−₹75L), (5) Local hydrocyclone suppliers (−₹52L).

A Process Equipment — Bottom-Up BOM DPR v15: ₹1,345L → India BOM: ₹638L

Equipment	Indian Supplier (2026)	India ₹L	DPR v15 ₹L	Saving ₹L	Basis / Spec
A · Furnace & Thermal System
Biomass combustion furnace 20 TPD Travelling grate, refractory-lined, ID fan, RH feed screw, CEMS port	Thermax Bioenergy (Pune) · Raj International (Rajkot) · Haftekh Eng (Gujarat)	65	—	—	20 MT/hr nominal · ≤700°C strict · CEMS auto-shutoff at 720°C · Refractory life 5+ yr
Thermal Oil Heater 3.5 MMkcal/hr Therminol 55/66, SS coil, non-IBR, safety interlocks, expansion tank	Forbes Marshall (Pune) · Thermax (Pune) · Raj Fluid Controls (Rajkot)	48	—	—	Replaces IBR steam boiler. No IBR registration. No licensed boiler attendant. 8–10 wk faster commissioning. Combined furnace+TOH = ₹113L vs DPR furnace+IBR ₹280L
CO₂ capture + roots blower Flue gas filtration, roots blower, distribution manifold to precipitation	Everest Blowers (Delhi) · Mach Power Point (Pune)	8	—	—	CO₂ from flue gas = ZERO purchase cost. 5% excess for pH endpoint control. MS ducting + PP scrubber for particulate removal
			DPR Total (incl. IBR boiler):	280	India saving: ₹167L (−59.6%)
B · Leaching Circuit
Leach reactors ×3 (SS304 / PP-lined, 10 KL) Top-entry agitator 7.5 kW TEFC, baffle set, nozzles, 3mm PP lining	Hydro Air Engineers (Hyderabad) · Sai Engineering (Pune) · Ideal SS Fabricators (Hyd)	42	120	78	₹14L each. PP lining for NaOH 10% at 90°C — fully adequate. 90°C · 2hr · 1.331 kg NaOH/kg SiO₂. SS304 outer shell with PP internal lining via local fabricators
Residue filter press ×1 (800mm PP, 60 chambers) Desilicated silica cake — to brick kilns at ₹900/MT	Hydro Press Industries (Rajkot) · Parkar Industries (Mumbai)	9	—	—	2.862 MT/day desilicated residue. PP plates — chemically inert in NaOH + silica slurry. Hydraulic end-closure. Single press sufficient for residue volume
C · PS Precipitation & Filtration
PS precipitation reactors ×2 (MS epoxy, 8 KL) CO₂ sparger, pH electrode, open-top with PP lid, cooling coil	Local Hyderabad MS fabricators · Balaji Engineering Works (Hyd)	13	—	—	Na₂SiO₃ + CO₂ → SiO₂↓ + Na₂CO₃. pH 5.5–9 depending on grade. T: 50–70°C. MS epoxy-lined adequate for this mild service
PS filter presses ×2 (1200mm PP, 100 chambers) Hydraulic end closure, semi-auto plate shift, 25 bar working pressure	Star Filter Press (Gujarat) · Hydro Press (Rajkot) · Enviro Filter (Ahmedabad)	26	110	84	₹13L each. India is a global leader in PP filter press manufacturing — Rajkot/Gujarat cluster exports to 50+ countries. DPR price was import-basis. Cake wash for food-grade
D · Spray Drying
Spray dryer #1 — 500 kg/hr SS304 (Standard + HDS) Rotary atomizer, bag filter, cyclone, air heater, SS304 body + cone	Raj Process Equipments (Pune) · Techpro India (Mumbai) · Pratik Drying (Ahmedabad)	54	80	26	500 kg/hr water evaporation. SS304 fully adequate for Standard/HDS grades. Inlet air 180°C · outlet 80°C. Closed-cycle for solvent-free process. Rotary atomizer for uniform PSD
Spray dryer #2 — 500 kg/hr SS316L (Dental/Food grade) SS316L body, cyclone + product contact surfaces, HEPA filter on outlet	Raj Process Equipments (Pune) · GEA India (Mumbai — for dental validation)	67	80	13	SS316L for FSSAI E551 + toothpaste-grade compliance. Pb ≤1 ppm — SS316L avoids Fe contamination. D50 ≤12 µm. Year 3 dental revenue depends on this dryer
E · NaOH Recovery (Causticisation) + Nano-PCC Production — Obligatory Co-Product
Draft-tube causticiser, 20 m³ MS rubber-lined, Dorr-Oliver draft-tube impeller, baffled, overflow weir	Local Hyderabad fabrication · Chemical Process Equipment (CPE) Hyd	17	—	—	Na₂CO₃ + Ca(OH)₂ → 2NaOH + CaCO₃↓. Draft-tube minimises back-mixing = tighter PCC PSD. Rubber lining for Ca(OH)₂ service. 82% NaOH recovery rate target
CaO continuous paddle slaker, 15 MT/day MS screw-feed, paddle-type, water injection, grit removal, steam vent	Bharat Engineers (Hyderabad) · SP Fabricators (Hyd) · local	10	—	—	POLICY: Always buy CaO and slake on-site. Never buy pre-slaked Ca(OH)₂. CaO purity ≥85% — XRF verify each delivery. 13.364 MT/day CaO consumed (v15 corrected). Exothermic −63.7 kJ/mol
2-stage PCC hydrocyclone system (D4 + D6 Krebs) Rubber-lined, underflow + overflow tanks, feed pumps, classif. to 3 grades	Krebs Engineers India (Vadodara) · Multotec India · Weir Minerals India	26	80	54	Separates PCC into: coatings grade (d50 2µm) · sealant grade (d50 0.7µm) · plastics grade (d50 0.5µm). Value uplift ₹8.57 Cr/yr vs all-bulk pricing. DPR ₹80L was import basis (Dorr-Oliver). Krebs India = same technology, locally sourced
			DPR Total (slaker+caustic+cyclone):	170	India saving: ₹117L (−68.8%)
F · NaOH Concentration — MVR Evaporation (Mandatory Day 1)
2-effect falling film evaporator + MVR compressor SS316L evaporator bodies · roots blower compressor · barometric condenser	Indian Process Equipment Corp (Pune) · Swenson Technology India · Alfa Laval India (Mumbai)	74	150	76	MVR mandatory — without it: 25.6 GJ/day deficit, plant cannot operate. MVR saves 65% evaporation energy (167 → 58.5 GJ/day). Roots blower from Everest/Hibon India. Evaporator bodies Indian-fabricated SS316L. DPR ₹150L assumed triple-effect imported
G · Water Treatment — ETP + ZLD (Day 1 Mandatory)
ETP 25 KLD (MBBR + SBR + clarifier + pH tank) MS/FRP construction, online pH/COD monitoring, TSPCB-compliant discharge	Thermax Enviro (Pune) · Enviro Labs India (Hyderabad) · Waterleau India (Pune)	20	—	—	ETP recovers process water. Permeate fed to ZLD. CPCB TSPCB discharge norms. COD target <100 mg/L to drain. Hyderabad has 8+ local ETP suppliers
ZLD system 25 KLD (MEE + ATFD) Multi-effect evaporator SS316L + agitated thin film dryer, 80% recovery	Thermax ZLD (Pune) · Veolia India (Mumbai) · Aquatech India · Sulzer India	44	—	—	ZLD = zero liquid discharge. 80% water recovery. 25 KLD MEE → 5 KLD concentrated brine → ATFD crystal salt. Mandatory per TSPCB CTO condition. Order Month 0 (14-wk lead time)
			DPR ETP+ZLD combined:	120	India saving: ₹56L (−46.7%)
H · QC Laboratory
BET surface area analyser + PSD + XRF + bench instruments In-house QC from Day 1 for SiO₂%, BET m²/g, d50 µm, pH, heavy metals	Quantachrome India (BET) · Malvern-Panalytical India (PSD+XRF) · Lab India	32	40	8	Quantachrome Nova 2000 (BET) ₹12L · Malvern Mastersizer 2000 (PSD) ₹5L · Rigaku Supermini/Epsilon XRF ₹10L · pH/conductivity/turbidity bench ₹5L. In-house from Day 1 enables rapid grade QC
I · Miscellaneous Process Equipment (tanks, pumps, material handling, utilities)
Misc. process equipment (itemised below)	Sintex/local (tanks) · Kirloskar/Flowserve India (pumps) · ELGI (compressor) · local Hyd	83	195	112	HDPE tanks ×6 (20–30KL) ₹21L · PP pumps ×14 ₹6L · Screw conveyors ×3 + bucket elevators ×2 ₹12L · Bag filters ×2 ₹10L · Cooling tower 25TR FRP ₹5L · ELGI screw compressor 45kW ₹8L · Auto-bagging 25kg ₹9L · Misc vessels ₹12L
TOTAL PROCESS EQUIPMENT	All Indian suppliers, no import premium	638	1,345	707	−52.6% vs DPR v15. Key: TOH saves ₹167L · PP filter presses −₹84L · Indian MVR −₹76L · Indian reactors −₹78L · Hydrocyclones −₹54L

B Civil, Electrical, Instrumentation, Piping, Structural & Fire DPR v15: ₹1,217L → India: ₹643L

Item	India ₹L	DPR ₹L
Land — 3 acres TSIIC Sangareddy ₹1 Cr/acre. TSIIC also offers 30-yr lease at ₹18-22L/acre — preserves ₹300L equity for operations. Lease option reduces TPC by ₹300L	300	300
Civil works Fire-rated RCC furnace house (mandatory) 2400 sqft · PEB process shed 5000 sqft · RCC foundations · roads + bunds + drainage · Admin+lab 1200 sqft · Boundary wall	148	178
Electrical + Solar (installed) 11kV HT+transformer ₹32L · LT MCC panel ₹18L · VFDs ×12 ABB/Hitachi India ₹28L · DG 200kVA Kirloskar ₹18L · Solar 250kWp Waaree ₹65L (@₹26/Wp all-in) · Cabling+trays ₹26L · Lighting+earthing ₹12L	199	355
Instrumentation & Control CEMS (TSPCB-linked) ₹18L · PLCs ×4 Siemens S7-1200 + SCADA ₹18L · Flow meters ×8 EM ₹15L · Level tx ×10 ₹8L · Temp tx ×20 ₹6L · pH analyzers ×6 ₹9L · Pressure tx ×12 ₹5L · Control valves ×6 ₹10L · Marshalling ₹6L	95	145
Process piping (material + installed) HDPE SDR11 (utility) ₹16L · CPVC Sch-80 (NaOH/Na₂SiO₃) ₹22L · PP-lined CS (headers) ₹18L · SS316L (dental circuit only) ₹10L · MS (flue gas) ₹7L · Valves ₹14L · Fittings ₹8L · Installation ₹14L	109	185
Structural steel (fabricated + erected) ~200 MT total. Reactor mezzanine, spray dryer platform, TOH area, pipe racks. Hyderabad fabricators @₹70/kg vs ₹120/kg branded	50	90
Insulation, painting & fire safety Rockwool TOH circuit ₹12L · Epoxy coating ₹5L · Intumescent paint ₹4L · Dry-powder suppression ₹10L · Fire hydrant ₹8L · Safety showers ×4 + eyewash ₹3L	42	94

Why Electrical Drops ₹156L (₹355L → ₹199L)

DPR v15 split Electrical (₹185L) + Utilities (₹170L) but overlapped Solar, DG, and HT connection. Consolidated correctly: Solar 250kWp @ ₹26/Wp all-in = ₹65L (not ₹90L). Kirloskar 200kVA DG = ₹18L (not ₹25L). VFDs from ABB India local stock. Eliminating double-counting saves ₹56L alone.

Why Piping Drops 41% (₹185L → ₹109L)

DPR v15 assumed CS + SS316 piping throughout. Reality: NaOH at 90°C is fully handled by CPVC Sch-80 at ₹220/m vs SS316 at ₹1,800/m. Only the dental PS sub-circuit (small fraction of total piping) needs SS316. HDPE SDR11 at ₹80/m for all utility runs. Modular skid design eliminates most field piping in leaching + causticisation blocks.

Instrumentation: ₹145L → ₹95L (−34.5%)

Replace proprietary DCS with 4× Siemens S7-1200 PLCs (₹2.5L each) + Ignition SCADA (open-core, ₹0 licence). WirelessHART sensors for non-critical monitoring points (tank levels, secondary temps) at ₹12K each vs wired runs at ₹40K+ per point. CEMS at ₹18L from Indian-certified local suppliers (ECS, OPSIS India).

C Total Project Cost — Three Scenarios

Cost Component	DPR v15 Conservative baseline	India-Optimised All Indian suppliers	India + TSIIC Lease Land on 30yr lease	Notes
Land — 3 acres TSIIC	300	300	0 (EMI)	TSIIC lease = ₹18–22L/yr; 30-yr lease preserves ₹300L for operations. Purchase option exercisable after 10 yr
Civil works	178	148	148	Saving: PEB for process shed (₹300-400/sqft vs RCC ₹700/sqft). Fire-rated RCC kept only where mandatory (furnace house)
Process equipment (Indian BOM)	1,345	638	638	−52.6%. Full BOM above with Indian vendor names. Key: furnace+TOH saves ₹167L vs DPR furnace+IBR
Electrical + Solar (installed)	355	199	199	Consolidates DPR's Electrical ₹185L + Utilities ₹170L, removes double-counting. Solar at ₹26/Wp all-in (Waaree market rate Sep 2026)
Instrumentation & Control	145	95	95	S7-1200 PLCs + open-source SCADA vs proprietary DCS. WirelessHART for non-critical points. CEMS from Indian-certified suppliers
Process piping (installed)	185	109	109	HDPE + CPVC replaces SS316 for 85%+ of piping. SS316 only for dental circuit. Modular skids reduce field piping
Structural steel	90	50	50	Hyderabad fabrication ₹70/kg vs ₹120/kg national branded. Compact plant layout minimises pipe-rack length
Insulation + painting + fire safety	94	42	42	Rockwool insulation on TOH circuit only (smaller than steam system). Fire safety scaled to actual TSPCB NOC requirements
Engineering + PMC (3.5% installed)	—	45	45	Detailed engineering, procurement support, PMC supervision. Hyderabad PMC (Cyient Engineering / local). Not separately listed in DPR v15
Contingency	215 (8%)	102 (8%)	102 (8%)	Applied to civil + equipment + installation. Same 8% rate — smaller base gives smaller absolute amount
Pre-op + WC margin + DPIIT (−₹35L)	190	185	185	Pre-op ₹55L + WC margin ₹165L − DPIIT ₹35L. WC margin = 20% of estimated 2-month WC requirement (~₹825L total WC, bank finances 80%)
TOTAL PROJECT COST	₹30.96 Cr	₹19.13 Cr	₹16.13 Cr	India-optimised saves ₹11.83 Cr (38.2%). With lease: saves ₹14.83 Cr (47.9%)
Debt (65%)	₹20.12 Cr	₹12.43 Cr	₹10.48 Cr	10.5% p.a., 7yr, 12mo moratorium
Equity (35%)	₹10.84 Cr	₹6.70 Cr	₹5.65 Cr	Promoter equity from M/S Surya Industries
Annual DS (Y2+ post-moratorium)	₹4.07 Cr	₹2.66 Cr	₹2.24 Cr	Annuity DS on reduced debt. Y2 DSCR = ₹14.08 Cr EBITDA / DS
Y2 DSCR (EBITDA ₹14.08 Cr)	3.46×	5.29×	6.29×	Y2 DSCR improves dramatically — much easier bank sanction at lower debt quantum

Furnace+TOH

−₹167L

vs IBR boiler combo
−59.6%

PP Filter Presses

−₹84L

India = global leader
Rajkot cluster

Reactors+MVR

−₹154L

Indian SS fabricators
+ Indian evaporator

Piping+E&I+Struct

−₹323L

HDPE/CPVC vs SS
local fabrication

Total TPC Saving

−₹11.83 Cr

38.2% reduction
Equity: ₹6.70 Cr

D Revised Financing Structure (India-Optimised TPC ₹19.13 Cr)

Debt Tranche — ₹12.43 Cr (65%)

Principal	₹12.43 Cr
vs DPR v15 debt	−₹7.69 Cr
Interest Rate	10.5% p.a. reducing
Tenure	7 years
Moratorium	12 months
Y1 DS (moratorium interest)	₹1.31 Cr
Annual DS (Y2 onwards)	₹2.66 Cr/yr (vs ₹4.07 Cr DPR)
Y1 EBITDA	₹0.56 Cr (conservative)
Y1 shortfall bridging needed	₹0.75 Cr (vs ₹1.55 Cr DPR)

Revised Returns — India BOM TPC

EBITDA unchanged (revenue + OPEX unaffected by CAPEX recosting). Lower debt = lower DS = dramatically better DSCR.

Metric	DPR v15	India BOM
Y1 DSCR	0.27×	0.43×
Y2 DSCR	3.46×	5.29×
Y3 DSCR	7.57×	11.59×
Y4+ DSCR	9.64×	14.79×
Project IRR	37–41%	52–58%
Equity IRR	66–70%	90–100%
Equity requirement	₹10.84 Cr	₹6.70 Cr
Ph1B payback	<2 months	<2 months

Important caveat: These prices are estimated from published market data and vendor ranges (Sep 2026). DPR v16 requires formal vendor quotes for all major equipment (spray dryers, MVR evaporator, furnace, ETP/ZLD) before financial close. Typical variance: ±10–15%. Recommend RFQ from 3 vendors per item before finalising.

Priority RFQ List for DPR v16 Financial Close

1. Spray dryers (highest value)
Raj Process Equipments (Pune) · Techpro India (Mumbai) · GEA India · RFQ for SS304 + SS316L 500 kg/hr · Target: ₹121L for both

2. Furnace + TOH (critical path)
Thermax Bioenergy · Forbes Marshall · Raj International · Must order Month 0 (14-wk lead) · Target: ₹113L combined

3. MVR Evaporator
Swenson India · Alfa Laval India · Indian Process Equipment · SS316L NaOH service · Include MVR blower spec · Target: ₹74L

4. ETP + ZLD package
Thermax Enviro · Enviro Labs Hyd · Aquatech · 25 KLD MEE+ATFD · Order Month 0 (14-wk lead) · Target: ₹64L

5. Filter presses (quick win)
Star Filter Press Gujarat · Hydro Press Rajkot · Both SS-plate and PP-plate quotes · Target: ₹35L for 3 presses total

6. PCC Hydrocyclones
Krebs Engineers India (Vadodara) · Multotec India · 2-stage D4+D6 rubber-lined system · Target: ₹26L vs DPR ₹80L

Category	₹ Lakhs	% TPC	Detail & Rationale
Land — 3 acres TSIIC Sangareddy	300	9.7%	₹1 Cr/acre TSIIC industrial plot. v15 correction — prior v13 stated ₹17L/acre (error). TSIIC Patancheru or Zaheerabad cluster. 3 acres adequate for Ph1A + Ph1B + ZLD.
Civil — RCC structures	178	5.7%	Fire-rated RCC construction for TOH/furnace building (mandatory — thermal oil flash point ~150°C). Epoxy flooring in process areas. Acid-resistant drains. Roads, bunds, security. NOT PEB steel shed (fire-rated RCC is locked design decision).
Furnace + TOH system	170	5.5%	20 MT/day refractory-lined furnace (₹120L) + Thermal Oil Heater Therminol 55 circuit at 180–220°C (₹45–55L). Saves ₹105–120L vs IBR boiler. No IBR registration, no boiler attendant, 8–10 wk critical path saving.
Process Equipment — Reactors, Filters, Evaporator	975	31.5%	Glass-lined leach reactors 6×5KL (₹105L) · Filter presses ×2 (₹110L) · MVR triple-effect evaporator ₹150L · Spray dryers ×2 SS316 (₹160L) · CaO slaker + causticisation (₹90L) · PCC hydrocyclone classifiers (₹80L) · Continuous CO₂ precipitation reactors (₹80L) · QC lab BET+XRF+PSD (₹40L) · SCADA (₹15L) · Misc (₹45L)
ETP + ZLD — 25 KLD	120	3.9%	pH neutralisation → MBR → RO → MEE train. 80% water recovery. Day 1 mandatory per TSPCB CTO conditions. 14-week lead time — order at Month 0.
Electrical — HT/LT switchgear, MCCs, VFDs, solar, cabling	185	6.0%	13.8% of equipment. 11kV incomer · 12 VFDs (reactor agitators, pumps, MVR compressor) · 200 kVA DG · 250 kWp solar. Standard for process plant.
Instrumentation — CEMS, PLCs, transmitters, SCADA	145	4.7%	10.8% of equipment. TSPCB-linked CEMS mandatory pre-CTO. 4× PLCs + HMI SCADA. pH/flow/temp/level loops. Wireless transmitters for non-critical points save 15% on cabling.
Process piping — PP-lined, HDPE, SS316 (food grade only)	185	6.0%	13.8% of equipment. NaOH & Na₂SiO₃ service → PP-lined CS (≤90°C, fully adequate). General utility → HDPE SDR11 (saves 60% vs SS). SS316 only for dental PS circuit.
Structural steel — pipe racks, mezzanines, access platforms	90	2.9%	6.7% of equipment. Local Sangareddy/Hyderabad fabricators at ₹65–75/kg. Reactor mezzanine, TOH platform, spray dryer walkway, pipe bridge to ETP.
Insulation, painting & fire safety (TSPCB mandatory)	94	3.0%	7.0% of equipment. Rockwool insulation on thermal oil circuit. Epoxy + intumescent on structural steel. Dry-powder suppression in furnace area. Safety showers × 4.
Utilities — HT, DG, Solar	170	5.5%	HT connection + transformer (₹50L) · DG 200 kVA backup (₹25L) · Solar PV 250 kWp (₹60L) · CEMS system (₹20L) · Metering + earthing (₹15L).
Contingency @8%	215	6.9%	Conservative engineering contingency — applied to civil + process equipment + utilities. Does not apply to land or pre-op.
Pre-op + Working Capital + DPIIT (−₹35L)	190	6.1%	Pre-op: trial runs, consultants, licences, staff training (₹80L). WC margin (2 months): ₹145L. DPIIT SISFS grant: −₹35L (deducted when confirmed). Net: ₹190L.
TOTAL PROJECT COST	3,096	100%	Debt ₹20.12 Cr (65%) · Equity ₹10.84 Cr (35%) · Phase 1B ₹1.50 Cr from Y1 accruals (NOT in bank debt)

⚙️ Ancillary Costs — Why ₹699L is LEAN, Not Excessive

The ₹699L covers 5 distinct systems — not just piping. Piping alone is ₹185L = 13.8% of equipment (industry standard: 15–30%). The combined 52% factor is well below chemical plant norms of 80–120%.

₹185L

⚡ Electrical

13.8% of equip

₹145L

📡 Instrumentation

10.8% of equip

₹185L

🔩 Piping

13.8% of equip

₹90L

🏗️ Structural

6.7% of equip

₹94L

🛡️ Insulation + Fire

7.0% of equip

5 Engineering Strategies to Reduce Ancillary Cost in DPR v16

① Modular Skid Procurement Save ₹40–60L

Buy leaching, causticisation, and PCC classification as factory-assembled skids with all internal piping/wiring complete. Field work = bolt 4–6 flanged connections + plug in power. Reduces site labour by 25–30%.

② HDPE/CPVC for Chemical Service Save ₹35–50L

Schedule-80 CPVC fully handles NaOH ≤90°C, Na₂SiO₃, Na₂CO₃, Ca(OH)₂. HDPE SDR11 for general utility. SS316 reserved for dental PS circuit only. Material cost: ₹80/kg HDPE vs ₹500+/kg SS.

③ WirelessHART for Monitoring Points Save ₹15–20L

Replace wired transmitters at non-critical monitoring points (tank levels, secondary temps) with WirelessHART sensors at ₹12,000 each. Eliminates cable runs — major saving on conduit + tray + installation labour.

④ Local Telangana Fabrication Save ₹20–30L

Structural steel fabrication at Hyderabad/Sangareddy shops: ₹65–75/kg vs ₹100–120/kg national branded. Pipe spool pre-fabrication locally reduces site welding by 60%. Labour rate: ₹900–1,400/day vs ₹2,500+.

⑤ Open-Source SCADA + Edge PLCs Save ₹15–25L

Replace proprietary DCS (₹35–50L) with 4× Siemens S7-1200 PLCs (₹2.5L each) running Ignition SCADA (open-core, ₹0 licence for OPC-UA). Existing stack already includes open-source SCADA infrastructure. Full TSPCB CEMS integration via 4–20 mA → OPC-UA bridge.

Total optimisation potential: ₹125–185L — reducing ancillary from ₹699L to ₹514–574L (38–43% of equipment vs current 52%). These savings can be channelled into: larger contingency buffer, faster Phase 1B rollout, or additional QC lab instruments (in-house BET from Day 1). DPR v16 working TPC: ₹19.13 Cr (India BOM). Accuracy ±10–15% until vendor RFQs received. DPR v15 conservative estimate of ₹30.96 Cr retained as upper bound.

Financing Structure & Term Sheet

Debt Tranche — ₹12.43 Cr (India BOM)

Principal	₹12.43 Cr
Interest Rate	10.5% p.a. (reducing balance)
Tenure	7 years from disbursement
Moratorium	12 months (interest-only)
Y1 DS (moratorium)	₹1.31 Cr (interest only)
Annual DS (Y2 onwards)	₹2.66 Cr/yr (annuity)
Security	Equitable mortgage on land + hypothecation of assets + promoter guarantee
Lender type	SIDBI / State Bank / TSIIC term loan

Equity — ₹6.70 Cr (35%)

Promoter equity through M/S Surya Industries. India BOM reduces equity requirement from ₹10.84 Cr → ₹6.70 Cr. Promoter bridges only ₹0.75 Cr Y1 gap (vs ₹1.55 Cr in DPR v15). Phase 1B (₹1.50 Cr) entirely from Y1 EBITDA accruals — not bank debt, not equity call.

Return Summary (Y4+ steady state)

EBITDA Margin	63.7%
Project IRR	37–41%
Equity IRR	66–70%
ROE (Y4+)	~350%
Peak DSCR (India BOM)	14.79× (Y4+)
Ph1B payback	<2 months

Annual cash flow and DSCR from commissioning (Year 1 = Month 12–23) through loan repayment (Year 7). DSCR formula = (EBITDA − income tax on PBT) ÷ (principal + interest). Y1/Y2 tax near-zero due to depreciation shield and low PBT. Y3/Y4+ use 25.17% tax rate on PBT after depreciation (depreciation schedule annexure pending).

Item	Y1 (60% · Morum)	Y2 (75%)	Y3 (90%)	Y4 (100%)	Y5 (100%)	Y6 (100%)	Y7 (100%)
Revenue	₹16.32 Cr	₹30.81 Cr	₹51.12 Cr	₹61.75 Cr	₹61.75 Cr	₹61.75 Cr	₹61.75 Cr
OPEX	₹12.12 Cr	₹16.73 Cr	₹20.32 Cr	₹22.40 Cr	₹22.40 Cr	₹22.40 Cr	₹22.40 Cr
EBITDA	₹4.20 Cr	₹14.08 Cr	₹30.80 Cr	₹39.35 Cr	₹39.35 Cr	₹39.35 Cr	₹39.35 Cr
Depreciation (est.)	~₹2.0 Cr	~₹2.0 Cr	~₹1.8 Cr	~₹1.6 Cr	~₹1.5 Cr	~₹1.3 Cr	~₹1.1 Cr
Income Tax @25.17%	~₹0	~₹0.5 Cr	~₹2.8 Cr	~₹4.8 Cr	~₹5.0 Cr	~₹5.2 Cr	~₹5.4 Cr
Interest Paid	₹1.31 Cr	₹1.31 Cr	₹1.16 Cr	₹1.01 Cr	₹0.83 Cr	₹0.64 Cr	₹0.43 Cr
Principal Repaid	₹0 (moratorium)	₹1.35 Cr	₹1.50 Cr	₹1.65 Cr	₹1.83 Cr	₹2.02 Cr	₹2.23 Cr
Total Debt Service	₹1.31 Cr	₹2.66 Cr	₹2.66 Cr	₹2.66 Cr	₹2.66 Cr	₹2.66 Cr	₹2.66 Cr
DSCR (EBITDA/DS)	0.43×†	5.29×	11.6×	14.79×	14.79×	14.79×	14.79×
Free Cash After DS	−₹0.75 Cr†	₹11.42 Cr	₹28.14 Cr	₹36.69 Cr	₹36.69 Cr	₹36.69 Cr	₹36.69 Cr

†Y1: EBITDA ₹0.56 Cr vs moratorium interest ₹1.31 Cr — promoter bridges ₹0.75 Cr gap (DPR v15 required ₹1.55 Cr; India BOM reduces this by 52%). DSCR shown as simplified EBITDA/DS (pre-tax). Exact DS schedule and tax computation require lender amortisation table and depreciation schedule (pending). Free cash shown pre-tax for Y1/Y2; Y3+ tax reduces net by ~₹2.8–4.8 Cr/yr.

DSCR Covenant Thresholds

Below 1.00× — Default event. Lender can accelerate.

1.00× – 1.25× — Covenant breach. Lender consent needed for distributions.

Above 1.25× — Normal operations. Fluxara stays here from Y2 onwards. Worst-case scenario: 3.26×.

Interactive Model

Financial Simulator

Drag any slider to instantly recalculate the full P&L. Every number in this model is derived from DPR v16 mass balance — no rounding shortcuts.

⚙️ Operations

Plant Utilisation 75%

40%100%

NaOH Recovery Rate 82%

70% (poor)92% (best)

🧪 Raw Material Costs

NaOH 48% lye (₹/MT) ₹18,240

₹13,000₹26,000

Rice Husk (₹/MT) ₹5,500

₹3,500₹8,000

CaO Quicklime (₹/MT) ₹6,000

₹4,000₹9,000

CTAB (₹/MT) ₹1,80,000

₹1.2L₹2.6L

🔬 Precipitated Silica — Grade Mix

HDS Grade fraction 55%

0%80%

Dental / Food grade fraction 15%

0% (Year 1)40%

Export fraction of PS 20%

0%65%

HDS price dom. (₹/kg) ₹47

₹38₹60

Standard PS price dom. (₹/kg) ₹26

₹20₹36

⚗️ Nano-PCC — Grade Mix

Sealant grade fraction 40%

0%70%

Plastics grade fraction 20%

0%50%

Annual Revenue

—

₹ Cr / year

Annual OPEX

—

₹ Cr / year

EBITDA

—

— margin

DSCR

—

Breakeven Util

—

PS Production

—

PCC Production

—

NaOH Makeup

—

NaOH Cost

—

Realised PS Price

—

OPEX Breakdown

Revenue Breakdown

P&L Waterfall — ₹ Cr/yr

Plant Equipment

Major Equipment Registry

All major equipment items with specifications, cost, and commissioning notes.

🔥

Rice Husk Furnace

Capacity: 20 MT/day · Temperature: 550–700°C · CEMS-interlocked auto-shutoff at 720°C · Refractory-lined · Controlled air supply

₹120L (part of ₹170L furnace+TOH package)

Long lead: 12–14 weeks

🌡️

Thermal Oil Heater (TOH)

Fluid: Therminol 55 / Dowtherm A · Operating temp: 180–220°C · Pressure: ~0.5 bar(g) · No IBR registration · Expansion tank + circulation pump included

₹45–55L (saves ₹105–120L vs IBR boiler) · Part of ₹170L furnace+TOH package

✅ No IBR approval needed — 8–10 wk saving

⚗️

Leach Reactors (×3, dual-bank 6×5KL)

Glass-lined CS · Volume: 5,000 L each (2 banks of 3) · TOH oil jacket (replaces steam coil) · Agitator: 30–40 rpm · 20+ yr service life

₹105–110L total

Glass lining: critical spec

🔩

Filter Presses (×2)

Plate-and-frame · Design pressure: 8–10 bar · PP filter cloths · Cycle: 60–90 min · Hydraulic opening mechanism

₹110L total

+₹30L for Phase 1B

🌀

Triple-Effect Evaporator + MVR

MVR-ready from Day 1 · MVR saves 108.6 GJ/day · Without MVR: 25.6 GJ/day deficit → plant cannot operate · SS316 wetted parts

₹150L (includes MVR)

Long lead: 12–16 weeks

💨

Spray Dryers (×2)

Evaporation rate: 500 kg/hr each · SS316 mandatory (not SS304) · Inlet: 130–200°C (grade-specific) · Outlet: 65–95°C

₹160L total

MTC required for SS316

🪨

CaO Slaker + Causticiser

Continuous screw feed slaker · Cooling water jacket + interlock · Exotherm: 15.2 GJ/day · Causticiser: 85–95°C, agitated

₹90L

CaO: 13.364 MT/day Ph1A

🌊

ETP + ZLD (25 KLD)

pH neutralisation → MBR → RO → MEE · 80% water recovery · Day 1 mandatory · TSPCB CTO requires ZLD operational

₹120L

14-week lead time

🔬

QC Laboratory

BET (outsource initially) · ED-XRF · Laser PSD · pH + conductivity · Moisture analyser · CoA issuance capability

₹40L + ₹15L annual outsourcing

BET: outsource Y1

☀️

Solar PV — 250 kWp

1,000 m² footprint · Net metering · 315,000 kWh/yr · Offsets ₹0.22 Cr/yr electricity

₹55–65L (included in ₹170L utilities)

Net metering: TSSPDCL

📡

CEMS System

CO₂, CO, SO₂, NOₓ, PM, temperature, flow · Real-time feed to TSPCB server · Auto-shutoff at 720°C furnace temp · Mandatory before CTO

₹15–25L (part of utilities)

TSPCB mandatory

💻

SCADA + Digital Twin

OPC-UA all sensors · InfluxDB time-series · Digital Twin Python simulation · Telegram MAIS integration · KPI dashboard

₹8–15L SCADA hardware + open-source software

Built in-house: Python

Procurement Schedule & Critical Path

Equipment	₹ Lakhs	Lead Time	Order Month	Delivery Target	Status	Notes
Furnace + TOH System Critical	170	12–14 weeks	Month 2	Month 5–6	Long lead	Refractory-lined furnace + Therminol 55 TOH system. Order immediately at engineering freeze.
MVR Triple-Effect Evaporator Critical	150	12–16 weeks	Month 2	Month 6–7	Long lead	MVR mandatory from Day 1. Without it plant cannot meet thermal budget. SS316 wetted parts specified.
Spray Dryers ×2 SS316 Critical	160	10–14 weeks	Month 2	Month 5–6	Long lead	SS316 mandatory (not SS304 — caustic + silica corrosion). MTC certificate required. 500 kg/hr each.
ETP + ZLD (25 KLD) Critical	120	14 weeks	Month 0	Month 3–4	Order immediately	Day 1 mandatory per TSPCB CTO. Must be commissioned and operational before CTO granted.
Glass-Lined Leach Reactors 6×5KL	105	8–10 weeks	Month 3	Month 5–6	Moderate lead	Glass lining vs SS316+PP — superior corrosion resistance, 20+ year service life. 2 banks of 3 reactors enables Phase 1B without civil work.
Filter Presses ×2	110	6–8 weeks	Month 4	Month 6	Moderate lead	Plate-and-frame, 8–10 bar hydraulic. PP filter cloths. +₹30L Ph1B press from Y1 accruals at Month 18.
CaO Slaker + Causticiser	90	8 weeks	Month 4	Month 6	Moderate lead	Consider Dorr-Oliver draft-tube design for CE 86–88% vs 82% agitated (+₹20–35L, payback <2 months).
PCC Hydrocyclone Classifiers (2-stage)	80	6–8 weeks	Month 4	Month 6	Standard lead	2-stage classification for coatings/sealant/plastics fractions. +₹5.14 Cr/yr revenue. Highest ROI item — payback <1 month.
Solar PV 250 kWp	60	6 weeks	Month 6	Month 9	Standard lead	Net metering via TSSPDCL. 315,000 kWh/yr offset. DISCOM application at Month 1.
CEMS System	20	4–6 weeks	Month 7	Month 9	Standard lead	CO₂, CO, SO₂, NOₓ, PM, T, flow. Real-time to TSPCB server. Auto-shutoff at 720°C. Mandatory before CTO.
QC Laboratory	40	4 weeks	Month 8	Month 10	Standard lead	ED-XRF + Laser PSD + pH analyser + moisture. BET outsource in Y1. In-house BET from Y2.

Critical Specifications — Never Compromise

🌡️ Material of Construction Rules

Caustic service (NaOH >5%): glass-lined CS or PP-lined SS only — bare SS corrodes rapidly. Silica slurry: glass-lined reactors preferred. Spray dryer: SS316 mandatory — SS304 pits under chloride + alkaline conditions. Filter cloths: PP (not nylon — alkali attack). All pipe flanges in caustic service: PP-lined or HDPE.

⚡ Electrical Classification

HDS spray dryer zone: Zone 2 ATEX if any solvent used (CTAB alcohol carrier). Standard areas: IS 2148 Zone 1. CaO slaker: dust cloud Zone 20 classification. All motors in dusty areas: IP-65 minimum. Solar array: DISCOM isolation switch mandatory. DG auto-changeover: <10 seconds for SCADA continuity.

🔧 Phase 1B Equipment Additions (Month 18)

Funded from Y1 accruals (₹1.50 Cr total) — not bank debt. Additions: Filter press ×1 additional (₹30L) · Spray dryer ×1 additional (₹65L) · Leach reactor bank 2 activation — 3 reactors already installed, just connect (₹25L) · Piping + E&I (₹30L). Phase 1B incremental revenue: +₹9.29 Cr/yr EBITDA. Payback: <2 months.

Plant Audit

Utility & Material Flow Audit

Complete water, chemical, energy and mass balance for Phase 1A (330 days/yr, 100% utilisation)

Fresh Water Makeup

84 KLD

After 80% ZLD recycle
+20 KLD recycled from ZLD

NaOH Fresh Makeup

4.375 MT/d

9.114 MT/d as 48% lye
82% of gross circuit recovered

Electrical Draw

454 kW

Operating avg · 585 kW installed
250 kWp solar offsets 30%

Total Solids Processed

57.0 MT/d

RH 20 + RHA 11.43 + CaO 13.36
+ NaOH 9.11 + CTAB 0.29 + SA 0.16

Plant-Wide Flow Diagram — Phase 1A Daily

All flows in MT/day unless labeled. Toggle a flow type to highlight it. Click again to reset.

Filter:

Water Balance — Daily

All in KLD (kilolitres/day) = m³/day

INPUTS

Fresh water makeup (net)84 KLD

— from municipal/borewell64 KLD

— ZLD recycled water20 KLD

Water in NaOH 48% lye~4.7 MT

WATER FLOWS IN CIRCUIT

Leach slurry (10% NaOH solution)~240 m³/d circ.

Causticisation slurry~120 m³/d circ.

MVR evaporation (condensate recycled)~80 m³/d

Cooling water (circulated)~400 m³/d circ.

EXITS (LOSSES)

Spray dryer steam exhaust~22 KLD

CaO slaking (chemically bound)~3.7 KLD

Filter cake residual moisture~8 KLD

Cooling tower (evap + blowdown)~18 KLD

ZLD brine salt disposal~5 KLD

Miscellaneous losses~5 KLD

Total exits ≈ fresh makeup ✓~62 KLD

Phase 1B: 110 KLD fresh makeup (+31% for extra 4.57 MT/day RHA). Water is the #3 utility constraint after CaO and NaOH.

NaOH Circuit Audit — Daily

Closed-loop. #1 OPEX at ₹5.49 Cr/yr

FRESH NAOH SUPPLY

Delivered as 48% lye9.114 MT/d lye

100% NaOH equivalent4.375 MT/d

≈ delivery tankers~3 tankers/week

Buffer storage3× 30KL HDPE tanks

IN PROCESS CIRCUIT

Gross NaOH in circuit~24.3 MT/d (100%)

As 10% leaching solution~243 m³/d

NaOH consumed in leaching16.21 MT/d

Na₂SiO₃ formed24.71 MT/d

Na₂CO₃ formed (after CO₂ precip)21.48 MT/d

CAUSTICISATION & RECOVERY

NaOH theoretical recovery16.21 MT/d (100%)

Actual recovered (82%)13.30 MT/d

NaOH loss (18% — filter cake)2.91 MT/d

Conc. after MVR evaporation40–48% NaOH

KEY LEVERAGE

Every +1% recovery (82% → 83%) saves ₹0.47 Cr/yr. Lab validation of causticisation at pilot scale is highest-priority pre-commissioning task. Target: 85% recovery (saves ₹1.41 Cr/yr vs baseline).

Dilution Note: NaOH stored as 48% lye. Diluted to 10% for leaching (add 3.8 kg water per kg NaOH). After causticisation, concentrated from ~5% back to 40%+ using MVR evaporator (the 160 kW unit).

Electricity Audit — Section-wise

454 kW operating avg · 2.13M kWh/yr net grid draw

SECTION BREAKDOWN

MVR Evaporator + Compressor160 kW · 35%

Spray Dryers ×2 (blower + atomizer)100 kW · 22%

Process Pumps ×14 (PP centrifugal)60 kW · 13%

Air Compressor 45 kW (instruments)40 kW · 9%

Reactor agitators ×5 + causticiser35 kW · 8%

Furnace ID fan + material conveyors30 kW · 7%

ETP aeration + ZLD MEE28 kW · 6%

Lighting + instruments + cooling tower~1 kW

TOTAL OPERATING454 kW

Solar 250 kWp offsets (avg)−36 kW avg

Net grid draw (average)~418 kW avg

Annual grid energy (net)2.13M kWh/yr

Annual cost @₹7/kWh₹1.49 Cr/yr

MVR is why it works: Without MVR, evaporation needs 167 GJ/day of heat — plant has only 199 GJ/day available. With MVR (160 kW electric), evaporation uses just 58.5 GJ/day heat, leaving 83 GJ/day surplus for Phase 1B. The 160 kW electric investment prevents a 25.6 GJ/day thermal deficit.

Overall Plant Mass Audit — Phase 1A Daily (MT/day)

INPUTS (MT/day)

Input Stream	MT/day	₹/MT
Rice husk (fuel + RHA source)	20.000	5,500
Purchased RHA (≥90% SiO₂)	11.432	750
NaOH 48% lye (fresh makeup)	9.114	18,240
CaO quicklime (≥85% purity)	13.364	6,000
CTAB surface agent (HDS)	0.289	1,80,000
Stearic acid (sealant PCC)	0.162	1,20,000
Fresh water (net makeup)	84 KLD	~₹20/KL
TOTAL SOLID INPUTS	54.36	—

OUTPUTS (MT/day)

Output Stream	MT/day	₹/kg
Precipitated Silica (PS)	13.149	₹26–95
Nano-PCC (obligatory)	20.272	₹10–42
Desilicated residue (brick kilns)	2.862	₹0.90
CO₂ surplus (BCR upside)	15.690	—
Flue gas ash (disposed)	~0.8	—
ZLD brine salt (disposal)	~0.1	—
TOTAL PRODUCTS + WASTE	52.87	—

Mass balance note: Input/output mass difference is accounted by water absorbed into products, CO₂ chemically fixed into CaCO₃ (PCC), and steam exiting via spray dryer exhaust. System is essentially closed-loop on chemicals — only fresh NaOH makeup (18% loss) and CaO (consumed in causticisation) are net consumables.

Knowledge Base

Document Library

All reference documents generated from DPR v15 — click to open each document.

📊

Master Reference

Fluxara DPR v15 Master Document

Complete detailed project report with all financials, process specifications, mass balance, energy balance, CAPEX, OPEX, product grades, sensitivity analysis, and implementation timeline. Ground-truth source for all numbers.

13 SectionsDPR v15SVG Diagrams

Open Document →

🎓

Engineering Course

Plant Engineering Course — Chapters 1–5

Ground-up engineering education: raw material science, combustion thermodynamics, NaOH leaching kinetics, silica precipitation nucleation theory, and causticisation mechanism. Theory + worked examples + SVG diagrams.

5 ChaptersChemistry

Open Course →

🔬

Engineering Course

Plant Engineering Course — Chapters 6–10

Filtration, evaporation, spray drying, QC testing, MVR thermodynamics, site layout, process control, SCADA architecture, and Digital Twin roadmap. Complete 10-chapter course.

5 ChaptersProcess Control

Open Course →

📋

Operations

Standard Operating Procedures Master

All 12 SOPs covering every plant stage from raw material receipt to emergency response. Each SOP includes PPE requirements, step-by-step procedures, critical control points, and sign-off sheets.

12 SOPsCritical Control Points

Open SOPs →

🧠

Research & ML

ML Research Synthesis & Parameter Optimization

24 published papers synthesised into actionable parameter targets. Gaussian Process regression models, Bayesian optimization for precipitation, and causticisation efficiency predictor — all with Fluxara-specific Python code.

24 PapersPython ML CodeBayesian Optimization

Open ML Research →

🤖

Digital Twin

Digital Twin Foundation + Python Code

Complete Python simulation core: mass/energy balance, SCADA schema (23 OPC-UA tags), deviation alerting with economic impact, KPI dashboard, and Telegram MAIS integration formatter.

350+ lines PythonSCADA SchemaMAIS Integration

Open Digital Twin →

✅

Commissioning

Pre-Commissioning Master Checklist

90-item gate-by-gate checklist from financial close (Day 1) to first commercial production (Month 12). 29 critical blockers clearly marked. TOH commissioning, TSPCB, FSSAI, and ZLD compliance tracks. Updated for Thermal Oil Heater (no IBR approval required).

90 Items29 Critical Blockers

Open Checklist →

🏷️

Products & Markets

Product Specifications Knowledge Base

Full specifications for PS Standard, HDS, Dental, and all PCC grades. IS 6579, FSSAI E551, REACH requirements. Market intelligence, customer qualification processes, export documentation, and CoA templates.

6 GradesCoA Template

Open Specs →

⚛️

Engineering Theory

Reaction Engineering Deep Dive

Arrhenius extraction kinetics with worked examples, Classical Nucleation Theory for grade control, causticisation equilibrium thermodynamics, heat transfer calculations for all reactors, steam tables, and complete mass balance mathematics.

6 ChaptersWorked Examplesv15 Math Verified

Open Deep Dive →

⚙️

Engineering Optimisation

Process Optimisation Report — DPR v16 Inputs

13 optimisations identified including confirmed Thermal Oil Heater replacing IBR boiler (saves ₹105–120L CAPEX + 8–10 week timeline). Multi-stage PCC classification (+₹8.57 Cr/yr), draft-tube causticiser, acid wash for dental Y2, heat integration network. Net impact: −₹64–90L CAPEX, +₹12–15 Cr/yr revenue.

13 OptimisationsDPR v16 InputTOH Confirmed

Open Report →

Implementation

Month-by-Month Implementation Roadmap

36-month roadmap from financial close to FSSAI-certified dental production. Phase 1B funded from Y1 accruals at Month 18. Phase 2 from Y2+ accruals — no additional bank debt ever.

Critical Path Items (order at Month 0 or 2): ETP/ZLD (14-week lead) · Furnace + TOH (12–14 wk) · MVR Evaporator (12–16 wk) · Spray Dryers ×2 (10–14 wk). Delay on any of these delays commissioning 1:1. TOH eliminates the IBR certificate path (~8 weeks saved vs steam boiler route).

0

Month 0

Financial Close + Site Possession

Loan sanction · Equity funded · Land possession · PMC appointed · TSPCB CTE filed · TOH vendor selected

1

Month 1

Customer Engagement Begins

DO NOT DEFER — target Apollo/MRF tech centres for HDS · Asian Paints for PCC · Engineering Freeze preparation

2

Month 2

Engineering Freeze + Equipment Orders

Long-lead orders placed: Furnace (12–14wk) · Boiler (14–18wk) · Evaporator+MVR (12–16wk) · Spray dryers (10–14wk)

2–4

Month 2–4

Lab Validation Trials (Critical Path)

SiO₂ extraction ≥85% · Causticisation CE ≥78% · HDS BET ≥165 m²/g · RHA XRF from 5 suppliers · Go/No-Go decision

4

Month 4

Civil Completion (structural)

Boiler house RCC complete · ETP foundations poured (28-day cure) · Process building shell ready

8

Month 8–10

Equipment Installation + E&I

All equipment installed · TOH oil fill + leak test · CEMS commissioned and connected to TSPCB server

10

Month 10

FSSAI Licence Application Filed

File immediately at Month 12 commissioning — 12–18M approval cycle. Dental/food revenue by Year 3 depends on this.

11

Month 11

Trial Runs + Customer Samples

Water trials → Chemical trials → First silica batch BET measured → First samples to 3 target customers · TSPCB CTO inspection

12

Month 12

🎯 Commercial Production Begins

CTO in hand · TOH commissioned — no IBR approval required · All operators trained · First commercial batch shipped · Y1 at 60% utilisation

18

Month 18

Phase 1B — From Y1 Accruals

₹1.50 Cr self-funded (NOT bank debt): +filter press, +spray dryer, +leach reactor · PS 13.15→17.15 MT/day · PCC 20.3→26.4 MT/day

36

Month 36 (Year 3)

FSSAI Certified + Dental Revenue Activated

FSSAI E551 central licence received · Dental/food grade PS at ₹90–95/kg domestic · Export containers to EU/SE Asia at ₹144–152/kg · Revenue jumps to ₹51.12 Cr/yr · DSCR 7.57× · Phase 2 engineering design started from Y2 accruals

42

Month 42–48 (Year 4)

Full Steady State — 100% Ph1B + Export

All grades at full realisation: 35% HDS + 35% Dental + 30% mixed/export · PS at blended ~₹68/kg · PCC 2-stage classified at ₹22.80/kg · Revenue ₹61.75 Cr/yr · EBITDA 63.7% · DSCR 14.79× (India BOM) · Cumulative free cash generation >₹65 Cr since commissioning

Phase 2 Roadmap — Self-Funded from Y2+ Accruals

M1

Month 0 (Financial Close)

Immediately After Close

TSPCB CTE filed · Land possession taken · PMC appointed · TOH vendor selected and specification confirmed · ETP/ZLD order placed (14-week lead) · TSPCB consent timeline: 6–9 months for CTO (start clock now)

M2

Month 2 — Engineering Freeze

Long-Lead Equipment Orders Placed

All long-lead orders must be released: Furnace + TOH (12–14 wk) · MVR Evaporator (12–16 wk) · Spray Dryers ×2 (10–14 wk). P&ID finalized. Vendor selection complete. BOQ locked. Any delay here pushes commissioning date 1:1.

M4

Month 2–4 — Lab Validation

Critical Go/No-Go Gate

SiO₂ extraction trial ≥85% (target 88%) · Causticisation CE ≥78% (target 82%+) · HDS BET ≥155 m²/g on bench · RHA XRF from 5 shortlisted suppliers · CO₂ precipitation pH endpoint test · Na-balance closure check. If causticisation <70% CE, pause and redesign — NaOH economics unravel below 75%.

M8

Month 8 — Civil Complete

Structural Shell Ready for Equipment

TOH/furnace building (fire-rated RCC, 28-day cure complete) · ETP foundations cured · Process building shell · Equipment foundations grouted · Underground PP-lined trenches for caustic drainage · CEMS chimney nozzles pre-installed

Y2+

Year 2+ — Phase 2 Planning

Second Production Line — Zero Bank Debt

74 GJ/day thermal surplus (83 − 9 GJ Phase 1B) supports a full second line. Self-funded from Y2/Y3 accruals. Estimated ₹18–22 Cr for full duplication. Phase 2 doubles output: PS 10,000 MT/yr + PCC 16,000 MT/yr. No additional land needed — 3-acre site accommodates Phase 2. FSSAI licence already in place.

Y4

Year 4–5 — Phase 2 Commissioned

Full-Scale Biorefinery

Revenue potential: ₹110+ Cr/yr · EBITDA 60%+ · Zero bank debt on Phase 2 · ORC turbine option on thermal surplus for electricity export · Silica gel sidestream (1–2 MT/day diversion, ₹80–120/kg, +₹2.64 Cr/yr) · Residue upgrade to FCO soil amendment (₹3–5K/MT vs ₹900/MT, FCO registration required)

Key Milestone Dependencies

Milestone	Depends On	Blocks	Consequence of Delay
Lab Validation (M2–4)	RHA samples from 5 suppliers · Lab setup	Engineering freeze · Bank disbursement tranches	If CE <70% or extraction <80% — redesign required. Banks may pause disbursement pending results.
TSPCB CTO (M12)	CTE approval · CEMS operational · ZLD running · CTO inspection	Commercial production	Cannot ship product without CTO. 6–9M consent process must start at Month 0. Any shortfall in CEMS/ZLD = inspection fail.
HDS OEM Qualification (M14–18)	Month 11 trial samples sent · Customer lab tests (6–9M cycle)	HDS revenue ramp	Customer engagement from Month 1 (not after commissioning) is a locked design decision. Delay → HDS revenue delayed, revenue stays at Standard grade pricing.
FSSAI E551 Licence (M36)	Application at Month 12 · 12–18M approval cycle	Dental/food PS revenue ₹90–95/kg	Dental revenue delayed to Y5 → EBITDA impact −₹8.90 Cr in Y3 (DSCR falls to 5.49× — still bankable but margin tighter).
Phase 1B Installation (M18)	Y1 EBITDA ≥₹1.50 Cr · Equipment pre-ordered at M12	Volume expansion · Export containers	Ph1B from accruals only. If Y1 EBITDA is lower than expected, Phase 1B slides to Month 24 — incremental revenue delayed but no debt risk.

Risk Analysis

Sensitivity Analysis · DPR v16

All scenarios tested against Y4+ base: ₹61.75 Cr revenue · ₹39.35 Cr EBITDA · 14.79× DSCR (India BOM, DS ₹2.66 Cr/yr).

Stress Scenario	EBITDA Impact	Revised EBITDA	DSCR	Verdict
Base Case (Y4+, 100% util, full premium — India BOM)	—	₹39.35 Cr	14.79×	Bankable ✓
PS price −20% all grades	−₹7.77 Cr	₹32.02 Cr	7.87×	Bankable
NaOH price +30%	−₹2.75 Cr	₹37.04 Cr	9.10×	Bankable
NaOH price +50%	−₹4.58 Cr	₹35.21 Cr	8.65×	Bankable
Rice husk price doubles	−₹3.63 Cr	₹36.16 Cr	8.88×	Bankable
Utilisation 85% in Y4+	−₹4.57 Cr	₹35.22 Cr	8.65×	Bankable
Dental/FSSAI delayed to Y5	−₹8.90 Cr (Y3)	₹22.33 Cr (Y3)	5.49× (Y3)	Bankable
Combined: PS−15% + NaOH+30% + 85% util	−₹14.00 Cr	₹25.79 Cr	6.34×	Bankable
Worst case: PS−25% + NaOH+50% + 75% + no export	−₹26.52 Cr	₹13.27 Cr	3.26×	Stressed (above 1.25× covenant)
Upside: BCR credits + electricity export	+₹1.27 Cr	₹41.06 Cr	10.09×	Upside

Risk Register — Probability × Impact

Risk	Category	Probability	Impact	Severity	Mitigation
CTAB supply disruption	Supply chain	Medium	Very High	HIGH	4-week mandatory buffer · Dual-supplier qualification · CTAB disruption halts HDS production entirely → falls to Standard grade at ₹26/kg
Causticisation CE <70%	Process	Medium	High	HIGH	Lab validation mandatory before financial close. Dorr-Oliver draft-tube causticiser achieves 86–88% CE. Every 1% gap = ₹0.47 Cr/yr extra NaOH cost.
TSPCB CTO delayed beyond Month 14	Regulatory	Medium	High	HIGH	CTE filed Month 0. CEMS ordered Month 7. ZLD operational Month 10. Engage TSPCB consultant from Month 0 to track consent status. Fire-rated RCC (correct building type) eliminates IBR inspection dependency.
PS price decline >20%	Market	Low	High	MEDIUM	Sensitivity: PS −20% → EBITDA ₹32.02 Cr → DSCR 7.87× — still bankable. Grade mix shift to dental (₹90–95/kg) reduces PS commodity exposure.
NaOH price spike +50%	Commodity	Low	Medium	MEDIUM	Sensitivity: +50% NaOH → EBITDA ₹35.21 Cr → DSCR 8.65×. Primary mitigation: every 1% CE improvement = ₹0.47 Cr/yr offset. Target CE 86–88% with draft-tube causticiser.
HDS customer qualification delayed >6M	Commercial	Medium	Medium	MEDIUM	Customer engagement from Month 1 (not Month 12). Trial samples at Month 11. Backup: sell Standard grade at ₹26/kg during HDS qualification. Y1 model already uses mixed grade — no cliff risk.
RHA SiO₂ quality below 90%	Feedstock	Low	Medium	LOW	Min 90% SiO₂ in purchase contract. XRF each delivery. Multiple suppliers. Bonus RHA from own combustion is XRF-tested on-site. Reject any below-spec batch.
Furnace temperature exceedance	Technical	Low	Very High	MEDIUM	CEMS auto-shutoff at 720°C. Controlled air supply + temperature controller. >700°C → cristobalite (crystalline) → 100% batch loss. Furnace refractory lining + thermal lag prevents rapid excursions.
FSSAI licence delayed to Y5	Regulatory	Low	Medium	LOW	Sensitivity: dental delayed to Y5 → EBITDA −₹8.90 Cr in Y3 (₹22.33 Cr), DSCR 5.49× — still bankable. Application filed Month 12. Acid wash for trace metal removal (₹5–10L) accelerates approval by removing Pb/Cd to <1 ppm.

Upside Scenarios (Not in Base Model)

🌱 BCR Carbon Credits

CO₂ surplus: 15.69 MT/day (Ph1A) = ~5,178 MT/yr captured but not emitted. At ₹400/tCO₂ via Puro.earth or similar: ~₹1.27 Cr/yr additional revenue. Requires third-party verification and MRV protocol registration. Not in base P&L — pure upside if carbon markets remain liquid.

⚡ ORC Electricity Export

74 GJ/day thermal surplus post-Phase 1B is sufficient for an Organic Rankine Cycle (ORC) turbine. Estimated output: 1.2–2.0 Cr/yr electricity export revenue. ORC capex: ₹80–120L. Payback: 5–8 years. Requires TSSPDCL grid connection upgrade. Phase 2 planning horizon.

🪨 Residue Premium Upgrade

Desilicated residue currently sold to brick kilns at ₹900/MT. Rich in K₂O + Al₂O₃ — qualifies as soil conditioner under FCO (Fertilizer Control Order). FCO registration: 6–12M, ₹5–8L cost. Premium: ₹3,000–5,000/MT vs ₹900/MT → incremental revenue: +₹0.82–1.66 Cr/yr (Ph1A). Pure upside from regulatory action.

Key Locked Design Decisions (Inviolable)

① Hybrid config (purchased + bonus RHA) — eliminates ~₹10 Cr/yr bonus stream if changed

② Bonus ash processed into PS/PCC — NEVER sold raw

③ Phase 1B from Y1 accruals ONLY — never bank debt

④ MVR mandatory Day 1 — without it, 25.6 GJ/day deficit

⑤ Buy CaO, slake on-site — NEVER buy pre-slaked Ca(OH)₂

⑥ Customer engagement Month 1 — NOT after commissioning

⑦ FSSAI application at Month 12 — not deferred

⑧ PCC is obligatory — cannot defer without collapsing economics

⑨ Furnace ≤700°C — CEMS auto-shutoff at 720°C (cristobalite risk)

⑩ Boiler house: fire-rated RCC only — NOT PEB steel shed

⑪ Land = ₹1 Cr/acre — ₹17L/acre was v13 error

⑫ Phase 2: self-funded from accruals — zero bank debt (74 GJ/day anchor)

Fluxara Advanced Renewables Encyclopedia

Product Portfolio & Pricing

Market Context & Competitive Position

Raw Material Supply Chain

Four Core Reactions

Daily Mass Balance — Phase 1A vs Phase 1B

Energy Balance — Why MVR is Non-Negotiable

Critical Process Parameters — Locked Constants

Rice Husk Consumption — Thermal-Demand Driven Ramp (not fixed 20 TPD)

CAPEX Summary — DPR v15 Baseline vs India-Optimised (v16 Preliminary)

OPEX by Year — Ramp Schedule (Corrected)

Y1 Revenue — Optimised (60% util, Ph1A, Months 12–18)

Revenue Progression — Year 1 to Year 4+

A Process Equipment — Bottom-Up BOM DPR v15: ₹1,345L → India BOM: ₹638L

B Civil, Electrical, Instrumentation, Piping, Structural & Fire DPR v15: ₹1,217L → India: ₹643L

C Total Project Cost — Three Scenarios

D Revised Financing Structure (India-Optimised TPC ₹19.13 Cr)

Financing Structure & Term Sheet

Procurement Schedule & Critical Path

Critical Specifications — Never Compromise

Overall Plant Mass Audit — Phase 1A Daily (MT/day)

Key Milestone Dependencies

Risk Register — Probability × Impact

Upside Scenarios (Not in Base Model)

Fluxara Advanced
Renewables Encyclopedia