BSE List Price : ₹200.00

Subscription

Category	Times
QIBs	59.77x
HNIs	124.82x
Retail	60.15x
Total : 73.90x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	1,200	₹236,400
Retail Maximum	2	1,200	₹236,400
S - HNI Minimum	3	1,800	₹354,600
S - HNI Maximum	8	4,800	₹945,600
B - HNI Minimum	8	5,400	₹1,063,800

About the Company

Company Overview: Black Opal Consultants Limited is a Delhi-NCR based real estate advisory and brokerage company that facilitates the sale of residential and commercial properties developed by real-estate developers and earns brokerage income from these transactions. The company was incorporated in 2020 and converted into a public limited company in 2025.

Business Model: The company works with real-estate developers through exclusive and semi-exclusive sales mandates, project-specific arrangements and inventory underwriting. It has facilitated real-estate sales worth more than 4,000 crore since inception, according to company disclosures.

Products & Services

• Residential Property Sales
• Commercial Property Sales
• Real Estate Brokerage
• Exclusive & Semi-Exclusive Sales Mandates
• Inventory Underwriting
• Loan Syndication & Advisory
• Real Estate Asset Management
• Real Estate Development through Group Entities

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹19.91	₹14.10	₹4.32	₹13.14
2025	₹33.04	₹17.67	₹11.48	₹22.44
2026	₹42.34	₹25.85	₹12.20	₹59.62

Company Promoter

Prasoon Chauhan

Sheikh Arfeen Ahmed

Know before investing

• • Strengths

  Established Developer Network: The company has worked with 25+ real-estate developers and has sold more than 2,300 units, with a network of more than 200 broker associates.

  Exclusive Sales Mandates: The company has secured exclusive sales mandates for selected residential projects. In one Noida project, it had exclusive rights for 508 units and recognised approximately 15.70 crore of brokerage revenue from the mandate.

  Presence Across NCR Micro-Markets: The company has recorded bookings across Ghaziabad, Noida, Greater Noida, Gurugram, Yamuna Expressway and Sonipat, providing exposure to multiple NCR markets.

  Real Estate Development Expansion: The company holds a 76% stake in Aurika Developers LLP and a 41% stake in Black Opal Ventures LLP, expanding its activities from brokerage into real-estate development.

  Improved Financial Performance: Revenue from operations increased from 19.75 crore in FY24 to 41.96 crore in FY26, while PAT increased from 4.32 crore to 12.22 crore during the same period.

• • Risks

  Customer Concentration: The top 10 customers contributed 87.61% of revenue in FY26, compared with 92.49% in FY25. The company generally does not have long-term contracts with these customers.

  Geographical Concentration: Uttar Pradesh contributed 77.94% and Haryana 22.06% of revenue from operations in FY26. Revenue was generated entirely from these two states during the year.

  Residential Property Dependence: Residential projects contributed approximately 97.62% of FY26 brokerage revenue, while commercial projects contributed the remaining 2.38%.

  Brokerage Cost Risk: Commission paid to outside brokers was approximately 22.02 crore in FY26, representing 52.48% of revenue, which can affect operating margins.

  Real Estate Development Risk: The company is expanding into real-estate development, while the RHP states that it has no prior operational experience in real-estate development.

  Project Execution Risk: The proposed Ayodhya project has an estimated cost of approximately 59.00 crore, while only 3.75 crore had been spent as of August 2026 and the remaining equipment/procurement requirements were yet to be completed.

Objects of the Issue & Utilisation of proceeds

Investment in Aurika Developers LLP: 26.00 crore is proposed to be invested in Aurika Developers LLP for financing the development of its Ayodhya Project.

Sales & Marketing Mandates: 7.00 crore is proposed to be used for securing sales and marketing mandates from real-estate developers, including related security deposits.

General Corporate Purposes: The remaining proceeds are proposed to be utilised for general corporate purposes, subject to the limits specified in the offer documents.

Company Address

Black Opal Consultants Ltd.
Shop No. 8, Ground Floor
C.S.C. AGCR Enclave,
Delhi
Delhi, New Delhi, 110092
Phone: +91 9999560810
Email: investors@blackopalgroup.in
Website: http://www.blackopalgroup.in/

IPO Registrar

Skyline Financial Services Pvt.Ltd.
Phone: 011-26812682
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php