Central Mine Planning & Design Institute Ltd. Share Price

Central Mine Planning & Design Institute

• Central Mine Planning & Design Institute is coming out with a 100% book building; initial public offering (IPO) of 10,71,00,000 shares of face value Rs 2 each in a price band Rs 163-172 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on March 20, 2026 and will close on March 24, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 81.50 times of its face value on the lower side and 86.00 times on the higher side.
• Book running lead managers to the issue are IDBI Capital Markets & Securities and SBI Capital Markets.
• Compliance Officer for the issue is Abhishek Mundhra.

Profile of the company

The company offers consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services. Its services also include infrastructure engineering, environmental management, geomatics, specialized technology services, and management systems, primarily for the coal industry as well as for other minerals. It is one of the largest coal and mineral consultancy companies in India in terms 61.0% of market share in Fiscal 2025 and are the preferred consultant for Coal India. Its services span the entire lifecycle of mining operations, ranging from initial exploration to closure of mines.

The company was incorporated on November 1, 1975 as a wholly owned subsidiary of Coal India. It was conferred the status of Mini Ratna (Category II) company in 2009 and was further upgraded to the status of Mini Ratna (Category I) company in 2019. With almost five decades of experience and having published over 320 project reports in the last decade, the company has continuously adapted to the changing landscape of the industry, integrating advanced technologies and practices that enhance operational efficiency and safety. It has evolved as a pioneer in introducing new and suitable technology in the exploration and mining sectors.

It assists the Ministry of Coal in strategic decisions and initiatives relating to coal-sector at the national level, for instance, through maintaining inventories of coal deposits, coal mining potentials and operations. It also assists Ministry of Petroleum and Natural Gas (MoP&NG) for matters related to coalbed methane (CBM). It functions as the nodal agency on behalf of Government of India (GoI) for schemes funded by the Ministry of Coal including science and technology projects, exploration work in non-Coal India blocks and for projects funded by Coal India Research and Development (R&D) Board. It acts as the implementing agency for coal based non-conventional energy resources, including CBM. It serves as the liaison between Ministry of Coal, Coal India, and coal producing companies on technical and operational matters. It also acts as the in-house consultant and advisor for other coal-producing companies within the Coal India group.

Proceed is being used for:

• The object of the offer is to carry out the offer for sale of up to 107,100,000 equity shares of face value of Rs 2 each of the company by the promoter selling shareholder
• Achieving the benefits of listing the equity shares on the stock exchanges

Industry overview

Mining consultancy services constitute a specialized segment within the broader mining industry, providing integrated technical, engineering and advisory solutions across the entire mineral asset lifecycle. These services support the systematic identification, evaluation, development and optimisation of mineral resources through geological exploration, resource estimation, mine planning and design, techno-economic assessment, regulatory compliance, environmental management and operational efficiency enhancement. By combining domain expertise with data analytics, engineering design and statutory knowledge, mining consultants play a critical role in de-risking mining projects, improving resource recovery, optimising capital allocation and ensuring sustainable and compliant mineral development.

The global mining consultancy market is projected to experience significant growth from 2024 to 2031. The mining consulting services are intricately linked to the mining sector, which has experienced a CAGR of 3.39% from 2018 to 2023. The Indian mining consultancy sector is projected to witness significant growth, with revenues expected to reach Rs 43,274 million by Fiscal 2030, representing a growth rate of 4.8% (5-year CAGR) from Rs 34,252 million in Fiscal 2025, driven by increasing demand, favorable industry dynamics and technological advancements.

The growth in the mining consultancy market is further fueled by an increasing demand for sustainable mining practices, technological advancements, and heightened investment in mineral exploration and mining infrastructure. The integration of digital tools and data analytics in mining operations, alongside a rising emphasis on environmental compliance and sustainable resource management are pivotal factors fueling this market's expansion. As mining companies continue to face pressure to enhance operational efficiency while minimizing environmental impact, consulting services that provide innovative solutions and strategic insights have become indispensable.

Pros and strengths

Multidisciplinary organization offering a comprehensive range of services: The company is a multidisciplinary organization, offering a comprehensive range of services that encompass the entire spectrum of consultancy services from coal and mineral exploration, mine planning and design services, environmental services, geomatics services, laboratory services, coal beneficiation services and up to mine closure activities under one roof. It also actively engages in enhancing drilling and exploration activities in coal and other minerals sector with funding from the National Mineral Exploration and Development Trust (NMEDT), thereby contributing to the sustainable development of mineral resources. 

Operations driven by strong parentage of Coal India: Its relationship with Coal India provides the company with a solid foundation and extensive resources that are pivotal to its success in the mining and allied sectors. It benefits significantly from their strategic support, stability, credibility and vast resources. This includes access to advanced technologies, a pool of skilled professionals, and robust financial backing. These resources enable the company to undertake large-scale projects with confidence, ensuring timely and efficient execution. Its ability to leverage these assets sets it apart from its competitors and positions it for continued success.

Key consulting partner to Coal India and Ministry of Coal with a diverse client base: It provides consultancy services to Coal India and its subsidiaries across various domains, including coal exploration, mine planning and design, environmental services, coal beneficiation and utilization, allied engineering services, information and communication technology, human resource development, remote sensing, and field services. Its client portfolio spans multiple government bodies, state government entities, and public sector undertakings. While it primarily serves Coal India and its subsidiaries, it also extends its expertise to other mineral exploration and mining companies. Certain of its clients include Adani Enterprises and other entities, both in the private and the public sectors. It has grown its client base over the years and its client base grew from 38 clients, as of March 31, 2023 and to 52 clients, as of March 31, 2024 and to 61 clients, as of March 31, 2025 and it has 76 clients, as of December 31, 2025. The company has 8 repeat major clients in the nine months ended December 31, 2025, Fiscal 2025, 2024 and 2023. This demonstrates its in-depth knowledge and experience in sectors such as coal and energy, which strengthens its credibility.

Consistent track record of growth and financial performance: The company has maintained a consistent track record of financial performance, which is a key indicator of its operational excellence and long-term viability. It has demonstrated its commitment to achieving and surpassing its targets, bolstered by its effective cost management strategies, which have enabled it to optimize expenses and maintain a healthy profit margin even in the face of fluctuating market conditions and industry challenges. This financial foundation enables it to invest in technologies, expand its operations, and deliver superior services, thereby reinforcing its competitive position in the market. Its financial performance is characterized by no debt, high margins and high return generation. Its reliable financial performance has enabled it to consistently distribute dividends over the past five years.

Risks and concerns

Heavy dependence on top 10 customers: The company’s business largely depends upon its top 10 clients which contributed to 93.8%, 95.0%, 95.0%, 95.5% and 95.8% of its revenue from operations in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. It derives a significant portion of its revenue from its top 10 clients. Loss of all or a substantial portion of sales to any of its top 10 clients, in particular for any reason (including, due to loss of contracts or failure to negotiate acceptable terms, loss of market share of these clients in their industries, disputes with these clients, adverse change in the financial condition of these clients, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these clients), could have an adverse impact on its business, results of operations, financial condition and cash flows.

Dependent on government funding for drilling and exploration activities: The company is dependent on the Ministry of Coal for Central Sector Scheme (CSS) funding for exploration in coal and on the Ministry of Mine for the National Mineral Exploration Trust (NMET) funding for enhancing exploration activities in the coal and other minerals sector. This reliance ties the progress of its projects directly to the government's budgetary decisions and policy changes, creating a high degree of uncertainty. The nature of government funding is inherently subject to various uncertainties, including changes in fiscal priorities, budgetary constraints, and shifts in policy direction. These factors can lead to delays in the approval and disbursement of funds, which in turn can stall its drilling and exploration activities. Additionally, any reduction in the allocated budget for CSS or NMET can severely impact its ability to initiate or continue ongoing projects, leading to potential delays and disruptions in its operations.

Dependence on Coal India for revenue generation: The company is a wholly owned subsidiary of Coal India. It provides consultancy services to Coal India Limited and its subsidiaries across various domains, including coal exploration, mine planning and design, environmental engineering, coal beneficiation and utilization, allied engineering services, information and communication technology, human resource development, remote sensing, and field services. A significant portion of its revenues is derived from Coal India Limited and its subsidiaries. Coal India and its subsidiaries accounted for 66.0%, 68.3%, 67.1%, 80.2%, and 82.7% of its revenue from operations in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for its services from Coal India and/or its subsidiaries could have an adverse impact on its business, results of operations, financial condition and cash flows.

Revenue concentration in Geological exploration and resource evaluation: The company classifies its business operations into (i) geological exploration and resource evaluation; (ii) mine planning and design services; (iii) environment services; (iv) geomatics and survey services. Significant portion of its revenues is derived from its geological exploration and resource evaluation services, which accounted for 45.8%, 45.0%, 46.2%, 38.6% and 39.3% of its revenue from operations in in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for its geological exploration and resource evaluation services could have an adverse impact on its business, results of operations, financial condition and cash flows.

Outlook

Central Mine Planning & Design Institute, being a government of India company, was incorporated under the Companies Act, 1956 to provide consultancy support in coal and mineral exploration including geological, geophysical, hydrological and environmental data generation to Coal India and its subsidiaries and to other outside companies. The company is a schedule 'B' / Miniratna-Cat-I CPSE under the administrative control of Ministry of Coal. The company is a 100% subsidiary of Coal India. On the concern side, a significant part of its business transactions is with government entities or agencies. In the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, it generated 96.0%, 97.5%, 97.8%, 97.8% and 99.3%, respectively, of its total revenue from operations from transactions with government entities or agencies, which may expose it to various risks, including additional regulatory scrutiny and delayed collection of receivables.

The issue has been offering 10,71,00,000 shares in a price band of Rs 163-172 per equity share. The aggregate size of the offer is around Rs 1745.73 crore to Rs 1842.12 crore based on lower and upper price band respectively. Minimum application is to be made for 80 shares and in multiples thereon, thereafter. On performance front, its total income increased by 23.0% from Rs 17,701.8 million in Fiscal 2024 to Rs 21,775.3 million in Fiscal 2025. The company’s profit for Fiscal 2025 stood at Rs 6,669.1 million, compared to Rs 5,032.3 million in Fiscal 2024, reflecting a growth of 32.53%.

Meanwhile, it aims to leverage its extensive experience in the coal sector to strategically diversify into the mineral sector. The technical, regulatory, and operational knowledge developed in coal mining can be effectively applied to other minerals, facilitating smooth transitions and efficient execution in new ventures. This expertise ensures that new projects benefit from established best practices, leading to successful outcomes and enhanced operational efficiency. It intends to broaden its service offerings to encompass comprehensive consultancy services for the exploration and development of non-coal minerals such as lithium, nickel, cobalt, copper, iron ore, bauxite, and manganese. It is actively engaging in enhancing drilling and exploration activities in minerals sector through funding from the NMEDT. Further, it intends to adopt a data-backed and technology-based approach to achieve sustainable expansion and improve margins by implementing advanced data collection and analytics, investing in automation and digital transformation, exploring new mining opportunities and diversification, optimizing costs, and committing to sustainable practices.

In compliance with the Regulation 30(6) read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, M & B Engineering has informed that the Company will meet Investor/Analyst (Participants) at ‘Centrum Nakshatra III- Shining Stars Amid Global Turbulence’ on Friday, 22nd May 2026.  The Company will be referring to publicly available documents for discussions during interaction in the meeting and no unpublished price sensitive information (UPSI) is intended to be discussed during the interaction.

The above information is a part of company’s filings submitted to BSE.

The revenue zoomed 22.86% to Rs. 6025.00 millions for the quarter ended March 2026 as compared to Rs. 4904.00 millions during the corresponding quarter last year.The Net Profit of the company registered a slight decline of -15.80% to Rs. 789.00  millions from Rs. 937.00 millions.A decline of 1160.00 millions was observed in the OP in the quarter ended March 2026 from 1363.00 millions on QoQ basis.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	6025.00	4904.00	22.86	20097.00	17952.00	11.95	20097.00	17952.00	11.95
Other Income	128.00	177.00	-27.68	632.00	724.00	-12.71	632.00	724.00	-12.71
PBIDT	1160.00	1363.00	-14.89	4983.00	4817.00	3.45	4983.00	4817.00	3.45
Interest	6.00	5.00	20.00	21.00	22.00	-4.55	21.00	22.00	-4.55
PBDT	1154.00	1358.00	-15.02	4805.00	5155.00	-6.79	4805.00	5155.00	-6.79
Depreciation	69.00	60.00	15.00	259.00	214.00	21.03	259.00	214.00	21.03
PBT	1085.00	1298.00	-16.41	4546.00	4941.00	-7.99	4546.00	4941.00	-7.99
TAX	296.00	361.00	-18.01	1179.00	1197.00	-1.50	1179.00	1197.00	-1.50
Deferred Tax	65.00	-104.00	-162.50	20.00	-122.00	-116.39	20.00	-122.00	-116.39
PAT	789.00	937.00	-15.80	3367.00	3744.00	-10.07	3367.00	3744.00	-10.07
Equity	318.00	318.00	0.00	318.00	318.00	0.00	318.00	318.00	0.00
PBIDTM(%)	19.25	27.79	-30.73	24.79	26.83	-7.59	24.79	26.83	-7.59

A decent increase of about 26.86% in the sales to Rs. 2052.22 millions was observed for the quarter ended March 2026. The sales figure stood at Rs. 1617.67 millions during the year-ago period.The Net Profit of the company vaulted to 161.54% to Rs. 374.48  millions from Rs. 143.18 millions in the previous quarter.Operating Profit saw a handsome growth to 688.02 millions from 371.69 millions in the quarter ended March 2026.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	2052.22	1617.67	26.86	7648.53	5620.69	36.08	7648.53	5620.69	36.08
Other Income	84.06	11.33	641.92	173.37	40.48	328.29	173.37	40.48	328.29
PBIDT	688.02	371.69	85.11	2312.20	1332.68	73.50	2312.20	1332.68	73.50
Interest	82.50	105.12	-21.52	371.05	341.44	8.67	371.05	341.44	8.67
PBDT	605.52	266.57	127.15	1941.15	991.24	95.83	1941.15	991.24	95.83
Depreciation	51.25	41.46	23.61	194.89	153.19	27.22	194.89	153.19	27.22
PBT	554.27	225.11	146.22	1746.26	838.05	108.37	1746.26	838.05	108.37
TAX	179.79	81.93	119.44	540.48	265.63	103.47	540.48	265.63	103.47
Deferred Tax	22.25	17.92	24.16	160.50	71.21	125.39	160.50	71.21	125.39
PAT	374.48	143.18	161.54	1205.78	572.42	110.65	1205.78	572.42	110.65
Equity	357.29	306.49	16.57	357.29	306.49	16.57	357.29	306.49	16.57
PBIDTM(%)	33.53	22.98	45.91	30.23	23.71	27.50	30.23	23.71	27.50

The March 2026 quarter revenue stood at Rs. 787.78 millions, up 15.19% as compared to Rs. 683.90 millions during the corresponding quarter last year.Net profit stood at Rs. 107.42  millions  compared to Rs. 88.60 millions in the corresponding previous quarter,high by 21.24%.OP of the company witnessed a marginal growth to 193.84 millions from 158.46 millions in the same quarter last year.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202603	202503	% Var	202603	202503	% Var	202603	202503	% Var
Sales	787.78	683.90	15.19	2676.17	2391.87	11.89	2676.17	2391.87	11.89
Other Income	33.02	18.23	81.13	133.97	99.29	34.93	133.97	99.29	34.93
PBIDT	193.84	158.46	22.33	738.08	449.31	64.27	738.08	449.31	64.27
Interest	0.83	0.13	538.46	3.62	2.82	28.37	3.62	2.82	28.37
PBDT	193.01	158.33	21.90	734.46	446.49	64.50	734.46	446.49	64.50
Depreciation	46.61	41.01	13.66	175.14	132.50	32.18	175.14	132.50	32.18
PBT	146.40	117.32	24.79	559.32	313.99	78.13	559.32	313.99	78.13
TAX	38.98	28.72	35.72	142.66	80.24	77.79	142.66	80.24	77.79
Deferred Tax	-0.16	-1.70	-90.59	-12.66	-5.96	112.42	-12.66	-5.96	112.42
PAT	107.42	88.60	21.24	416.66	233.75	78.25	416.66	233.75	78.25
Equity	385.46	382.21	0.85	385.46	382.21	0.85	385.46	382.21	0.85
PBIDTM(%)	24.61	23.17	6.20	27.58	18.78	46.82	27.58	18.78	46.82