Black Opal Consultants IPO
Black Opal Consultants IPO is an SME IPO raising ₹55 Cr at ₹185 – ₹197 a share. It listed on 7 Oct 2026 at ₹200, +1.5% against its issue price of ₹197, and trades at ₹132 today (−32.8% since issue). It was subscribed 69× in total.
68.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Black Opal Consultants Limited is a Delhi-NCR-based real estate brokerage and advisory firm that partners with developers to market and sell their residential and commercial properties in exchange for brokerage commissions. The company secures exclusive or semi-exclusive sales mandates from developers (often by paying an advance that is refunded after mandate completion) and operates a network of over 200 broker associates across offices in Delhi, Gurugram and Noida. It has also begun diversifying into real estate development through stakes in group entities Aurika Developers LLP (76%) and Black Opal Ventures LLP (41%), which are developing a hospitality project in Ayodhya and a group housing project in Ghaziabad.
How it earns
Earns brokerage/commission on the sale of developer inventories under exclusive or underwritten mandates, plus loan syndication fees and advisory income; revenue from real estate development has not yet commenced.
Who buys
Customer names not disclosed (listed as Customer 1, Customer 2, etc.). High concentration: top 10 customers contributed 87.61% of revenue from operations in FY26 (₹36.77 crore of ₹41.97 crore), 92.49% in FY25, and 94.90% in FY24, when Customer 1 alone was 55.68% of revenue. Most revenue comes from Brokerage Services tied to developer clients.
Scale
13 employees as of 31-Aug-2026 (9 in Sales, 1 each in Management, Secretarial, HR and Finance); three leased offices in Delhi, Gurugram and Noida; 200+ broker associates; 25+ developer partners; 2,000+ customers served; FY26 revenue from operations ₹4,196.56 lakhs (~₹41.97 crore), up from ₹1,975.24 lakhs in FY24 (a 45.76% CAGR).
What it says sets it apart
- Inventory underwriting model: advances funds to developers to secure exclusive/semi-exclusive rights to blocks of 20-100 units in projects by Tier-1 developers, with brokerage earned on a slab basis as units are sold.
- Track record of 2,300+ units sold since inception across 25+ developer partners, including closed mandates in Noida, Gurugram and Greater Noida.
- Asset-light structure with a 200+ broker-associate network that operates under the company's SOPs, allowing sales scaling without proportional headcount growth.
- Forward integration into real estate development via 76% stake in Aurika Developers LLP (RERA-approved 'Veda' hospitality project in Ayodhya, to be operated by Best Western Hotels) and 41% stake in Black Opal Ventures LLP ('Hummingbird' group housing in Ghaziabad).
- Specialisation in luxury and premium residential brokerage (above ₹1.5 crore ticket size), with brokerage typically triggered once the buyer pays 25-30% of unit value to the developer.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs197 / stated EPS Rs14.65 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated; weighted-average EPS is Rs 12.78). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹42 Cr+28% | ₹12 Cr+6% | 29.1% | ₹33 Cr | ₹10 Cr |
| FY2025 | ₹33 Cr+66% | ₹11 Cr+166% | 34.9% | ₹20 Cr | ₹0 Cr |
| FY2024 | ₹20 Cr | ₹4 Cr | 21.9% | ₹9 Cr | ₹2 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What happens when
Next: the UPI mandate expires on 12 Nov 2026.
Track BLACK OPAL CONSULTANTS LIMITED
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.