Central Mine Planning & Design Institute Limited

Central Mine Planning & Design Institute Limited offers consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services. Their 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. They are 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 Limited. Their services span the entire lifecycle of mining operations, ranging from initial exploration to closure of mines. Company was incorporated on November 1, 1975 as a wholly owned subsidiary of Coal India Limited. They were conferred the status of Mini Ratna (Category II) company in 2009 and were further upgraded to the status of Mini Ratna (Category I) company in 2019. They classify the business into the following key business verticals:  • Geological Exploration and Resource Evaluation. Geological exploration and resource evaluation encompasses a wide array of services, such as drilling and geological report preparation which includes geological mapping, geophysical logging, seismic surveys, gravity surveys, magnetic surveys, resistivity imaging, hydrogeological studies, chemical studies, geotechnical studies; and resource evaluation. • Mine Planning and Design Services. The mine planning and design services cater to both open-pit and underground mining operations, covering a  range of minerals including coal, lignite and bauxite, manganese. The expertise includes detailed feasibility studies, technology and equipment selection, optimized mine design layouts, production and equipment scheduling, and resource optimization through the integration of advanced mine planning software and geotechnical tools. They provide solutions for the design and construction of access roads, bridges, and other essential  facilities. In addition, they offer comprehensive consultancy services from concept to commissioning in the field of coal washing, including the setup of new washeries and the renovation/modernization of existing washeries.  • Environmental Planning and Monitoring Services. The services include preparation of Environmental Impact Assessments ('EIAs') and Environment Management Plans ('EMP'), carrying capacity studies, and the planning and design of pollution control facilities. They also conduct carbon footprint analyses, scientific sand replenishment studies, ecological studies, mine closure planning, riverine ecosystem studies, and soil conservation practices.  • Geomatics, Remote Sensing and Survey Services. They offer a full suite of geomatics services, including over-burden volumetric measurement and coal stock measurement and utilize latest technologies such as satellite-based remote sensing, geographic information system ('GIS'), global positioning  system ('GPS'), digital photogrammetry, survey using light detection and ranging ('LiDAR') sensor, unmanned aerial vehicles ('UAVs') and gyroscope, for terrestrial as well as mine surveying. They also offer a variety of other services including training programs to enhance industrial skills of the clients. They also offer specialized consultancy that includes degree of gassiness studies in mines, mine air analysis, CBM / Coal Mine Methane ('CMM') specific studies, ventilation and gas surveys, controlled blasting, performance evaluation of explosives, mining electronics, mine capacity assessment, and non-destructive testing. Additionally, they develop applications and portals for Coal India Limited and the Ministry of Coal, enhancing operational efficiency and data management. They specialize in providing complete renewable energy solutions, including the design, supply, installation, commissioning, and testing of grid-connected solar power systems.  As of December 31, 2025, they operate through seven regional institutes located in (i) Asansol, West Bengal; (ii) Dhanbad, Jharkhand; (iii) Ranchi, Jharkhand; (iv) Nagpur, Maharashtra; (v) Bilaspur, Chhattisgarh; (vi) Singrauli, Madhya Pradesh and (vii) Bhubaneswar, Odisha. These institutes are strategically positioned near coal producing companies, ensuring quick turnaround times, efficient logistics, and high responsiveness to client needs. Their regional institutes have also received the ISO 9001:2015 certification for quality management systems and NABL accreditation for various laboratory services. As per financial performance, Central Mine Planning & Design Institute Limited has posted total income / net profits of Rs 1,398.78 Cr / Rs 296.66 Cr (FY23), Rs 1,770.18 Cr / Rs 503.23 Cr (FY24), Rs 2,177.53 Cr / 666.91 Cr (FY25) and Rs 1,543.93 Cr / 425.36 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth. Salary expenses of company looks higher when compared with Industry standards. Company has an average EPS of Rs 7.7 and average RoNW of 34.80% for last three fiscals. Issue is priced at a P/BV of 5.70 as per NAV of Rs 30.2/- as on 31.12.25. If we attribute latest earnings of FY24, FY25, TTM and annualised FY26 on equity post issue, then asking price is at a P/E of around 24.40, 18.41, 17.49 and 21.65 respectively. As per RHP, comparison between listed peers are shown in the above market. On BRLM's front, IDBI Capital Markets & Securities Limited, SBI Capital Markets Limited are associated with this IPO, and has handled 47 IPOs in last three fiscal years. ( As on 16.03.26 ) As per financials, Central Mine Planning & Design Institute Limited has shown good results, RoNW is 36.70% and P/E is 24.40, 18.41, 17.49 and 21.65 respectively as per FY24, FY25, TTM and annualised FY26 earnings. So issue looks fully priced. Company offers consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services with dominant market share. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 PRESIDENT OF INDIA, Acting through the Ministry of Coal, Government of India
• 2 Coal India Limited