A Delhi-NCR-based real estate brokerage that sells developers’ residential and commercial projects is raising Rs 55.08 crore through a BSE SME issue.
Black Opal Consultants helps developers sell residential and commercial properties and earns brokerage in return. The company was incorporated in September 2020 and is based in Delhi-NCR.
It specialises in luxury properties and focuses mainly on newly built and under-construction projects, marketing and selling them for developers while helping buyers purchase property.
As of the date of its offer document, the company had sold more than 2,300 units. It has worked on projects with over 25 developers and has a network of more than 200 broker associates across its Delhi-NCR offices.
It also markets developers’ inventory through social media platforms such as Facebook and through search engines such as Google. Its clients include real estate developers, retail buyers and sellers, and investors.
BOCL also works closely with its group entities, Aurika Homes Private Limited and Aurika Projects LLP. It signed Memorandums of Understanding with them on June 20, 2024 and March 15, 2025, giving it exclusive rights to market and sell their projects in return for brokerage income.
The company says this arrangement positions it to benefit from growth in Tier-II real estate markets. It is currently active in the northern region and Uttar Pradesh.
As of August 31, 2026, the company had 13 employees on its payroll.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 29, 2026 |
| Issue Closes | October 1, 2026 |
| Allotment (expected) | October 5, 2026 |
| Listing | BSE SME |
| Listing Date (tentative) | October 7, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 185 – Rs 197 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 55.08 crore (27,96,000 shares) |
| Fresh Issue | 22,38,000 shares (Rs 44.09 crore) |
| Offer for Sale | 5,58,000 shares (Rs 10.99 crore) |
| Lot Size | 600 shares |
| Min. Retail Application | 1,200 shares (2 lots) |
| Min. Retail Investment | Rs 2,36,400 |
| Post-IPO Market Cap | Rs 208.37 crore |
| IPO as % of Post-IPO Capital | 26.43% |
| Lead Manager | Khambatta Securities Ltd |
| Market Maker | Share India Securities Ltd |
| Registrar | Skyline Financial Services Pvt Ltd |
| Syndicate Member | Share India Securities Ltd |
| Underwriting | 19.98% Khambatta Securities, 80.02% Share India Capital Services |
From the net proceeds, BOCL will use Rs 7.00 crore to fund the securing of sales and marketing mandates. It will invest Rs 26.00 crore in its group entity Aurika Developers LLP to finance the development of an Ayodhya project, and use the rest for general corporate purposes. The company raised Rs 15.69 crore from anchor investors, whose bidding took place on September 28, 2026.
Post-IPO, paid-up equity capital rises from Rs 8.34 crore (83,39,190 shares) to Rs 10.58 crore (1,05,77,190 shares). After its initial issue at par, the company issued shares at Rs 412 to Rs 660 per share between October 2021 and December 2022.
Price Band
At the Rs 197 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 17.07x, or 18.16x on FY25 earnings. The P/BV is 5.03 on the March 31, 2026 NAV of Rs 39.17, and 2.71 on the post-IPO NAV of Rs 72.57. The post-IPO market cap is Rs 208.37 crore.
Analysts consider the issue aggressively priced.
GMP Watch
As per market channels, the Black Opal Consultants IPO GMP is ₹0. That indicates a listing price of ₹197, flat to the upper band.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr, consolidated) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 19.91 | 33.04 | 42.34 |
| Net Profit (PAT) | 4.32 | 11.48 | 12.20 |
| PAT Margin (%) | 21.88 | 34.93 | 29.11 |
| RoCE (%) | 55.86 | 75.05 | 40.12 |
On a consolidated basis, total income rose from Rs 19.91 crore in FY24 to Rs 33.04 crore in FY25 and Rs 42.34 crore in FY26. Net profit rose from Rs 4.32 crore to Rs 11.48 crore and then Rs 12.20 crore. The PAT margin rose from 21.88% in FY24 to 34.93% in FY25, then eased to 29.11% in FY26.
Over the last three fiscals, the company reported an average EPS of Rs 12.78 and an average RoNW of 45.52%. Trade receivables have risen year on year. The company hasn’t paid any dividends since incorporation, and it adopted a dividend policy in August 2025.
Peer Comparison
| Company | P/E (x) |
|---|---|
| Black Opal Consultants (FY26, post-IPO) | 17.07 |
| Homesfy Realty | NA |
Peer P/E as of September 25, 2026.
Risks to Consider
Group-entity exposure. Rs 26.00 crore of the net proceeds is being invested in the group entity Aurika Developers LLP for its Ayodhya project. The company also holds exclusive rights to sell projects of its group entities Aurika Homes and Aurika Projects.
Rising receivables. Trade receivables have increased year on year during the reported periods.
Dependence on the real estate cycle. The business earns brokerage mainly on new and under-construction projects in the northern region and Uttar Pradesh, so its income depends on developers’ launches and property demand in these markets.
A small team and reliance on brokers. The company had 13 employees as of August 31, 2026, and relies on a network of more than 200 broker associates for its sales.
Valuation and SME-specific risks. The issue is priced at 5.03 times pre-IPO book value. Selling shareholders are offloading 5,58,000 shares in the OFS, with average acquisition costs of Rs 1.85 and Rs 59.95 per share. The minimum retail investment is Rs 2.36 lakh, and liquidity on the SME platform is limited.
This article is for informational purposes and is not personalised investment advice; investors should do their own due diligence or consult a SEBI-registered adviser before acting.
