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Central Mine Planning & Design Institute Ltd IPO

Status: Upcoming

Overview

IPO date
20 Mar 2026 to 24 Mar 2026
Face value
₹ 2 per share
Price
₹ 0 per share
Issue Size
107,100,000 shares
(aggregating up to ₹ 0 Cr)
Allotment Date
25 Mar 2026
Listing at
NSE
Issue type
Book Building
Sector
Mining & Mineral products

Objectives of Central Mine Planning & Design Institute Ltd IPO

Central Mine Planning & Design Institute Ltd IPO Strategy

About Central Mine Planning & Design Institute Ltd

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T&C*

Strengths vs Risks of Central Mine Planning & Design Institute Ltd

Know the pros & cons

Strengths

  • arrowMultidisciplinary organization offering a comprehensive range of services.
  • arrowKey consulting partner to Coal India Limited and Ministry of Coal with a diverse client base.
  • arrowExtensive expertise in executing exploration projects.
  • arrowAdvanced infrastructure supporting a spectrum of services.
  • arrowOperations driven by strong parentage of Coal India Limited.
  • arrowExperienced management team supported by committed employee base.
  • arrowConsistent track record of growth and financial performance.

Risks

  • arrowThe company's business largely depends upon its top 10 clients which contributed to 95.0%, 95.5% and 95.8% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these clients could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
  • arrowA significant portion of the company's revenues is derived from Coal India Limited and its subsidiaries. Coal India Limited and its subsidiaries accounted for 67.1%, 80.2%, and 82.7%of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for the company's services from Coal India Limited and/or its subsidiaries could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company depends on a limited number of vendors in the company's exploration activities to provide services such as core drilling, geophysical logging, borehole testing, and other field-based technical services and for its security services, and any disruptions in their supply of services could adversely affect the company's business, results of operations, financial condition and cash flows.
  • arrowA significant part of the company's business transactions are with government entities or agencies. In the Fiscals 2025, 2024 and 2023, we generated 97.8%, 97.8% and 99.3%, respectively, of the company's total revenue from operations from transactions with government entities or agencies, which may expose the company to various risks, including additional regulatory scrutiny and delayed collection of receivables.
  • arrowA significant portion of the company's revenues is derived from its geological exploration and resource evaluation services, which accounted for 46.2%, 38.6% and 39.3% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for its geological exploration and resource evaluation services could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowEstimates relating to ongoing and new projects and plans in relation to existing operations are uncertain, and the projects may incur higher costs and lower economic returns than estimated, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company is subjects to risks associated with its contracts, including its ability to correctly assess pricing terms other financial obligations, the increased complexity of the company's contracts and the potential early termination or change of scope of contracts by clients.
  • arrowChanges in technology may render the company's current technologies obsolete. Any failures on the company's part to effectively address such situations, innovate and keep up with technological advancements, could adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThe company's business is manpower intensive. The company's business may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
  • arrowIf the company is unable to recruit and retain senior management, qualified and skilled personnel, the company's business and our ability to operate or grow its business may be adversely affected.
  • arrowThe company is subjects to several labour legislations and regulations governing welfare, benefits and training of the company's employees. Any increase in wage and training costs could adversely affect its business, financial condition and cash flows.
  • arrowThe company's inability to collect receivables in time or at all and default in payment from its clients could result in the reduction of its profits and affect the company's cash flows.
  • arrowThe company's backlog is subject to unexpected adjustments and cancellations and, therefore, may not be a reliable indicator of the company's future revenue or earnings.
  • arrowThe company is dependents upon its equipment and machinery infrastructure, which is subject to disruption, damage, failures and risks associated with maintenance, upgrade and integration. Any failures to effectively maintain or upgrade the company's equipment and machinery infrastructure may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company is dependent on government funding for its drilling and exploration activities, and any shifts in policy decisions, changes in fiscal priorities or budget reallocation may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's operations involve a high degree of risk, and exploratory drilling activities may not be successful which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's executive employees are seconded from Coal India Limited and the terms of their secondment may be altered at any time, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's exploration activities are subject to the risk of adverse local law and order situations, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company business requires working capital. Any failures in arranging adequate working capital for the company's operations may adversely affect its business, results of operations, cash flows and financial condition.
  • arrowThe company faces a risk of reduced demand of the company's services due to the emergence of renewable energy as an alternative source of energy. Significant shift towards sustainable energy solutions may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company is subject to trade union activity, and labor disputes could lead to lost production and/or increased costs which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's Statutory Auditors have included certain emphasis of matters in their audit report for the audited financial statements for Fiscal 2025, 2024 and 2023.
  • arrowThe company may faces operational and coordination challenges in relation to the company's regional institutes, which could adversely affect its business, results of operations, financial conditions and cash flows. Further, the Company does not have any documented terms of arrangement for usage of premises where two of the company's regional offices are situated.
  • arrowThe mining and mineral consultancy service industry is competitive and our inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows
  • arrowAny failures of the company's information technology systems and tools could adversely affect its business, results of operations, financial conditions and cash flows.
  • arrowThe Company, Corporate Promoter and SMPs are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial conditions and cash flows.
  • arrowFailures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
  • arrowThe company's operations are sensitive to seasonal changes and seasonal variations such as monsoon or extreme temperatures can disrupt its activities which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's Corporate Promoter will continue to have a significant shareholding in the Company after the Offer and its interests may differ from those of the other shareholders.
  • arrowThere have been certain instances of delays in payment of statutory dues by us in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
  • arrowAny negative publicity relating to `Coal India Limited' brand could adversely affect its business prospects and financial performance.
  • arrowNon-compliance with and adverse changes in applicable health, safety, labour and environmental laws may adversely affect its business, cash flows, results of operations and financial condition.
  • arrowThe company is wholly-owned by Coal India Limited and controlled by the Government of India, which makes the company susceptible to changes to the policies of Government of India and allows it to exercise significant influence over the company. Further, the Government of India could require the company to take actions aimed at serving the public interest, which may not necessarily be profitable or financially feasible.
  • arrowThe company does not have access to records and data pertaining to certain historical legal and secretarial information in relation to certain disclosures. Further, there are certain discrepancies in the records available with the company.
  • arrowThe company does not maintain insurance coverage in accordance with applicable industry standards and the company's insurance coverage may not be adequate or the company's may incur uninsured losses or losses in excess of its insurance coverage which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's logo and name have not been registered as trademarks. Accordingly, the company's ability to use its name or logo may be impaired. If the company is unable to protect its intellectual property rights, 14928 business, results of operations and financial condition may be adversely affected. As part of the company's operations, the company mights infringe upon the intellectual property rights of others and any misappropriation of the company's intellectual property could harm our competitive position.
  • arrowThe company has entered into related party transactions in the past and may continue to do so in the future.
  • arrowThe company has certain contingent liabilities that have been disclosed in the Restated Financial Information (Rs. 1,974.1 million as of March 31, 2025), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThe company will not receive any proceeds from the Offer.
  • arrowThe Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure requirements.
  • arrowThe Company is not in compliance with certain provisions of the SEBI Listing Regulations and the Companies Act, as may be applicable in relation to the composition of our Board of Directors, composition and terms of reference of the Audit Committee, Stakeholders' Relationship Committee, Risk Management Committee and the Nomination and Remuneration Committee as the company is controlled by the GoI.
  • arrowCertain sections of this Draft Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
  • arrowInternal or external fraud or misconduct by the commpany's employees could adversely affect its reputation and the company's results of operations.
  • arrowFailures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
  • arrowThe company has included in this Draft Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to the company's operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
  • arrowNon-availability of credit ratings may restrict its access to capital and thereby adversely affect 14928 business, financial conditions, cash flows and results of operations.
  • arrowThe 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 the company's revenue from operations in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these clients could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
  • arrowA significant portion of its revenues is derived from Coal India Limited and its subsidiaries. Coal India Limited and its subsidiaries accounted for 66.0%, 68.3%, 67.1%, 80.2%, and 82.7% of the company's 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 Limited and/or its subsidiaries could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company significantly depends on the company's top 10 vendors in its exploration activities to provide services such as core drilling, geophysical logging, borehole testing, and other field-based technical services and for the company's security services. Expenses incurred towards the company's top 10 vendors as a percentage of revenue from operations was 20.2%, 16.8%, 14.4%, 17.9% and 14.5% and the expenses in relation to the company's top 10 vendors as a percentage of the company's total expenses was 30.9%, 26.0%, 23.3%, 29.9% and 19.5% in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. Any disruptions in their supply of services could adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThe company is dependent on government funding for its drilling and exploration activities, and any shifts in policy decisions, changes in fiscal priorities or budget reallocation may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowA significant part of the company's business transactions are with government entities or agencies. In the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, the company 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 the company to various risks, including additional regulatory scrutiny and delayed collection of receivables.
  • arrowA significant portion of the company's revenues is derived from our geological exploration and resource evaluation services, which accounted for 45.8%, 45.0%, 46.2%, 38.6% and 39.3% of the company's 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 the company's geological exploration and resource evaluation services could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company has certain contingent liabilities that have been disclosed in the Restated Financial Information (Rs2,108.3 million as of December 31, 2025), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThe Company is not in compliance with certain provisions of the SEBI Listing Regulations and the Companies Act, as may be applicable in relation to the composition of the company's Board of Directors, composition and terms of reference of the Audit Committee, Stakeholders' Relationship Committee, Risk Management Committee, the Nomination and Remuneration Committee and constitution of a committee of independent directors, as the company is controlled by the GoI.
  • arrowNon-availability of credit ratings may restrict its access to capital and thereby adversely affect the company's business, financial conditions, cash flows and results of operations.
  • arrowThe Company and Corporate Promoter are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial conditions and cash flows.
  • arrowEstimates relating to ongoing and new projects and plans in relation to existing operations are uncertain, and the projects may incur higher costs and lower economic returns than estimated, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company is subject to risks associated with its contracts, including our ability to correctly assess pricing terms other financial obligations, the increased complexity of the company's contracts and the potential early termination or change of scope of contracts by clients.
  • arrowThe company's Statutory Auditors have included certain emphasis of matters in their audit report for the audited financial statements for Fiscal 2025, 2024 and 2023. Further, the company's Statutory Auditors have also included certain remarks in the annexure to their audit reports on the Companies (Auditors Report) Order, 2016/ Companies (Auditor's Report) Order, 2020 for Fiscals 2025, 2024 and 2023.
  • arrowThe company does not have access to records and data pertaining to certain historical legal and secretarial information in relation to certain disclosures. Further, there are certain discrepancies in the records available with the company.
  • arrowChanges in technology may render its current technologies obsolete. Any failures on the company's part to effectively address such situations, innovate and keep up with technological advancements, could adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThe company has entered into related party transactions in the past amounting to 86.1%, 83.0%, 74.2%, 89.0% and 89.1% of the company's revenue from operations (net of levies) in nine months ended December 31, 2025, nine months ended December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively, and may continue to do so in the future.
  • arrowThe company's business is manpower intensive. The company's business may be adversely affected by work stoppages, increased wage demands by the company's employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
  • arrowIf the company is unable to recruit and retain senior management, qualified and skilled personnel, the company's business and the company's ability to operate or grow its business may be adversely affected.
  • arrowThe company is subject to several labour legislations and regulations governing welfare, benefits and training of the company's employees. Any increase in wage and training costs could adversely affect its business, financial condition and cash flows.
  • arrowThe company's inability to collect receivables in time or at all and default in payment from its clients could result in the reduction of the company's profits and affect its cash flows.
  • arrowThe company's backlog generally consists of projects for which the company has an executed contract or commitment with a client and reflects its expected revenue from the contract or commitment, which is often subject to revision over time, and is subject to unexpected adjustments such as scope adjustments and deferrals and project cancellations and, therefore, may not be a reliable indicator of the company's future revenue or earnings.
  • arrowThe company is dependent upon its equipment and machinery infrastructure, which is subject to disruption, damage, failures and risks associated with maintenance, upgrade and integration. Any failures to effectively maintain or upgrade our equipment and machinery infrastructure may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's operations involve a high degree of risk, and exploratory drilling activities may not be successful which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's executive employees are seconded from Coal India Limited and the terms of their secondment may be altered at any time, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's exploration activities are subject to the risk of adverse local law and order situations, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's business requires working capital. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, cash flows and financial condition.
  • arrowThe company faces a risk of reduced demand of the company's services due to the emergence of renewable energy as an alternative source of energy. Significant shift towards sustainable energy solutions may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe Company accounts are subject to a supplementary audit by the office of the Comptroller and Auditor General of India, and any qualifications in their report on our financial statements could adversely affect the trading price its Equity Shares.
  • arrowThe company is subject to trade union activity, and labor disputes could lead to lost production and/or increased costs which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company may faces operational and coordination challenges in relation to its regional institutes, which could adversely affect the company's business, results of operations, financial conditions and cash flows. Further, the Company does not have any documented terms of arrangement for usage of premises where two of the company's regional offices are situated.
  • arrowChanging laws, rules and regulations and legal uncertainties, including adverse application of tax laws, may adversely affect its business, prospects and results of operations.
  • arrowThe mining and mineral consultancy service industry is competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows
  • arrowAny failures of the company's information technology systems and tools could adversely affect its business, results of operations, financial conditions and cash flows.
  • arrowFailures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
  • arrowThe company's operations are sensitive to seasonal changes and seasonal variations such as monsoon or extreme temperatures can disrupt its activities which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • arrowThe company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's Corporate Promoter will continue to have a significant shareholding in the Company after the Offer and its interests may differ from those of the other shareholders.
  • arrowThe company's business is subject to certain industry threats, concerns, macroeconomic and microeconomic events, the occurrence of which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThere have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by us in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
  • arrowAny negative publicity relating to `Coal India Limited' brand could adversely affect its business prospects and financial performance.
  • arrowNon-compliance with and adverse changes in applicable health, safety, labour and environmental laws may adversely affect its business, cash flows, results of operations and financial condition.
  • arrowThe company is wholly-owned by Coal India Limited and controlled by the Government of India, which makes the company susceptible to changes to the policies of Government of India and allows it to exercise significant influence over the company. Further, the Government of India could require the company to take actions aimed at serving the public interest, which may not necessarily be profitable or financially feasible
  • arrowThe company does not maintain insurance coverage in accordance with applicable industry standards and the company's insurance coverage may not be adequate or the company may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's logo and name have not been registered as trademarks. Accordingly, the company's ability to use its name or logo may be impaired. If the company is unable to protect its intellectual property rights, the company's business, results of operations and financial condition may be adversely affected. As part of the company's operations,the company might infringe upon the intellectual property rights of others and any misappropriation of the company's intellectual property could harm its competitive position.
  • arrowthe company is subject to extensive mining regulations, and any non-compliance with or change in these laws may adversely affect its results of operations, finances and business.
  • arrowThe company will not receive any proceeds from the Offer.
  • arrowThe Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure requirements.
  • arrowCertain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
  • arrowInternal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's results of operations.
  • arrowFailures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
  • arrowThe company has included certain non-GAAP financial measures and certain other industry measures related to the company's operations and financial performance in this Red Herring Prospectus in the section, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non- GAAP Measures" on page 419. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
  • arrowThe company's operations are predominantly concentrated in India, exposing us to risks arising from a lack of geographical diversification.
  • arrowThe company faces risks related to the execution challenges associated with its strategic initiative to diversify into the mineral sector.
  • arrowThe company's Corporate Promoter, a listed entity has received various notices from the stock exchanges in the past in respect of violations of SEBI Listing Regulations.
  • arrowThe Company may bear certain expenses in connection with the Offer for Sale on behalf of the Promoter Selling Shareholder.

Central Mine Planning & Design Institute Ltd Peer Comparison

Understand the company’s industry standing

Central Mine Planning & Design Institute Limited
Engineers India Ltd (EIL)
RITES Limited (RITES)
Face Value
2
5
10
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
2102.76
3087.59
2217.81
EPS-Basis
9.3
10.3
8
EPS-Diluted
9.3
10.3
8
NAV Per Share
28.6
47.5
57.2
P/E-Basic EPS
---
19.9
25.2
P/E-Diluted EPS
---
---
---
RONW(%)
36.7
23.5
15.5
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 20 Mar 2026 & closes on 24 Mar 2026.

Central Mine Planning & Design Institute Limited was incorporated in Bihar at Patna as 'Central Mine Planning & Design Institute Limited', as a Private Limited Company dated November 1, 1975, issued by the Registrar of Companies, Patna. Thereafter, Company was converted from a Private Limited to a Public Limited Company, pursuant to which, a fresh Certificate of Incorporation dated May 20, 2025 was issued to Company by the Registrar of Companies, Central Processing Centre. The Company was incorporated on November 1, 1975 as a wholly owned subsidiary of Coal India Limited. It was conferred the status of Mini Ratna (Category II) company in 2009 and were further upgraded to the status of Mini Ratna (Category I) company by the Ministry of Coal, Govt. of India in 2019. Presently, it has pioneered in introducing new and suitable technology in the exploration and mining sectors. Company provide consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services. Their services include infrastructure engineering, environmental management, geomatics, specialized technology services & management systems primarily for the coal industry and for other minerals. The services cover the entire lifecycle of mining operations, ranging from initial exploration to mine closure activities. Apart from this, Company offer a variety of other services including training programs to enhance industrial skills of the clients. The human resource development initiatives focus on continuous learning and professional growth. In addition, it provide management system consultancy for various standards, including ISO 9001, with licensing from the Bureau of Indian Standards. It 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 nondestructive testing. Additionally, Company develop applications and portals for Coal India Limited and the Ministry of Coal, enhancing operational efficiency and data management. It specialize in providing complete renewable energy solutions, including the design, supply, installation, commissioning, and testing of grid-connected solar power systems. In addition, it offer ongoing operation and maintenance services to ensure optimal performance and reliability. It provide contract management services to ensure execution in mining projects and comprehensive project management solutions include contract administration, procurement, and logistics support. Company is planning an IPO by issuance of 71,400,000 equity shares of face value of Rs 2 each through offer for sale.

Central Mine Planning & Design Institute Ltd IPO will close on 24 Mar 2026.

  • Multidisciplinary organization offering a comprehensive range of services.
  • Key consulting partner to Coal India Limited and Ministry of Coal with a diverse client base.
  • Extensive expertise in executing exploration projects.
  • Advanced infrastructure supporting a spectrum of services.
  • Operations driven by strong parentage of Coal India Limited.
  • Experienced management team supported by committed employee base.
  • Consistent track record of growth and financial performance.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 President of India --- --- --- ---
2 --- --- --- --- ---
3 Coal India Ltd 714000000 100 606900000 85

  • The company's business largely depends upon its top 10 clients which contributed to 95.0%, 95.5% and 95.8% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these clients could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
  • A significant portion of the company's revenues is derived from Coal India Limited and its subsidiaries. Coal India Limited and its subsidiaries accounted for 67.1%, 80.2%, and 82.7%of its revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for the company's services from Coal India Limited and/or its subsidiaries could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company depends on a limited number of vendors in the company's exploration activities to provide services such as core drilling, geophysical logging, borehole testing, and other field-based technical services and for its security services, and any disruptions in their supply of services could adversely affect the company's business, results of operations, financial condition and cash flows.
  • A significant part of the company's business transactions are with government entities or agencies. In the Fiscals 2025, 2024 and 2023, we generated 97.8%, 97.8% and 99.3%, respectively, of the company's total revenue from operations from transactions with government entities or agencies, which may expose the company to various risks, including additional regulatory scrutiny and delayed collection of receivables.
  • A significant portion of the company's revenues is derived from its geological exploration and resource evaluation services, which accounted for 46.2%, 38.6% and 39.3% of the company's revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for its geological exploration and resource evaluation services could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • Estimates relating to ongoing and new projects and plans in relation to existing operations are uncertain, and the projects may incur higher costs and lower economic returns than estimated, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company is subjects to risks associated with its contracts, including its ability to correctly assess pricing terms other financial obligations, the increased complexity of the company's contracts and the potential early termination or change of scope of contracts by clients.
  • Changes in technology may render the company's current technologies obsolete. Any failures on the company's part to effectively address such situations, innovate and keep up with technological advancements, could adversely affect its business, results of operations, financial condition and cash flows.
  • The company's business is manpower intensive. The company's business may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
  • If the company is unable to recruit and retain senior management, qualified and skilled personnel, the company's business and our ability to operate or grow its business may be adversely affected.
  • The company is subjects to several labour legislations and regulations governing welfare, benefits and training of the company's employees. Any increase in wage and training costs could adversely affect its business, financial condition and cash flows.
  • The company's inability to collect receivables in time or at all and default in payment from its clients could result in the reduction of its profits and affect the company's cash flows.
  • The company's backlog is subject to unexpected adjustments and cancellations and, therefore, may not be a reliable indicator of the company's future revenue or earnings.
  • The company is dependents upon its equipment and machinery infrastructure, which is subject to disruption, damage, failures and risks associated with maintenance, upgrade and integration. Any failures to effectively maintain or upgrade the company's equipment and machinery infrastructure may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company is dependent on government funding for its drilling and exploration activities, and any shifts in policy decisions, changes in fiscal priorities or budget reallocation may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's operations involve a high degree of risk, and exploratory drilling activities may not be successful which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's executive employees are seconded from Coal India Limited and the terms of their secondment may be altered at any time, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's exploration activities are subject to the risk of adverse local law and order situations, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company business requires working capital. Any failures in arranging adequate working capital for the company's operations may adversely affect its business, results of operations, cash flows and financial condition.
  • The company faces a risk of reduced demand of the company's services due to the emergence of renewable energy as an alternative source of energy. Significant shift towards sustainable energy solutions may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company is subject to trade union activity, and labor disputes could lead to lost production and/or increased costs which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's Statutory Auditors have included certain emphasis of matters in their audit report for the audited financial statements for Fiscal 2025, 2024 and 2023.
  • The company may faces operational and coordination challenges in relation to the company's regional institutes, which could adversely affect its business, results of operations, financial conditions and cash flows. Further, the Company does not have any documented terms of arrangement for usage of premises where two of the company's regional offices are situated.
  • The mining and mineral consultancy service industry is competitive and our inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows
  • Any failures of the company's information technology systems and tools could adversely affect its business, results of operations, financial conditions and cash flows.
  • The Company, Corporate Promoter and SMPs are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial conditions and cash flows.
  • Failures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
  • The company's operations are sensitive to seasonal changes and seasonal variations such as monsoon or extreme temperatures can disrupt its activities which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company's Corporate Promoter will continue to have a significant shareholding in the Company after the Offer and its interests may differ from those of the other shareholders.
  • There have been certain instances of delays in payment of statutory dues by us in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
  • Any negative publicity relating to `Coal India Limited' brand could adversely affect its business prospects and financial performance.
  • Non-compliance with and adverse changes in applicable health, safety, labour and environmental laws may adversely affect its business, cash flows, results of operations and financial condition.
  • The company is wholly-owned by Coal India Limited and controlled by the Government of India, which makes the company susceptible to changes to the policies of Government of India and allows it to exercise significant influence over the company. Further, the Government of India could require the company to take actions aimed at serving the public interest, which may not necessarily be profitable or financially feasible.
  • The company does not have access to records and data pertaining to certain historical legal and secretarial information in relation to certain disclosures. Further, there are certain discrepancies in the records available with the company.
  • The company does not maintain insurance coverage in accordance with applicable industry standards and the company's insurance coverage may not be adequate or the company's may incur uninsured losses or losses in excess of its insurance coverage which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company's logo and name have not been registered as trademarks. Accordingly, the company's ability to use its name or logo may be impaired. If the company is unable to protect its intellectual property rights, 14928 business, results of operations and financial condition may be adversely affected. As part of the company's operations, the company mights infringe upon the intellectual property rights of others and any misappropriation of the company's intellectual property could harm our competitive position.
  • The company has entered into related party transactions in the past and may continue to do so in the future.
  • The company has certain contingent liabilities that have been disclosed in the Restated Financial Information (Rs. 1,974.1 million as of March 31, 2025), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
  • The company will not receive any proceeds from the Offer.
  • The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure requirements.
  • The Company is not in compliance with certain provisions of the SEBI Listing Regulations and the Companies Act, as may be applicable in relation to the composition of our Board of Directors, composition and terms of reference of the Audit Committee, Stakeholders' Relationship Committee, Risk Management Committee and the Nomination and Remuneration Committee as the company is controlled by the GoI.
  • Certain sections of this Draft Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
  • Internal or external fraud or misconduct by the commpany's employees could adversely affect its reputation and the company's results of operations.
  • Failures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
  • The company has included in this Draft Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to the company's operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
  • Non-availability of credit ratings may restrict its access to capital and thereby adversely affect 14928 business, financial conditions, cash flows and results of operations.
  • 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 the company's revenue from operations in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. The loss of any of these clients could have an adverse effect on the company's business, financial condition, results of operations and cash flows.
  • A significant portion of its revenues is derived from Coal India Limited and its subsidiaries. Coal India Limited and its subsidiaries accounted for 66.0%, 68.3%, 67.1%, 80.2%, and 82.7% of the company's 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 Limited and/or its subsidiaries could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company significantly depends on the company's top 10 vendors in its exploration activities to provide services such as core drilling, geophysical logging, borehole testing, and other field-based technical services and for the company's security services. Expenses incurred towards the company's top 10 vendors as a percentage of revenue from operations was 20.2%, 16.8%, 14.4%, 17.9% and 14.5% and the expenses in relation to the company's top 10 vendors as a percentage of the company's total expenses was 30.9%, 26.0%, 23.3%, 29.9% and 19.5% in the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively. Any disruptions in their supply of services could adversely affect its business, results of operations, financial condition and cash flows.
  • The company is dependent on government funding for its drilling and exploration activities, and any shifts in policy decisions, changes in fiscal priorities or budget reallocation may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • A significant part of the company's business transactions are with government entities or agencies. In the nine months ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023, the company 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 the company to various risks, including additional regulatory scrutiny and delayed collection of receivables.
  • A significant portion of the company's revenues is derived from our geological exploration and resource evaluation services, which accounted for 45.8%, 45.0%, 46.2%, 38.6% and 39.3% of the company's 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 the company's geological exploration and resource evaluation services could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company has certain contingent liabilities that have been disclosed in the Restated Financial Information (Rs2,108.3 million as of December 31, 2025), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
  • The Company is not in compliance with certain provisions of the SEBI Listing Regulations and the Companies Act, as may be applicable in relation to the composition of the company's Board of Directors, composition and terms of reference of the Audit Committee, Stakeholders' Relationship Committee, Risk Management Committee, the Nomination and Remuneration Committee and constitution of a committee of independent directors, as the company is controlled by the GoI.
  • Non-availability of credit ratings may restrict its access to capital and thereby adversely affect the company's business, financial conditions, cash flows and results of operations.
  • The Company and Corporate Promoter are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial conditions and cash flows.
  • Estimates relating to ongoing and new projects and plans in relation to existing operations are uncertain, and the projects may incur higher costs and lower economic returns than estimated, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company is subject to risks associated with its contracts, including our ability to correctly assess pricing terms other financial obligations, the increased complexity of the company's contracts and the potential early termination or change of scope of contracts by clients.
  • The company's Statutory Auditors have included certain emphasis of matters in their audit report for the audited financial statements for Fiscal 2025, 2024 and 2023. Further, the company's Statutory Auditors have also included certain remarks in the annexure to their audit reports on the Companies (Auditors Report) Order, 2016/ Companies (Auditor's Report) Order, 2020 for Fiscals 2025, 2024 and 2023.
  • The company does not have access to records and data pertaining to certain historical legal and secretarial information in relation to certain disclosures. Further, there are certain discrepancies in the records available with the company.
  • Changes in technology may render its current technologies obsolete. Any failures on the company's part to effectively address such situations, innovate and keep up with technological advancements, could adversely affect its business, results of operations, financial condition and cash flows.
  • The company has entered into related party transactions in the past amounting to 86.1%, 83.0%, 74.2%, 89.0% and 89.1% of the company's revenue from operations (net of levies) in nine months ended December 31, 2025, nine months ended December 31, 2024 and Fiscals 2025, 2024 and 2023, respectively, and may continue to do so in the future.
  • The company's business is manpower intensive. The company's business may be adversely affected by work stoppages, increased wage demands by the company's employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
  • If the company is unable to recruit and retain senior management, qualified and skilled personnel, the company's business and the company's ability to operate or grow its business may be adversely affected.
  • The company is subject to several labour legislations and regulations governing welfare, benefits and training of the company's employees. Any increase in wage and training costs could adversely affect its business, financial condition and cash flows.
  • The company's inability to collect receivables in time or at all and default in payment from its clients could result in the reduction of the company's profits and affect its cash flows.
  • The company's backlog generally consists of projects for which the company has an executed contract or commitment with a client and reflects its expected revenue from the contract or commitment, which is often subject to revision over time, and is subject to unexpected adjustments such as scope adjustments and deferrals and project cancellations and, therefore, may not be a reliable indicator of the company's future revenue or earnings.
  • The company is dependent upon its equipment and machinery infrastructure, which is subject to disruption, damage, failures and risks associated with maintenance, upgrade and integration. Any failures to effectively maintain or upgrade our equipment and machinery infrastructure may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's operations involve a high degree of risk, and exploratory drilling activities may not be successful which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's executive employees are seconded from Coal India Limited and the terms of their secondment may be altered at any time, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's exploration activities are subject to the risk of adverse local law and order situations, which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's business requires working capital. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, cash flows and financial condition.
  • The company faces a risk of reduced demand of the company's services due to the emergence of renewable energy as an alternative source of energy. Significant shift towards sustainable energy solutions may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The Company accounts are subject to a supplementary audit by the office of the Comptroller and Auditor General of India, and any qualifications in their report on our financial statements could adversely affect the trading price its Equity Shares.
  • The company is subject to trade union activity, and labor disputes could lead to lost production and/or increased costs which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company may faces operational and coordination challenges in relation to its regional institutes, which could adversely affect the company's business, results of operations, financial conditions and cash flows. Further, the Company does not have any documented terms of arrangement for usage of premises where two of the company's regional offices are situated.
  • Changing laws, rules and regulations and legal uncertainties, including adverse application of tax laws, may adversely affect its business, prospects and results of operations.
  • The mining and mineral consultancy service industry is competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows
  • Any failures of the company's information technology systems and tools could adversely affect its business, results of operations, financial conditions and cash flows.
  • Failures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
  • The company's operations are sensitive to seasonal changes and seasonal variations such as monsoon or extreme temperatures can disrupt its activities which may have an adverse impact on the company's business, results of operations, financial conditions and cash flows.
  • The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company's Corporate Promoter will continue to have a significant shareholding in the Company after the Offer and its interests may differ from those of the other shareholders.
  • The company's business is subject to certain industry threats, concerns, macroeconomic and microeconomic events, the occurrence of which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by us in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
  • Any negative publicity relating to `Coal India Limited' brand could adversely affect its business prospects and financial performance.
  • Non-compliance with and adverse changes in applicable health, safety, labour and environmental laws may adversely affect its business, cash flows, results of operations and financial condition.
  • The company is wholly-owned by Coal India Limited and controlled by the Government of India, which makes the company susceptible to changes to the policies of Government of India and allows it to exercise significant influence over the company. Further, the Government of India could require the company to take actions aimed at serving the public interest, which may not necessarily be profitable or financially feasible
  • The company does not maintain insurance coverage in accordance with applicable industry standards and the company's insurance coverage may not be adequate or the company may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company's logo and name have not been registered as trademarks. Accordingly, the company's ability to use its name or logo may be impaired. If the company is unable to protect its intellectual property rights, the company's business, results of operations and financial condition may be adversely affected. As part of the company's operations,the company might infringe upon the intellectual property rights of others and any misappropriation of the company's intellectual property could harm its competitive position.
  • the company is subject to extensive mining regulations, and any non-compliance with or change in these laws may adversely affect its results of operations, finances and business.
  • The company will not receive any proceeds from the Offer.
  • The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure requirements.
  • Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
  • Internal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's results of operations.
  • Failures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
  • The company has included certain non-GAAP financial measures and certain other industry measures related to the company's operations and financial performance in this Red Herring Prospectus in the section, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non- GAAP Measures" on page 419. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
  • The company's operations are predominantly concentrated in India, exposing us to risks arising from a lack of geographical diversification.
  • The company faces risks related to the execution challenges associated with its strategic initiative to diversify into the mineral sector.
  • The company's Corporate Promoter, a listed entity has received various notices from the stock exchanges in the past in respect of violations of SEBI Listing Regulations.
  • The Company may bear certain expenses in connection with the Offer for Sale on behalf of the Promoter Selling Shareholder.

The Issue type of Central Mine Planning & Design Institute Ltd is Book Building.

The minimum application for shares of Central Mine Planning & Design Institute Ltd is 0.

The total shares issue of Central Mine Planning & Design Institute Ltd is 107100000.

Initial public offering of up to 107,100,000 equity shares of face value of Rs. 2/- each ("Equity Shares") of Central Mine Planning & Design Institute Limited (the "Company") for cash at a price of Rs. [*] per equity share including a premium of Rs. [*] per equity share (the "Offer Price") through an offer for sale (the "Offer") of up to 107,100,000 equity shares aggregating up to Rs. [*] crores by Coal India Limited (the "Promoter Selling Shareholder" or "Selling Shareholder" and such equity shares offered by the selling shareholder, the "Offered Shares"). The offer includes a reservation of up to 5,355,000 equity shares of face value of Rs. 2/- each, aggregating up to Rs. [*] crores (Constituting up to [*]% of the Post offer paid-up equity share capital) for subscription by eligible employees ("Employee Reservation Portion") and a reservation of up to 10,710,000 equity shares aggregating up to Rs. [*] crores (Constituting up to [*]% of the post-offer paid-up equity share capital) for subscription by eligible shareholders ("Shareholder Reservation Poriton"). The offer less the employee reservation portion and the shareholder reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer shall constitute [*]% and [*]%, respectively, of the post-offer paid-up equity share capital of the company. The company may in consultation with the brlms, offer a discount of Rs.[*] on the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount"). The face value of the equity share is Rs. 2/- each. the offer price is [*] times the face value of the equity shares. The price band, the employee discount and the minimumbid lotsizewill be decided by the company.