IPO Analysis
Black Opal Consultants IPO Analysis: GMP, Financials, Valuation & Risks
Black Opal Consultants IPO is open on BSE SME. The issue is priced at 185 to 197 per share, with an unofficial grey market premium of 38 as of 30 Sept 2026, 8:57 am IST.
· 5 min read
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Summary
Black Opal Consultants IPO is an SME issue on BSE SME. The price band is 185 to 197 per share and the issue size is approximately 55.08 crores.
The company operates in real estate consulting and marketing, working with developers on sales and advisory assignments. Its recent financials show strong growth and profitability, while the offer structure includes both a fresh issue and an offer for sale.
The unofficial grey market premium was 38 as of 30 Sept 2026, 8:57 am IST.
IPO snapshot
Price band, lot size, issue size
| Particulars | Details |
|---|---|
| Exchange | BSE SME |
| IPO type | SME |
| Issue type | Book Building Issue |
| Price band | 185 to 197 Per Share |
| Face value | 10 Per Equity Share |
| Issue size | Approx 55.08 Crores |
| Fresh issue | Approx 44.09 Crores |
| Offer for sale | Approx 5,58,000 Equity Shares |
Dates
| Event | Date |
|---|---|
| Open | September 29, 2026 |
| Close | October 1, 2026 |
| Allotment | October 5, 2026 |
| Refunds | October 6, 2026 |
| Credit to demat | October 6, 2026 |
| Listing | October 7, 2026 |
Market lot
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1200 | 2,36,400 |
| Retail Maximum | 2 | 1200 | 2,36,400 |
| S-HNI Minimum | 3 | 1800 | 3,54,600 |
| S-HNI Maximum | 8 | 4800 | 9,45,600 |
| B-HNI Minimum | 9 | 5400 | 10,63,800 |
Business
Black Opal Consultants was founded in 2020. It works with real estate developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell residential and commercial projects.
Its service offerings include Consulting & Advisory Services, Exclusive Sale Arrangements, Loan Syndication Services, and Real Estate Development. The company gets permission from developers to market selected apartments or residences with exclusive and semi-exclusive rights, and it earns brokerage or commission from the developer.
The company says it has a network of 200 brokers and also uses Facebook and Google for marketing. It mainly sells residential and commercial properties that are newly launched or still under construction.
The promoters are Prasoon Chauhan and Sheikh Arfeen Ahmed.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 79.73 | 5.66 | 17.21 | 65.24 |
| 2024 | 199.05 | 14.10 | 43.23 | 131.35 |
| 2025 | 330.43 | 17.67 | 114.81 | 224.43 |
| Jun 2025 | 174.92 | 11.66 | 43.86 | 343.53 |
The company has shown a sharp rise in revenue and PAT across the reported periods. The latest reported period also shows a higher asset base.
Valuation
| Metric | Value |
|---|---|
| ROE | 56.25% |
| ROCE | 75.05% |
| EBITDA margin | 47.07% |
| PAT margin | 34.94% |
| Debt to equity ratio | 0.01 |
| EPS (Basic) | 13.77 |
| P/E ratio | N/A |
| Return on net worth | 56.25% |
| NAV | 244.76 |
On the available numbers, the company shows high profitability and low reported leverage. The P/E ratio is listed as N/A, so pricing comparison on that metric is not available here.
GMP
The unofficial grey market premium for Black Opal Consultants IPO was 38 as of 30 Sept 2026, 8:57 am IST.
Based on that unofficial grey market premium, the estimated listing price was 235, and the estimated listing gain was 19.29%.
This is an unofficial indication and may not match the actual listing price.
Strengths
- Sold over 2,000 units since inception.
- Executed multiple projects with over 25 developers and 200+ broker associates.
- Worked with reputed developers including Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates and M3M.
- Achieved FY25 EBITDA margin of 47.07% and PAT margin of 34.94%.
- Generated operating cash flow of ₹734.88 lakhs in FY25 despite working-capital volatility.
- Entered real estate development via Aurika Developers LLP and the Ayodhya 'Veda' project.
Risks
- Revenue concentration: largest customer contributed 30.45%; top 5 customers 82.28% and no long-term contracts.
- Geographic concentration in Uttar Pradesh and Haryana exposes the business to local market slowdown.
- Significant litigation and contingent liabilities, including ₹8,417.47 lakhs for group entities and subsidiary.
- Companies Act, RoC and GST filing delays or non-compliances with high-severity discrepancies may trigger penalties.
- Real estate sector downturn, credit volatility and debt dependence may slow sales, increase unsold inventory and strain cash flows.
- Regulatory and external shocks, including tax changes, GAAR, compulsory acquisition, political shifts, disasters and epidemics, may disrupt operations.
- Offer for sale benefits only the Promoter Selling Shareholder, while issue pricing may not reflect post-listing market price.
Important dates
| Event | Date |
|---|---|
| IPO opens | September 29, 2026 |
| IPO closes | October 1, 2026 |
| Allotment | October 5, 2026 |
| Refunds | October 6, 2026 |
| Credit to demat | October 6, 2026 |
| Listing | October 7, 2026 |
Who may find this IPO relevant
This IPO may be relevant to readers tracking SME issues in the real estate services space, especially businesses tied to brokerage, mandate-based project sales, and advisory services.
It may also be of interest to those comparing high-growth, low-debt issuers with short operating histories and concentration risks.
For more IPO analysis, see the Black Opal Consultants IPO analysis page and All IPOs.
FAQs
What is the Black Opal Consultants IPO price band?
The price band is 185 to 197 per share.
What is the issue size of Black Opal Consultants IPO?
The issue size is approximately 55.08 crores.
What is the unofficial GMP for Black Opal Consultants IPO?
The unofficial grey market premium was 38 as of 30 Sept 2026, 8:57 am IST.
What is the listing date?
The listing date is October 7, 2026.
Is the price-to-earnings ratio available?
No. The P/E ratio is listed as N/A.