Black Opal Consultants IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Black Opal Consultants

Price band

₹185 – ₹197

Lot size

600 shares

Min investment

₹1,18,200

Issue size

₹55.08 Cr

About the company

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.

Black Opal Consultants Limited markets and sells residential and commercial real estate for developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M, earning brokerage on exclusive and semi-exclusive sales mandates. It also offers advisory and loan syndication services.

IPO details

Issue price: ₹197
Price band: ₹185 – ₹197
Face value: ₹10
Lot size: 600
Min investment: ₹1,18,200
Issue size: ₹55.08 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 8017
NSE symbol: BLACKOPAL.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	600	₹1,18,200
Retail (Max)	1	600	₹1,18,200
HNI (Min)	2	1,200	₹2,36,400

Investor reservation

CATEGORY	RESERVED
QIB	13,27,800 shares (49.99% of the Offer)
NII	3,98,400 shares (15.00% of the Offer)
Retail	9,30,000 shares (35.01% of the Offer)

Objects of the issue

1Funding for securing Sales/Marketing mandates7.00

2Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project26.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
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	8.10
Total Borrowing	9.52	0.20	1.60

Key performance indicators

P/E Ratio

17.07

EPS (₹)

11.54

RoE

46.03%

RoCE

40.12%

RoNW

37.40%

PAT Margin

29.11%

EBITDA Margin

40.62%

Debt / Equity

0.29

NAV (₹)

39.17

✓ 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.

Promoters & holding

Prasoon Chauhan and Sheikh Arfeen Ahmed

Pre-issue promoter holding

98.6%

Post-issue promoter holding

72.46%

Promoters hold 98.6% before the issue and will hold 72.46% after it.

Data refreshed 07 Nov 2026, 04:49 pm IST. GMP is unofficial market sentiment, not investment advice.