Black Opal Consultants IPO
Black Opal Consultants IPO is a SME issue of ₹55.08 Cr (Fresh capital cum OFS). The price band is ₹185–197 per share with a lot of 600 shares (₹1,18,200 minimum). Bidding runs 29 Sep – 1 Oct, allotment is on 5 Oct 2026 and listing on 7 Oct 2026 on BSE SME. The issue has been subscribed 68.71x overall. It listed at ₹200 (+1.52% over the issue price) and trades at ₹180.05 (-8.60%).
IPO details
| Detail | Value |
|---|---|
| Price band | ₹185–197 |
| Lot size | 600 shares |
| Minimum investment | ₹1,18,200 |
| Issue size | ₹55.08 Cr |
| Issue type | Fresh capital cum OFS |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹197 |
Subscription status
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 59.77x |
| Non-institutional (NII) | 92.30x |
| Retail | 60.15x |
| Employees | 0.00x |
| Shareholders | 0.00x |
Updated 07 Oct 2026, 05:27 PM IST
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 29 Sep 2026 |
| Bidding closes | 1 Oct 2026 |
| Allotment | 5 Oct 2026 |
| Refunds | 6 Oct 2026 |
| Shares credited to demat | 6 Oct 2026 |
| Listing | 7 Oct 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹1,18,200 |
| Retail (Max) | 1 | 600 | ₹1,18,200 |
| HNI (Min) | 2 | 1,200 | ₹2,36,400 |
About Black Opal Consultants
Black Opal Consultants Limited was started in 2020. It works with established real estate developers to market and sell their residential and commercial projects. Its developer clients include Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M. It usually signs exclusive or semi-exclusive rights to sell specific units in a project and earns brokerage when they sell. In some cases it takes on an exclusive sale arrangement where it commits to selling a block of inventory and earns a commission or margin on it. It also works with its own group entities, such as Aurika Homes Private Limited, selling their projects for brokerage. Its other services are consulting and advisory for developers, loan syndication where it earns a fee for arranging finance for developers and buyers, and real estate development through group entities in Tier II cities. It works mainly on new and under construction projects in both residential and commercial segments.
Black Opal Consultants financials
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 59.62 | 22.44 | 13.14 |
| Total Income | 42.34 | 33.04 | 19.91 |
| Profit After Tax | 12.22 | 11.48 | 4.32 |
| EBITDA | 17.05 | 15.65 | 6.09 |
| NET Worth | 32.67 | 20.41 | 8.93 |
| Reserves and Surplus | 24.33 | 19.57 | 8.10 |
| Total Borrowing | 9.52 | 0.20 | 1.60 |
Key ratios
| Ratio | Value |
|---|---|
| P/E Ratio | 17.07 |
| EPS (₹) | 11.54 |
| RoE | 46.03% |
| RoCE | 40.12% |
| RoNW | 37.40% |
| PAT Margin | 29.11% |
| EBITDA Margin | 40.62% |
| Debt / Equity | 0.29 |
| NAV (₹) | 39.17 |
Strengths
- Sales have more than doubled in two years, from Rs 19.91 crore in FY2024 to Rs 33.04 crore in FY2025 and Rs 42.34 crore in FY2026.
- Profit after tax rose from Rs 4.32 crore in FY2024 to Rs 11.48 crore in FY2025 and Rs 12.22 crore in FY2026.
- The margin is very high for a services business, with a PAT margin of 29.11% and an EBITDA margin of 40.62%.
- Return ratios are high, with RoCE of 40.12% and RoNW of 37.40%, because brokerage needs little capital.
- Net worth has grown from Rs 8.93 crore in FY2024 to Rs 32.67 crore in FY2026, and debt to equity is only 0.29.
- Its developer clients are well known names, including Shapoorji Pallonji, M3M, Max Estates and Gaurs Group.
- Exclusive sales mandates give it control over specific inventory rather than competing with every broker for each buyer.
- Loan syndication and advisory give it income beyond brokerage.
- The issue is priced at about 17.07 times post issue earnings on an EPS of Rs 11.54.
Risks
- The two return figures published for FY2026 do not agree with each other. Return on equity is shown as 46.03% while return on net worth is shown as 37.40% for the same year.
- Nearly half of the issue money goes to a group company. Rs 26 crore of the Rs 55.08 crore raised is to be invested in Aurika Developers LLP, a group entity, to finance its Ayodhya project. Public shareholders are funding a related party real estate development, and the returns from that project will not flow straight to this company.
- Profit growth has stalled. Profit after tax was Rs 11.48 crore in FY2025 and Rs 12.22 crore in FY2026, only about 6% higher, after it had nearly tripled the year before.
- A further Rs 7 crore goes towards securing sales mandates, which can mean paying developers upfront to lock in inventory, putting company money at risk if the units do not sell.
- Borrowing jumped from Rs 0.20 crore in FY2025 to Rs 9.52 crore in FY2026, against a net worth of Rs 32.67 crore.
- Brokerage income follows the property cycle. When sales slow, commissions dry up while salaries and marketing costs continue.
- The business depends on a handful of large developers, and losing one mandate can remove a large share of income.
- The company is young, having been started in 2020, and this is a fresh issue combined with an offer for sale.
- This is an SME issue. One lot is 600 shares, which is about Rs 1.18 lakh at the upper band of Rs 197, and SME shares usually trade in low volume after listing.
Allotment status
Registrar: Skyline Financial Services Private Limited. Check Black Opal Consultants IPO allotment status.
FAQs
What is the price band of Black Opal Consultants IPO?
₹185–197 per share.
What is the lot size of Black Opal Consultants IPO?
600 shares, which costs ₹1,18,200 at the upper price band.
What is the GMP of Black Opal Consultants IPO?
₹9 (+4.57%) as of 07 Oct 2026, 08:24 AM IST. GMP is unofficial and not a prediction of the listing price.
When does Black Opal Consultants IPO open and close?
It opens on 29 Sep 2026 and closes on 1 Oct 2026.
When is the allotment date of Black Opal Consultants IPO?
5 Oct 2026.
When will Black Opal Consultants IPO list?
7 Oct 2026 on BSE SME.
How many times was Black Opal Consultants IPO subscribed?
68.71x overall.