Black Opal Consultants IPO Analysis & Review

Quick Answers

What is the Black Opal Consultants IPO GMP today? The Black Opal Consultants IPO GMP is ₹0 as of 27/9/2026, 7:01:54 am. The IPO price band is ₹185 - ₹197. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Black Opal Consultants IPO open? The Black Opal Consultants IPO opens on 2026-09-29 and closes on 2026-10-01.

What is the Black Opal Consultants IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Black Opal Consultants IPO scored 61/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What is the primary business model of Black Opal Consultants Ltd?

Black Opal Consultants Ltd is a real estate brokerage and consultancy firm that partners with real estate developers to manage and sell residential and commercial property inventories in exchange for brokerage fees.

What is the issue price band and lot size for the Black Opal Consultants IPO?

The IPO price band is set at ₹185 to ₹197 per equity share with a minimum lot size of 600 shares, requiring a minimum investment of ₹2,22,000 for retail application lots.

How dependent is Black Opal Consultants on its top clients?

The company has high customer concentration; its top 10 customers contributed ₹36.77 crore or 87.61% of total revenue from operations in FY26.

Which micro-markets generate the majority of Black Opal Consultants' revenue?

Its operations are geographically concentrated in Uttar Pradesh and Haryana, contributing 77.94% (₹32.71 crore) and 22.06% (₹9.26 crore) of total revenue in FY26, respectively.

What are the key financial performance metrics of Black Opal Consultants over the last 3 years?

Operational revenue grew from ₹19.75 crore in FY24 to ₹32.86 crore in FY25 and ₹41.96 crore in FY26. Net profit (PAT) increased from ₹4.32 crore in FY24 to ₹11.48 crore in FY25 and ₹12.21 crore in FY26.

What are the primary cash flow risks associated with Black Opal Consultants?

The company reported negative cash flow from operating activities of ₹0.65 crore in FY25 and negative cash flow from investing activities of ₹22.00 crore in FY26, primarily due to advances and investments in project LLPs.

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Home›India›Black Opal Consultants ()
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Black Opal ConsultantsNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
Real Estate ServicesIndiaFiled 2026-09-29Listing 2026-10-07Size ₹54.78Cr
Lot Size 600
Live GMP
(0%)
Check Allotment
Status Link

Is Black Opal Consultants IPO Good? Quick Verdict

Black Opal Consultants IPO scored 61/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 85/100, while Competition is the primary concern at 35/100. Black Opal Consultants Ltd exhibits strong revenue and net profit growth in the NCR real estate brokerage market, but suffers from extreme client concentration, reliance on residential property, and persistent negative cash flow pressures.

IPO Score
61/100
Moderate Risk

Quick Verdict

Robust top-line expansion with FY26 revenue reaching ₹41.96 crore, up 112% from FY24 levels.
Extensive developer relationships with over 25 partners and 2,300+ units sold across major NCR micro-markets.
Heavy customer concentration risk with top 10 clients accounting for 87.61% of FY26 revenue without long-term contracts.
Extreme segment dependency on residential real estate, which accounts for 97.62% of operational revenue.
Negative operating cash flow (-₹0.65 crore in FY25) and negative investing cash flow (-₹22.00 crore in FY26).

Company Snapshot

Revenue (TTM)
₹41.96Cr↑ 27.69% YoY
Profitability
PositiveNet Income ₹12.21Cr
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹54.78Cr 
Industry
Real Estate Services 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
65
Moderate
Financial
85
Excellent
Valuation
50
Expensive
Competition
35
High Risk
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Black Opal Consultants Ltd is a Delhi-NCR-based real estate brokerage and consultancy firm specializing primarily in luxury residential property sales across key micro-markets like Ghaziabad, Noida, and Gurugram. The company has demonstrated rapid top-line growth, with operational revenue rising to ₹41.96 crore and net profit reaching ₹12.21 crore in FY26. However, Black Opal Consultants Ltd faces heightened structural risks due to extreme customer concentration—where top 10 clients generate 87.61% of revenue—alongside geographic concentration in UP and Haryana and recent negative operating and investing cash flows.

Overall Verdict: Black Opal Consultants Ltd exhibits strong revenue and net profit growth in the NCR real estate brokerage market, but suffers from extreme client concentration, reliance on residential property, and persistent negative cash flow pressures.

Key Highlights

  • •Operates as a property sales and brokerage consultant with mandates across 25+ real estate developers.
  • •Facilitated sales of over 2,300 property units with strong presence in Ghaziabad, Noida, Greater Noida, and Gurugram.
  • •Revenue from operations expanded from ₹19.75 crore in FY24 to ₹32.86 crore in FY25 and ₹41.96 crore in FY26.
  • •Profit after tax increased from ₹4.32 crore in FY24 to ₹11.48 crore in FY25 and ₹12.21 crore in FY26.
  • •Expanded into real estate development via stakes in Aurika Developers LLP (76%) and Black Opal Ventures LLP (41%).
  • •Partnered with hospitality operator Best Western for revenue-sharing models on flagship commercial developments.

Financial Performance

Revenue (Annual)

↑ +27.7% YoY

INR in Crores

Net Income (Annual)

↑ +6.4% YoY

INR in Crores

Cash Flow vs Profit

↑ +100.0% YoY

INR in Crores

CF
NP

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-29
IPO Closes2026-10-01
Basis of Allotment2026-10-05
Refunds & Demat2026-10-03
Listing Date2026-10-07

Valuation Analysis

IPO Price₹185 - ₹197
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
60
Governance
65
Profitability
85
Valuation
50
Competition
35
Execution
60

Pros vs Cons

Pros

  • Consistent growth in revenue from operations, scaling from ₹19.75 crore in FY24 to ₹41.96 crore in FY26.
  • Expanding profitability profile with net profit rising to ₹12.21 crore in FY26.
  • Secured exclusive sales mandates for key projects, generating guaranteed higher-margin brokerage revenue.
  • Strategic backward integration into property development projects through group LLP entities.

Cons

  • Extreme client concentration with top 10 clients accounting for 87.61% of FY26 revenue.
  • Geographic risk exposure with 100% of revenue coming from Uttar Pradesh (77.94%) and Haryana (22.06%).
  • Over-dependence on the residential real estate segment, which generates 97.62% of operational revenue.
  • Negative cash flows from operating activities in FY25 (-₹0.65 crore) and investing activities in FY26 (-₹22.00 crore).

Financial Health

Revenue Growth
45.7% CAGR (FY24-FY26) (Excellent)
Debt Level
₹11.71 crore total borrowings as of August 2026 (Moderate)
Cash & Equivalents
Negative operating cash flow of -₹0.65 crore in FY25 (Weak)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
Tier 2

Black Opal Consultants IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Black Opal Consultants IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
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Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Black Opal Consultants

What is the expected listing price of Black Opal Consultants?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Black Opal Consultants on our Live GMP Tracker.