1. IPO Snapshot
| Particular | Details |
|---|
| Company | Black Opal Consultants Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue + Offer for Sale |
| Fresh Issue | 22,38,000 equity shares |
| Offer for Sale | 5,58,000 equity shares |
| Total Issue | 27,96,000 equity shares |
| Face Value | ₹10 per equity share |
| Price Band | ₹185–₹197 |
| Lot Size | 600 shares; minimum bid 1,200 shares / 2 lots |
| Opening | September 29, 2026 |
| Closing | October 1, 2026 |
| Listing Exchange | BSE SME |
| Registrar | Skyline Financial Services Private Limited |
| BRLM | Khambatta Securities Limited |
| Market Maker | Share India Securities Ltd. |
2. IPO Details
| Particular | At Floor Price ₹185 | At Cap Price ₹197 |
|---|
| Fresh Issue Shares | 22,38,000 | 22,38,000 |
| Fresh Issue Amount | ₹4,140.30 lakhs | ₹4,409.86 lakhs |
| Offer for Sale Shares | 5,58,000 | 5,58,000 |
| Offer for Sale Value | ₹1,032.30 lakhs | ₹1,099.26 lakhs |
| Market Maker Shares | 1,39,800 | 1,39,800 |
| Market Maker Value | ₹258.63 lakhs | ₹275.41 lakhs |
| Total Offer Shares | 27,96,000 | 27,96,000 |
| Total Offer Value | ₹5,172.60 lakhs | ₹5,509.12 lakhs |
| Pre-Issue Shares | 83,39,190 | 83,39,190 |
| Post-Issue Shares | 1,05,77,190 | 1,05,77,190 |
| Post-Issue Market Capitalisation | ₹19,567.80 lakhs | ₹20,837.06 lakhs |
3. Issue Reservation
| Category | Shares | % of Net Issue |
|---|
| QIB | 13,27,800 | 49.99% |
| NII | 3,98,400 | 15.00% |
| Retail / Individual | 9,30,000 | 35.01% |
| Market Maker | 1,39,800 | 5.00% of total issue |
| Total | 27,96,000 | — |
4. IPO Lot Size
| Investor Category | Lots | Shares | Amount at ₹185 | Amount at ₹197 |
|---|
| Individual investor – minimum | 2 | 1,200 | ₹2,22,000 | ₹2,36,400 |
| Individual investor – maximum | 2 | 1,200 | ₹2,22,000 | ₹2,36,400 |
| S-HNI – minimum | 3 | 1,800 | ₹3,33,000 | ₹3,54,600 |
| S-HNI – maximum | 8 | 4,800 | ₹8,88,000 | ₹9,45,600 |
| B-HNI – minimum | 9 | 5,400 | ₹9,99,000 | ₹10,63,800 |
5. About the Company
Black Opal Consultants Limited was incorporated on September 1, 2020 as Black Opal Consultants Private Limited and was subsequently converted into a public limited company in 2025. Its present CIN is U68100DL2020PLC369011. The registered office is in East Delhi and the corporate office is in Noida, Uttar Pradesh. The promoters are Prasoon Chauhan and Sheikh Arfeen Ahmed.
The RHP describes the company as operating in the Indian real-estate brokerage, advisory and underwriting, and loan-syndication market. Revenue from operations primarily comprises brokerage income and loan syndication and advisory. The RHP also describes a strategy involving sales/marketing mandates with developers and investment in Aurika Developers LLP for development of the Veda commercial project in Ayodhya.
The company states that its business is not seasonal. Revenue geography disclosed for FY2026 was concentrated in Uttar Pradesh and Haryana: ₹3,270.68 lakh and ₹925.88 lakh respectively.
6. Restated Financial Information
| ₹ in lakhs | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 4,196.56 | 3,286.08 | 1,975.24 |
| Other income | 37.50 | 18.16 | 15.27 |
| Total income | 4,234.06 | 3,304.25 | 1,990.51 |
| EBITDA | 1,704.70 | 1,565.01 | 609.22 |
| Profit after tax | 1,221.55 | 1,147.68 | 432.27 |
| Net worth | 3,266.53 | 2,040.69 | 893.01 |
| Operating cash flow | 1,580.74 | (65.47) | 560.29 |
| Net debt | 503.94 | (156.46) | (10.76) |
| Debt-equity ratio | 0.29 | 0.01 | 0.18 |
| ROCE | 40.12% | 75.05% | 55.86% |
| ROE | 46.03% | 78.24% | 63.86% |
7. Key Performance Indicators
| Key Performance Indicator | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations (₹ lakh) | 4,196.56 | 3,286.08 | 1,975.24 |
| Total Income (₹ lakh) | 4,234.06 | 3,304.25 | 1,990.51 |
| EBITDA (₹ lakh) | 1,704.70 | 1,565.01 | 609.22 |
| EBITDA Margin | 40.62% | 47.63% | 30.84% |
| PAT (₹ lakh) | 1,221.55 | 1,147.68 | 432.27 |
| PAT Margin | 29.11% | 34.93% | 21.88% |
| Operating Cash Flow (₹ lakh) | 1,580.74 | (65.47) | 560.29 |
| Net Worth (₹ lakh) | 3,266.53 | 2,040.69 | 893.01 |
| Net Debt (₹ lakh) | 503.94 | (156.46) | (10.76) |
| Debt-Equity Ratio | 0.29 | 0.01 | 0.18 |
| ROCE | 40.12% | 75.05% | 55.86% |
| ROE | 46.03% | 78.24% | 63.86% |
8. IPO Valuation
| Metric | Disclosure |
|---|
| FY2026 basic & diluted EPS | ₹14.65 |
| Weighted average EPS | ₹12.78 |
| RoNW – FY2026 | 37.40% |
| Weighted average RoNW | 45.52% |
| NAV – FY2026 | ₹39.17 |
9. Shareholding & Capital Structure
| Particular | Pre-offer | Post-offer Shares | Post-offer % | Value at ₹185 | Value at ₹197 |
|---|
| Issued, subscribed & paid-up shares | 83,39,190 | 1,05,77,190 | 100.00% | ₹195.68 crore | ₹208.37 crore |
| Promoter – Prasoon Chauhan | 78,53,700 (94.18%) | 72,95,700 | 68.98% | ₹134.97 crore | ₹143.51 crore |
| Promoter – Sheikh Arfeen Ahmed | 83,400 (1.00%) | 83,400 | 0.79% | ₹1.54 crore | ₹1.64 crore |
| Promoter group | 2,85,310 (3.42%) | 2,85,310 | 2.70% | ₹5.28 crore | ₹5.62 crore |
| Total promoters + promoter group | 82,22,410 (98.60%) | 76,64,410 | 72.46% | ₹141.79 crore | ₹150.77 crore |
| Authorised share capital | 1,20,00,000 shares | — | — | — | — |
10. Objects of the Issue
| Object | Total estimated project cost / amount | Net proceeds | Deployment |
|---|
| Funding for securing sales/marketing mandates | — | ₹700.00 lakh | ₹700.00 lakh in FY2026-27 |
| Investment in Aurika Developers LLP – Ayodhya Project | ₹5,900.00 lakh | ₹2,600.00 lakh | ₹1,000.00 lakh FY2026-27; ₹1,600.00 lakh FY2027-28 |
12. Litigation & Contingent Liabilities
| Particular | RHP Disclosure |
|---|
| Materiality threshold | ₹46.69 lakh, being the lowest of the criteria adopted under the Company’s Materiality Policy approved by the Board on October 13, 2025. |
| Outstanding criminal proceeding against Company | Ruchi Singla v/s Black Opal Consultant Private Limited & Others, NACT/927/2024, pending before the Chief Judicial Magistrate, SAS Nagar, Mohali, under Section 138 of the Negotiable Instruments Act, 1881. |
| Status of criminal proceeding | The matter was pending as of the RHP date. The last hearing was held on September 2, 2026, and the next hearing was scheduled for October 28, 2026. |
| Outstanding civil litigation against Company | Nil. The RHP states that there were no outstanding civil litigations against the Company as of the RHP date. |
| Statutory / regulatory actions against Company | Nil. The RHP states that there were no outstanding actions by statutory or regulatory authorities against the Company. |
| Criminal proceeding involving promoter | The RHP separately discloses Ruchi Singla v/s Saurabh Gupta, Prasoon Chauhan, Ishan Aggarwal & Black Opal Consultant Private Limited; CRM/2314/2025 under the litigation disclosures involving promoters. |
| Tax claims involving Company | Direct Tax: Nil; Indirect Tax: Nil. |
13. Registrar
| Particular | Disclosure |
|---|
| Name | Skyline Financial Services Private Limited |
| Address | D-153A, First Floor, Okhla Industrial Area, Phase-I, New Delhi – 110020 |
| Contact | Mr. Anuj Rana |
| Email | ipo@skylinerta.com |
| Investor grievance email | grievances@skylinerta.com |
| SEBI registration | INR000003241 |
14. Lead Manager(s)
15. Company Contact Details
| Particular | Disclosure |
|---|
| Registered office | Shop No. 8, Ground Floor, C.S.C. AGCR Enclave, East Delhi, Delhi – 110092 |
| Corporate office | 11th Floor, Office No. 1101, Gulshan One 29, Sector 129, Noida, Gautam Buddha Nagar, Uttar Pradesh – 201304 |
| Telephone | +91 9999560810 |
| Email | investors@blackopalgroup.in |
| Website | www.blackopalgroup.in |
| Company Secretary / Compliance Officer | Ms. Anju |
