This study is aimed at developing insights into the Technology Value Chain (TVC) of advanced materials-based technologies using a scenario in which technology has been transferred by a Research and Technology Organization (RTO) to a Small and Medium Enterprise (SME) in the Indian context. A Conceptual Theoretical Model (CTM) using constructs from existing TVC models is used as a basis for the case study described in this paper. This model is refined using actual evidence from an Indian RTO - the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), Hyderabad. The TVC of ARCI’s proprietary Detonation Spray Coating (DSC) technology is used to expand upon the CTM as well as to provide new insights wherever possible. The TVC adopted for DSC includes technology incubation and proof of concept in advance of transferring the technology. These strategies, aided by government funding of the technology recipient companies, were observed to play an important role in successful commercialization. © 2017, National Institute of Science Communication and Information Resources (NISCAIR). All rights reserved.