Black Opal Consultants Limited, a Delhi-NCR headquartered real estate services provider, has filed its Draft Red Herring Prospectus for an initial public offering on the SME exchange. The company, incorporated in September 2020, offers brokerage, property advisory, loan syndication, and project management services. It is seeking to raise ₹33 crore through a 100% fresh issue, with no offer for sale component.

About the Company

Black Opal Consultants operates primarily through exclusive and semi-exclusive mandates with real estate developers in the National Capital Region. As of FY2026, the company had facilitated over 2,366 unit sales across micro-markets including Ghaziabad, Noida, Greater Noida, and Gurgaon. Its business model is asset-light, relying on a network of more than 200 brokers and partnerships with over 25 developers. Geographically, Uttar Pradesh accounted for 77.94% of revenue, while Haryana contributed 22.06%. The company serves residential and commercial segments, with brokerage and leasing constituting 99.11% of total income.

The firm has diversified into real estate development through group entities. It holds a 76% stake in Aurika Developers LLP, which is developing 'Project Veda,' a RERA-approved commercial hospitality project in Ayodhya managed by Best Western Hotels. Additionally, it holds a 41% stake in Black Opal Ventures LLP, which is developing 'Project Hummingbird,' a residential project in Ghaziabad.

Financial Performance

The company has demonstrated robust top-line growth, with revenue from operations rising from ₹19.75 crore in FY2024 to ₹41.97 crore in FY2026. This represents a Compound Annual Growth Rate (CAGR) of 45.76%. Profit After Tax (PAT) increased from ₹4.32 crore in FY2024 to ₹12.22 crore in FY2026. The EBITDA margin stood at 40.62% in FY2026.

Total assets expanded significantly from ₹13.14 crore in FY2024 to ₹59.62 crore in FY2026, driven by investments in development projects and working capital requirements. Cash flow from operations turned positive at ₹15.81 crore in FY2026 after recording a negative outflow of ₹0.65 crore in FY2025.

Why the Company Is Raising Funds

The entire ₹33 crore raised via the fresh issue will be deployed as follows:

• Investment in Aurika Developers LLP: ₹26.00 crore will be infused into the 76%-owned subsidiary for the construction and development of Project Veda in Ayodhya.
• Securing Sales/Marketing Mandates: ₹7.00 crore will be used for interest-free refundable security deposits to developers to secure exclusive sales mandates.
• General Corporate Purposes: The remaining balance will be utilized for general corporate purposes, subject to regulatory limits.

Business Strengths

The company cites its experienced management team, led by Managing Director Prasoon Chauhan, who brings over 25 years of combined real estate experience. Key strengths include:

• A proven track record of selling 2,366+ units across key NCR markets.
• Strong recurring customer base, with the top 10 customers contributing 87.61% of revenue from operations in FY2026.
• Strategic positioning in high-growth Tier II markets like Ayodhya, benefiting from religious tourism and infrastructure development.
• Both development projects carry 'Four Star' GRIHA sustainability certifications.

Key Risks

Several material risks are disclosed in the DRHP:

• Revenue Concentration: Top 5 customers account for 67.69% of revenue from operations, with many relationships lacking formal long-term contracts.
• Regulatory Status: The company’s registration with UP RERA has expired, potentially restricting regulated activities in its primary operating state until renewal is approved.
• Execution Risk: The company lacks prior experience in real estate development, yet nearly 79% of IPO proceeds are allocated to Project Veda.
• Promoter Guarantees: MD Prasoon Chauhan has provided personal guarantees totaling ₹12,800 lakh, with ₹6,495.43 lakh outstanding as of August 31, 2026.
• Compliance Issues: Instances of delayed ROC filings and discrepancies in statutory forms have been noted.

Important IPO Dates

• IPO Opening Date: September 29, 2026
• IPO Closing Date: October 1, 2026
• Allotment Date: October 5, 2026
• Listing Date: October 7, 2026

Offer Details

• Issue Type: SME IPO (Fresh Issue)
• Total Issue Size: ₹33.00 Crore
• Fresh Issue: ₹33.00 Crore
• Offer for Sale: Nil
• Price Band: Not Available
• Post-Issue Promoter Holding: Approximately 72.46%

Bottom Line

Black Opal Consultants presents a high-growth profile with a 45.76% revenue CAGR and strong margins, supported by established brokerage mandates in NCR. However, the investment thesis hinges on successful execution of its first major development project in Ayodhya, funded by the majority of IPO proceeds, amidst regulatory uncertainties regarding its UP RERA status and significant customer concentration risks.