CMPDI Q1: standalone PAT ₹116 Cr, up 54% YoY as NPM expands to 24%; ₹1.05 dividend

Central Mine Planning & Design Institute (CMPDI), the Coal India consultancy subsidiary, reported a strong year-on-year first quarter for FY27. Standalone revenue from operations rose 17.6% YoY to ₹481.37 Cr (from ₹409.25 Cr) and net profit jumped 53.9% YoY to ₹116.27 Cr (from ₹75.56 Cr), with basic EPS at ₹1.63 versus ₹1.06 a year ago. Profit growth ran well ahead of revenue growth because net margin expanded to 24.2% from 18.5% a year earlier — operating leverage on a largely fixed cost base (employee benefits ₹161.33 Cr and other expenses ₹168.51 Cr are the two big lines) let the topline gain drop disproportionately to the bottom line. There are no exceptional items on either side, so the reported growth is the underlying growth.

The sequential comparison looks negative — revenue down 41.8% and PAT down 38.1% versus Q4 FY26's ₹826.88 Cr / ₹187.82 Cr — but this is a seasonality artifact, not deterioration: Q4 is CMPDI's year-end billing peak against Coal India subsidiaries while Q1 is seasonally the lightest quarter. The right read of this print is the YoY line, which is unambiguously positive. Other income of ₹22.65 Cr (up from ₹14.04 Cr YoY) also aided the total, and PBT of ₹160.14 Cr converted at an effective tax rate of ~27%.

The stock went into the print at ₹253.46, up 1.8% over the past month of trading.

The one flag sits on the balance sheet, not the P&L: the limited-review auditor noted ₹114.81 Cr of old debtors (P.Y. ₹111.97 Cr) owed by Coal India and its subsidiaries, outstanding beyond a year and not being recovered per CIL's own billing circular, with the reconciliation impact 'not currently ascertainable.' For a captive consultancy whose entire revenue base is the CIL group, receivable quality and cash conversion are the item to watch even as reported profit grows. Management gives no formal earnings guidance (single-segment consultancy business), and no analyst consensus exists for this recently-listed PSU, so there is no street or guidance benchmark to judge the print against — it stands on its own YoY improvement.