The Ranchi-based Mini Ratna company is raising Rs 1,838 crore entirely through an offer for sale. Issue opens March 20, closes March 24.
Central Mine Planning and Design Institute Limited, better known as CMPDI, opens its IPO for subscription tomorrow — March 20 — and closes on March 24. A wholly-owned subsidiary of Coal India Limited, CMPDI has been India’s dominant mining consultancy since 1975, holding a 61% market share in the coal and mineral consultancy space as of FY25.
It operates from its headquarters in Ranchi through seven regional institutes strategically positioned across India’s key coal-producing states. The company has held Mini Ratna Category I status since June 2019 and has been ISO 9001 certified since 1998. Listing is expected on March 30 on BSE and NSE. The issue is entirely an offer for sale — Coal India Limited is selling 10.71 crore shares and the company itself will not receive any proceeds.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 20, 2026 |
| Issue Closes | March 24, 2026 |
| Price Band | Rs 163 – Rs 172 per share |
| Issue Size | Rs 1,741 – Rs 1,838 crore |
| Structure | Offer for Sale only — 10,71,00,000 shares |
| Face Value | Rs 2 per share |
| Bid Lot | 80 shares and multiples thereof |
| Minimum Investment (Retail) | Rs 13,760 at upper band |
| Employee Discount | Rs 8 per share |
| Post-Issue Market Cap | Rs 11,638 – Rs 12,281 crore |
| QIB / NII / Retail Split | 50% / 15% / 35% |
| Employee Reservation | Up to 53,55,000 shares |
| Shareholder Reservation | Up to 1,07,10,000 shares |
| BRLMs | IDBI Capital Markets and Securities, SBI Capital Markets |
| Registrar | KFin Technologies |
| Allotment | March 25, 2026 |
| Listing | March 30, 2026 — BSE and NSE |
Since this is a pure OFS, Coal India Limited — the promoter selling shareholder — will receive all proceeds. Promoter shareholding will decline from 100% pre-issue to 85% post-issue, with public float at 15%.
What the Company Does
CMPDI provides consultancy and engineering services across the entire lifecycle of coal and mineral mining — from initial geological exploration through mine planning and design, environmental management, geomatics and survey services, and eventually mine closure.
It operates across four business verticals. Geological exploration and resource evaluation is the largest, contributing 46.2% of FY25 revenue, followed by mine planning and design at 21.2%, environmental services at 17.1%, and geomatics and survey services at 15.5%.
The company’s primary client is Coal India Limited and its subsidiaries, which accounted for 67.1% of FY25 revenue — a proportion that has been declining steadily as CMPDI diversifies its client base. The client count has grown from 38 as of March 2023 to 76 as of December 2025, with private sector names including Adani Enterprises now in the mix.
The company has executed over 700 geological reports for coal exploration projects over the past ten years and prepared over 300 hydrogeological reports since April 2021. In the nine months ended December 2025, it undertook exploratory drilling across 131 coal blocks in 31 coalfields and 5 lignite blocks across three states.
Beyond coal, CMPDI is expanding into critical minerals — lithium, nickel, cobalt, copper, iron ore, bauxite, and manganese — leveraging National Mineral Exploration and Development Trust funding. The company also has a 5G use-case laboratory developing customisable 5G solutions for Coal India Limited mines, and provides renewable energy consultancy including solar power project design.
Financials
| Particulars (Rs crore) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from Operations | 1,386.09 | 1,732.69 | 2,102.76 | 1,489.65 |
| Revenue Growth | 14.70% | 25.01% | 21.36% | 9.34% YoY |
| EBITDA | 395.65 | 764.44 | 915.71 | 593.85 |
| EBITDA Margin | 28.3% | 43.2% | 42.1% | 38.5% |
| PAT | 296.66 | 503.23 | 666.91 | 425.36 |
| PAT Margin | 21.2% | 28.4% | 30.6% | 27.6% |
| EPS — Basic and Diluted (Rs) | 4.20 | 7.00 | 9.30 | 6.00* |
| RoNW | 26.8% | 35.8% | 36.7% | 20.3%* |
| RoCE | 33.2% | 52.2% | 48.6% | 27.1%* |
| Net Worth | 1,217.65 | 1,591.61 | 2,041.85 | 2,153.78 |
| Total Borrowings | Nil | Nil | Nil | Nil |
*not annualised
The financial profile here is genuinely exceptional by listed PSU standards. Revenue has grown at a CAGR of 23.2% from FY23 to FY25. EBITDA margins are above 40%, PAT margins above 30%, and the company carries zero debt. Return on equity stands at 36.7% in FY25 — well above listed peers. Cash and bank balances as of December 2025 stood at Rs 1,214 crore, a significant liquidity cushion for a consultancy business with no capital-intensive requirements.
Valuation and Peer Comparison
| Company | Revenue FY25 (Rs cr) | EBITDA Margin | PAT Margin | RoE | P/E |
|---|---|---|---|---|---|
| CMPDI | 2,102.76 | 42.0% | 31.0% | 37.0% | 17.50–18.50x |
| Engineers India Ltd | 3,087.59 | 21.0% | 18.0% | 24.0% | 19.90x |
| RITES Ltd | 2,217.81 | 27.0% | 18.0% | 15.0% | 25.20x |
| MECON | 1,149.50 | 4.0% | 2.0% | 7.0% | — |
| MECL | 370.60 | 30.0% | 20.0% | 11.0% | — |
At the upper band of Rs 172, CMPDI is priced at 18.50x FY25 earnings — a meaningful discount to Engineers India at 19.90x and RITES at 25.20x, despite CMPDI posting materially superior margins and returns on both equity and capital employed.
EBITDA margins of 42% compare against 27% for RITES and 21% for Engineers India. PAT margins of 31% are nearly double those of listed peers. The zero-debt balance sheet and strong cash generation add further weight to the valuation case.
Risks to Consider
Coal India concentration. CIL and its subsidiaries still account for two-thirds of revenue. Any slowdown in Coal India’s expansion plans or budget reallocation away from exploration would directly impact CMPDI’s topline.
Client and vendor concentration. The top ten clients contributed 93.8% of nine-month FY26 revenue — an extremely high concentration. The top ten vendors also account for a significant share of operating costs, creating supply-side risk.
Government funding dependence. A material portion of drilling and exploration activity is funded through government schemes — any policy shift or fiscal tightening could affect order flows.
Manpower intensity. The business is heavily people-dependent, with employee costs at 29% of revenue. Wage pressure, attrition, or inability to hire technically qualified personnel would affect delivery.
