Black Opal Consultants IPO
Black Opal Consultants IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹185-197 |
| Face Value | ₹10 |
| Lot Size | 600 Shares |
| Issue Size | ₹55.08 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| BSE Scrip Code | 8017 |
| Min Investment | ₹118,200 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹118,200 |
| Retail (Max) | 1 | 600 | ₹118,200 |
| HNI (Min) | 2 | 1,200 | ₹236,400 |
Strengths & Risks
Strengths
- The margin is very high for a services business, with a PAT margin of 34.94%.
- Return ratios are very high, with RoCE of 75.05% and RoNW of 56.25%, because brokerage needs little capital.
- Sales have more than doubled in two years, from Rs 19.91 crore in FY2024 to Rs 42.34 crore in FY2026.
- 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 earnings on an EPS of Rs 11.54.
Risks
- 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's 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 12.20 crore in FY2026, barely higher.
- 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.
- 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.
- Borrowing jumped from Rs 0.20 crore to Rs 9.52 crore in FY2026.
- 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.
Valuation & Key Ratios
Financials (Rs. Crore)
| 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 | 12.20 | 11.48 | 4.32 |
| EBITDA | 17.05 | 15.65 | 6.09 |
| NET Worth | 32.67 | 20.41 | 8.93 |
| Reserves and Surplus | 243.26 | 195.77 | 80.96 |
| Total Borrowing | 9.52 | 0.20 | 1.60 |
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.
Company & Registrar
GMP History
| Date | GMP | % Over Issue Price |
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Anchor Investors
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