Black Opal Consultants IPO

GMP History

Financial Performance

As disclosed by Black Opal Consultants in its offer document.

Strengths and risks

Taken from Black Opal Consultants's own offer document — not Arthneeti's assessment.

• ✓Black Opal Consultants has executed sales mandates with more than 25 developer partners and served over 2,000 customers across projects in the NCR region. As of August 31, 2026, it had recorded bookings of 1,021 units in Ghaziabad, 622 in Noida, 547 in Greater Noida, and 161 in Gurugram.
• !The company has a high concentration of revenue among a limited number of customers, with its top 10 customers contributing Rs 36.77 crore (87.61%), Rs 30.39 crore (92.49%), and Rs 18.74 crore (94.90%) to revenue from operations in FY26, FY25, and FY24, respectively. The company does not have long-term contracts with these customers and generally operates through project-specific mandates, service agreements, email confirmations, or, in some cases, verbal or word-of-mouth arrangements. Any reduction in business, termination of arrangements, or disputes over payments could adversely affect its business, cash flows, financial condition, and results of operations.
• ✓The company has secured exclusive sales mandates from developers for residential projects. For example, under one mandate in Noida, it had exclusive rights to manage sales of all 508 project units, with brokerage revenue of Rs 15.70 crore recognised from the mandate.
• !The company’s operations are geographically concentrated in Uttar Pradesh and Haryana, which contributed Rs 32.71 crore (77.94%) and Rs 9.26 crore (22.06%), respectively, to revenue from operations in FY26. In FY25, these states contributed Rs 24.09 crore (73.32%) and Rs 8.77 crore (26.68%), while in FY24, they contributed Rs 17.83 crore (90.27%) and Rs 1.92 crore (9.73%), respectively. Any adverse social, political or economic developments, changes in government policies, real estate regulations, civil disruptions, or regional downturns in these markets could adversely affect the company’s business, financial condition, cash flows and results of operations.

About Black Opal Consultants

Black Opal Consultants is a real estate brokerage company that facilitates the sale of residential and commercial properties developed by real estate developers in exchange for brokerage. The company primarily handles sales of residential properties, which accounted for 97.62% of its revenue from operations in the financial year 2026, while commercial projects accounted for 2.38%. It partners with developers to sell their property inventories and also works with its group entities, Aurika Homes Private Limited and Aurika Projects LLP, to sell their project inventories. The company focuses on luxury properties and has worked with more than 25 developers. It has sold over 2,300 units and operates through offices across Delhi-NCR with a network of more than 200 broker associates. The company was incorporated in Delhi in 2020 as Black Opal Consultants Private Limited and was converted into a public limited company in 2025.