Black Opal Consultants Ltd IPO
Realty
Price Band
₹185 – ₹197
Lot Size
600
Minimum Bid Quantity
1200
Minimum Investment
₹236400
Issue Size
₹55.08Cr
Opens
2026-09-29
Closes
2026-10-01
Listing
07-10-2026
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0M3101012
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
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 a public limited company in 2025.
Pros
- • 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.
Cons
- • 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.
Get real-time IPO alerts on WhatsApp
Opening reminders • Subscription updates • GMP alerts • Allotment results
Start WhatsApp Alerts