Black Opal Consultants Limited is a Delhi-NCR-based real estate services company that facilitates the sale of residential and commercial properties through brokerage and exclusive or semi-exclusive sales mandates. The company is also expanding into real estate development through its 76% partnership interest in Aurika Developers LLP, which is developing the Veda commercial and hospitality project in Ayodhya. The Black Opal Consultants IPO is scheduled to open on September 29, 2026, and close on October 1, 2026, with the shares proposed to be listed on the BSE SME platform.
Table of Contents
- Black Opal Consultants IPO Details
- What Does Black Opal Consultants Do?
- Black Opal Consultants Business Model
- Black Opal Consultants Financial Performance
- How Will Black Opal Consultants Use IPO Proceeds?
- Veda Project and Ayodhya Expansion
- Black Opal Consultants IPO Valuation
- Black Opal Consultants IPO Strengths
- Black Opal Consultants IPO Risks
- Black Opal Consultants IPO GMP
- Key Things to Watch in Black Opal Consultants IPO
- Black Opal Consultants IPO Review and Conclusion
- FAQs
The Black Opal Consultants IPO is a ₹55.08 crore book-built SME issue comprising a fresh issue and an Offer for Sale (OFS). The price band is fixed at ₹185 to ₹197 per share, with a face value of ₹10 per share.
The IPO is scheduled to open on September 29, 2026, and close on October 1, 2026. The shares are proposed to be listed on the BSE SME platform. The minimum retail application is 1,200 shares, requiring an investment of ₹2,36,400 at the upper price band.
| Particulars |
Details |
| IPO Open Date |
September 29, 2026 |
| IPO Close Date |
October 1, 2026 |
| Price Band |
₹185–₹197 per share |
| Face Value |
₹10 per share |
| Total Issue Size |
₹55.08 crore |
| Fresh Issue |
22.38 lakh shares / ₹44.09 crore |
| Offer for Sale |
5.58 lakh shares / ₹10.99 crore |
| Issue Type |
Book Built Issue |
| Listing |
BSE SME |
| Lot Size |
600 shares |
| Minimum Retail Application |
1,200 shares |
| Minimum Investment |
₹2,36,400 |
| Allotment Date |
October 5, 2026 |
| Listing Date |
October 7, 2026 |
| Lead Manager |
Khambatta Securities Limited |
| Registrar |
Skyline Financial Services Pvt. Ltd. |
The fresh issue consists of 22.38 lakh shares, while the OFS comprises 5.58 lakh shares offered by promoter Prasoon Chauhan. The company will receive the proceeds from the fresh issue, whereas the OFS proceeds will go to the selling shareholder.
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Get the latest Black Opal Consultants IPO details, including its price band, issue size, lot size, minimum investment and proposed BSE SME listing.
Black Opal Consultants was incorporated in 2020 and operates primarily in real estate brokerage and advisory services. The company works with developers to market and sell residential and commercial properties and earns brokerage income when transactions are completed.
According to the company's RHP, Black Opal Consultants has worked with more than 25 developers, has a network of over 200 broker associates and had sold more than 2,300 units by the date of the RHP.
Its business activities include:
- Real estate brokerage and sales
- Exclusive and semi-exclusive sales mandates
- Loan syndication and advisory services
- Real estate development through group entities
The company has traditionally followed an asset-light brokerage model. However, its inventory-underwriting arrangement requires it to provide interest-free advances to developers to secure marketing rights for selected inventory. These advances are generally refunded after the inventory is sold or when the relevant mandate expires.
This arrangement allows the company to secure sales and marketing rights, but it also means that part of its working capital is deployed towards advances to developers.
Brokerage is the core revenue stream for Black Opal Consultants. In FY2026, the company's entire ₹41.97 crore of operating revenue came from brokerage and leasing activities, while revenue from loan syndication and advisory services was nil.
The company primarily operates in Uttar Pradesh and Haryana. Uttar Pradesh contributed 77.94% of revenue from operations in FY2026, while Haryana accounted for the remaining 22.06%.
This means that the company's current revenue base is concentrated both by business activity and geography.
The business model can broadly be understood through four activities:
| Activity |
Role |
| Brokerage & sales |
Property sales and brokerage |
| Developer mandates |
Marketing and sales for projects |
| Loan syndication |
Financing advisory |
| Real estate development |
Development through Aurika Developers LLP |
The transition into development through Aurika Developers LLP is therefore an important change in the company's business profile. It gives Black Opal exposure to a development project but also introduces risks that are different from those associated with a brokerage-led model.
Black Opal Consultants has reported growth in revenue, EBITDA and profit after tax between FY2024 and FY2026. Operating cash flow also improved significantly in FY2026 after being negative in FY2025.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue from Operations |
₹19.75 Cr |
| EBITDA |
₹6.09 Cr |
| EBITDA Margin |
30.84% |
| PAT |
₹4.32 Cr |
| PAT Margin |
21.88% |
| Operating Cash Flow |
₹5.60 Cr |
| Net Worth |
₹8.93 Cr |
| Debt-Equity Ratio |
0.18x |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue from Operations |
₹32.86 Cr |
| EBITDA |
₹15.65 Cr |
| EBITDA Margin |
47.63% |
| PAT |
₹11.48 Cr |
| PAT Margin |
34.93% |
| Operating Cash Flow |
-₹0.65 Cr |
| Net Worth |
₹20.41 Cr |
| Debt-Equity Ratio |
0.01x |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue from Operations |
₹41.97 Cr |
| EBITDA |
₹17.05 Cr |
| EBITDA Margin |
40.62% |
| PAT |
₹12.22 Cr |
| PAT Margin |
29.11% |
| Operating Cash Flow |
₹15.81 Cr |
| Net Worth |
₹32.67 Cr |
| Debt-Equity Ratio |
0.29x |
Revenue and Profit Growth
Revenue from operations increased from ₹19.75 crore in FY2024 to ₹32.86 crore in FY2025 and further to ₹41.97 crore in FY2026.
In FY2026, revenue from operations grew 27.71%. PAT increased from ₹11.48 crore in FY2025 to ₹12.22 crore in FY2026, representing growth of 6.44%.
PAT growth was slower than revenue growth, partly because of higher expenses, including a substantial increase in commission expenses and finance costs.
Operating Cash Flow Improvement
Operating cash flow changed materially during the period. It was ₹5.60 crore in FY2024, turned negative at ₹0.65 crore in FY2025 and increased to ₹15.81 crore in FY2026.
The FY2026 operating cash flow is therefore an important part of the company's recent financial performance, particularly because the business uses advances to secure certain sales and marketing mandates.
Margins and Capital Structure
EBITDA increased from ₹6.09 crore in FY2024 to ₹17.05 crore in FY2026. However, the EBITDA margin declined from 47.63% in FY2025 to 40.62% in FY2026.
The company's net worth increased from ₹8.93 crore in FY2024 to ₹32.67 crore in FY2026. The debt-equity ratio was 0.29x in FY2026 compared with 0.01x in FY2025.
The fresh issue is expected to provide approximately ₹44.09 crore to Black Opal Consultants. The company intends to use these funds primarily to secure additional sales and marketing mandates and invest in Aurika Developers LLP.
| Use of Funds |
Amount |
| Funding for securing sales/marketing mandates |
₹7 crore |
| Investment in Aurika Developers LLP for Ayodhya project |
₹26 crore |
| General corporate purposes |
Balance amount |
The company plans to use ₹7 crore to provide advances required for securing additional sales mandates from developers, particularly for projects in Delhi-NCR.
A further ₹26 crore is proposed to be invested in Aurika Developers LLP for the development of the Veda project in Ayodhya.
The use of IPO proceeds therefore combines expansion of the existing brokerage business with investment in a real estate development project.
Black Opal Consultants has acquired a 76% partnership interest in Aurika Developers LLP. Aurika Developers is developing the Veda commercial and hospitality project in Darshan Nagar, Ayodhya.
The project represents an expansion beyond Black Opal's traditional brokerage and advisory activities.
| Particulars |
Details |
| Location |
Darshan Nagar, Ayodhya |
| Plot Area |
3,182 sq. m. |
| Built-up Area |
Approximately 12,501 sq. m. |
| Units |
153 |
| Project Type |
Commercial and Hospitality |
| RERA Registration |
UPRERAPRJ367395/03/2025 |
| Hotel Operator |
Best Western Hotels |
The project could provide Black Opal with exposure to real estate development in addition to brokerage income. However, development also involves construction, funding, regulatory, sales and execution considerations that are different from those of an asset-light brokerage business.
At the IPO price band of ₹185 to ₹197 per share, the company's disclosed FY2026 valuation metrics are based on diluted EPS of ₹14.65.
At ₹185 Per Share
| Valuation Metric |
FY2026 |
| P/E |
12.63x |
| EPS |
₹14.65 |
| RoNW |
37.40% |
| NAV |
₹39.17 |
At ₹197 Per Share
| Valuation Metric |
FY2026 |
| P/E |
13.45x |
| EPS |
₹14.65 |
| RoNW |
37.40% |
| NAV |
₹39.17 |
At the upper price band of ₹197, Black Opal Consultants is valued at approximately 13.45 times its FY2026 earnings based on the company's disclosed diluted EPS.
The company has identified Homesfy Realty Limited as its listed peer. Homesfy reported negative FY2026 diluted EPS, making its P/E multiple not meaningful for comparison.
The valuation therefore needs to be considered alongside Black Opal's revenue concentration, brokerage dependence, margin performance and planned expansion into real estate development.
Want to compare Black Opal Consultants with other SME offerings on pricing, issue size and minimum application requirements? Check recent SME IPOs for their key issue details.
The Black Opal Consultants IPO investment case includes several business and financial factors that are relevant to the company's future growth.
1. Established Developer and Broker Network
Black Opal Consultants has worked with more than 25 developers and has a network of over 200 broker associates. This network provides access to residential and commercial property inventory and supports the company's brokerage-led model.
The company had also sold more than 2,300 units by the date of its RHP.
2. Revenue and Profit Growth
Revenue from operations increased from ₹19.75 crore in FY2024 to ₹41.97 crore in FY2026. Over the same period, PAT increased from ₹4.32 crore to ₹12.22 crore.
This shows growth in both the company's operating revenue and reported profitability over the three-year period.
3. Improved Operating Cash Flow
Operating cash flow increased from negative ₹0.65 crore in FY2025 to ₹15.81 crore in FY2026.
The improvement is notable because the company operates a brokerage business that also involves advances for securing certain developer mandates.
4. Expansion into Real Estate Development
The 76% partnership interest in Aurika Developers LLP provides Black Opal with exposure to the Veda commercial and hospitality project in Ayodhya.
This expands the company's activities beyond its traditional brokerage-led business model.
The key risks in the Black Opal Consultants IPO relate to customer concentration, geographical concentration, brokerage dependence, commission costs, regulatory compliance and the company's increasing exposure to real estate development.
1. High Customer Concentration
The company's revenue is significantly dependent on a relatively small group of customers.
In FY2026, the top five customers contributed 67.69% of revenue from operations, while the top 10 customers contributed 87.61%.
The company also states that some customer relationships are project-specific rather than based on long-term contracts. The continuation or renewal of these mandates can therefore affect revenue visibility.
2. Geographic Concentration
Uttar Pradesh and Haryana accounted for 100% of Black Opal Consultants' revenue from operations in FY2026.
Uttar Pradesh alone contributed 77.94%, while Haryana contributed 22.06%.
This concentration means the company's current revenue base is exposed primarily to these two markets.
3. Dependence on Brokerage Revenue
Brokerage and leasing accounted for the entire ₹41.97 crore of operating revenue in FY2026.
Loan syndication and advisory revenue was nil during the year. As a result, the company's current operating performance remains closely linked to property transactions and real estate demand.
4. High Broker Commission Costs
Broker commissions amounted to ₹22.02 crore in FY2026, equivalent to 52.48% of revenue from operations.
The level of commission expense is important when assessing the sustainability of operating margins as the company expands its brokerage operations.
5. UP RERA Registration Issue
The company's RHP states that its registration as a real estate agent with UP RERA had expired and that it had applied for renewal.
Until renewal or restoration, activities requiring such registration may face restrictions or regulatory consequences. This makes the status of the registration an important factor to monitor.
6. New Real Estate Development Exposure
Black Opal's investment in Aurika Developers LLP introduces exposure to real estate development through the Veda project.
Development activities involve construction, funding, regulatory approvals, sales and execution considerations that are different from those associated with the company's traditional brokerage model.
As of September 24, 2026, publicly available grey market trackers were reporting no meaningful premium, with several trackers showing the Black Opal Consultants IPO GMP at ₹0.
Grey Market Premium, or GMP, is an unofficial indicator and is not quoted on BSE or NSE. It can change before listing and should not be treated as a guaranteed listing price or return.
Therefore, the Black Opal Consultants IPO GMP should be considered separately from the company's financial performance, IPO valuation and underlying business fundamentals.
Investors analysing the Black Opal Consultants IPO should track several factors beyond the headline IPO price.
- Revenue growth: Whether the company can continue growing revenue beyond its existing developer relationships.
- Customer concentration: Whether dependence on the top five and top 10 customers reduces over time.
- Mandate renewals: Whether project-specific sales mandates continue to be renewed.
- Profit margins: Whether FY2026 profitability and margins can be sustained as expenses increase.
- Cash flows: Whether operating cash flow remains strong as the company increases advances for sales and marketing mandates.
- Veda project: Progress, funding requirements and execution of the Ayodhya development project.
- UP RERA registration: Renewal or restoration of the company's real estate agent registration.
- Business diversification: Whether the move into real estate development diversifies the business without materially increasing financial and execution risks.
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Black Opal Consultants is primarily a real estate brokerage and advisory company that generated ₹41.97 crore of revenue from operations and ₹12.22 crore of PAT in FY2026. Revenue increased from ₹19.75 crore in FY2024 to ₹41.97 crore in FY2026, while PAT increased from ₹4.32 crore to ₹12.22 crore. Operating cash flow also improved to ₹15.81 crore in FY2026.
The ₹55.08 crore IPO comprises a ₹44.09 crore fresh issue and a ₹10.99 crore OFS. The fresh issue proceeds are primarily intended for securing additional sales and marketing mandates and investing in Aurika Developers LLP for the Veda project in Ayodhya.
At the upper price band of ₹197, the company is valued at approximately 13.45 times FY2026 earnings based on its disclosed diluted EPS of ₹14.65.
At the same time, the Black Opal Consultants IPO carries specific business and execution considerations. Customer concentration is high, with the top five customers contributing 67.69% of FY2026 revenue. Uttar Pradesh and Haryana accounted for the entire operating revenue; brokerage and leasing generated all operating revenue in FY2026, and broker commissions represented 52.48% of revenue.
The UP RERA registration renewal issue and the company's increasing exposure to real estate development through the Veda project are additional factors to monitor. These considerations are relevant when assessing whether the company's recent financial growth and profitability can be sustained.
Source: Black Opal Consultants Limited RHP dated September 22, 2026, filed through its Book Running Lead Manager, Khambatta Securities Limited. The financial and IPO figures in this article are based primarily on the RHP and its disclosed restated consolidated financial statements.
1. What is the Black Opal Consultants IPO price band?
The Black Opal Consultants IPO price band is ₹185 to ₹197 per share. The face value of each equity share is ₹10.
2. What is the Black Opal Consultants IPO issue size?
The total Black Opal Consultants IPO issue size is ₹55.08 crore. It includes a fresh issue of 22.38 lakh shares worth ₹44.09 crore and an Offer for Sale of 5.58 lakh shares worth ₹10.99 crore.
3. What are the Black Opal Consultants IPO dates?
The Black Opal Consultants IPO is scheduled to open on September 29, 2026, and close on October 1, 2026. The allotment is scheduled for October 5, 2026, and the proposed listing date is October 7, 2026.
4. What is the Black Opal Consultants IPO GMP?
As of September 24, 2026, publicly available grey market trackers were reporting a GMP of around ₹0. GMP is unofficial, can change before listing and should not be treated as a guaranteed listing price or return.
5. What are the key risks of the Black Opal Consultants IPO?
The key risks include high customer concentration, geographic concentration in Uttar Pradesh and Haryana, dependence on brokerage revenue, high broker commission costs, the UP RERA registration renewal issue and increased exposure to real estate development through the Veda project.