India's largest mining consultancy company is hitting the public markets. Central Mine Planning & Design Institute Limited — CMPDI — a wholly-owned subsidiary of Coal India and a Government of India enterprise under the Ministry of Coal — has opened its IPO from March 20 to 24, 2026. With a ₹1,842 crore issue, 61% market share in India's mining consultancy sector, zero debt, and a P/E of 18.5× that is below the industry peer average of 22.6×, this PSU IPO has drawn significant investor attention. Here is everything you need to know before you apply.

📋 CMPDI IPO — Complete Details at a Glance

IPO Parameter	Details
Company Name	Central Mine Planning & Design Institute Ltd. (CMPDI)
IPO Open Date	Friday, March 20, 2026
IPO Close Date	Tuesday, March 24, 2026
Allotment Date	Wednesday, March 25, 2026
Listing Date (Tentative)	Monday, March 30, 2026 — BSE & NSE
Price Band	₹163 – ₹172 per share
Face Value	₹2 per share
Issue Size	₹1,842.12 Crore (10.71 crore shares)
Issue Type	100% Offer for Sale (OFS) — Zero fresh issue
Employee Discount	₹8 per share — effective price ₹164 (up to ₹5 lakh)
Shareholder Quota	Coal India Ltd. shareholders eligible (up to ₹2 lakh)
Promoter / Selling Shareholder	Coal India Limited (wholly-owned subsidiary)

Lot Size :-

The IPO has a lot size of 80 shares, with the minimum investment for retail investors set at ₹13,760 for one lot at the upper price band. Retail investors can apply for a maximum of 14 lots, which amounts to 1,120 shares, translating to a total investment of ₹1,92,640. For Small Non-Institutional Investors (S-NII), the minimum application size is 15 lots (1,200 shares), requiring an investment of approximately ₹2,06,400. Meanwhile, Big Non-Institutional Investors (B-NII) can apply for 73 lots (5,840 shares), with a total investment of around ₹10,04,480. The IPO allocation is distributed with 50% reserved for Qualified Institutional Buyers (QIBs), 15% for NIIs, and 35% for retail investors.

🏭 About CMPDI — India's Dominant Mining Consultancy

Incorporated on November 1, 1975, as a private limited company at Patna (Bihar) and converted to a public limited company in May 2025 ahead of this IPO, CMPDI is headquartered at Gondwana Place, Kanke Road, Ranchi, Jharkhand. It functions as the technical backbone of India's coal mining ecosystem — providing end-to-end consultancy across exploration, mine planning, design, environmental management, and geomatics.

⚙️ CMPDI's 4 Core Business Verticals

• 1. Geological Exploration & Resource Evaluation — Mineral surveys, drilling programs, resource estimation for coal, lignite, and non-coal minerals
• 2. Mine Planning & Design Services — Feasibility studies, mine design, production scheduling, operational planning for open-cast and underground mines
• 3. Environmental Planning & Monitoring — Environment impact assessments (EIA), pollution monitoring, mine closure planning — critical for regulatory compliance
• 4. Geomatics, Remote Sensing & Survey Services — GIS mapping, satellite remote sensing, drone surveys, surface and underground mine surveys

📊 CMPDI Financials — Revenue, Profit & Key Metrics

CMPDI's revenue has grown at a CAGR of approximately 23% from ₹1,386 crore in FY2023 to ₹2,102 crore in FY2025. The company is completely debt-free as of December 31, 2025, with EBITDA margins consistently above 40% — a rare combination for a PSU. PAT grew from ~₹420 crore to ~₹667 crore across the same period, reflecting strong operational leverage.

🔍 CMPDI IPO Peer Comparison — Is the Valuation Attractive?

At the upper price band of ₹172, CMPDI trades at a P/E of ~18.5×, a meaningful discount to both its listed PSU peers — Engineers India Limited (~22×) and RITES Limited (~23×) — and below the industry peer average of 22.6× cited in the RHP. More strikingly, CMPDI's RoNW of 36.7% significantly outperforms EIL (23.5%) and RITES (15.5%), suggesting the stock is potentially undervalued relative to its profitability.

✅ Strengths of CMPDI IPO

• Dominant 61% market share in India's coal and mineral consultancy sector — no close second, deeply entrenched position
• Completely debt-free as of December 31, 2025 — strong balance sheet, no interest burden, full cash generation available for distribution
• Strong and growing financials — revenue CAGR of ~23% (FY23–FY25), PAT of ₹667 crore in FY2025, EBITDA margins above 40%
• Attractive valuation — P/E of 18.5× at upper band is below industry peer average of 22.6×, with superior RoNW of 36.7%
• PSU backing — Coal India and Ministry of Coal promoters provide institutional stability, assured order flow, and government policy priority
• Diversification into UCG, CBM, non-coal minerals, and international consultancy reduces long-term coal-only concentration risk

⚠️ Risks of CMPDI IPO

• 100% OFS — zero fresh capital enters the company. Entire ₹1,842 crore goes to Coal India as selling shareholder. No growth capex funded by IPO proceeds
• Client concentration — top 10 clients contributed 93.8%–95.8% of revenue across all reported periods. Loss of any key client would materially impact revenue
• Heavy Coal India dependence — a significant portion of revenues comes from CIL group entities. CMPDI's fate is closely tied to CIL's capital expenditure plans and policy priorities
• Energy transition risk — global and India push toward renewable energy could reduce long-term coal mining investment, directly shrinking CMPDI's addressable market
• Government policy risk — mining regulations, environmental clearance timelines, forest clearances, and Ministry of Coal policy changes can delay or reduce project awards

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs — Central Mine Planning IPO

Q1. What is the CMPDI IPO price band and lot size?

• The CMPDI IPO price band is ₹163 to ₹172 per share. The lot size is 80 shares. Minimum investment for retail investors is ₹13,760 (1 lot at upper band of ₹172). Maximum retail investment is ₹1,92,640 (14 lots = 1,120 shares). Small HNIs (S-NII) need a minimum of ₹2,06,400 (15 lots) and Big HNIs (B-NII) need ₹10,04,480 (73 lots).

Q2. What is CMPDI and who are its promoters?

• CMPDI — Central Mine Planning & Design Institute Limited — is India's largest mining consultancy company, incorporated in 1975 and headquartered in Ranchi, Jharkhand. It provides end-to-end technical consultancy for coal and mineral exploration, mine planning, mine design, environmental management, and survey services. Its promoters are the President of India (acting through the Ministry of Coal, Government of India) and Coal India Limited — making it a Miniratna-category PSU and wholly-owned subsidiary of Coal India.

Q3. Is the CMPDI IPO a fresh issue or OFS?

• The CMPDI IPO is 100% an Offer for Sale (OFS) — there is no fresh issue component. All 10.71 crore shares being offered belong to the Promoter Selling Shareholder (Coal India Limited). This means the company will receive zero proceeds from the IPO. All ₹1,842 crore (after deducting issue expenses and taxes) will go directly to Coal India. While this is not uncommon for PSU divestments, it means no new capital is being invested back into CMPDI's operations.

Q4. What is the CMPDI IPO GMP today?

• As of March 16, 2026, the CMPDI IPO Grey Market Premium (GMP) stands at ₹21 per share. Based on the upper price band of ₹172, this implies a tentative listing price estimate of approximately ₹193 — a premium of around 12.2% over the issue price. GMP is an unofficial, unregulated indicator of investor sentiment and should not be used as the sole basis for investment decisions. Actual listing price may differ significantly.

Q5. When is the CMPDI IPO allotment date and listing date?

• The CMPDI IPO allotment will be finalised on Wednesday, March 25, 2026. Allotted shares will be credited to successful applicants' Demat accounts by Friday, March 27, 2026. Refunds for unsuccessful applicants will be initiated on the same date. The tentative listing date on BSE and NSE is Monday, March 30, 2026. Allotment status can be checked on the KFin Technologies website using your application number, PAN, or Demat account number.