Black Opal Consultants IPO

Black Opal Consultants Limitedblackopalgroup.in

ListedSMEReal EstateBSE SME

Price band: ₹185 – ₹197
Issue size: ₹55.08 Cr
Lot size: 600 sh
Bidding: 29 Sep – 1 Oct
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Black Opal Consultants is a Delhi-NCR residential brokerage incorporated on 6 September 2020, which the record describes as selling other developers' flats on exclusive or semi-exclusive mandates, with residential projects at 97.62% of FY26 revenue from operations and commercial at 2.38%. Revenue rose from Rs 19.75 Cr in FY24 to Rs 32.86 Cr in FY25 and Rs 41.97 Cr in FY26, while profit after tax moved from Rs 4.32 Cr to Rs 11.48 Cr and then Rs 12.22 Cr. The Rs 55.08 Cr BSE SME issue — Rs 44.09 Cr fresh and Rs 10.99 Cr offer for sale — was priced at Rs 185-197 and was subscribed 73.80 times on its closing day, 1 October 2026. It listed at Rs 200 on 7 October 2026 and last traded at Rs 136.60 on 23 October 2026, 30.66% below the Rs 197 issue price.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

89Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Black Opal Consultants, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2020 · East Delhi, Delhi · 13 employees

Black Opal Consultants sells other developers' flats. It signs exclusive or semi-exclusive mandates with residential builders, largely in the Delhi-NCR region, and earns brokerage on the units it sells; to win a mandate it parks an interest-free advance with the developer, refunded when the inventory sells or the mandate lapses. Residential projects were 97.62% of FY26 revenue from operations, commercial the remaining 2.38%. It runs this with 13 employees as on 31 August 2026, nine of them in sales, supported by a network of over 200 brokers and advertising on Facebook and Google. Group entities Aurika Homes and Aurika Projects have given it exclusive rights to sell their projects too, and it is moving into development itself: Rs 26 Cr of the fresh issue goes into group entity Aurika Developers LLP's hotel-and-retail project "Veda" at Ayodhya.

Revenue is brokerage on a rising slab - the prospectus illustrates 1% of unit value for the first five units sold, 2% for six to ten and 4% beyond - and it falls due once the buyer has paid the developer 25-30% of the unit value. FY26 revenue from operations was Rs 41.97 Cr, entirely brokerage and leasing, against Rs 32.86 Cr in FY25, at a 40.62% EBITDA margin and Rs 12.22 Cr PAT. Payroll is negligible at 13 people, so the binding constraint is capital, not cost: every exclusive mandate ties up an interest-free advance, and Rs 7 Cr of the fresh issue is earmarked to fund more. The top five customers were 67.69% of FY26 revenue.

The company on paper

Legal name: Black Opal Consultants Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 6 Sep 2020
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U68100DL2020PLC369011
Sector: Real Estate · Residential real estate brokerage on exclusive developer mandates
Employees: 13
Registered office: East Delhi, Delhi
Promoters: Prasoon Chauhan, Sheikh Arfeen Ahmed
Promoter holding, pre-issue: 98.6%
Promoter holding, post-issue: 72.5%
Website: blackopalgroup.in

The numbers

Financial performance

Revenue has compounded at 45.8% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹44.09 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹10.99 Cr
Total issue size: ₹55.08 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,39,800

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription73.80×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹197.00
Listed at: ₹200.00
Listing gain: up 1.5%
Since listing: down 32.5%
Against the issue price: down 31.5%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,200
At cut-off price: ₹197.00
Amount blocked: ₹2,36,400

One lot is 600 shares at ₹1,18,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,36,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 60.15×
Applicants per share available: 60.1× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹200.00

listed at, 1.5% against the issue price

Issue price: ₹197.00
Premium said: —
If allotted 600 shares: ₹1,800

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose in both periods the record can measure: from Rs 19.75 Cr in FY24 to Rs 32.86 Cr in FY25, a rise of 66.38%, and then to Rs 41.97 Cr in FY26, a further 27.72%.
FY26 EBITDA was Rs 17.05 Cr on revenue of Rs 41.97 Cr, a margin of 40.62%, and profit after tax was Rs 12.22 Cr, or 29.12% of the same revenue. The equivalent EBITDA margins were 47.63% in FY25 (Rs 15.65 Cr on Rs 32.86 Cr) and 30.84% in FY24 (Rs 6.09 Cr on Rs 19.75 Cr).
Net worth stood at Rs 8.93 Cr in FY24 and rose to Rs 20.41 Cr in FY25 and Rs 32.67 Cr in FY26, 265.85% above the FY24 level.
The book closed subscribed 73.80 times overall on 1 October 2026, with the non-institutional category at 124.29 times, retail at 60.15 times and QIB at 59.77 times.

What to weigh against it

The record states the top five customers were 67.69% of FY26 revenue, and that residential projects were 97.62% of FY26 revenue from operations against 2.38% commercial.
Profit after tax was Rs 11.48 Cr in FY25 and Rs 12.22 Cr in FY26, a rise of 6.45%, on revenue 27.72% higher (Rs 32.86 Cr to Rs 41.97 Cr). The FY26 EBITDA margin of 40.62% (Rs 17.05 Cr on Rs 41.97 Cr) sits below the FY25 figure of 47.63% (Rs 15.65 Cr on Rs 32.86 Cr) and above the FY24 level of 30.84% (Rs 6.09 Cr on Rs 19.75 Cr).
Total borrowings were Rs 9.52 Cr at FY26, against Rs 0.20 Cr at FY25 and Rs 1.60 Cr at FY24. The FY26 figure is 0.29 times that year's net worth of Rs 32.67 Cr.
The stock last traded at Rs 136.60 on 23 October 2026. That is 33.79% below the Rs 206.30 day-one close, 31.70% below the Rs 200 listing price and 30.66% below the Rs 197 issue price.

Easy to miss in the prospectus

The record describes Rs 26 Cr of the Rs 44.09 Cr fresh issue — 58.97% of it — as going into group entity Aurika Developers LLP's hotel-and-retail project "Veda" at Ayodhya, and Rs 7 Cr as funding further interest-free advances to developers. The record carries no offer-objects table to set these against.
Promoter holding is recorded at 98.60% before the issue and 72.46% after it, held by Prasoon Chauhan and Sheikh Arfeen Ahmed.
The record carries no total assets, operating cash flow or expense figures for any of FY24, FY25 or FY26, and no valuation block, so the interest-free advances the record says are parked with developers cannot be sized from it. Headcount is given as 13 employees as on 31 August 2026, nine of them in sales.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Black Opal Consultants — Prospectus dated 2026-10-055 Oct 2026Filed after pricing, with every placeholder filled in.Opens on blackopalgroup.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Khambatta Securities Limited
RegistrarAllotment status is checked on the registrar's own site: Skyline Financial Services Private Limited

How these figures were checked

Reconciled to Black Opal Consultants's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Prospectus dated 5 October 2026 (filer-served, blackopalgroup.in) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 29 Sep 2026
Closes: 1 Oct 2026
Allotment: 5 Oct 2026
Lists: 7 Oct 2026
Revenue (FY26): ₹41.97 Cr
Profit (FY26): ₹12.22 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.