Central Mine Planning & Design Institute Limited (CMPDI) IPO opens for subscription on March 20, 2026 and closes on March 24, 2026. This is a Government of India enterprise under the Ministry of Coal, and a subsidiary of Coal India Limited (CIL). Let us look at the CMPDI IPO details, financials, peer comparison from the RHP, key risks, and whether you should apply or avoid this IPO.
Central Mine Planning IPO – Key Details at a Glance
| Parameter | Details |
|---|---|
| IPO Open Date | March 20, 2026 |
| IPO Close Date | March 24, 2026 |
| Anchor Investor Date | March 18, 2026 |
| Price Band | ₹163 – ₹172 per share |
| Face Value | ₹2 per share |
| Lot Size | 80 Shares |
| Issue Size | Up to 10,71,00,000 equity shares (OFS only) |
| Sale Type | 100% Offer for Sale (OFS) |
| Listing Date | March 30, 2026 |
| Listing Exchange | BSE & NSE (Designated: NSE) |
| Employee Discount | ₹8 per share |
| Registrar | KFin Technologies Limited |
| Lead Managers | IDBI Capital Markets & Securities Ltd, SBI Capital Markets Ltd |
Important: This is a pure OFS issue. The company receives zero proceeds — the entire amount goes to the Promoter Selling Shareholder, Coal India Limited.
What is Central Mine Planning & Design Institute (CMPDI)?
CMPDI was originally incorporated in Bihar at Patna on November 1, 1975 as a private limited company. It was converted to a public limited company in May 2025 ahead of its IPO. Its registered office is at Gondwana Place, Kanke Road, Ranchi, Jharkhand.
The company’s promoters are the President of India acting through the Ministry of Coal, Government of India, and Coal India Limited — making it a classic Miniratna-category PSU.
CMPDI provides end-to-end consultancy services across the coal and mineral value chain — from geological exploration and resource evaluation to mine planning, environmental management, and geomatics. According to the CRISIL Report commissioned for this IPO (dated February 2026), the company holds a 61% market share in India’s mining consultancy sector as of FY2025 and is the preferred consultant for Coal India Limited.
Its four key business verticals are:
- Geological Exploration and Resource Evaluation
- Mine Planning and Design Services
- Environmental Planning and Monitoring Services
- Geomatics, Remote Sensing and Survey Services
Central Mine Planning IPO – Issue Structure & Lot Size
| Application | Lots | Shares | Amount (at ₹172) |
|---|---|---|---|
| Retail (Minimum) | 1 | 80 | ₹13,760 |
| Retail (Maximum) | 14 | 1,120 | ₹1,92,640 |
| S-HNI (Minimum) | 15 | 1,200 | ₹2,06,400 |
| S-HNI (Maximum) | 72 | 5,760 | ₹9,90,720 |
| B-HNI (Minimum) | 73 | 5,840 | ₹10,04,480 |
The Employee Reservation Portion is up to 53,55,000 equity shares and the Shareholder Reservation Portion (for eligible Coal India Limited shareholders) is up to 1,07,10,000 equity shares.
Central Mine Planning IPO – Financial Performance (RHP Data)
All figures below are sourced directly from the Restated Financial Information as certified by Deoki Bijay & Co., Chartered Accountants (certificate dated March 12, 2026).
| Particulars | 9M Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Operations (₹ mn) | 14,896.5 | 21,027.6 | 17,326.9 | 13,860.9 |
| PAT (₹ mn) | 4,253.6 | 6,669.1 | 5,032.3 | 2,966.6 |
| EBITDA (₹ mn) | 5,938.5 | 9,157.1 | 7,644.4 | 3,956.5 |
| Net Worth (₹ mn) | 21,537.8 | 20,418.5 | 15,916.1 | 12,176.5 |
| Total Borrowings | 0 | 0 | 0 | 0 |
| Basic EPS (₹) | 6.0* | 9.3 | 7.0 | 4.2 |
| NAV per Share (₹) | 30.2 | 28.6 | 22.3 | 17.1 |
*Not annualised
Key observations from the RHP:
- Revenue grew from ₹13,861 mn (FY23) to ₹21,028 mn (FY25) — a ~23% revenue CAGR over two years
- PAT more than doubled from ₹2,967 mn (FY23) to ₹6,669 mn (FY25)
- Zero borrowings across all reported periods — a completely debt-free balance sheet
- The top 10 clients contributed 93.8% of revenue in the nine months ended December 31, 2025
Central Mine Planning IPO – KPIs (As Certified in RHP)
| KPI | 9M Dec 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| EBITDA Margin (% of Total Income) | 38.5% | 42.1% | 43.2% | 28.3% |
| Operating EBITDA Margin (% of Revenue) | 36.2% | 40.0% | 42.0% | 27.6% |
| PAT Margin (% of Total Income) | 27.6% | 30.6% | 28.4% | 21.2% |
| RoNW / ROAE | 20.3%* | 36.7% | 35.8% | 26.8% |
| RoACE | 27.1%* | 48.6% | 52.2% | 33.2% |
*Not annualised
The weighted average RoNW (as calculated in the RHP) stands at 34.8% — a strong indicator of capital efficiency.
Central Mine Planning IPO – Peer Comparison (RHP Data)
The RHP identifies Engineers India Limited (EIL) and RITES Limited as the only two listed peers comparable to CMPDI. All data below is from the RHP’s Basis for Offer Price section, sourced from FY2025 financials and BSE closing prices as of March 5, 2026.
| Company | Revenue (₹ mn) | EPS (₹) | P/E | NAV/Share (₹) | RoNW (%) |
|---|---|---|---|---|---|
| CMPDI (our Company) | 21,027.6 | 9.3 | NA* | 28.6 | 36.7% |
| Engineers India Ltd (EIL) | 30,875.9 | 10.3 | 19.9x | 47.5 | 23.5% |
| RITES Limited | 22,178.1 | 8.0 | 25.2x | 57.2 | 15.5% |
*P/E to be updated at Prospectus stage
Industry peer P/E range (as per RHP): Lowest 19.9x | Highest 25.2x | Average 22.6x
At ₹172 (upper price band) and FY2025 EPS of ₹9.3, the implied P/E of CMPDI works out to approximately 18.5x — a discount to both listed peers and below the industry peer average of 22.6x. Notably, CMPDI’s RoNW of 36.7% is significantly higher than both EIL (23.5%) and RITES (15.5%), suggesting the IPO is priced attractively relative to profitability.
Central Mine Planning IPO – Key Risks (From RHP Risk Factors)
The RHP lists the following as the most material internal risk factors:
- Client concentration: Top 10 clients contributed 93.8%–95.8% of revenue across all reported periods. Loss of any key client could materially impact revenue.
- Heavy dependence on Coal India Limited and its subsidiaries: A significant portion of revenues comes from CIL group entities.
- Vendor concentration: The company significantly depends on its top 10 vendors for exploration services like core drilling, geophysical logging, and borehole testing.
- Government funding dependency: Drilling and exploration activities are dependent on government funding, including NMET.
- Contingent liabilities: As of December 31, 2025, contingent liabilities stand at ₹2,108.3 million — if materialised, these could impact financials.
- Corporate governance gaps: The company is not in compliance with certain SEBI Listing Regulations on board and committee composition — attributed to Government of India control.
- No credit ratings: Non-availability of credit ratings may restrict access to capital markets.
Central Mine Planning IPO – IPO Timetable
| Event | Date |
|---|---|
| Anchor Investor Bidding | Wednesday, March 18, 2026 |
| IPO Opens | Friday, March 20, 2026 |
| IPO Closes | Tuesday, March 24, 2026 |
| Allotment | Wednesday, March 25, 2026 |
| Refund Initiation | Friday, March 27, 2026 |
| Share Credit to Demat | Friday, March 27, 2026 |
| Listing on BSE & NSE | Monday, March 30, 2026 |
Should You Apply for Central Mine Planning IPO?
Based on RHP data, CMPDI is a fundamentally strong business. It is debt-free, consistently profitable, has ~61% market share in its niche (per CRISIL), and trades at a P/E discount to both listed peers. The weighted average RoNW of 34.8% and EBITDA margins above 40% in FY25 reflect high-quality earnings.
However, since this is a pure OFS, no fresh capital enters the company. Listing gains will depend on market sentiment towards PSU stocks and the broader market conditions at the time of listing.
My View: Retail investors can consider applying for 1 lot (80 shares at ₹13,760). Coal India Limited shareholders should strongly consider the Shareholder Reservation Portion for better allotment probability.
Disclaimer: This article is based on the Red Herring Prospectus (RHP) dated March 12, 2026 filed by Central Mine Planning & Design Institute Limited on SEBI website. It is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before investing. Investments in IPOs are subject to market risk.
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