Central Mine Planning & Design Institute Limited

Basic Materials — Other Industrial Metals & Mining · NSE

₹204.31+₹2.01 (+0.99%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Central Mine Planning & Design Institute Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Central Mine Planning & Design Institute Limited provides consultancy and support services in India and internationally.

IndustryOther Industrial Metals & Mining

SectorBasic Materials

Employees2,634

Annual revenue₹2,317 Cr

How does it make money?

Turns over ₹2,317 Cr a year. Of every ₹100 of sales, about ₹26 reaches shareholders as profit, with ₹37 left at the operating level before interest, tax and depreciation. Each of its 2,634 employees supports ₹87.9 lakh of revenue a year, the signature of a people-led business.

EBITDA margin37.0%

Net margin26.5%

Revenue / employee₹87.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are HINDALCO INDUSTRIES LTD, VEDANTA LIMITED, TATA STEEL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

HINDALCO INDUSTRIES LTDP/E 12.3x · ROE 12.0%

VEDANTA LIMITEDP/E 10.4x · ROE 18.7%

TATA STEEL LIMITEDP/E 19.8x · ROE 10.8%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 34.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 26.9% against a peer median of 12.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE34.6%

ROE26.9%

Peer median ROE12.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +67% while net margin moved +24% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+67%

Margin effect+24%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Small Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

91/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

47/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

22.3x

Sector Median

12.3x

median of 3 sector peers

⚠️Against its sector it trades 81% above the peer median of 12.3x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

12.3x median of 3 peers · +81%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

22.3x

P/B

6.39x

EV/EBITDA

16.5x

PEG

0.81

Dividend Yield

0.52%

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 28.5% to 37.0% over 3 years.
Debt is being paid down
Total debt is down 15% over 3 years.
Cash generation is improving
Free cash flow is up 83% over 3 years.
Return on capital is rising
ROCE has improved from 27.8% to 34.6%.
High return on capital employed
ROCE of 34.6% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.06x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 34.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 28.5% to 37.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹652 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 81% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 18.7% CAGR
Latest reported year was 17.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 35%✓ 37.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹652 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 32%✓ 34.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹14,588 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.3x

Fair

Fairly valued against the generic band

P/B Ratio

6.39x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹9.16

Profitable

Profitable on a per-share basis

ROE

26.9%

Strong

Strong capital efficiency

ROCE

34.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.06x

Low

Conservative leverage

Revenue Growth (YoY)

17.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

53.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.52%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹652 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹204.31

Operating Margin

28.6%

Good

Healthy core-business profitability

Net Margin

27.4%

Good

Strong bottom-line conversion

Current Ratio

3.35

Comfortable

Healthy short-term liquidity

52W Range Position

41%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

208.2 / 222.6

Bearish alignment (short < long)

RSI (14)

44.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,386 Cr	₹1,733 Cr	₹2,103 Cr	₹2,317 Cr	+18.7%
EBITDA	₹396 Cr	₹762 Cr	₹915 Cr	₹857 Cr	+29.4%
EBITDA Margin	28.5%	44.0%	43.5%	37.0%	—
PAT (Net Profit)	₹297 Cr	₹503 Cr	₹667 Cr	₹613 Cr	+27.4%
EPS	₹4.15	₹7.05	₹9.34	₹8.59	+27.4%
ROE	24.4%	31.6%	32.7%	26.9%	—
ROCE	27.8%	43.3%	41.2%	34.6%	—
Total Debt	₹2 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-5.2%
Free Cash Flow	₹356 Cr	₹214 Cr	₹629 Cr	₹652 Cr	+22.4%

🟢 Revenue has grown at 18.7% a year over 3 years.

🟢 EBITDA has grown at 29.4% a year over 3 years.

🟢 EBITDA Margin has risen from 28.5% to 37.0% over 3 years (+8.5 pts).

🟢 PAT (Net Profit) has grown at 27.4% a year over 3 years.

🟢 EPS has grown at 27.4% a year over 3 years.

🟢 ROE has risen from 24.4% to 26.9% over 3 years (+2.5 pts).

🟢 ROCE has risen from 27.8% to 34.6% over 3 years (+6.8 pts).

🟢 Total Debt has shrunk at 5.2% a year over 3 years.

🟢 Free Cash Flow has grown at 22.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3,259 Cr

Total Liabilities

₹975 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹459 Cr

Operating Cash Flow

₹716 Cr

Capex

-₹64 Cr

Shareholding (proxy)

Institutional Holding

8.3%

Insider Holding

85.0%

Corporate Actions

Dividend Rate

₹1.06

Ex-Dividend Date

10 Aug 2026

Peer Comparison

Company	P/E	ROE
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%
TATA STEEL LIMITED	19.8x	10.8%

Recent News

1 mixed5 general

Central Mine Planning & Design Institute Ltd (CMPDI) Share Price

Business Today, 16 Oct

Central Mine Planning & Design Institute Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Central Mine Planning & Design Institute Ltd | Stock Share Price Live

MarketSmith India, 16 Apr

Central Mine Planning & Design Institute Ltd

Value Research, 19 Mar

Central Mine Planning & Design Institute (CMPDI) Share Price Falls 5.41% Today

Univest, 10 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Central Mine Planning IPO listing on Monday: Here's what GMP signals ahead of stock market debut

Livemint, 26 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟢Financial HealthStrong17.6/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong14.1/15

🟡ValuationFair6.8/15

🔴RiskHigh3.5/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

This thesis breaks if

✓Revenue growth stays above 14% a year18.7% CAGR
✓EBITDA margin holds above 35%37.0%
✓Free cash flow remains positive₹652 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 32%34.6%