Highlights: CMPDI IPO Allotment Status: How to check on BSE, NSE, KFin Tech – GMP signals caution

The Central Mine Planning IPO has seen modest overall demand, with the issue subscribed 1.05 times by the end of Day 3 on March 24, 2026. While strong interest from qualified institutional buyers (QIBs), who subscribed 3.48 times their quota (excluding anchor investors), helped push the issue past full subscription, participation from retail investors and non-institutional investors (NIIs) remained subdued, both segments seeing just 0.35 times subscription. Employee and shareholder portions also recorded relatively low uptake, reflecting a mixed response across categories despite institutional support.

The company aims to diversify its client base and expand its international presence by leveraging its experience in mining exploration, planning and consultancy services. While the company historically derived a significant portion of its revenue from Coal India and its subsidiaries, it is increasingly focusing on expanding engagements with other public and private sector mining companies.

By the end of Day 3, the Central Mine Planning IPO total subscription reaching 1.05 times. The demand was largely driven by qualified institutional buyers, who subscribed 3.48 times, while retail investors and non-institutional investors showed limited interest, with both segments subscribing only 0.35 times each.

The company operates through its headquarters in Ranchi and seven regional institutes co-located with Coal India subsidiaries across key coal-producing states (West Bengal, Jharkhand, Maharashtra, Chhattisgarh, Madhya Pradesh, and Odisha), supported by eight well-equipped laboratories and one of the largest fleets of exploratory drills for coal and minerals in India (58 departmental drills as of December 2025).

CMPDI is the dedicated custodian of India's national coal and lignite database, maintaining comprehensive inventories of coal deposits, mining potentials, and operations. It also serves as the nodal agency for Government of India schemes funded by the Ministry of Coal, including science & technology projects, exploration work in non-Coal India blocks, and CIL R&D Board projects.

The company is exploring technologies such as underground coal gasification (UCG), which enables energy extraction from deep or uneconomical coal seams, and is currently conducting an R&D pilot project at the Kasta West block in Jharkhand under Eastern Coalfields Limited. The company also collaborates with international organisations such as the Global Methane Initiative and the United States Environmental Protection Agency to support methane mitigation and recovery initiatives. Additionally, the company is supporting the adoption of solar power projects within Coal India’s operations, reinforcing its focus on renewable energy integration and sustainable mining practices.

A significant part of business transactions is with government entities or agencies. In the nine months ended December 31, 2025 and December 31, 2024 and FY25, FY24, and FY23, the company generated 96%, 97.5%, 97.8%, 97.8% and 99.3%, respectively, of their total revenue from operations from transactions with government entities or agencies, which may expose them to various risks, including additional regulatory scrutiny and delayed collection of receivables.

The organisation 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 business, results of operations, financial conditions and cash flows.

By the end of Day 3, the Central Mine Planning IPO total subscription reaching 1.05 times. The demand was largely driven by qualified institutional buyers, who subscribed 3.48 times, while retail investors and non-institutional investors showed limited interest, with both segments subscribing only 0.35 times each.

The organisation’s operations are 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. Deven Choksey Research believes that the IPO is well timed, given the contemporary geopolitical scenario, placing coal back in focus.

The company also provides a range of specialised consultancy and technical services in addition to its core mining consultancy offerings. These include industrial training programs to enhance technical capabilities of clients and management system consultancy for standards such as ISO 9001 with licensing from the Bureau of Indian Standards. The company offers specialised mining consultancy services such as degree of gassiness studies, mine air analysis, coalbed methane (CBM) and coal mine methane (CMM) assessments, ventilation and gas surveys, controlled blasting, explosives performance evaluation, mining electronics, mine capacity assessments, and non-destructive testing.

The company aims to diversify its client base and expand its international presence by leveraging its experience in mining exploration, planning and consultancy services. While the company historically derived a significant portion of its revenue from Coal India and its subsidiaries, it is increasingly focusing on expanding engagements with other public and private sector mining companies.

CMPDI is the dedicated custodian of India's national coal and lignite database, maintaining comprehensive inventories of coal deposits, mining potentials, and operations. It also serves as the nodal agency for Government of India schemes funded by the Ministry of Coal, including science & technology projects, exploration work in non-Coal India blocks, and CIL R&D Board projects.

The company operates through its headquarters in Ranchi and seven regional institutes co-located with Coal India subsidiaries across key coal-producing states (West Bengal, Jharkhand, Maharashtra, Chhattisgarh, Madhya Pradesh, and Odisha), supported by eight well-equipped laboratories and one of the largest fleets of exploratory drills for coal and minerals in India (58 departmental drills as of December 2025).

Central Mine Planning & Design Institute is actively diversifying beyond coal into critical minerals exploration (lithium, rare earth elements, bauxite, copper, graphite), renewable energy consulting (solar power design for Coal India), and clean coal technologies (Coal Bed Methane, Underground Coal Gasification). The company has expanded its client base from 38 clients (FY23) to 76 clients (December 2025), with non-Coal India revenue growing from 17.3% to 34% of total revenue during this period.

The company’s expanding engagement with clients beyond Coal India has also contributed to revenue diversification. During FY2025, 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.

Arihant Capital in its IPO note said, “In the medium term, the company is well-positioned to benefit from India’s mandate to enhance energy security through increased domestic coal production and the auctioning of commercial mineral blocks. Its transition toward a “one-stop-shop” consultancy for both coal and non-coal minerals, combined with a capital-light business model, provides a stable foundation for steady cash flow generation. However, this growth potential is balanced by a heavy structural dependence on its parent entity and the overarching long-term risks associated with the global energy transition. At the upper band of INR 172, the issue is valued at a P/E ratio of 21.65x, based on annualized PAT of FY26 EPS of Rs 7.94. We are recommending a “Neutral” rating for this issue.”

Expenses incurred towards their 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 their top 10 vendors as a percentage of their 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 FY25, FY24, and FY23, respectively.

The growth of key core sectors such as steel, power, and cement in India shows a strong correlation with overall economic growth, as measured by GDP. Steel demand, in particular, has closely tracked GDP trends since 2018, reflecting its direct linkage with infrastructure, construction, and manufacturing activities. During the pandemic period (CY19–CY20), both GDP and steel demand witnessed a decline, with steel demand contracting by -1.6% and -5.1%, respectively.

The company has undertaken several initiatives in this direction, particularly in the development of coal-based non-conventional energy resources. As the principal implementing agency for coal-bed methane (CBM) development for subsidiaries of Coal India, the company assists in identifying prospective CBM blocks, preparing project reports and facilitating commercial production. Key initiatives include preparation of the project report for the Jharia CBM Block-I in Jharkhand and the feasibility report for Jharia CBM Block-II under Bharat Coking Coal, which has received board approval.

Go to the official site of the registrar KFin Technologies.

Select ‘Central Mine Planning’ from the dropdown.

Choose any of the following: PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Fill in the necessary details and press Search to check your status.

Visit the NSE IPO application tracking page.

Then, click on ‘Equity and SME IPO Bid Details’.

Select ‘Central Mine Planning and Design Institute’ from the list.

Provide the details such as your application number and PAN.

Submit to view your allotment status.

Go to the BSE IPO allotment status page.

Select ‘Equity’ as the issue type.

From the dropdown, choose ‘Central Mine Planning and Design Institute’.

Enter your application number or PAN.

Complete the captcha by ticking ‘I’m not a robot’ and click on Search.

Central Mine Planning & Design Institute IPO is structured through the book-building process, allowing investors to bid within a set price band. The issue is entirely an Offer for Sale (OFS), meaning no fresh capital will be raised by the company, as the promoter is selling a portion of its stake to public investors.

Investors can bid for a minimum of 80 shares and in multiples thereafter. At the upper price band, a retail investor can apply for a minimum of 1 lot (80 shares) worth Rs. 13,760, while the maximum retail application is capped at 14 lots (1,120 shares) amounting to Rs. 1,92,640. For small HNIs (S-HNI), the minimum investment starts at 15 lots (1,200 shares) worth Rs. 2,06,400 and can go up to 72 lots (5,760 shares) amounting to Rs. 9,90,720. Big HNIs (B-HNI) are required to apply for at least 73 lots (5,840 shares), translating to an investment of Rs. 10,04,480.

Incorporated in 1974, Central Mine Planning & Design Institute Limited (CMPDI) provides consultancy and end-to-end support services across the full spectrum of coal and mineral exploration, as well as mine planning and design. The company’s offerings also extend to infrastructure engineering, environmental management, specialised technology solutions, and management systems, largely catering to the coal sector and other minerals. CMPDI is among the largest coal and mineral consultancy firms in India, holding a market share of 61.0% in FY25, and serves as the preferred consultant to Coal India Limited.

Central Mine Planning & Design Institute IPO is being conducted through the book-building route, wherein investors place bids within a specified price band. Notably, the issue is entirely an Offer for Sale (OFS), meaning no fresh funds will be raised for the company, and the proceeds will instead go to the promoter, which is divesting a portion of its stake to public investors.

The Central Mine Planning & Design Institute IPO comprises a total offer of 10,71,00,000 shares. Of this, 4,55,17,500 shares (42.50%) are allocated to Qualified Institutional Buyers (QIBs), including 2,73,10,500 shares (25.50%) reserved for Anchor investors, while the remaining 1,82,07,000 shares (17.00%) are set aside for QIBs excluding anchors. Non-Institutional Investors (NIIs) are allocated 1,36,55,250 shares (12.75%), and Retail Individual Investors (RIIs) have been allotted 3,18,62,250 shares, accounting for 29.75% of the total issue.

The Central Mine Planning & Design Institute IPO has fixed a price band of Rs. 163 to Rs. 172 per share, with a lot size of 80 shares. This means a retail investor must invest a minimum of Rs. 13,760 for one lot at the upper price band. For sNII investors, the minimum application size is 15 lots or 1,200 shares, amounting to Rs. 2,06,400, while bNII investors are required to apply for at least 73 lots or 5,840 shares, translating to an investment of Rs. 10,04,480.

Central Mine Planning & Design Institute (CMPDI) IPO opened for subscription on March 20, 2026, and closed on March 24, 2026. Following the bidding process, the basis of allotment is scheduled to be finalised on March 25, 2026. Successful applicants can expect refunds to be initiated by March 27, 2026, while shares will be credited to their demat accounts on the same day. The company is set to make its stock market debut on March 30, 2026, marking its listing on the exchanges.