Black Opal Consultants SME IPO
Black Opal Consultants IPO — date, price band, lot size & details 2026
Black Opal Consultants listed on 7 Oct 2026 at ₹200, 1.5% above the ₹197 issue price.
Black Opal Consultants Limited markets and sells residential and commercial real estate for developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M, earning brokerage on exclusive and semi-exclusive sales mandates. It also offers advisory and loan syndication services.
Stock price
Black Opal Consultants is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 October.
- Open 29 Sep 2026
- Close 01 Oct 2026
- Allotment 05 Oct 2026
- Refund/credit 06 Oct 2026
- Listing 07 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 29 Sep to 1 Oct, 2026 |
|---|---|
| Price Band | ₹185 – ₹197 |
| Face Value | ₹10 |
| Lot Size | 600 Shares |
| Issue Size | ₹55.08 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | Skyline Financial Services Private Limited |
| Min Investment | ₹ 2,36,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 600 shares at the ₹197 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 1,200 | ₹2,36,400 |
| Retail (max) | 2 | 1,200 | ₹2,36,400 |
| HNI (min) | 3 | 1,800 | ₹3,54,600 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 9
- 01Sales 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.
- 02Profit after tax rose from Rs 4.32 crore in FY2024 to Rs 11.48 crore in FY2025 and Rs 12.22 crore in FY2026.
- 03The margin is very high for a services business, with a PAT margin of 29.11% and an EBITDA margin of 40.62%.
- 04Return ratios are high, with RoCE of 40.12% and RoNW of 37.40%, because brokerage needs little capital.
- 05Net 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.
- 06Its developer clients are well known names, including Shapoorji Pallonji, M3M, Max Estates and Gaurs Group.
- 07Exclusive sales mandates give it control over specific inventory rather than competing with every broker for each buyer.
- 08Loan syndication and advisory give it income beyond brokerage.
- 09The issue is priced at about 17.07 times post issue earnings on an EPS of Rs 11.54.
Risks · 9
- 01The 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.
- 02Nearly 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.
- 03Profit 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.
- 04A 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.
- 05Borrowing jumped from Rs 0.20 crore in FY2025 to Rs 9.52 crore in FY2026, against a net worth of Rs 32.67 crore.
- 06Brokerage income follows the property cycle. When sales slow, commissions dry up while salaries and marketing costs continue.
- 07The business depends on a handful of large developers, and losing one mandate can remove a large share of income.
- 08The company is young, having been started in 2020, and this is a fresh issue combined with an offer for sale.
- 09This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Black Opal Consultants offer document.
| Metric | 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 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Black Opal Consultants RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Black Opal Consultants IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹14.63 | ₹11.54 |
| P/E Ratio (x) | 13.47 | 17.07 |
| Market Cap at Offer Price (₹ Cr) | ₹164.55 | ₹208.37 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹197 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹33.00 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91 9999560810
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Khambatta Securities Limited
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +23.2%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Black Opal Consultants?
The current Grey Market Premium is ₹9, or 4.57% over the issue price.
What is the Black Opal Consultants IPO price band?
₹185 to ₹197, on a face value of ₹10.
When is the allotment?
The basis of allotment is 5 October 2026, with listing on 7 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Skyline Financial Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
