CMPDI Dividend 2026: ₹1.05 Interim Dividend Record Date, Yield, Sustainability

Financial Year / Period

FY 2026-27, arising from Q1 (quarter ended 30 June 2026) results

At 0.45%, CMPDI's real dividend yield sits well below its two closest listed PSU consultancy peers — RITES (~2.4%–3.6%) and Engineers India Limited (~0.96%–1.9%). This is not a red flag on sustainability; it largely reflects that CMPDI is a much younger listed company with a low FY26 payout ratio of roughly 12%, that its share price has re-rated sharply since the March 2026 listing (up from a 52-week low of ₹150.16 to a high of ₹283.69), and that this is only the second dividend event in its listed history. A low current yield with strong earnings coverage and a low payout ratio can be read either as conservative capital discipline or as room for the payout ratio to expand in future years — investors should watch subsequent quarters for a trend before drawing conclusions either way.

CMPDI was converted from a private limited company to a public limited company on 20 May 2025 and listed on the NSE and BSE only on 30 March 2026. Every dividend paid before listing went entirely to its sole shareholder, Coal India Limited, and is not comparable to a public dividend track record. The table below separates the pre-listing payout history (disclosed via standalone dividend payout ratios) from the two dividend events since listing.

Payer Classification

Early-Stage Payer (as a listed company)

With only two dividend declarations since public listing, CMPDI has not yet established a track record long enough to classify as Consistent, Irregular or Cyclical in the way an investor would judge a company with 5-10 years of public dividend history. The pre-listing payout pattern (irregular, driven by a single promoter shareholder's cash needs) is not a reliable guide to future public-market dividend policy.

Q1 FY27 shows healthy positive operating leverage on a standalone basis: revenue grew 17.62% YoY while total expenses rose just 4.87% (₹343.88 Cr vs ₹327.90 Cr), and other income jumped 61.32% YoY (₹22.65 Cr vs ₹14.04 Cr) on the back of a larger cash and investment base post-IPO listing. As a result, profit before tax grew 67.88% YoY — almost 4x the pace of revenue growth. Operating margin (per Screener quarterly data) expanded from roughly 22% in Q1 FY26 to about 30% in Q1 FY27.

This quarter's strength should be read against a more mixed full-year FY26 picture, however. For FY 2025-26 as a whole, standalone revenue grew 10.17% YoY (₹2,316.53 Cr vs ₹2,102.76 Cr) but net profit declined 8.07% YoY (₹613.18 Cr vs an estimated ₹667 Cr in FY25) — a case of revenue rising while profit fell, driven by total expenses growing roughly 22% YoY (₹1,539 Cr vs ₹1,262 Cr), materially outpacing revenue growth. This compressed the FY26 operating margin to about 34% from roughly 40% in FY25. The exact FY26 standalone cost break-up beyond quarterly filings (e.g. the precise employee-cost and other-expense split for the full year) is Not Disclosed by Company in the source filings reviewed for this article and is flagged NIV.

A related base-effect distortion: Q4 FY26 (Jan-Mar 2026) standalone net profit fell 32.19% YoY to ₹187.82 Cr from ₹276.96 Cr in Q4 FY25, even as Q4 FY26 revenue rose 11.69% YoY. This decline reflects an unusually strong Q4 FY25 base rather than a deterioration in the underlying quarterly run-rate — readers comparing year-over-year profit headlines around this stock should check which base period is being used before drawing conclusions.

Notably, FY26 OCF (₹716 Cr) exceeds FY26 reported PAT (₹613.18 Cr) — a positive quality-of-earnings signal that suggests profits are being converted into real cash rather than sitting in receivables or one-time non-cash gains. This is the opposite of a red-flag pattern (PAT positive but OCF weak) and is worth highlighting explicitly as a strength.

The one caution: CMPDI carries persistently high debtor days of 169 (FY26), and the independent auditor's limited review report for Q1 FY27 flags ₹114.81 crore of old debtor balances (over one year outstanding) owed by Coal India and its subsidiaries, up from ₹111.97 crore in the prior year, with the auditor noting the impact of any eventual reconciliation "is not currently ascertainable." Since roughly 68% of CMPDI's revenue comes from the CIL group itself, this related-party receivables overhang is a structural feature of the business model rather than a one-off event, and is worth monitoring even though working capital days have improved from 135 to 99.2 over FY25-26.

How Is This Dividend Funded?

Based on the disclosed FY26 cash flow statement, this ₹74.97 crore interim dividend outflow is funded through current operating cash generation, not asset sales or borrowings — FY26 standalone OCF of ₹716 crore is nearly ten times the size of this interim outflow.

CMPDI's balance sheet is asset-light and effectively free of debt, consistent with a pure consultancy business model that does not require heavy capital investment. Book value per share stands at approximately ₹32, against which the stock trades at roughly 7.3x price-to-book — a premium that reflects the market's view of CMPDI's high return ratios (ROE 28.4%, ROCE 38.1%) rather than tangible asset backing.

Cash & Bank Balances

Not Disclosed by Company

The standalone balance sheet summary available for this article does not break out a separate cash-and-investments line (shown as ₹0 in the summarized "Investments" row, with cash embedded within a combined "Other Assets" figure of ₹2,975 Cr for FY26). A precise standalone cash-and-bank figure requires the full annual report schedules and is flagged NIV pending that reconciliation. Independent secondary estimates around the March 2026 IPO cited combined cash and bank deposits in the ₹1,000+ crore range, but this pre-dates the FY26 year-end audited balance sheet and should not be treated as current.

Overall Classification

Sustainable

Three of the four coverage tests are strongly positive and independently verifiable from disclosed FY26 financials; the fourth (liquidity coverage) could not be independently verified from the specific balance-sheet line items available and is marked NIV rather than assumed. Given the company's debt-free status, strong OCF/FCF generation and low FY26 payout ratio (~12%), the overall picture supports a Sustainable classification, though this rests on continued collection discipline on the large related-party receivable balance noted in the Cash Flow Analysis section above.

CMPDI's closest listed peers, per its own IPO prospectus, are the two other listed PSU engineering/consultancy majors — RITES Limited (Ministry of Railways) and Engineers India Limited (Ministry of Petroleum & Natural Gas).

Peer figures are sourced from secondary market-data providers as of various dates in 2026 (flagged NIV for exact same-day comparability) and should be independently re-verified before publication, since dividend yields in particular move with each provider's price snapshot date.

CMPDI screens as the more profitable operator of the three on both ROE and ROCE, consistent with its RHP-disclosed operating margin advantage (~40% vs EIL's ~16.6% and RITES' ~23.8%, per pre-IPO comparisons). But its dividend yield trails both peers meaningfully, largely because CMPDI is a much newer public company with a far lower current payout ratio (~12% vs RITES' payout ratio near or above 90-100% in some years). Investors should not read the yield gap alone as a sign of weaker shareholder orientation — CMPDI's promoter (Coal India) also has an 85% economic interest in every rupee distributed, which may itself shape future payout policy in ways smaller-promoter peers like EIL (51.3% promoter) do not face.

Non-Promoter (Public + Institutional) Dividend Income

₹11.25 Cr

Split across FIIs (0.50%), DIIs (7.85%), Government entities (0.00%) and retail/other public shareholders (6.64%) as per the June 2026 shareholding pattern, covering 76,622 shareholders.

Because Coal India retained an 85% stake through the OFS structure, the overwhelming majority of this dividend — nearly ₹64 crore of the ₹75 crore total — effectively flows back to the Government of India via its majority ownership of Coal India itself. Minority shareholders who bought into the March 2026 IPO or subsequently in the secondary market collectively receive roughly ₹11.25 crore from this interim distribution alone. This concentration is a standard feature of recently-listed PSU OFS issues and is not, by itself, a governance concern, but it does mean float-adjusted yield calculations (dividend received per rupee of publicly-traded market cap) differ materially from headline yield figures for readers building portfolio-level cash-flow models.

Since April 2020, dividends from Indian companies are taxable in the hands of the shareholder at their applicable income-tax slab rate; the erstwhile Dividend Distribution Tax paid by the company no longer applies. CMPDI (or its registrar) is required to deduct TDS under Section 194 of the Income Tax Act at 10% if the total dividend paid to a resident individual shareholder exceeds ₹5,000 in a financial year (no TDS threshold trigger applies to dividends below this level, though the income itself remains taxable and must be disclosed). Non-resident shareholders face TDS at 20% (plus applicable surcharge and cess), subject to relief under an applicable Double Taxation Avoidance Agreement.

Worked Example — Illustrative ₹10 Per Share Dividend at 30% Slab

Applied to This Actual Interim Dividend (₹1.05/share) at 30% Slab

Effective post-tax yield for a 30%-slab investor on the latest CMP works out to roughly 0.31% (0.45% gross yield × 70% retention). Actual outcomes vary by an investor's total taxable income, applicable surcharge, cess, and whether TDS has already been deducted at source.

CMPDI's 1st Interim Dividend of ₹1.05 per share for FY 2026-27 is a modest-yield but well-covered distribution from a debt-free, high-margin PSU consultancy that has generated more operating cash than reported profit in each of the last two fiscal years. The dividend is comfortably funded from current earnings rather than reserves or borrowings, with FY26 OCF and FCF each covering the outflow more than eight times over. At the same time, this remains an early data point: CMPDI has been a public, dividend-paying-to-minority-shareholders company for less than five months, its receivables from the Coal India group are rising and structurally elevated, and roughly 85% of every dividend rupee still returns to its state-owned promoter. Whether this interim dividend marks the start of a more generous, consistent public payout policy or simply reflects a conservative first step will only become clear over the next several quarterly and annual declarations.

This analysis presents facts, computed ratios and disclosed risks only. It does not constitute, and should not be read as, a Buy, Sell or Hold recommendation. Readers should form their own view or consult a SEBI-registered investment adviser.