Business Valuation

Fairness Opinion

Independent assurance for critical decisions

Our fairness opinions provide an unbiased, expert evaluation of the financial terms of a transaction, ensuring that stakeholders receive fair value and that decision-making is transparent and defensible.

How We Add Value:

Deliver independent opinions on mergers, acquisitions, buybacks, and related-party transactions
Assist boards and shareholders in meeting fiduciary and regulatory responsibilities
Reinforce transaction credibility with objective valuation assessments
Support in negotiations and dispute resolution with fact-based analysis

What We Offer:

Detailed fairness opinion reports
Independent valuation and benchmarking analysis
Compliance with SEBI, Companies Act, and other regulatory standards
Expert certification and presentation support for board and investor review

Internal Restructuring

Build a stronger, more agile organization

We help companies realign their business and capital structures to enhance efficiency, profitability, and long-term resilience. Whether driven by financial optimization, tax efficiency, or strategic transformation, our restructuring solutions are designed to deliver sustainable results.

How We Add Value:

Assess current business and financial structure for optimization opportunities
Design and implement restructuring strategies (demergers, amalgamations, capital reorganization, etc.)
Ensure tax-efficient and compliant structuring in line with regulatory frameworks
Support stakeholder communication and change management during transitions
Enhance operational efficiency and governance post-restructuring

What We Offer:

Comprehensive restructuring plans and implementation roadmaps
Financial and legal structure reviews
Tax and regulatory compliance documentation
Scenario analysis and risk assessment reports
Execution support with end-to-end project management

Mergers & Acquisitions

Unlock growth through strategic deals

Our M&A advisory services guide you through the complexities of buying, selling, or merging businesses. From opportunity assessment to seamless execution, we ensure each transaction aligns with your strategic and financial goals.

How We Add Value:

Identify and evaluate suitable acquisition or merger targets
Conduct comprehensive financial, commercial, and operational due diligence
Structure and negotiate deals to maximize value and minimize risk
Manage end-to-end transaction processes — from valuation to integration
Provide post-merger integration support for smooth transitions

What We Offer:

Deal structuring and transaction strategy reports
Valuation and due diligence documentation
Negotiation support and term sheet preparation
Integration planning and synergy realization frameworks
Regulatory and compliance assistance throughout the transaction

Valuation of Inventory, Stock and Receivables

The rise in mergers and acquisitions, private equity investments and the broader shift toward fair value–based accounting has increased the need for reliable valuation of inventory, stock and receivables during transactions and restructuring exercises.

Inventory valuation reflects the monetary value of goods held for sale, based on the cost of acquisition and preparation for sale. Appropriate adjustments must be made for obsolete, damaged or slow-moving items to ensure an accurate representation of value.

Receivables—particularly trade receivables—often form a significant part of an organisation’s asset base. Their valuation requires careful consideration of ageing, recoverability, potential bad debts and any factors that may affect realisable value.

Treu assists organisations in determining fair and accurate values for inventory, stock and receivables, applying established valuation approaches and tailoring assumptions to the specifics of each business. Our assessments support transaction processes, financial reporting and internal decision-making.

Valuation of ESOPs and Sweat Equity

Financial instrument valuation involves determining the fair value of equity and debt securities, structured products, derivatives such as options and futures, and instruments with embedded features like convertible bonds or preference shares. These valuations are often required for commercial decision-making, financial reporting and various regulatory compliances.

Treu provides independent and technically robust valuations across the full spectrum of financial instruments, ensuring accuracy, transparency and adherence to recognised valuation and accounting standards.

Financial Instruments We Value

Treu offers valuation services across a wide range of financial instruments, including:

Equity Instruments
Non-Convertible Bonds and Debentures
Options, Warrants, Grants, Rights and Other Derivatives
Futures, Options and Forward Contracts
Hybrid Instruments and Structured Products
Financial Liabilities

Valuation of Financial Securities, Instruments & Derivatives

Financial instrument valuation involves determining the fair value of equity and debt securities, structured products, derivatives such as options and futures, and instruments with embedded features like convertible bonds or preference shares. These valuations are often required for commercial decision-making, financial reporting and various regulatory compliances.

Treu provides independent and technically robust valuations across the full spectrum of financial instruments, ensuring accuracy, transparency and adherence to recognised valuation and accounting standards.

Financial Instruments We Value

Treu offers valuation services across a wide range of financial instruments, including:

Equity Instruments
Non-Convertible Bonds and Debentures
Options, Warrants, Grants, Rights and Other Derivatives
Futures, Options and Forward Contracts
Hybrid Instruments and Structured Products
Financial Liabilities

Valuation for Regulatory Compliance including, Income Tax, Transfer Pricing, FEMA and Company Law Matters

Businesses today operate in an environment where tax regulations, corporate laws and cross-border rules are becoming increasingly stringent and closely monitored. With the enhanced requirements under the Companies Act, 2013 and heightened scrutiny under tax and regulatory frameworks, companies often need independent valuations to ensure full compliance and transparency.

Treu provides valuation services for a wide range of regulatory purposes, including compliance under the Income Tax Act, Transfer Pricing regulations, FEMA, SEBI guidelines and various provisions of the Companies Act.

Our team works closely with management, legal advisors and tax professionals to deliver accurate, defensible and regulation-aligned valuations that meet statutory requirements and support smooth regulatory submissions.

Valuation Requirements Under Tax, Transfer Pricing, FEMA, SEBI & Company Law

Treu provides valuation support across a wide range of statutory and regulatory situations, including:

Purchase Price Allocation for slump sale transactions for Income Tax purposes
Capital Gains Valuation under Section 50CA of the Income Tax Act
Valuation for Issue or Transfer of Shares under Section 56 of the Income Tax Act
Valuation for Tax Restructuring and group reorganisations
Transfer Pricing Valuations for cross-border transactions under Section 92C
Valuation under Section 62 of the Companies Act for issue of equity shares
Valuation under Sections 230–234 for mergers, demergers and business combinations
Valuations required under the Companies Act, RBI Guidelines and SEBI Regulations

Determination of Swap Ratio for Mergers & Demergers

Corporate restructuring transactions—such as mergers, demergers, amalgamations, and other schemes of arrangement—require the determination of a fair and reasonable swap ratio for the exchange of shares. The swap ratio forms a critical component of the transaction and must be supported by a robust, independent valuation analysis in line with regulatory and governance requirements.

Treu provides independent valuation and swap ratio determination services for restructuring transactions across industries. Our assessments are based on recognised valuation approaches, including income-based, market-based, and asset-based methods, and are tailored to the transaction structure and applicable regulatory framework.

What we provide:

Independent valuation of companies and businesses involved in mergers, demergers, and amalgamations
Determination of swap ratios supported by multiple valuation methodologies
Analysis of financial performance, business forecasts, and capital structure
Consideration of industry benchmarks and market data in valuation assessments
Detailed swap ratio reports suitable for boards, shareholders, regulators, and tribunals
Documentation aligned with applicable valuation standards and regulatory requirements

Impairment Assessment of Tangible and Intangible Assets

Financial reporting standards require entities to assess whether the carrying value of tangible assets, intangible assets, and cash-generating units (CGUs) is recoverable, either on an annual basis or when indicators of impairment arise. Such assessments ensure that assets are reported at amounts consistent with their recoverable value in accordance with Indian GAAP, Ind AS, IFRS, or US GAAP.

Treu provides independent impairment assessment services covering a wide range of asset classes, including property, plant and equipment, intangible assets, goodwill, and CGUs. Our work includes identification of impairment indicators, determination of appropriate valuation approaches, and estimation of recoverable amounts using value in use and/or fair value less costs of disposal methodologies, as required by the applicable accounting framework.

What we provide:

Independent impairment testing for tangible assets, intangible assets, goodwill, and CGUs
Detailed financial models supporting recoverable value assessments
Evaluation and documentation of key assumptions, cash flow projections, discount rates, and terminal values
Sensitivity and scenario analyses to assess the impact of changes in key assumptions
Comprehensive impairment reports aligned with relevant accounting and valuation standards
Supporting documentation suitable for audit review and regulatory examination

Purchase Price Allocation for Mergers & Acquisitions

Purchase Price Allocation (PPA) is the process of allocating the consideration paid in a business acquisition to the identifiable tangible and intangible assets acquired and the liabilities assumed. Financial reporting frameworks such as Ind AS, IFRS and US GAAP require companies to recognise these assets and liabilities at their Fair Value on the acquisition date. PPA is also essential in slump sale or slump exchange transactions for allocation of consideration.

The difference between the purchase consideration and the fair value of the identifiable assets is recognised as goodwill, which is subsequently assessed for impairment. As the exercise involves identifying and valuing a wide range of intangible assets, the PPA process demands deep business understanding, sector insight and strong technical expertise in valuation methodologies.

Treu delivers comprehensive PPA services supported by in-house capabilities across tangible asset valuation (land, buildings, plant and machinery) and intangible asset valuation. Our experience spans complex transactions across multiple industries, and we support clients in cross-border deals through our partnerships with global valuation specialists. This ensures seamless and consistent service for transactions involving international operations.

Valuation of Real Estate

Real estate valuation involves assessing the value of various legal interests arising from land and buildings. Since property is acquired for both use and investment, understanding the expected returns relative to the investment is essential. The dynamics of exchange, scarcity and buyer choice define the real estate market and influence how value is perceived.

For corporates, government bodies, developers, financial institutions and individual owners, real estate often forms a significant part of the asset portfolio. Determining the underlying value of land and buildings is therefore crucial for decision-making, compliance and strategic planning.

Treu provides valuation and advisory services across a wide spectrum of real estate assets. We assist clients with valuations for existing properties, potential acquisitions, new developments and planned disposals. Our work is supported by detailed market research, technical expertise and sector-specific knowledge.

We follow internationally recognised valuation standards and relevant accounting standards, ensuring consistency, transparency and credibility in every engagement. Our experience spans commercial, residential, industrial, retail, hospitality, infrastructure and specialised real estate assets.

Types of Real Estate We Value

Treu provides valuation expertise across a wide range of real estate asset classes, including:

Residential and Commercial Properties
Retail Spaces, Shopping Centres and Multiplexes
IT Parks and Technology Campuses
Hotels, Resorts, Service Apartments and Hospitality Assets
Industrial Units and Warehousing Facilities
Special Economic Zones (SEZs)
Special-Use Properties such as golf resorts, wellness centres, health spas and other unique assets.

Valuation of Industrial Assets and Plant & Machinery

Plant, machinery and equipment form a critical part of asset-intensive businesses, whether used in manufacturing, service delivery, leasing, or administrative operations. These assets are movable, have specific functional lives, and often behave differently from real property in terms of value, utility and marketability.

Their valuation can vary significantly depending on whether the assets are assessed individually, as part of an operating unit, in situ, or for removal. These factors influence the appropriate approach, classification and measurement, making valuation of industrial assets a specialised exercise requiring technical expertise and sector familiarity.

Treu provides valuation of Plant & Machinery and industrial assets in line with internationally recognised valuation standards. Our experience spans a wide range of industries, including automobile and auto ancillary, chemicals and fertilizers, cement, consumer goods, infrastructure, hospitality, iron and steel, logistics, mining, manufacturing, petrochemicals, oil & gas, pharmaceuticals, power, real estate, telecom, IT & electronics, textiles and more.

Why Valuation of Plant & Machinery and Industrial Assets Is Required

Mergers & Acquisitions – pre- and post-merger assessments
Financial Reporting – Purchase Price Allocation (PPA) and Impairment testing under Indian GAAP, IFRS and US GAAP
Raising Funds – valuations for secured lending by banks, NBFCs, private equity and other investors
Distressed / NPA Assets – valuation for recovery, restructuring or resolution
Strategic Sale or Disinvestment
Management Information & Strategic Planning
Disputes, Arbitration & Litigation Support
Insurance – determining the correct sum insured or supporting claims
Initial Public Offerings (IPO)
Cost Investigations and Internal Reviews

An ICAI Associate Member with an M.Com, Rucha specializes in project finance, audits, financial advisory, DPR preparation and business valuations. She also handles statutory and income tax audits, LC discounting and regulatory compliance, supporting clients with actionable financial insights and comprehensive project assessments.

Harshita is a Commerce Graduate and an ICAI member since 2023, specializing in accounting, auditing, taxation, financial management and valuations. She supports clients in maintaining accurate financial records, ensuring regulatory compliance and making informed financial decisions. Her work includes share issuances, business restructuring and capital gains computations across various assignments.

Shailesh brings over 18 years of experience in finance and oversees documentation and professional coordination at Treu. He manages workflows, resources and task execution while acting as a key liaison between internal teams, clients and vendors. His structured approach ensures smooth project progress, timely delivery and alignment with organizational objectives.

Suyash is a Chartered Accountant, Commerce Graduate from Poddar College, Mumbai, and Law Graduate from GLC, Mumbai, with over 19 years of experience in finance and advisory services. He specializes in debt syndication, government incentives, capital structuring and taxation, and is also a qualified Insolvency Professional with experience in CIRP and liquidation matters. He has advised clients across finance, equity, direct and indirect taxes, customs and trade policies, and is known for his strong analytical and decision-making capabilities. At Treu, he provides strategic guidance across valuation, financial advisory and IBC-related assignments, contributing significantly to the firm’s clarity, compliance and overall direction.

Manoj V. Kasat is a Director at Treu Valuation Services Pvt. Ltd. and leads the Plant & Machinery Valuation practice. He has over 10 years of experience in valuation, engineering and technical advisory, with assignments exceeding ₹5,500 crore across manufacturing, engineering, infrastructure and other industrial sectors. He has handled major valuations for public and private sector companies, including complex debt restructuring, insolvency matters and transaction-related assessments. Manoj is empaneled as a Government-Approved Valuer with SBI, PNB, Bank of Baroda, SIDBI and other institutions. He is a Chartered Engineer and an IBBI Registered Valuer for Plant & Machinery, bringing strong technical insight and industry experience to every engagement.

Shivaji Pingale is a Director at Treu Valuation Services Pvt. Ltd. and leads the Land & Building Valuation practice. A B.E. Civil graduate with a PGP in Advanced Construction Management, he is an IBBI Registered Valuer for Land & Building with more than 12 years of experience in valuations, technical due diligence, market analysis and regulatory compliance. He has handled valuation and advisory assignments across residential, commercial, industrial and infrastructure assets, supporting lenders, corporates and investors with accurate and defensible reports. Shivaji is also a Government-Approved Valuer for major nationalised and private sector banks and has managed several complex real estate due diligence and consulting engagements across diverse sectors.

<p>Parushana is a Director at Treu Valuation Services Pvt. Ltd. She is a Chartered Accountant and an IBBI Registered Valuer for Securities & Financial Assets with extensive experience in valuation, IBC assignments and corporate restructuring. Her work includes exchange ratio recommendations, fairness opinions, valuations under SEBI regulations, FEMA, the Companies Act and Income Tax, IBC valuations, family settlements, litigation matters and purchase price allocations across various industries. Parushana also advises clients on financial structuring and transaction-related strategies. In addition to her role at Treu, she is a Partner at M/s. Jain Chhajed & Associates, where she manages financial modelling and business reorganisation assignments. She supports corporates, lenders and investors with clear, reliable and compliance-focused valuation and advisory services.</p>

<p>Contact No: <a href=”tel:9193729 34040″>+91 93729 34040</a></p>

Valuation Under the Insolvency & Bankruptcy Code

Valuation plays a critical role in ensuring transparent and informed decision-making under the Insolvency and Bankruptcy Code (IBC). Accurate and credible assessment of assets enables the Committee of Creditors to evaluate options, compare resolution plans and take decisions based on reliable value benchmarks.

Treu is a Registered Valuer Entity (RVE) for all three categories of assets:

Land & Building
Plant & Machinery
Securities or Financial Assets

Treu Valuation Services Private Limited registered with IBBI under: IBBI/RV-E/02/2023/181

Treu provides valuation services across sectors and has substantial experience in valuing real estate, industrial assets, machinery and financial securities. The team has been involved in valuations for several large IBC assignments across diverse industries, supporting resolution professionals, lenders and other stakeholders with independent and defensible valuation reports.

Valuation of Intangible Assets & Intellectual Property

Businesses today are increasingly driven by technology, digital services and data-led models. Even in traditional sectors, companies continue to invest heavily in brands, technology platforms, customer networks and proprietary software. As a result, a large part of the difference between a company’s book value and its market value or transaction value in an M&A deal is often linked to its intangible assets.

With investors, lenders, and analysts placing greater emphasis on these assets, reliable valuation has become essential. Ind AS 38 also mandates annual impairment testing of intangible assets and assessment whenever signs of impairment appear.

Treu provides valuation of intangible assets using globally recognised approaches and methodologies, ensuring a clear understanding of their contribution to overall business value.

Categories of Intangible Assets

Marketing: Brands, trademarks, trade names, service marks, domain names, non-compete agreements.
Contract-based: Licensing & royalty agreements, franchise & lease arrangements, supply & service contracts, employment contracts.
Technology: Patents, software, technical know-how, databases, trade secrets and proprietary processes.
Customer-related: Customer lists, order backlogs, customer contracts and customer relationships.
Artistic: Books, publications, photographs and other creative works.

Why Value Your Intangible Assets?

Purchase Price Allocation / Business Combinations
Financial Reporting under Ind AS, IFRS or US GAAP
Joint-Venture Negotiations
Licensing and Franchising
Fundraising and Investment Rounds
Impairment Assessment
Transfer Pricing and Taxation
Internal Management Assessments

Business Valuation

Companies seek independent valuations for corporate governance, regulatory compliance and as a strategic input in critical decision-making. Whether planning an acquisition, addressing shareholder or joint-venture issues, or aligning intrinsic value with market perception, a robust valuation built on global standards is essential. Our valuation professionals apply the International Valuation Standards (IVS), supported by deep sector insights and data-driven benchmarking. We analyze business dynamics, evaluate key value drivers and adopt internationally recognized valuation methodologies to deliver credible, defensible and decision-focused valuation opinions.

Where Valuation Is Needed

Organisations require professional valuation services for a wide range of strategic, regulatory and commercial purposes, including:

Buying or selling a business with independent price assessment
Valuation of unlisted companies and financial instruments
Equity allocation for joint ventures and strategic alliances
Litigation and arbitration support, including expert witness services
Regulatory compliance under Income Tax, Transfer Pricing, FEMA, SEBI and Company Law
Purchase Price Allocation (PPA) and Impairment testing under Ind AS, IFRS or US GAAP
Complex or cross-border business and project valuations
Investment analysis and transaction evaluation
Fairness opinions for regulatory or governance requirements
Valuation of intangible assets—brands, trademarks, IPR and customer relationships

Email us

treu.valuation@gmail.com