Black Opal Consultants IPO

About Black Opal Consultants IPO

Black Opal Consultants IPO, an SME IPO, opens on Tuesday, September 29, 2026 and closes on Thursday, October 1, 2026. The allotment of shares will take place on Monday, October 5, 2026. The listing of shares will take place on Wednesday, October 7, 2026 on the BSE SME platform.

Black Opal Consultants IPO's price band is set at ₹185 to ₹197 per share. The lot size for an application is 600. The minimum amount of investment required by an individual investor is ₹2,36,400 based on the upper price.

The offer comprises a fresh issue of 22,38,000 shares worth ₹44.09 crore and an offer for sale of 5,58,000 shares worth ₹10.99 crore, taking the total offer size to 27,96,000 shares aggregating ₹55.08 crore.

Black Opal Consultantsis a Delhi-NCR real estate services company that sells residential and commercial properties for developers in return for brokerage. It has sold over 2,300 units in collaboration with more than 25 developers. It has also begun investing in real estate development through Aurika Developers LLP and Black Opal Ventures LLP.

Objectives of Black Opal Consultants IPO

• Funding for securing sales/marketing mandates from real estate developers.
• Investment in Aurika Developers LLP, one of its Group Entities, for financing the development of its Ayodhya Project.
• General corporate purposes.

Industry Outlook

India's real estate sector contributes 17.0% of the country's GDP. The market reached ₹5,898 thousand crore in FY 26 and is projected to grow at a CAGR of 9.6% to cross ₹8,500 thousand crore by FY 30F. Urbanisation and rising household incomes underpin this outlook.

Brokerage revenue has grown faster than the wider market, rising at a CAGR of 28.9% between FY 20 and FY 26 to reach ₹18,573.7 crore. Ken Research projects it will touch ₹36,811.1 crore by FY 30F. That implies a CAGR of 20.6% from FY 26, with Tier 2 and Tier 3 cities expected to lead as new road and rail links open up hubs.

The luxury segment covers homes priced above ₹1.5 crore. Its brokerage revenue grew at a CAGR of 29.4% between FY 20 and FY 26, the fastest among property types. By FY 30F, luxury brokerage is projected to reach ₹18,516 crore at a CAGR of 23.1%. Ken Research expects the number of high-net-worth individuals in India to rise from 3.5 lakh in 2022 to 6.2 lakh by 2027.

Gurugram, Greater Noida, and Ghaziabad contributed 80% of those sales, and all three are active markets for Black Opal Consultants Limited. Gurugram, Greater Noida, and Ghaziabad together contributed 86% of new NCR supply and 80% of sales, and all three are active markets for Black Opal Consultants Limited.

About Black Opal Consultants Limited

Black Opal Consultantswas incorporated on September 1, 2020 and received a fresh certificate of incorporation as a publiccompany on April 7, 2025. It sells developer inventory across Delhi-NCR. Under its inventory underwriting model, the Company pays interest-free advances to Tier 1 developers for exclusive selling rights over blocks of 20 to 100 units. The advance is refunded once the units are sold or the mandate expires. Residential projects contributed ₹40.97 crore, or 97.62% of revenue from operations, in FY 26. Uttar Pradesh accounted for 77.94% of revenue from operations in FY 26 and Haryana for the remaining 22.06%. Its core micro-markets are Noida, Greater Noida, Yamuna Expressway, Ghaziabad, and Gurgaon.

Strengths of Black Opal Consultants

• Experienced Promoters with over 25 years of combined industry experience, providing strategic vision and operational expertise.
• Established client base of over 2,000 customers, reflecting strong market credibility and trust.
• Partnerships with over 25 trusted developers, including exclusive project mandates.
• Proprietary technology platform under development to enhance advisory, sales, and transaction efficiency.
• Strong track record in real estate consulting and broking, enabling premium client engagement and repeat business.

Risks of Black Opal Consultants

• Concentrated dependence on the NCR region, limiting geographic diversification.
• Initial exposure to real estate development in Tier II towns, with associated execution and market risks.
• Relatively nascent technology platform, requiring investment and stabilization to scale fully.

Anchor Investor Bidding Date

Monday, September 28, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Skyline Financial Services Private Limited
E-mail: ipo@skylinerta.com
Tel: 011- 4045

Book Running Lead Manager
Khambatta Securities Limited

Black Opal Consultants Contact Details
Shop No. 8, Ground Floor, C.S.C. AGCR Enclave, East, Delhi, Delhi - 110092, India
E-mail: investors@blackopalgroup.in
Tel: +91 9999560810

Black Opal Consultants Business Model

The company earns its revenue through brokerage on the sale of residential and commercial properties built by real estate developers. It pays interest-free advances to Tier 1 developers to secure exclusive or semi-exclusive rights over blocks of 20 to 100 units. Brokerage on these units follows a volume-based slab, for example 1% of unit value for 1–5 units sold, 2% for 6–10 units, and 4% above 10 units. Brokerage generally becomes payable once the buyer has paid 25–30% of the unit value to the developer. Memoranda of Understanding dated June 20, 2024 and March 15, 2025 give the Company exclusive rights to sell projects of its Group Entities, Aurika Homes Privateand Aurika Projects LLP. Loan syndication added ₹2.00 crore of revenue in FY 25. Third-party brokers act as extended sales executives under the Company's name, and broker commissions paid in FY 26 totalled ₹22.02 crore.

Black Opal Consultants Market Position

The Company operates mainly in Uttar Pradesh and Haryana, with a focus on Noida, Greater Noida, Yamuna Expressway, Ghaziabad, and Gurgaon. As of August 31, 2026, it had recorded 1,021 bookings in Ghaziabad, 622 in Noida, 547 in Greater Noida, 161 in Gurgaon, 9 on the Yamuna Expressway, and 6 in Sonipat. Its first key mandate covered exclusive rights to all 508 units of a residential project in Noida, generating brokerage revenue of ₹15.70 crore.

Leads come from Google Ads, Facebook, SMS campaigns, cold calling, and its website, backed by marketing and business promotion spending of ₹1.49 crore in FY 26. The Veda project in Ayodhya, held through Aurika Developers LLP, has received a GRIHA "Four Star" certification. As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹42.34 crore, ₹12.22 crore, and ₹17.05 crore, respectively.

Black Opal Consultants Growth Trajectory

Black Opal Consultants Limited's Total Income for FY26 was ₹42.34 crore, whereas in FY25 and FY24 it was ₹33.04 crore and ₹19.91 crore, respectively. The Profit After Tax for FY26 was ₹12.22 crore, whereas in FY25 and FY24 it was ₹11.48 crore and ₹4.32 crore, respectively. Their EBITDA for FY26 was ₹17.05 crore, whereas in FY25 and FY24 it was ₹15.65 crore and ₹6.09 crore, respectively.

How to apply for Black Opal Consultants IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.