Incorporated in 2020, Black Opal Consultants Limited works with well-known real estate developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell their residential and commercial projects.
The Company signs exclusive or semi-exclusive sales rights to market and sell specific units within a project in return for brokerage income. The Company also works with its Group Entities, such as Aurika Homes Private Limited to market and sell Aurika Homes’ projects in return for brokerage income. This helps strengthen group synergies and enhances business growth.
Service Offerings:
The Company works in both residential and commercial segments, mainly focusing on new and under-construction properties. It supports developers in selling their projects and helps customers buy properties. Black Opal has a network of more than 200 brokers, which helps expand its reach. It also uses platforms like Facebook and Google for marketing.
Black Opal has entered the development business through Aurika Developers LLP. Its first project, “Veda”, is a commercial and hospitality project in Darshan Nagar, Ayodhya.
Key strengths
Black Opal Consultants Ltd.’s revenue increased by 28% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 | 12.20 | 11.48 | 4.32 |
| EBITDA | 17.05 | 15.65 | 6.09 |
| NET Worth | 32.67 | 20.41 | 8.93 |
| Reserves and Surplus | 243.26 | 195.77 | 80.96 |
| Total Borrowing | 9.52 | 0.20 | 1.60 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Veegaland Developers Ltd. | Mainboard | ₹210.00 Cr | ₹140 | 17.74 | ₹146.30 | +4.50% | ₹141.16 |
| Pranav Constructions Ltd. | Mainboard | ₹351.03 Cr | ₹124 | 15.16 | ₹132.00 | +6.45% | ₹100.64 |
| Horizon Industrial Parks Ltd. | Mainboard | ₹2,600.00 Cr | ₹60 | -72.29 | ₹58.16 | -3.07% | ₹50.52 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding for securing Sales/Marketing mandates | 7.00 |
| 2 | Investment in Aurika Developers LLP, one of Group Entity, for financing the development of its Ayodhya Project | 26.00 |
| 3 | General Corporate Purposes | |
| Total | 33.00 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 56.25% |
| ROCE | 75.05% |
| Debt/Equity | 0.01 |
| RoNW | 56.25% |
| PAT Margin | 34.94% |
| EBITDA Margin | 47.07% |
| NAV | 244.76 |
| Price to Book Value | 0.80 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 14.63 | 11.54 |
| P/E (x) | 13.47 | 17.07 |
| IPO Date | 29 Sep to 1 Oct, 2026 |
| Listing Date | Wed, Oct 7, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹185 to ₹197 |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 27,96,000 shares (agg. up to ₹55 Cr) |
| Reserved for Market Maker | 1,39,800 shares (agg. up to ₹3 Cr) |
| Fresh Issue (Ex Market Maker) | 20,98,200 shares (agg. up to ₹41 Cr) |
| Offer for Sale | 5,58,000 shares of ₹10 (agg. up to ₹11 Cr) |
| Net Offered to Public | 26,56,200 shares (agg. up to ₹52 Cr) |
| Share Holding Pre Issue | 83,39,190 shares |
| Share Holding Post Issue | 1,05,77,190 shares |
The promoters of the company are Prasoon Chauhan and Sheikh Arfeen Ahmed.
| Share Holding Pre Issue | 98.6% |
| Share Holding Post Issue | 72.46% |
As per our analysis and Based on the information we have, this is the output.
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