India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Bottom-Up

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>Coal India Limited is divesting 15% of CMPDI via a 100% OFS of 10.71 crore shares, aggregating approximately Rs. 1,838 crore, with post-offer promoter holding at 85%.</li>
<li>CMPDI commands 61% market share in Indian coal and mineral consultancy, operates as quasi-monopoly, yet PAT fell 8.06% YoY in FY25 even as revenue grew 10.17%, raising earnings quality questions.</li>
<li>Diversification away from Coal India is real and accelerating, but 67% revenue concentration in one customer group and structurally declining margins make the quality-of-growth debate central to this valuation</li>
</ul>


Coal India Limited is divesting 15% of CMPDI via a 100% OFS of 10.71 crore shares, aggregating approximately Rs. 1,838 crore, with post-offer promoter holding at 85%.
CMPDI commands 61% market share in Indian coal and mineral consultancy, operates as quasi-monopoly, yet PAT fell 8.06% YoY in FY25 even as revenue grew 10.17%, raising earnings quality questions.
Diversification away from Coal India is real and accelerating, but 67% revenue concentration in one customer group and structurally declining margins make the quality-of-growth debate central to this valuation


CMPDI: The Technical Backbone of India's Mining Sector

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

<ul>
<li>After a blockbuster listing for <a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> earlier this year, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> is back with another Offer for sale.</li>
<li>CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle</li>
<li>The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.</li>
</ul>


After a blockbuster listing for Bharat Coking Coal Limited (BCCL) (7535956Z IN) earlier this year, Coal India Ltd (COAL IN) is back with another Offer for sale.
CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle
The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.


CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)</a> raised around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) raised around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

<ul>
<li>CMPDIL IPO with strong financials, 61% market share, expanding client base, and consistent growth in revenue and margins.</li>
<li>Strong parentage, high margins, and visible demand from Coal India capex support stability, but lack of fresh capital and coal dependency limit near-term growth trigger.</li>
<li>CMPDI offers a stable, high-return consulting business with strong fundamentals, best suited for long-term investors, though structural risks around coal dependence and OFS structure remain.</li>
</ul>


CMPDIL IPO with strong financials, 61% market share, expanding client base, and consistent growth in revenue and margins.
Strong parentage, high margins, and visible demand from Coal India capex support stability, but lack of fresh capital and coal dependency limit near-term growth trigger.
CMPDI offers a stable, high-return consulting business with strong fundamentals, best suited for long-term investors, though structural risks around coal dependence and OFS structure remain.


CMPDI IPO: Powering India’s Mining Growth Story

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN)</a> is looking to raise around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN) is looking to raise around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

India

Central Mine Planning Design Institute Ltd (CMPDIL) provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design. Its services cover the entire lifecycle of mining operations, from exploration to mine closure.

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Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

CMPDI: The Technical Backbone of India's Mining Sector

Coal India Limited is divesting 15% of CMPDI via a 100% OFS, raising Rs. 1,838 crore, but concerns over earnings quality and revenue concentration...

Sudarshan Bhandari

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

Central Mine Planning Design Institute Ltd (CMPDI) raised around US$200m in its all-secondary India IPO. In this note, we talk about the demand and...

Akshat Shah

CMPDI IPO: Powering India’s Mining Growth Story

Coal India's CMPDI IPO offers a stable, high-return consulting business with strong fundamentals, but structural risks around coal dependence and...

Sudarshan Bhandari

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CMPDI: The Technical Backbone of India's Mining Sector

​Coal India Limited is divesting 15% of CMPDI via a 100% OFS, raising Rs. 1,838 crore, but concerns over earnings quality and revenue concentration...

Sudarshan Bhandari

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

Central Mine Planning Design Institute Ltd (CMPDI) raised around US$200m in its all-secondary India IPO. In this note, we talk about the demand and...

Akshat Shah

CMPDI IPO: Powering India’s Mining Growth Story

​Coal India's CMPDI IPO offers a stable, high-return consulting business with strong fundamentals, but structural risks around coal dependence and...

Sudarshan Bhandari

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Coal India Limited is divesting 15% of CMPDI via a 100% OFS, raising Rs. 1,838 crore, but concerns over earnings quality and revenue concentration...

Coal India's CMPDI IPO offers a stable, high-return consulting business with strong fundamentals, but structural risks around coal dependence and...