Black Opal Consultants IPO

Black Opal Consultants was incorporated in September 2020, facilitates the sale of residential and commercial properties developed by third parties and earns brokerage income. Its broader service set includes property advisory, loan syndication and project management.

The company serves developers, retail buyers and sellers, and investors, with a primary focus on newly constructed and under-construction properties. The core model comprises exclusive or semi-exclusive sales mandates and inventory-underwriting arrangements.

Black Opal Consultants pays a refundable advance to a developer to secure rights over specified inventory; the advance is refunded after the allotted inventory is sold or the mandate expires. Brokerage is generally linked to predefined volume slabs. Strategic advisory on positioning, pricing, research and inventory structuring supports developer relationships but does not generate direct revenue. The company had sold more than 2,300 units, worked with over 25 developers and operated through a network of more than 200 broker associates as of the RHP date.

FY26 revenue from operations was ₹41.97 crore and comprised brokerage and leasing income. Residential projects contributed ₹40.97 crore, or 97.6%, while commercial projects contributed ₹1.00 crore, or 2.3%. The company reported no real estate-development revenue in FY24-FY26. Operations are concentrated in Uttar Pradesh and Haryana. In FY26, Uttar Pradesh contributed ₹32.71 crore, or 77.94% of revenue from operations, and Haryana contributed ₹9.26 crore, or 22.06%. Uttar Pradesh's share was 73.32% in FY25 and 90.27% in FY24. The company operates in Noida, Greater Noida, the Yamuna Expressway corridor, Ghaziabad and Gurgaon through an asset-light model supported by partner agents and affiliated service providers.

The company has entered real estate development through investments in Group Entities, including Aurika Developers LLP and Black Opal Ventures LLP. Aurika Developers LLP is developing Veda, a 153-unit commercial and hospitality project in Ayodhya. This development activity had not generated revenue during the last three financial years.