BLACK OPAL CONSULTANTS LIMITED IPO

BLACK OPAL CONSULTANTS LIMITED IPO closed on 1 Oct 2026. Allotment 5 Oct 2026, listing 7 Oct 2026. Price band ₹185–₹197, lot 600 shares, GMP +₹0 (0%). Track allotment on Allotly.

About BLACK OPAL CONSULTANTS LIMITED

Black Opal Consultants is a real estate brokerage company that facilitates the sale of residential and commercial properties developed by real estate developers in exchange for brokerage. The company primarily handles sales of residential properties, which accounted for 97.62% of its revenue from operations in the financial year 2026, while commercial projects accounted for 2.38%. It partners with developers to sell their property inventories and also works with its group entities, Aurika Homes Private Limited and Aurika Projects LLP, to sell their project inventories. The company focuses on luxury properties and has worked with more than 25 developers. It has sold over 2,300 units and operates through offices across Delhi-NCR with a network of more than 200 broker associates. The company was incorporated in Delhi in 2020 as Black Opal Consultants Private Limited and was converted into…

Strengths

• Black Opal Consultants has executed sales mandates with more than 25 developer partners and served over 2,000 customers across projects in the NCR region. As of August 31, 2026, it had recorded bookings of 1,021 units in Ghaziabad, 622 in Noida, 547 in Greater Noida, and 161 in Gurugram.
• The company has secured exclusive sales mandates from developers for residential projects. For example, under one mandate in Noida, it had exclusive rights to manage sales of all 508 project units, with brokerage revenue of Rs 15.70 crore recognised from the mandate.
• Black Opal Consultants has a presence across multiple NCR micro-markets. Its reported bookings as of August 31, 2026, covered Ghaziabad, Noida, Greater Noida, Gurgaon, Yamuna Expressway, and Sonipat.
• The company has expanded into real estate development through its group entities. It holds a 76% stake in Aurika Developers LLP and a 41% stake in Black Opal Ventures LLP, which are developing the RERA-approved “Veda” commercial project in Ayodhya and the “Hummingbird” residential project in Ghaziabad, respectively.
• The company has developed relationships with hotel and hospitality partners for its real estate projects. Through Aurika Facility Management LLP, it has partnered with Best Western under a revenue-sharing model for operating a project. The “Veda” and “Hummingbird” projects have also received Four Star certification from GRIHA, according to the prospectus.
• The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 19.75 crore in FY24 to Rs 32.86 crore in FY25 and Rs 41.96 crore in FY26. PAT increased from Rs 4.32 crore in FY24 to Rs 11.48 crore in FY25 and Rs 12.21 crore in FY26.

Risks

• The company has a high concentration of revenue among a limited number of customers, with its top 10 customers contributing Rs 36.77 crore (87.61%), Rs 30.39 crore (92.49%), and Rs 18.74 crore (94.90%) to revenue from operations in FY26, FY25, and FY24, respectively. The company does not have long-term contracts with these customers and generally operates through project-specific mandates, service agreements, email confirmations, or, in some cases, verbal or word-of-mouth arrangements. Any reduction in business, termination of arrangements, or disputes over payments could adversely affect its business, cash flows, financial condition, and results of operations.
• The company’s operations are geographically concentrated in Uttar Pradesh and Haryana, which contributed Rs 32.71 crore (77.94%) and Rs 9.26 crore (22.06%), respectively, to revenue from operations in FY26. In FY25, these states contributed Rs 24.09 crore (73.32%) and Rs 8.77 crore (26.68%), while in FY24, they contributed Rs 17.83 crore (90.27%) and Rs 1.92 crore (9.73%), respectively. Any adverse social, political or economic developments, changes in government policies, real estate regulations, civil disruptions, or regional downturns in these markets could adversely affect the company’s business, financial condition, cash flows and results of operations.
• The company is significantly dependent on the residential real estate segment, which contributed Rs 40.96 crore (97.62%), Rs 28.57 crore (86.96%), and Rs 19.72 crore (99.83%) of revenue from operations in FY26, FY25, and FY24, respectively. Commercial projects contributed only Rs 1.00 crore (2.38%), Rs 2.28 crore (6.96%), and Rs 0.03 crore (0.17%) during the same periods. Any slowdown in residential property sales, delays in project approvals, changes in government policies, interest rate fluctuations, or adverse macroeconomic conditions affecting the residential segment could adversely affect the company’s business, financial condition, and results of operations.
• The company, its directors, and promoters are involved in certain ongoing legal proceedings pending before various courts, tribunals, and forums. An adverse decision in any of these proceedings could materially and adversely affect the company’s business, results of operations, and financial condition.
• The company reported negative cash flows from investing activities of Rs 22.00 crore in FY26 and Rs 5.20 crore in FY24, while negative cash flows from operating activities stood at Rs 0.65 crore in FY25 and negative cash flows from financing activities stood at Rs 1.48 crore in FY25. The negative operating cash flow in FY25 was primarily due to an increase in short-term loans and advances. The negative investing cash flow in FY26 was mainly due to an increase in investment in Black Opal Ventures LLP, long-term loans and advances, mutual fund investments, and property investments. The FY24 investing outflow was primarily due to amounts invested in mutual funds and in long-term loans and advances, while the FY25 financing outflow resulted mainly from repayment of short-term borrowings. Continued negative cash flows could affect the company’s liquidity, working capital requirements and ability to fund its business plans.
• The company has outstanding borrowings of Rs 11.71 crore as of August 31, 2026. These borrowings are secured against project land and buildings, current assets and receivables, along with personal and corporate guarantees. Any failure to service or repay these borrowings, or comply with the associated repayment and security conditions, may adversely affect the company’s financial condition and operations.
• The company had trade receivables of Rs 5.35 crore as of March 31, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.
• The company has a relatively short history of existence and operations. This makes it difficult for investors to meaningfully study the company’s history and set future projections.

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