Black Opal Consultants
- Issue price
- ₹ 197
- Issue size
- ₹ 55.08 Cr.
- Min. investment
- ₹ 1,18,200
- Listing price
- ₹ 200
- Subscribed
- 68.71x
- Lot size
- 600 shares
- P/E
- 17.07
- RoNW
- 37.40%
- RoCE
- 40.12%
- Debt / Equity
- 0.29
- PAT margin
- 29.11%
- EBITDA margin
- 40.62%
- RoE
- 46.03%
- EPS
- ₹ 11.54
- NAV
- ₹ 39.17
- Promoter stake
- 72.46%
About
Black Opal Consultants Limited was started in 2020. It works with established real estate developers to market and sell their residential and commercial projects. Its developer clients include Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M. It usually signs exclusive or semi-exclusive rights to sell specific units in a project and earns brokerage when they sell. In some cases it takes on an exclusive sale arrangement where it commits to selling a block of inventory and earns a commission or margin on it. It also works with its own group entities, such as Aurika Homes Private Limited, selling their projects for brokerage. Its other services are consulting and advisory for developers, loan syndication where it earns a fee for arranging finance for developers and buyers, and real estate development through group entities in Tier II cities. It works mainly on new and under construction projects in both residential and commercial segments.
Timeline
- doneOpens29 Sep
- doneCloses1 Oct
- doneAllotment5 Oct
- doneRefunds6 Oct
- doneDemat credit6 Oct
- doneListing7 Oct
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 100 on 4 Oct 2026
- Lowest
- ₹ 0 on 23 Sep 2026
- First quoted
- ₹ 0 on 23 Sep 2026
Subscription
How many times each investor group bid for its share, as of 07 Oct 2026, 05:27 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 600 | ₹ 1,18,200 |
| Retail (Max) | 1 | 600 | ₹ 1,18,200 |
| HNI (Min) | 2 | 1,200 | ₹ 2,36,400 |
Company overview
Financials
| Assets | 59.62 | 22.44 | 13.14 |
| Total Income | 42.34 | 33.04 | 19.91 |
| Profit After Tax | 12.22 | 11.48 | 4.32 |
| EBITDA | 17.05 | 15.65 | 6.09 |
| NET Worth | 32.67 | 20.41 | 8.93 |
| Reserves and Surplus | 24.33 | 19.57 | 8.1 |
| Total Borrowing | 9.52 | 0.2 | 1.6 |
Strengths
- Sales have more than doubled in two years, from Rs 19.91 crore in FY2024 to Rs 33.04 crore in FY2025 and Rs 42.34 crore in FY2026.
- Profit after tax rose from Rs 4.32 crore in FY2024 to Rs 11.48 crore in FY2025 and Rs 12.22 crore in FY2026.
- The margin is very high for a services business, with a PAT margin of 29.11% and an EBITDA margin of 40.62%.
- Return ratios are high, with RoCE of 40.12% and RoNW of 37.40%, because brokerage needs little capital.
- Net worth has grown from Rs 8.93 crore in FY2024 to Rs 32.67 crore in FY2026, and debt to equity is only 0.29.
- Its developer clients are well known names, including Shapoorji Pallonji, M3M, Max Estates and Gaurs Group.
- Exclusive sales mandates give it control over specific inventory rather than competing with every broker for each buyer.
- Loan syndication and advisory give it income beyond brokerage.
- The issue is priced at about 17.07 times post issue earnings on an EPS of Rs 11.54.
Risks
- The two return figures published for FY2026 do not agree with each other. Return on equity is shown as 46.03% while return on net worth is shown as 37.40% for the same year.
- Nearly half of the issue money goes to a group company. Rs 26 crore of the Rs 55.08 crore raised is to be invested in Aurika Developers LLP, a group entity, to finance its Ayodhya project. Public shareholders are funding a related party real estate development, and the returns from that project will not flow straight to this company.
- Profit growth has stalled. Profit after tax was Rs 11.48 crore in FY2025 and Rs 12.22 crore in FY2026, only about 6% higher, after it had nearly tripled the year before.
- A further Rs 7 crore goes towards securing sales mandates, which can mean paying developers upfront to lock in inventory, putting company money at risk if the units do not sell.
- Borrowing jumped from Rs 0.20 crore in FY2025 to Rs 9.52 crore in FY2026, against a net worth of Rs 32.67 crore.
- Brokerage income follows the property cycle. When sales slow, commissions dry up while salaries and marketing costs continue.
- The business depends on a handful of large developers, and losing one mandate can remove a large share of income.
- The company is young, having been started in 2020, and this is a fresh issue combined with an offer for sale.
- This is an SME issue. One lot is 600 shares, which is about Rs 1.18 lakh at the upper band of Rs 197, and SME shares usually trade in low volume after listing.
What the money is for
| Funding for securing Sales/Marketing mandates | 7 |
| Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project | 26 |
| General Corporate Purposes | — |
Promoters
- Prasoon Chauhan
- Sheikh Arfeen Ahmed
Registrar, lead managers and documents
- Listing on
- BSE SME
- Face value
- ₹ 10 a share
- Lead managers
- Khambatta Securities Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.