CMPDI IPO

Central Mine Planning & Design Institute Limitedcmpdi.co.in

ListedMainboardIndustrialsNSE · BSE

Price band: ₹163 – ₹172
Issue size: ₹1,841 Cr
Lot size: 80 sh
Bidding: 20 – 24 Mar
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Central Mine Planning & Design Institute is a Coal India subsidiary, incorporated on 1 November 1975, which the record describes as selling exploratory drilling, reserve estimation, mine planning and allied consultancy rather than coal itself. Revenue from operations was Rs 1,386.02 Cr in FY23 and Rs 2,102.76 Cr in FY25, 51.71% higher, with profit after tax of Rs 296.66 Cr and Rs 666.91 Cr over the same two years. The Rs 1,841.45 Cr issue carried no fresh component — the fresh issue is recorded as zero and the whole amount was an offer for sale — and promoter holding moved from 100% before the issue to 85% after. On the closing day, 24 March 2026, it was subscribed 1.05 times overall, with QIB at 3.48 times, NII at 0.35 and retail at 0.33; it listed at Rs 160 against a band top of Rs 172, closed day one at Rs 154.06, and stood at Rs 183.97 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

73Strong

IPOVista score

Broadly well-balanced

56% of the scoring model was backed by disclosed data for CMPDI, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1975 · Gondwana Place, Kanke Road, Ranchi, Jharkhand 834008, India · 3,230 employees

Central Mine Planning & Design Institute (CMPDI) does the technical groundwork before a mine is dug, and sells it as consultancy. It drills exploratory boreholes, maps and estimates coal and mineral reserves, writes geological and hydrogeological reports, prepares mine plans and project reports, designs mine infrastructure, runs environmental monitoring and laboratory testing, carries out satellite- and laser-based geomatics surveys, and writes mine-closure plans. Incorporated on 1 November 1975, it works from a head office at Gondwana Place, Ranchi, plus seven regional institutes, and is a subsidiary of Coal India. Its buyers are mining companies and government agencies: Coal India's own subsidiaries supplied 67.1% of FY25 revenue, while the client count rose from 38 in FY23 to 76 by December 2025. About 3,230 people work there. It completed 10.1 lakh metres of exploratory drilling in FY25.

CMPDI bills fees for consultancy assignments and metres drilled rather than selling coal. Revenue from operations was ₹2,102.76 Cr in FY25, up from ₹1,386.02 Cr in FY23; FY25 EBITDA was ₹915.71 Cr and PAT ₹666.91 Cr. Costs are mainly people and drilling — about 3,230 employees. The structural constraint is the customer: Coal India and its subsidiaries were 67.1% of FY25 revenue (80.2% FY24, 82.7% FY23), and the top ten clients 95% of FY25 revenue. Collections run long — roughly 229 days, with ₹283.50 Cr of invoices overdue beyond six months. The offer raised nothing for the company: it was entirely a sale of Coal India's shares.

The company on paper

Legal name: Central Mine Planning & Design Institute Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 1 Nov 1975
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U14292JH1975GOI001223
Sector: Industrials · Coal and mineral exploration, mine planning and design consultancy
Employees: 3,230
Registered office: Gondwana Place, Kanke Road, Ranchi, Jharkhand 834008, India
Promoters: Coal India Limited, President of India (acting through the Ministry of Coal)
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 85.0%
Website: cmpdi.co.in

The numbers

Financial performance

Revenue has compounded at 23.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

This is entirely an offer for sale: none of the money raised reaches the company.

Fresh issueNew shares — proceeds go to the company: ₹0
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹1,841 Cr
Total issue size: ₹1,841 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 15.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.05×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹172.00
Listed at: ₹160.00
Listing gain: down 7.0%
Since listing: up 11.5%
Against the issue price: up 3.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 80
At cut-off price: ₹172.00
Amount blocked: ₹13,760

One lot is 80 shares at ₹13,760. Retail applications are capped at ₹2,00,000, which allows up to 14 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~100%

chance of one lot, per application

Retail subscription: 0.33×
Applicants per share available: 0.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹160.00

listed at, −7.0% against the issue price

Issue price: ₹172.00
Premium said: —
If allotted 80 shares: −₹960

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose in both of the year-on-year steps the record covers: Rs 1,386.02 Cr in FY23 to Rs 1,732.69 Cr in FY24, up 25.01%, and on to Rs 2,102.76 Cr in FY25, up a further 21.36%.
Profit after tax as a share of revenue widened across all three years on record: 21.40% in FY23 (Rs 296.66 Cr on Rs 1,386.02 Cr), 29.04% in FY24 (Rs 503.23 Cr on Rs 1,732.69 Cr) and 31.72% in FY25 (Rs 666.91 Cr on Rs 2,102.76 Cr).
Net worth rose at both steps, from Rs 1,217.65 Cr in FY23 to Rs 1,591.61 Cr in FY24 (up 30.71%) and Rs 2,041.85 Cr in FY25 (up 28.29%); FY25 profit after tax of Rs 666.91 Cr against FY25 closing net worth of Rs 2,041.85 Cr is 32.66%.
The business description states that Coal India's subsidiaries accounted for 82.7% of revenue in FY23, 80.2% in FY24 and 67.1% in FY25, and that the client count went from 38 in FY23 to 76 by December 2025.

What to weigh against it

Concentration is high at the latest level the record gives: the business description puts Coal India's subsidiaries at 67.1% of FY25 revenue and the top ten clients at 95% of FY25 revenue.
The business description states that collections run roughly 229 days and that Rs 283.50 Cr of invoices were overdue beyond six months. The financials array carries no operating cash flow, total borrowings or total assets figure for FY23, FY24 or FY25, so the record holds nothing to place those two numbers against.
No money from the issue reached the company: the fresh issue is recorded as zero and the entire Rs 1,841.45 Cr was an offer for sale, with promoter holding going from 100% to 85%.
EBITDA margin was 28.55% in FY23 (Rs 395.65 Cr on Rs 1,386.02 Cr) and 44.12% in FY24 (Rs 764.44 Cr on Rs 1,732.69 Cr), but 43.55% in FY25 (Rs 915.71 Cr on Rs 2,102.76 Cr) — the FY25 figure is below FY24, the only one of the three profit measures here that does not sit at its highest in FY25.

Easy to miss in the prospectus

The Coal India subsidiary revenue share is given for FY23 (82.7%), FY24 (80.2%) and FY25 (67.1%); the record carries no figure after FY25.
The financials stop at FY25, the year ended 31 March 2025, while the business description already cites a client count as at December 2025 — the record holds no financial period covering that gap.
The record's latest price is Rs 183.97 as of 23 October 2026, against a band top of Rs 172, a listing price of Rs 160 and a day-one close of Rs 154.06.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: IDBI Capital Markets & Securities Limited, SBI Capital Markets Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 12 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 20 Mar 2026
Closes: 24 Mar 2026
Allotment: 25 Mar 2026
Lists: 30 Mar 2026
Revenue (FY25): ₹2,103 Cr
Profit (FY25): ₹667 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.