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Black Opal Consultants

• Black Opal Consultants is coming out with an initial public offering (IPO) of 27,96,000 shares in a price band of Rs 185 - 197 per equity share.
• The issue will open for subscription on September 29, 2026 and will close on October 01, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 18.50 times of its face value on the lower side and 19.70 times on the higher side.
• Book running lead manager to the issue is Khambatta Securities.
• Compliance officer for the issue is Anju.

Profile of the company

Black Opal Consultants partners with various developers to market and sell their residential and commercial properties. It enters into mandates with the developers, securing exclusive or semi-exclusive rights to sell their inventories in return for brokerage income. To obtain such exclusive mandates, the company pays an advance to the developer, which is retained as a deposit by such developer and refunded to it upon successful completion of the mandate or upon expiry of its tenure. Such arrangement provides the company with enhanced revenue visibility and business stability. By collaborating with the developers, the company ensures timely realization of revenue and reinforces its position as a credible and trusted long-term partner in the real estate sector.

In addition to partnering with real estate developers, it also collaborates closely with its Group Entities namely, Aurika Homes & Aurika Projects LLP, to facilitate the sale of projects developed by such Group Entities. It has entered into Memorandum of Understanding (MoU) dated June 20, 2024 and March 15, 2025 with its Group Entities namely, Aurika Homes & Aurika Projects LLP, respectively, securing exclusive rights to market and sell their projects in return for brokerage income. This arrangement enables it to leverage its market expertise, strengthen synergies within the group, and derive mutual benefits from the established relationship with such Group Entities. 

It leverages a strong network of over 200 brokers, enabling it to expand its addressable market and strengthen its business outreach. These brokers play a vital role in supporting its sales efforts and overall business growth. Additionally, it utilizes its social media platforms such as Facebook and search engines like Google to market developers’ inventories and enhance visibility. It is a promoter driven real estate services company engaged in providing a wide range of real estate solutions, including brokerage, property advisory, loan syndication, and project management service. It has also expanded its operations into the real estate development segment, through investment in its Group Entities, Aurika Developers LLP and Black Opal Ventures LLP. It operates across the residential, commercial property segments, offering solutions to a diverse clientele, including real estate developers, retail buyers/sellers, and investors, across both residential and commercial segments. Its primary focus lies in newly constructed/ under- construction properties, where it supports developers in marketing and selling their projects while assisting customers in property acquisition.

Proceed is being used for:

• Funding for securing Sales/Marketing mandates 
• Investment in Aurika Developers LLP, one of its Group Entity, for financing the development of its Ayodhya Project
• General corporate purposes

Industry overview

India’s Real Estate Market contributes to 17.0% of the India’s GDP reaching reached Rs 5,898 thousand crores in FY26. This marks a significant increase from FY20, reflecting a CAGR of 23.3% between FY20 - FY26. The market is projected to grow at a CAGR of 9.6% between FY26 and FY30F, potentially crossing Rs 8,500 thousand crore by the end of the FY30F. This outlook is supported by several long-term drivers like urbanization, and rising household incomes. The factors influencing the Real Estate demand in India are India’s Urban population rising from 483 Mn in 2020 to 675 Mn in 2035, creating urban housing supply and intensifying new residential housing demand. Rising incomes will turn 70 million Indian households into first-time homebuyers, driving demand for up to 100 million new homes and generating $906 billion in economic output over FY24-FY34F. Union Budget 2026-27 increased public capital expenditure to Rs 12.2 lakh crore (3.1% of GDP), up from Rs 11.2 lakh crore in FY26, supporting continued investment in infrastructure, urban development, connectivity and industrial growth.

India’s institutional real estate market continued to demonstrate strong momentum in H1 2026, with investment volumes reaching $4.4 billion, up 25% YoY, across a record 54 transaction. Domestic institutional capital accounted for a record 63% of total institutional investment flows, with domestic institutional investment increasing 165% YoY, supported by strengthening domestic liquidity from private equity funds and REITs. The office sector regained its position as the leading investment segment, accounting for 54% of total institutional capital flows in H1 2026, highlighting continued investor preference for institutional-grade office assets. The government set up an Affordable Housing Fund (AHF) via National Housing Bank (NHB) with an initial collection of Rs 10,000 crore to provide affordable housing solutions. Growth in data centers and logistics parks, especially in Navi Mumbai, Hyderabad, and Chennai, with help from state-level policies. Steady increase in investments from REITs in office spaces in cities like Bengaluru, Gurugram, and Pune.

India's Real Estate Brokerage market covers revenue generated from primary and brokerage (resale), and lease and rentals, witnessed a growth at a CAGR of 28.9% during the period from FY20 to FY26. India’s real‐estate brokerage business has expanded owing to greater sales of homes and investment by retail investors. Lower interest rates and builder offer attracted first-time buyers. Looking ahead to FY30F, the market is projected to reach Rs 36,811.1 crore at a CAGR of 20.6% between FY26 - FY30F. Growth will be driven by Tier 2 and 3 cities, where better road and rail links are unlocking new residential and commercial hubs. This is encouraging the transaction volumes from first-time buyers, small businesses, and investors, raising demand for brokerage services in sales, and project marketing. India’s residential sales remained resilient in H1 2025, with 170,201 units sold across the top eight cities, broadly stable YoY. The market continued to witness a structural shift toward premium housing, with homes priced above Rs 1 crore accounting for 49% of total sales.

Pros and strengths

In-depth asset & project management expertise and proven track record in project sales: Its deep understanding of asset and project management built on years of operational experience and market insight. Its expertise allows it to effectively assess project viability, optimize asset utilization, and mitigate execution risks, ensuring that its clients receive solutions that are not only investment-worthy but also safe, efficient, and aligned with their long-term goals. This approach helps it deliver value-driven outcomes for its clients and partners. It has demonstrated an ability to execute large-scale sales efficiently, as evidenced by its execution of various projects with multiple developers resulting in revenue growth. This reflects its capability to design and implement high-impact marketing campaigns and achieve immediate market traction.

Strategic partnerships with developers for exclusive mandate: It has established strong relationships with various leading developers enabling it to deliver carefully curated real estate inventory that aligns with its clients’ specific preferences and investment goals. These partnerships allow it to broaden the investor base for developers, facilitate faster project sell-outs, and secure exclusive opportunities for its clients. Its collaborative approach positions it as a trusted partner to both developers and institutional wealth managers, fostering mutually beneficial outcomes. It enters into mandate agreements with developers that define the scope of its engagement, exclusivity terms, and revenue-sharing arrangements.

Strategic foray into high-margin real estate development with tier II city focus: It has leveraged its domain expertise to successfully diversify into real estate development, targeting opportunities in Tier II cities like Ayodhya, Uttar Pradesh and Ghaziabad, Uttar Pradesh. Through a 76% stake in Aurika Developers LLP and 41% stake in Black Opal Ventures LLP, its Group Entities, the company is developing a RERA-approved commercial project titled ‘Veda’, at Ayodhya, Uttar Pradesh and an upcoming residential project title ‘Hummingbird’ at Ghaziabad, Uttar Pradesh, respectively. Furthermore, through one of its Group Entities, Aurika Facility Management LLP, it has partnered with globally recognized hotel operator Best Western under a revenue-sharing model to operate the project. Both the projects have received ‘Four Star’ certification from GRIHA, underscoring its commitment to sustainable design. Backed by experienced consultants across architecture, engineering, and hospitality, the project showcases the company’s strong execution capabilities, strategic partnerships, and focus on asset-backed income generation.

Risks and concerns

Significant revenue reliance on limited numbers of customers: It generates a substantial portion of its revenue from a limited number of key customers, and it does not maintain long-term contractual arrangements with them. The company’s top 10 customers accounted for 87.61%, 92.49%, and 94.90% of revenue from operations for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Accordingly, any reduction in the volume of business from such customers, or the termination or non-renewal of existing project specific arrangements, could have a material adverse effect on its business, cash flows, financial condition, and results of operations. 

Geographic revenue concentration in Uttar Pradesh and Haryana: Its operations are geographically concentrated in two states i.e. Uttar Pradesh and Haryana. Its operations are primarily concentrated in cities such as Noida and Gurugram, with a strategic focus on expanding in Tier II cities across India. Consequently, its performance is considerably influenced by the economic conditions, real estate demand, regulatory environment, and overall business climate in these regions. Any adverse developments such as changes in government policies, real estate regulations, market demand fluctuations, infrastructure limitations, or regional economic downturns in these locations could materially impact its revenue generation, project execution, and consultancy mandates.

High revenue dependence on real estate brokerage and advisory activities: Its revenues are significantly dependent on its brokerage and related activities, which exposes it to certain business and operational risks. It generates revenue through a combination of real estate advisory and brokerage services, exclusive sale arrangements, loan syndication fees, and prospective real estate development activities. A major portion of its revenue is derived from brokerage activities in the real estate sector. Consequently, its financial performance is closely linked to the demand for commercial and residential spaces, prevailing market conditions, and client preferences in the regions where it operates. This dependence exposes it to various business and operational risks, including fluctuations in property prices, changes in rental demand, delay or cancellation of transactions, client defaults, and adverse movements in the real estate market cycle. Additionally, increased competition from other brokers and online platforms offering similar services may affect its margins and market share.

Outlook

Black Opal Consultants is engaged in providing consultancy, brokerage, facilitation and agency services in the real estate sector, including services relating to the identification, marketing, investment, purchase, sale, exchange, development, construction and promotion of immovable properties, either directly or through its partnership entities. It has established recurring business relationships with prominent names in the Indian real estate and infrastructure sector. Over the years, it has developed a customer base that recognizes its service quality, reliability, timely delivery, and service approach. On the concern side, real estate development activities undertaken by it are inherently capital intensive, requiring substantial upfront investments in land acquisition, regulatory approvals, project planning, construction, and marketing, most of which are incurred well before any revenue is realized from a project. It is required to commit capital and resources across multiple phases of a project, often over extended gestation periods that can span several years from initial investment to final monetization. While investment decisions are made based on internal feasibility assessments, market demand projections, and the prevailing regulatory framework, there can be no assurance that capital deployed in acquiring land parcels, development rights, or in constructing real estate projects will result in profits or be fully recovered through sales.

The company is coming out with a maiden IPO of 27,96,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 185-197 per equity share. The aggregate size of the offer is around Rs 51.73 crore to Rs 55.08 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 27.71% from Rs 3,286.08 lakh in Fiscal 2025 to Rs 4,196.56 lakh in Fiscal 2026. Profit after tax increased 6.44% from Rs 1,147.68 lakh in Fiscal 2025 to Rs 1,221.55 lakh in Fiscal 2026.

Meanwhile, it aims to leverage exclusive project mandates, inventory underwriting, and strategic alliances with developers to secure a consistent pipeline of high-quality projects and build a strong premium client base. Its focus is on increasing the number of exclusive inventory tie-ups and underwriting arrangements, thereby enhancing control over project pipelines and strengthening its pricing power. This strategy is designed to reinforce its presence in the luxury residential and commercial real estate segments through strategic launches, early-stage market positioning, and a sustained flow of transactions, ensuring deeper market penetration and long-term growth. Going forward, it continuously focuses to expand its market reach by onboarding channel partners / brokers. Its strategy includes upskilling the existing brokers network, providing seamless access to CRM tools and platform features for improved efficiency, and facilitating faster brokerage payouts. This model is designed to enhance its market reach and operational scalability while maintaining a lean cost structure.