Black Opal Consultants Limited

Black Opal Consultants Limited, originally incorporated in 2020 as a private limited company and subsequently converted into a public limited entity in April 2025, is a promoter-driven real estate services and advisory enterprise headquartered in Delhi NCR. The company operates at the intersection of home buyers, real estate developers, and channel brokers, offering integrated services across the real estate value chain. Its core value proposition centers on facilitating the sale of residential and commercial properties developed by Tier-1 developers in return for brokerage income, complemented by loan syndication, project management consultancy, and inventory underwriting. Under its underwriting-based model, the company advances funds to developers to secure blocks of 20 to 100 units in select projects, which are then marketed through a volume-based slab brokerage structure.

The company caters to a diverse clientele comprising real estate developers, retail homebuyers, institutional investors, and partner brokers. In FY26, residential property sales constituted 97.62% (₹40.97 Cr) of operational revenue, while commercial projects contributed the remaining 2.38% (₹1.00 Cr). Geographically, operations are heavily concentrated in the National Capital Region (NCR), primarily covering high-growth markets in Uttar Pradesh (Noida, Greater Noida, Yamuna Expressway, and Ghaziabad) and Haryana (Gurugram), which generated 77.94% and 22.06% of FY26 operational revenue respectively. The company has also initiated geographical expansion into Tier-II corridors like Ayodhya and Bareilly.

As a specialized real estate advisory, broking, and technology-driven service provider, Black Opal Consultants Limited does not operate physical manufacturing plants, production factories, or industrial machinery, and consequently, quantitative capacity utilization metrics are not applicable to its business model. Its operational infrastructure relies on leased corporate and regional office spaces across Delhi, Noida, and Gurugram. The company executes its business through an asset-light operational structure, collaborating with an active network of over 200 associate channel brokers who act as an extended sales force operating under the company's brand and standard operating procedures.

Operational and technical capabilities are anchored in proprietary technology platforms developed through its wholly owned subsidiary, Black Opal Technologies Private Limited. The subsidiary is developing "JustHomz," a technology-driven prop-tech ecosystem featuring dual applications for buyers and channel partners that provide access to project documentation, RERA registration, completion certificates, and digital search tools. To support business growth and secure recurring cash flows, the company has also undertaken forward integration into real estate project development by acquiring a 76% controlling interest in Aurika Developers LLP (developing a commercial/hospitality project titled "Veda" in Ayodhya, Uttar Pradesh) and a 41% interest in Black Opal Ventures LLP (developing residential housing projects in Ghaziabad and Lucknow).

Based on its historical financial data, Black Opal Consultants Limited posted total income and net profits of ₹19.91 Cr / ₹4.32 Cr in FY24, ₹33.04 Cr / ₹11.48 Cr in FY25, and ₹42.34 Cr / ₹12.22 Cr in FY26. The company has demonstrated robust top-line and bottom-line expansion, with Total Income growing at a 2-year CAGR of 45.85% and PAT expanding at a 2-year CAGR of 68.10%. Total debt moved from ₹1.60 Cr in FY24 to ₹0.20 Cr in FY25, before increasing to ₹9.52 Cr in FY26 to finance strategic investments in real estate group entities, maintaining a low Debt-to-Equity ratio of 0.29x. It boasts an average EPS of ₹12.78 and an average RoNW of 45.52% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.03 against a NAV of ₹39.17 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.71. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 48.17x (FY24), 18.16x (FY25), and 17.06x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Khambatta Securities Limited, which has handled 9 public issues to date. Out of its last 9 managed IPOs, three listed below the issue price, while the remaining six listed at or above it. As of September 24, 2026, three of these recent issues are currently trading below their issue price, while the remaining six are trading at or above it.

• 1 Prasoon Chauhan
• 2 Sheikh Arfeen Ahmed