Highlights: CMPDI share price lists at 7% discount – Coal India arm trades below issue price, around Rs 166 per share

The share price of CMPDI has seen a sharp swing in early trade. After listing at a 7% discount, this Coal India arm is now up over 2%. The listing of this much-anticipated issue was rather disappointing.

The organisation possesses extensive expertise in executing large-scale exploration projects, backed by advanced infrastructure, cutting-edge technology, and robust technical capabilities. Its operations are further strengthened by the strong parentage of Coal India, enabling CMPDI to deliver high-quality, reliable, and efficient solutions while maintaining leadership in the coal and mining consultancy space.

"At the upper price band, the company is valued at a PE of 21.5x based on its FY26 annualised earnings and market cap of Rs 12,280.8 crore post issue of equity shares. We believe that the IPO is fully priced and recommend a 'Subscribe-Long Term' rating to the IPO," said Anand Rathi Research in an IPO note during the time of bidding.

The company plans to utilise its capabilities in feasibility studies, mine planning, resource optimisation, infrastructure development, hydrogeology, and geomatics to support exploration and development of non-coal minerals. It intends to expand consultancy services across minerals such as lithium, nickel, cobalt, copper, iron ore, bauxite and manganese, where demand is expected to increase due to energy transition and industrial growth. It is also strengthening its exploration activities through projects funded by the National Mineral Exploration Trust.

The share price of Central Mine Planning & Design Institute surged 2% from the opening price at Rs 163.50 on the National Stock Exchange. The stock was listed at a 7% discount to the issue price at Rs 160.

The first day of trading for CMPDI opened 7% lower at Rs 160 to the issue price on the National Stock Exchange. On the BSE, the stock opened the trade at a discount of 5.35% to the issue price at Rs 162.80. The company had set the issue price at Rs 172 per equity share.

The company supports mineral exploration initiatives beyond coal through projects funded by the National Mineral Exploration Trust, contributing to the exploration and development of minerals such as bauxite, copper, magnetite, and zinc. As of December 31, 2025, the company had submitted 11 exploration proposals, of which six were approved and four completed, reflecting its expanding role in India’s broader mineral exploration ecosystem.

The company plans to invest in advanced exploration equipment, digital technologies and laboratory upgrades to strengthen its mineral exploration and testing capabilities. Proposed upgrades include procurement of specialised equipment such as inductively coupled plasma mass spectrometers, advanced mineral analysis systems and improved sample preparation facilities to support exploration of critical minerals and rare earth elements.

In the unlisted markets, CMPDI share price is currently Rs 177, suggesting a premium of nearly 3% on the upper end of the price band. The share price band if fixed at Rs 163 to Rs 172 per share.

However, it is important to know that GMP is an unofficial metric to determine the listing price and may fluctuate based on market mood and sentiment.

Anand Rathi Research has given a “Subscribe” rating to the IPO. The brokerage believes it could offer opportunities for investors who have the stomach to stay for the long term. 

It further stated that the IPO is fully priced in at the upper price band, valuing the firm at a price-to-earnings (PE) ratio of 21.5x to its FY26 annualised earnings. 

However, the brokerage house said that the firm possesses extensive expertise in executing large-scale exploration projects, backed by advanced infrastructure, cutting-edge technology, and robust technical capabilities. 

The company’s expanding engagement with clients beyond Coal India has also contributed to revenue diversification. During FY25, it generated Rs 692.1 crore in revenue from clients other than Coal India and its subsidiaries, representing the highest level of revenue from external clients in a single fiscal year. This diversification supports its growth while strengthening its position as a leading consultancy provider in India’s coal and mineral sector.

Given the continued dependence of India’s power sector on coal as a cost-effective fuel source, the company plays a critical role in supporting the development of mining projects and associated energy infrastructure. Its integrated service capabilities enable it to provide end-to-end consultancy solutions covering the entire lifecycle of mining operations from early-stage exploration and resource assessment to mine development, operational optimisation, and eventual mine closure.

The company provides geomatics and surveying solutions using advanced technologies such as satellite-based remote sensing, geographic information systems (GIS), global positioning systems (GPS), digital photogrammetry, LiDAR-based surveys, unmanned aerial vehicles (UAVs), and gyroscopic survey instruments. These services are used for applications such as overburden volumetric measurement, coal stock measurement, and detailed terrestrial and mine surveying to support mining operations and project planning.

India’s mining consultancy sector sits at an inflection point, driven by a combination of rising energy demand, aggressive coal production targets, and a strategic push toward critical minerals. The industry, though niche, is structurally expanding, supported by policy-led initiatives such as the 1.5 BT coal production roadmap, commercial mining auctions, and the National Critical Minerals Mission.

"At the upper price band, the company is valued at a PE of 21.5x based on its FY26 annualised earnings and market cap of Rs 1,22,808 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe-Long-term” rating to the IPO," said Anand Rathi Research in an IPO note.

The company’s client portfolio includes organisations such as Adani Enterprises, along with several other public and private sector participants in the mining and mineral exploration industry. The company has witnessed steady growth in its client base over the years, increasing from 38 clients as of March 31, 2023, to 52 clients as of March 31, 2024, 61 clients as of March 31, 2025, and 76 clients as of December 31, 2025.