In Progress
Valuation
Market Cap
₹208.37 Cr
P/E Ratio
13.45x
P/B Ratio
5.03x
Black Opal IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Black Opal Consultants Limited, incorporated in September 2020 is a Delhi-NCR based real estate services company facilitating the sale of residential and commercial properties developed by third-party developers for brokerage income. It enters into exclusive or semi-exclusive sales mandates, providing an interest-free refundable advance to secure inventory-underwriting rights, and has sold over 2,300 units through 200+ broker associates and 25+ developer partnerships. It also sells inventory for group entities Aurika Homes Private Limited and Aurika Projects LLP under exclusive MoUs, and has diversified into real estate development via a 76% stake in Aurika Developers LLP, developing the RERA-approved 'Veda' project in Ayodhya, Uttar Pradesh.
Lots & IPO Size
Black Opal IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 1,200 | ₹2,36,400 |
| Ind (Max) | 2 | 1,200 | ₹2,36,400 |
| S-HNI (Min) | 3 | 1,800 | ₹3,54,600 |
| S-HNI (Max) | 8 | 4,800 | ₹9,45,600 |
| B-HNI (Min) | 9 | 5,400 | ₹10,63,800 |
Market Maker
₹1.40 L
Employee
₹0.00
Shareholder
₹0.00
Black Opal IPO Size
Total
₹55 Cr
Fresh Issue
₹44 Cr
(0.22 Cr
Shares)
Offer For Sale
₹11 Cr
(0.06 Cr
Shares)
Promoters₹11 Cr
Objects of the Issue
Funding for securing Sales/Marketing mandates
Investment in Aurika Developers LLP (Group Entity) for financing its Ayodhya commercial project
General Corporate Purposes & Issue Expense
Total
Key Risk Factors
The company derived 98.84%, 99.20% and 99.63% of FY26, FY25 and FY24 revenue from operations from its top 20 customers, a significant customer-concentration risk.
Key Risk Factors
The company derived 98.84%, 99.20% and 99.63% of FY26, FY25 and FY24 revenue from operations from its top 20 customers, a significant customer-concentration risk.
The company's operations are concentrated in Uttar Pradesh and Haryana, which contributed 77.94%, 73.32% and 90.27% of FY26, FY25 and FY24 revenue from operations respectively.
The company derived 99.11%, 93.40% and 99.23% of FY26, FY25 and FY24 revenue from operations from brokerage and leasing services, exposing it to real estate market slowdowns.
The company's business is concentrated in residential real estate, which contributed 97.62%, 86.96% and 99.83% of FY26, FY25 and FY24 revenue from operations respectively.
The company does not own its registered, corporate and correspondence offices; any dispute, non-renewal or early termination of the lease agreements could disrupt operations.
Certain legal proceedings are outstanding against the company, its Directors and Promoters, with no assurance of a favourable outcome or that no further liabilities will arise.
The company's UP RERA registration as a real estate agent has expired; delay in its renewal could adversely affect its ability to continue, market or sell its services.
The company operates in a competitive environment against real estate developers and internet-based service providers, which could impact its revenue and profitability.
The company has a relatively short track record in real estate consultancy and development, making it vulnerable to an inability to respond to market dynamics.
The company has identified developers for inventory-underwriting arrangements, but specific inventory is not yet identified, exposing it to execution and operational risks.
Black Opal IPO Details Live GMP
GMP
₹0
Est. Price
₹197
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Sep | ₹0 (0%) | ₹197 |
| 24 Sep | ₹0 (0%) | ₹197 |
Black Opal IPO Peer Comparison
(Rs. in crores)
| Particulars | Black Opal | Homesfy Realty |
|---|---|---|
| Revenue | 41.97 | 40.32 |
| PAT | 12.22 | -20.48 |
| EPS (₹) | 14.65 | -63.41 |
| NAV (₹) | 39.17 | 92.06 |
| RONW | 37.40% | -68.98% |
| EBITDA | 40.62% | -45.71% |
| PAT Mrgn | 29.11% | -50.80% |
| PE Ratio | 13.45 | - |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 21, 2026 for Peers
Black Opal IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 41.97 | 32.86 | 19.75 |
| Profit | 12.22 | 11.48 | 4.32 |
| Net Worth | 32.67 | 20.41 | 8.93 |
| Borrowings | 9.52 | 0.20 | 1.60 |
| Assets | 59.62 | 22.44 | 13.14 |
| NAV (₹) | 39.17 | 24.47 | 10.71 |
| EPS (₹) | 14.65 | 13.76 | 5.18 |
Key Performance Indicators (KPIs)
Debt to Equity
0.29
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Black Opal IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 41.97 | 32.86 | 19.75 |
| Other Income | 0.38 | 0.18 | 0.15 |
| Total Income | 42.34 | 33.04 | 19.91 |
| Cost of Revenue | 4.00 | 0.00 | 0.00 |
| Changes in Inventories | -5.09 | 0.00 | 0.00 |
| Employee Expense | 1.66 | 1.60 | 2.47 |
| Finance Costs | 0.41 | 0.08 | 0.05 |
| Depreciation | 0.14 | 0.20 | 0.24 |
| Other Expenses | 24.73 | 15.79 | 11.35 |
| Total Expenses | 25.85 | 17.67 | 14.10 |
| Profit Before Tax | 16.49 | 15.37 | 5.81 |
| Tax Expense | 4.28 | 3.89 | 1.48 |
| Profit After Tax | 12.22 | 11.48 | 4.32 |
| EPS — Basic (₹) | 14.65 | 13.76 | 5.18 |
| EPS — Diluted (₹) | 14.65 | 13.76 | 5.18 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 8.34 | 0.83 | 0.83 |
| Reserves & Surplus | 24.33 | 19.57 | 8.10 |
| Total Equity | 32.67 | 20.41 | 8.93 |
| Total Borrowings | 9.52 | 0.20 | 1.60 |
| Trade Payables | 0.27 | 0.16 | 1.71 |
| Other Long-Term Liab | 6.13 | 0.00 | 0.00 |
| Other Current Liab | 8.43 | 0.54 | 0.58 |
| Other Liabilities | 2.60 | 1.13 | 0.32 |
| Total Equity & Liab | 59.62 | 22.44 | 13.14 |
| Fixed Assets | 0.34 | 0.37 | 0.56 |
| Long-Term Loans & Adv | 11.82 | 2.10 | 1.80 |
| Current Investments | 19.95 | 3.59 | 6.00 |
| Inventories | 9.41 | 0.00 | 0.00 |
| Short-Term Loans & Adv | 5.75 | 11.89 | 2.18 |
| Trade Receivables | 5.36 | 2.36 | 0.64 |
| Cash & Bank Balances | 4.48 | 1.77 | 1.71 |
| Other Assets | 2.53 | 0.38 | 0.25 |
| Total Equity & Liab | 59.62 | 22.44 | 13.14 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 15.81 | -0.65 | 5.60 |
| Cash Flow from Investing Activities | -22.00 | 2.19 | -5.21 |
| Cash Flow from Financing Activities | 8.91 | -1.48 | 1.05 |
| Net Change in Cash & Equivalents | 2.72 | 0.06 | 1.44 |
| Cash & Equivalents at End of Period | 4.48 | 1.77 | 1.71 |
Promoter Holding
Promoter
98.60%
Public
1.40%
Prasoon Chauhan
94.18%
Sheikh Arfeen Ahmed
1.00%
Rafat Jahan Siddiqui
1.92%
Narendra Kumar
1.50%
Management
Prasoon Chauhan
Age: 49
MD
Remuneration
₹Upto Rs.120.00 lakhs p.a. (salary fixed upto Rs.10,00,000 per month w.e.f. Sept 1, 2026 per service agreement addendum dated Sept 14, 2026, plus perquisites/allowances incl. medical, telephone, petrol, travelling, LTA); Rs.36.00 lakhs paid in FY26.
Education
PG Diploma in Executive Management (Institute of Management Technology); B.A. (University of Allahabad); JAIIB
Prior Experience
18+ years in banking, real estate & financial consulting; ~10 yrs at Yes Bank Limited; CEO, ATS Homekraft (2017-2020); founded Black Opal Consultants in 2020.
Gaurav Bhardwaj
Age: 34
CFO
Remuneration
₹Rs.24.27 lakhs p.a. (FY26, as certified by Statutory Auditor)
Education
B.B.S. (Shaheed Sukhdev College of Business Studies, University of Delhi); PGDM (IIM Shillong)
Prior Experience
11+ years in finance & banking; previously Relationship Manager-FIGU at RBL Bank.
Registrar & Lead Managers
Registrar
Skyline Financial Services
Lead Managers (1)
Company Details
Name: Black Opal Consultants Limited
Address: Shop No. 8, Ground Floor, C.S.C. AGCR Enclave, East Delhi, Delhi - 110092, India
Number: +91 9999560810
Email: investors@blackopalgroup.in
Website: https://www.blackopalgroup.in
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Frequently Asked Questions (FAQs)
What is Black Opal IPO?
Black Opal IPO is a SME IPO having an issue size of
₹55 Crs.
Black Opal IPO is priced at
₹185 - ₹197 per
share.
The
issue opens on 29 Sep 26
and
closes on 01 Oct 26.
When will Black Opal IPO open?
Black Opal IPO opens on
29 Sep 26 and closes on
01 Oct 26.
What is the GMP of Black Opal IPO?
The estimated Grey Market Premium of Black Opal IPO is
₹0 per share (0.00%).
What is the lot size of Black Opal IPO?
The minimum lot size of Black Opal IPO is
600 shares & the minimum application amount
is
Rs.
118200.
When is the allotment of Black Opal IPO?
The allotment date of Black Opal IPO is
05 Oct 26.
What is the listing date of Black Opal IPO?
The listing date of Black Opal IPO is
07 Oct 26.
What is the subscription of Black Opal IPO?
Black Opal IPO is subscribed
-.
What is the price band of Black Opal IPO?
Black Opal IPO is priced at
₹185 - ₹197 per
share.
How to check allotment status of Black Opal IPO?
Click the allotment link on Black Opal IPO page of IPO360.
How to apply Black Opal IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Black Opal IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Black Opal IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Black Opal IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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