Black Opal Consultants IPO

Black Opal Consultants Limited, incorporated in 2020, is a real estate consultancy and advisory company focused on marketing and selling residential and commercial properties. It works with developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M through exclusive or semi-exclusive sales arrangements. The company earns brokerage and commission income from property sales and also provides consulting, advisory and loan syndication services. It has a network of more than 200 brokers supporting its market reach. Black Opal has also entered real estate development through group entity Aurika Developers LLP, with its Veda commercial and hospitality project in Ayodhya representing its first development initiative.

Black Opal Consultants Limited IPO Overview

Black Opal Consultants IPO is a bookbuilding issue of ₹55.08 crore, comprising a fresh issue of 22.38 lakh shares aggregating to ₹44.09 crore and an offer for sale of 5.58 lakh shares aggregating to ₹10.99 crore. The IPO will open for subscription on 29 September 2026 and close on 1 October 2026. The IPO allotment is expected to be finalised on 5 October 2026, followed by refunds and demat credit on 6 October 2026. The shares are proposed to be listed on the BSE SME platform on 7 October 2026. The price band is fixed at ₹185 to ₹197 per share, while the lot size is 600 shares. Retail investors need to apply for at least two lots, or 1,200 shares, requiring ₹2,36,400 at the upper price band. Khambatta Securities Ltd. is the book running lead manager, while Skyline Financial Services Pvt. Ltd. is the registrar. The issue includes fresh capital as well as an offer for sale.

Black Opal Consultants Limited IPO Details

Particulars	Details
IPO Date	29 September 2026 to 1 October 2026
Listing Date	7 October 2026
Face Value	₹10 per share
Issue Price Band	₹185 to ₹197 per share
Lot Size	600 Shares
Total Issue Size	27,96,000 shares (aggregating up to ₹55.08 Cr)
Fresh Issue	22,38,000 shares (aggregating up to ₹44.09 Cr)
Offer for Sale	5,58,000 shares (aggregating up to ₹10.99 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	83,39,190 shares
Share Holding Post Issue	1,05,77,190 shares
Market Maker Portion	1,39,800 shares

Black Opal Consultants Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII (HNI)	Not less than 15% of the Net Offer

Black Opal Consultants Limited IPO Lot Size

Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereafter.

Application	Lots	Shares	Amount
Retail (Min)	2	1,200	₹2,36,400
Retail (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

Black Opal Consultants Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	92.91%
Post-Issue	65.02%

Black Opal Consultants Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹13.77
Price/Earnings (P/E) Ratio	14.31x*
Return on Net Worth (RoNW)	56.25%
Net Asset Value (NAV)	₹244.76
Return on Equity	56.25%
Return on Capital Employed (ROCE)	75.05%
EBITDA Margin	47.07%
PAT Margin	34.94%
Debt to Equity Ratio	0.01

Objectives of the Proceeds

I. ₹7 crore will be used for securing additional sales and marketing mandates from real estate developers.

II. ₹25 crore will be invested in Aurika Developers LLP to finance development of its Ayodhya project.

III. Balance proceeds will support general corporate purposes and other business requirements.

Key Financials (in ₹ crore)

Particulars	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	343.53	224.43	131.35	65.24
Total Income	174.92	330.43	199.05	79.73
Profit After Tax	43.86	114.81	43.23	17.21
Reserves and Surplus	239.63	195.77	80.96	37.74
Total Borrowing	41.81	2.03	16.01	1.18

IPO Strengths

I. In-depth Asset & Project Management Expertise and Proven Track Record in Project Sales

II. Experienced Professional Team

III. Strategic Partnerships with Developers such as Gaurs Group, SKA, Shapoorji Pallonji, Max Estates, and M3M for Exclusive Mandate

IV. Strong and Reputed Customer Base

V. Strategic Foray into High-Margin Real Estate Development with Tier II City Focus Strengthen Agent Network Through Training and Support

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)
Black Opal Consultants Ltd.	13.77	13.77	244.76	—	56.25
Peer Group
Homesfy Realty Limited	4.46	4.46	155.67	48.63	43.24