CM
Central Mine Planning
Mainboard₹1,841 Cr issue
-6.98%
Listing gain over issue price
Issue size
₹1,841 Cr
1 lot at cut-off
₹13,760
Lot size
80shares
Allotment
25 Mar 2026
Listing
30 Mar 2026
Listing performance
Issue price
₹172
Listed at
₹160
Listing-day close
₹154.06
Latest price
₹266.37
Listing gain
-6.98%
Return since listing
+54.87%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹5
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Mar 2026 | ₹5 | +2.91% | ₹300 | ₹177 | ₹400 |
| 29 Mar 2026 | ₹5 | +2.91% | ₹300 | ₹177 | ₹400 |
| 28 Mar 2026 | ₹5.50 | +3.20% | ₹300 | ₹177.50 | ₹440 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 30 Mar 2026
- Face value
- ₹2 per share
- Issue price
- ₹172 per share
- Lot size
- 80 shares
- Total issue size
- ₹1,841 Cr
- Market cap at offer price
- ₹12,281 Cr
- Promoter holding
- 100.00% → 85.00% pre-issue → post-issue
- ISIN
- INE05HV01027
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- IDBI Capital Markets & Securities Ltd.
- Registered office
- Gondwana Place, Kanke, Road, Jharkhand
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,73,10,500 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 80 shares per lot, in multiples, at ₹172
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 80 | ₹13,760 |
| Retail (max) | 14 | 1,120 | ₹1,92,640 |
| S-HNI (min) | 15 | 1,200 | ₹2,06,400 |
| S-HNI (max) | 72 | 5,760 | ₹9,90,720 |
| B-HNI (min) | 73 | 5,840 | ₹10,04,480 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,73,10,500
Anchor portion
₹470 Cr
at ₹172 per share
Valuation and performance
Valuation at offer price
₹172 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.34 | 7.94 |
| P/E (×) | 18.42 | 21.66 |
| Price to book (×) | 6.01 | — |
| Market cap | — | ₹12,281 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.70%
- ROCE
- 48.60%
- PAT margin
- 30.60%
- EBITDA margin
- 42.10%
- NAV per share
- ₹28.60
- Price to book
- 6.01
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Central Mine Planning
Central Mine Planning & Design Institute Limited (CMPDIL) is a public sector consultancy firm incorporated in 1975 that offers comprehensive consultancy and support services across the entire spectrum of coal and mineral exploration, mine planning, and design. The company provides geological exploration and resource evaluation services, mine planning and design, environmental management, geomatics and survey services, and specialized technology services primarily to the coal industry and other minerals sectors. CMPDIL operates through seven Regional Institutes across India and maintains the largest fleet of exploratory drills for coal and minerals in the country. The company is a wholly-owned subsidiary of Coal India Limited and has established itself as the preferred consultant for Coal India and its subsidiaries, which accounted for 67.1% of revenue in Fiscal 2025.
Company Analysis
from DRHPCentral Mine Planning & Design Institute Limited is India's largest coal and mineral consultancy firm providing exploration, mine planning, environmental management, and geomatics services to the coal and mining industries.
Central Mine Planning & Design Institute Limited (CMPDIL) is a public sector consultancy firm incorporated in 1975 that offers comprehensive consultancy and support services across the entire spectrum of coal and mineral exploration, mine planning, and design. The company provides geological exploration and resource evaluation services, mine planning and design, environmental management, geomatics and survey services, and specialized technology services primarily to the coal industry and other minerals sectors. CMPDIL operates through seven Regional Institutes across India and maintains the largest fleet of exploratory drills for coal and minerals in the country. The company is a wholly-owned subsidiary of Coal India Limited and has established itself as the preferred consultant for Coal India and its subsidiaries, which accounted for 67.1% of revenue in Fiscal 2025.
coal mining consultancymineral explorationmine planning and designenvironmental managementgeomatics and survey services
Objects of the Issue
- Listing benefits - to achieve the benefits of listing the Equity Shares on the Stock Exchanges p.24
- Offer for Sale - carry out the Offer for Sale by the Promoter Selling Shareholder Up to ₹[●] million p.24
- The Offer comprises an offer for sale of Equity Shares by Coal India Limited. Our Company will not receive any proceeds from the Offer p.102
- Offer for Sale by Promoter Selling Shareholder p.104
- Not disclosed in this extract
- To be updated p.1
Issue Structure
- Total Issue
- Up to 71,400,000 Equity Shares of face value ₹2 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 71,400,000 Equity Shares of face value ₹2 each aggregating up to ₹[●] million by Coal India Limited
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 per Equity Share
Business Model
CMPDIL generates revenue through consultancy and support services for mining companies. The company operates in four main business verticals: (1) geological exploration and resource evaluation (46.2% of FY2025 revenue), (2) mine planning and design services (21.2%), (3) environment services (17.1%), and (4) geomatics and survey services (15.5%). Approximately 97.8% of revenue comes from transactions with government entities or agencies. The company derives 67.1% of revenue from Coal India Limited and its subsidiaries, with the remaining revenue from other government entities including the Ministry of Coal and other mining companies.
Business Segments
Services for geological exploration and resource evaluation of coal and mineral deposits
Services for mine planning and design for mining operations
Environmental management and monitoring services including air, water, and noise quality assessment
Geomatics survey and mapping services for mining operations
Provision of comprehensive planning, design, and consultancy services for coal exploration and evaluation
Provides exploration, mine planning, design, feasibility studies, and environmental services for coal mining blocks and projects
Specialized exploration and development services for critical minerals including lithium, rare earth elements, and other strategic minerals
Environmental impact assessments, routine environmental monitoring, mine closure planning, and geotechnical studies
Geological exploration and resource evaluation encompasses drilling, geological report preparation including geological mapping, geophysical logging, seismic surveys, gravity surveys, magnetic surveys, resistivity imaging, hydrogeological studies, chemical studies, geotechnical studies, and resource evaluation.
Services for construction and operation of mining including detailed pre-feasibility and feasibility reports, project reports, basic and detailed engineering designs for underground and opencast mines, master plans for coalfields, coal and mineral beneficiation and utilization plants.
Preparation and implementation of Environmental Impact Assessments (EIAs) and Environment Management Plans (EMPs), carrying capacity studies, pollution control facility design, carbon footprint analyses, scientific sand replenishment studies, ecological studies, mine closure planning, riverine ecosystem studies, and environmental monitoring.
Full suite of geomatics services including overburden volumetric measurement, coal stock measurement, satellite-based remote sensing, GIS, GPS, digital photogrammetry, LiDAR survey, UAV surveys, terrestrial laser scanner surveys, and gyroscope-based alignment surveys.
Provides mine planning, geological exploration, environmental management, coal resource development, and engineering design services to coal and mineral mining companies
Manages and implements R&D and Science & Technology projects funded by the Ministry of Coal and CIL, including projects on coal gasification, coal preparation technologies, mining automation, and 5G use cases in mining
Seven regional institutes (RI-I through RI-VII) providing localized consultancy and technical services for coal and mineral exploration and mining operations across India
Provides mine planning, geological surveys, exploration coordination, and resource assessment services to coal mining operations
Services related to geological exploration and resource evaluation of mineral deposits
Services for mine planning and design
Environmental management and impact assessment services
Geomatics and survey services including mapping and surveying
SWOT Analysis
Strengths
- • Largest coal and mineral consultancy in India by market share(p.23)
- • Comprehensive service coverage across entire mining lifecycle(p.23)
- • Largest infrastructure for coal exploration in India(p.48)
- • Strong financial performance with growing EBITDA and PAT(p.25)
- • Eight well-equipped laboratories across coalfields(p.44)
- • Zero debt and strong balance sheet(p.25)
- • Low employee attrition indicating stable workforce(p.45)
- • Established regional institutes for comprehensive mining services(p.51)
- • Consistent revenue growth over three fiscal years(p.54)
- • Backed by Coal India Limited, a government entity with strong resources(p.50)
- • Multidisciplinary organization with comprehensive service range(p.105)
- • Key consulting partner to Coal India Limited and Ministry of Coal with diverse client base(p.105)
- • Extensive expertise in executing exploration projects(p.105)
- • Advanced infrastructure supporting spectrum of services(p.105)
- • Operations driven by strong parentage of Coal India Limited(p.105)
- • Experienced management team with committed employee base(p.105)
- • Consistent track record of growth and financial performance(p.105)
- • Strong financial metrics with high profitability(p.108)
- • Largest coal and mineral consultancy in India by market share with comprehensive service coverage(p.185)
- • Exclusive custodian of nation's coal and lignite data providing competitive entry barriers(p.184)
- • One of the largest fleets of exploratory drills for coal and minerals in India(p.187)
- • Strong parentage and strategic relationship with Coal India Limited(p.192)
- • Consistent high-margin financial performance with 23.2% revenue CAGR (2023-2025)(p.193)
- • Extensive 50-year track record with 700+ geological reports and proven project execution(p.190)
- • Established research facilities with NABL and ICCP accreditations(p.184)
- • Mini Ratna Category-I status with strong government backing(p.220)
- • Multiple ISO and quality certifications demonstrating operational excellence(p.221)
- • Diverse technical expertise and senior management with deep industry experience(p.226)
- • Strong financial performance with growing profitability(p.270)
- • Accreditation in key technical domains including EIA consulting(p.221)
- • Subsidiary of Coal India Limited with government backing(p.283)
- • Established asset base in property, plant and equipment(p.291)
- • Significant growth in revenue from operations(p.324)
- • Strong profitability with growing net profit(p.312)
- • Large cash reserves and liquid assets(p.304)
- • Zero debt burden with no borrowings(p.313)
- • Substantial trade receivables from parent company(p.303)
- • Strong profitability and capital efficiency(p.365)
- • Robust financial position with strong liquidity(p.364)
- • High profitability margins(p.364)
- • Strong receivables collection efficiency(p.364)
- • Consistent revenue growth(p.398)
- • Strong financial position with growing profitability(p.420)
- • Consistent operating profit growth(p.420)
- • Solid net worth foundation(p.420)
- • No regulatory debarment or default(p.421)
Weaknesses
- • Extreme concentration in top 10 clients (95% of revenue)(p.27)
- • Heavy dependence on Coal India Limited (67.1% of revenue)(p.27)
- • Reliance on limited number of exploration service vendors(p.27)
- • High working capital requirements with extended receivables cycles(p.50)
- • Significant contingent liabilities totaling ₹1,974.1 million(p.28)
- • Executive management dependent on secondment from Coal India Limited(p.50)
- • Manpower-intensive business with wage pressure risks(p.27)
- • Undocumented premises arrangements for two regional offices(p.51)
- • High exposure to unionized workforce creating labor dispute risk(p.50)
- • Significant contingent liabilities recorded in financial statements(p.59)
- • Auditor emphasis of matter regarding unconfirmed account balances(p.50)
- • Inadequate insurance coverage below industry standards(p.57)
- • Significant related party transaction concentration(p.58)
- • Missing historical corporate documents and discrepancies in records(p.57)
- • Board composition non-compliance with listing regulations(p.60)
- • Past instances of employee fraud(p.61)
- • Heavy dependence on Coal India Limited as key customer(p.105)
- • Concentration in coal sector consultancy services(p.112)
- • High employee benefit expenses relative to revenue(p.108)
- • High dependence on top 10 clients representing 95% of revenue(p.199)
- • Concentration of revenue from Coal India Limited and subsidiaries at 67.1% in FY2025(p.190)
- • Dependence on limited number of vendors for critical exploration services(p.200)
- • Operational challenges in regional institutes with undocumented terms for office premises(p.210)
- • Declining manpower strength by 5% over three years (2863 to 2721 employees)(p.182)
- • High concentration of receivables from CIL subsidiaries with collection delays(p.255)
- • Inadequate documentation of internal financial controls and risk assessment processes(p.264)
- • Unconfirmed old outstanding balances in financial statements(p.265)
- • Aged PPE assets with extended useful lives not yet derecognized(p.255)
- • Fraud incident involving unauthorized encashment of leave by employee(p.264)
- • Heavy dependence on Coal India Limited and its subsidiaries for revenue(p.324)
- • Significant contingent liabilities from tax disputes(p.359)
- • High employee benefit obligations(p.341)
- • Rising provision for expected credit loss on receivables(p.303)
- • Significant other current liabilities including statutory dues(p.320)
- • Extreme client concentration risk(p.39)
- • Heavy dependence on single parent company(p.40)
- • Pledged current assets as collateral(p.369)
- • Declining capital efficiency over time(p.365)
- • High contingent liabilities from tax disputes(p.404)
- • Government company structure with 100% promoter control(p.420)
- • No prior capital market experience(p.425)
- • Limited operational history as listed entity(p.431)
Opportunities
- • Indian mining consultancy sector projected to grow significantly(p.23)
- • Global mining consultancy market experiencing significant growth(p.23)
- • Expansion into non-Coal India clients (32.9% revenue in FY2025)(p.40)
- • Geological exploration services showing revenue growth(p.42)
- • Increasing government funding through CSS and NMET(p.48)
- • Diversification into other minerals leveraging coal sector expertise(p.54)
- • Expansion of clean energy initiatives within coal and mineral sectors(p.54)
- • International expansion leveraging existing expertise(p.54)
- • Public listing enhancing brand visibility and providing liquidity(p.102)
- • Expansion into commercial coal mining consultancy(p.161)
- • Growing demand for critical minerals consultancy services(p.159)
- • Expansion of exploration activities through NMET funding(p.160)
- • International market opportunities in Africa and Central Asia(p.161)
- • CIL's massive capacity expansion requiring consultancy support(p.158)
- • Growth in environmental management and mine closure planning services(p.161)
- • Emerging opportunities in coal gasification and CBM(p.162)
- • Indian mining consultancy market projected to grow significantly(p.154)
- • Mining consultancy market projected to grow 7.7% CAGR to ₹40,071 million by FY2030(p.163)
- • Strategic diversification into non-coal minerals sector including lithium, nickel, cobalt(p.194)
- • Commercial coal block auctions creating new opportunities outside Coal India Limited(p.195)
- • International expansion potential particularly in Africa with coal as growing energy source(p.196)
- • Clean energy and renewable integration including CBM, UCG, solar and wind initiatives(p.195)
- • Government initiatives including 1,200 GSI exploration projects (FY2025-FY2031) under National Critical Mineral Mission(p.166)
- • Expansion into new business domains including non-coal minerals and renewable energy(p.220)
- • Government recognition and support for innovation in sustainability(p.221)
- • Technology deployment opportunities in mining sector(p.220)
- • Growth in services to non-CIL entities(p.324)
- • Expansion of intangible assets and technology platform(p.298)
- • Development of capital-work-in-progress projects(p.293)
- • Increasing revenue growth trajectory(p.324)
- • Geographic expansion into international markets(p.379)
- • Expansion into non-Coal India Limited clients(p.379)
- • Growing client base diversification(p.379)
- • Revenue growth from mineral exploration services(p.380)
- • Technology-enabled service delivery capability(p.380)
- • Listing on major stock exchanges(p.424)
- • Access to capital markets for future growth(p.420)
- • Expanded investor base and market visibility(p.420)
Threats
- • Loss of any major client could severely impact revenue(p.40)
- • Decline in Coal India Limited demand would be devastating(p.40)
- • Government business subject to regulatory scrutiny and delayed payments(p.41)
- • High dependence on government contracts (97.8% of revenue)(p.27)
- • Technological obsolescence risk for laboratory equipment(p.27)
- • Uncertainty in government funding for exploration activities(p.48)
- • Exploration drilling activities carry inherent failure risks(p.48)
- • Adverse law and order situations in operating regions(p.50)
- • Estimated project returns uncertainty and cost overruns(p.27)
- • Transition to renewable energy reducing coal demand(p.50)
- • Increasing competition in mining consultancy market(p.52)
- • Weather disruptions affecting exploration and drilling operations(p.54)
- • Risk of reputational damage from Coal India Limited brand issues(p.56)
- • Government policy changes affecting operations and profitability(p.57)
- • Risk of non-renewal of required environmental approvals and licenses(p.53)
- • Pending legal and regulatory proceedings against the company(p.52)
- • Economic downturn reducing demand for exploration services(p.63)
- • Global shift towards renewable energy reducing coal demand(p.147)
- • India's ambitious renewable energy targets(p.147)
- • Increasing environmental regulations and compliance requirements(p.141)
- • Fragmented and competitive mining consultancy market(p.160)
- • Dependency on government policy decisions and budget allocations(p.159)
- • Coal sector uncertainty due to climate change commitments(p.136)
- • Cyclical nature of mining and commodity-dependent revenues(p.148)
- • Rising competition from independent consulting firms squeezing margins(p.167)
- • Global economic insecurity and geopolitical tensions impacting mining investment(p.167)
- • Extreme volatility in commodity prices affecting mining sector performance(p.167)
- • Regulatory hurdles and complex approval processes delaying mining operations(p.167)
- • Restrictions on exploration in forest areas and law and order challenges(p.168)
- • Shift to renewable energy reducing coal competitiveness and consultancy demand(p.168)
- • Liberalization with 100% FDI opening market to domestic and international competitors(p.168)
- • Non-compliance with R&D fund utilization guidelines affecting project credibility(p.257)
- • Pending government approvals delaying asset disposal and financial clarity(p.262)
- • Contingent liabilities from government departments and legal disputes(p.265)
- • Regulatory risk from dependency on government approval for director appointments and borrowings(p.230)
- • Pending tax litigation creating contingent liability exposure(p.359)
- • Dependency on coal industry and CIL group performance(p.286)
- • Concentration of receivables with group entities(p.303)
- • Potential changes in regulatory and accounting standards for mining sector(p.286)
- • Government policy and regulatory changes affecting coal mining(p.380)
- • Dependence on government funding for exploration programs(p.380)
- • Seasonal business volatility from monsoon impact(p.407)
- • Delays in project execution from regulatory clearances(p.380)
- • Dependence on limited vendor base for field services(p.406)
- • Regulatory changes affecting IPO operations(p.447)
- • Market-dependent IPO execution risk(p.437)
- • Foreign investment restrictions(p.469)
- • Dependence on regulatory approvals for listing(p.440)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Coal India Limited | Promoter and Promoter Selling Shareholder | 100.0% | [●] |
| President of India, acting through the Ministry of Coal, Government of India | Promoter | 0.0% | [●] |
| Coal India Limited | Promoter | 100.0% | [●]% |
| President of India, acting through the Ministry of Coal, Government of India | Promoter | — | — |
| Coal India Limited (via Government of India) | Promoter/Promoter Group | — | — |
| Coal India Limited | Promoter/Parent Company | 100% | — |
| Coal India Limited | Corporate Promoter / Promoter Selling Shareholder | 100.0 | — |
| President of India | Individual Promoter (acting through Ministry of Coal, Government of India) | — | — |
| Coal India Limited | Holding Company/Promoter | 100% | — |
| Coal India Limited | Promoter / Parent Company | — | — |
| Coal India Limited | Corporate Promoter | 100.0% | — |
| Coal India Limited | Promoter Selling Shareholder | — | — |
Leadership
Manoj Kumar · Chairman-cum-Managing Director and Director (Technical/ Engineering Services)
Shankar Nagachari · Director (Technical/ Coal Resource Development)
Ajay Kumar · Director (Technical/ Planning & Design) and Director (Technical/ Research Development and Technology)
Sudip Dasgupta · Chief Financial Officer
Abhishek Mundhra · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.