Black Opal Consultants IPO
Black Opal Consultants LtdSME
This IPO opens on 29 Sep 2026.
- Open date
- 29 Sep 2026
- Close date
- 1 Oct 2026
- Min. Investment
- ₹2,36,400
- Lot Size
- -
- Fresh Issue
- ₹44.09 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date29 Sep 2026
- Upcoming: IPO close date1 Oct 2026
- Upcoming: Allotment date5 Oct 2026
- Upcoming: Funds unblock or debit6 Oct 2026
- Upcoming: Tentative listing date7 Oct 2026
About
Promoter shareholding in Black Opal Consultants Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Prasoon Chauhan | 78,53,700 | 94.18% | 72,95,700 | 68.98% |
| Sheikh Arfeen Ahmed | 83,400 | 1.00% | 83,400 | 0.79% |
Financials of Black Opal Consultants IPO
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 7.88 | 19.75 | 32.86 |
| Total Expenses | 5.66 | 14.10 | 17.68 |
| Profit Before Tax | - | - | - |
| Total Profit | 1.72 | 4.32 | 11.48 |
Black Opal Consultants IPO Strengths & Risks
- Strong, experienced and dedicated senior management team and qualified workforce.
- Acquisition in Aurika Developers LLP.
- Ability to provide good services and customer satisfaction.
- Ability to scout for new opportunities and capitalising the same.
- Consistent track record of growth and financial performance.
- Ability to serve diverse customer needs.
- Risks Relating to the Business: The company generates a substantial portion of its revenue from a limited number of key customers, and the company does not maintain long-term contractual arrangements with them. Accordingly, any reduction in the volume of business from such customers, or the termination or non-renewal of existing project specific arrangements, could have a material adverse effect on the company's business, cash flows, financial condition, and results of operations.
- Risks Relating to the Business: The company operations are geographically concentrated in two states i.e. Uttar Pradesh and Haryana, and any adverse developments in these markets may materially and adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: The company's revenue is significantly dependent on its brokerage and related activities, which exposes the company to certain business and operational risks.
- Risks Relating to the Business: The company's business is significantly concentrated in the residential real estate segment. A limited presence in commercial may expose it to segment-specific risks and limit the company's revenue diversification.
- Risks Relating to the Business: The Company does not own the premises where its registered office, correspondence office and corporate office is situated, and also shared amongst the group entities, the company has entered into a rent agreement for the same. Any termination or dispute in relation to this rental agreement may have an adverse effect on its business operations and results thereof.
- Risks Relating to the Business: The Company, its Directors and Promoters are involved in certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company's inability to obtain, renew or maintain the statutory and regulatory permits, licenses, registrations and approvals required for its business, including the renewal of the company's expired registration with the Uttar Pradesh Real Estate Regulatory Authority ("UP RERA"), may adversely affect its business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The company faces competition from Indian companies and Local Brokers and its may be unsuccessful in competing against current and future competitors, which could have an adverse impact on the pricing of the company's services as well as increase the costs associated with growing its customer base.
- Risks Relating to the Business: The company has a limited operating history and may be subject to risks inherent in early stage companies, which may make it difficult for you to evaluate the company's business and prospect.
- Risks Relating to the Business: The company Proposed Inventory Underwriting Objective may faces execution risks due to non-identification of specific inventory.
- Risks Relating to the Business: The company has experienced negative cash flows in relation to its operating, investing and financing activities for the Financial Year ended March 31, 2026, March 31, 2025, and March 31, 2024 on consolidated basis. Any continued negative cash flows in the future may adversely affect the company's results of operations and financial condition.
- Risks Relating to the Business: There have been instances of delays of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to the Registrar of Companies.
- Risks Relating to the Business: The Company has observed certain discrepancies and instances of non-compliance with the provisions of the Companies Act, 2013 and the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).
- Risks Relating to the Business: The Promoter of the Company, Prasoon Chauhan, has provided a personal guarantee in connection with the Company and Group Entities obligations under its real estate development plans. In the event the Company and Group Entities are unable to meet such obligations, the personal guarantee may be invoked. Any invocation of this guarantee could result in personal liability for its Promoter and may adversely affect the Company's business, financial position, results of operations, and ability to raise further financing.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds of the Offer have not been appraised by a bank or a financial institution or any external agency and if there are any delays or cost overruns, the company's business, results of operations, financial condition and cash flows could be adversely affected.
- Risks Relating to the Business: The Company has experienced multiple instances of minor delays in filing of returns required under the CGST Act, 2017, the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employee State Insurance.
- Risks Relating to the Business: The Company may be exposed to legal, regulatory, and operational risks as the land on which the real estate development project is being undertaken is not owned by the Company.
- Risks Relating to the Business: The Company's operations are exposed to financial, operational, and legal risks due to the lack of adequate insurance coverage.
- Risks Relating to the Business: The company is regulated by RERA and must comply with its guidelines, including those related to project completion timelines. Failures to meet these timelines or other regulatory obligations may lead to actions against the Company and RERA may impose penalties against it which could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Changes in Floor Space Index and Transferable Development Rights Regulations may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company operates in a capital-intensive industry and there can be no assurance that its capital investments will result in commensurate returns or will be recoverable from the company's real estate operations.
- Risks Relating to the Business: The company derives considerable advantages from its relationships with the company's Promoters, and its business and growth prospects could be adversely affected if the company is unable to continue benefiting from these relationships in the future.
- Risks Relating to the Business: The company does not have complete documentary evidence to substantiate the period, designation and certain aspects of the past experience of one of its Promoter, the company's Directors and Senior Management Personnel. The absence of such documentation may present challenges in establishing their professional credentials in the event of regulatory scrutiny or statutory compliance, which could adversely affect the Company's reputation and corporate governance standing.
- Risks Relating to the Business: One of its Group Entities i.e. Grabhome Consulting Private Limited ("GCPL") operates in same line of business.
- Risks Relating to the Business: The Company is exposed to risks arising from fluctuations in the supply and prices of key building materials.
- Risks Relating to the Business: It is difficult to compare the company's performance between periods, as its revenue from operations and expenses fluctuate significantly from period to period.
- Risks Relating to the Business: The company's Subsidiary and Group Entities have incurred losses in the past. Sustained losses in the future by such Subsidiary or Group Entities could requires it to provide financial support, which could adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Company faces risks arising from its entry into technology and digital platform development through the company's subsidiary.
- Risks Relating to the Business: The company's logo is shared by its Subsidiary and one of the company's Group Entities i.e. Black Opal Technologies Private Limited and Black Opal Ventures LLP respectively, which may cause brand confusion and associated risks.
- Risks Relating to the Business: The company maintain a workforce based upon current and anticipated workloads. If the company does not receive future contract awards or if these awards are delayed, additional employee cost may be incurred.
- Risks Relating to the Business: The company's Promoters, Directors and Chief Financial Officer hold Equity Shares in the Company and are therefore interested in its performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company does not have stable, recurring income sources like rentals and mainly depends on one-time project revenues, which makes its cash flows uncertain and the company's financial position less stable.
- Risks Relating to the Business: The company's dependence on winning new contracts, which is influenced by competition, market conditions, and client policies beyond its control, may negatively affect the company's financial stability and growth.
- Risks Relating to the Business: Certain information in this Red Herring Prospectus includes reference and disclosures relating to certain organisation from whom the company has not obtained specific consents for the inclusion of their names or the information pertaining to them.
- Risks Relating to the Business: The company has experienced rapid growth in the past few years and if the company is unable to sustain or manage its growth, the company's cash flows, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: The company enters and may enters into arrangements with various third parties to acquire land and development rights, which entail risks that could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: Any disruption in the availability of raw materials and construction inputs required for the proposed real estate business to be undertaken through the company's group entities, namely Aurika Developers LLP and Black Opal Ventures LLP, may adversely affect its operations and financial performance.
- Risks Relating to the Business: Sales of the company's projects depends on, and may be negatively impacted by, the ability of prospective customers to secure affordable financing and avail themselves of favourable tax benefits.
- Risks Relating to the Business: Employee attrition and challenges in attracting and retaining qualified personnel may affect the company operational efficiency and business performance.
- Risks Relating to the Business: Business and results of operations of some of its Group Entities could be materially and adversely affected by the incidence and rates of property taxes, registration fees, and stamp duties applicable to their operations.
- Risks Relating to the Business: None of the company's directors except for one, have any prior experience of being a director in any listed company in India and this may present certain potential challenges for the Company and in the event of any material non-compliance where its directors are held liable and responsible, the company may have to appoint new directors.
- Risks Relating to the Business: Corrupt practices, fraud or improper conduct by the company's employees, contractors or third-party agents may delay project execution and adversely affect its reputation, business, financial condition, and results of operations.
- Risks Relating to the Business: The company's continued success is heavily dependent upon its ability to attract, hire, train, retain, and effectively utilize highly qualified and skilled personnel across all levels of the organization, as well as the company's capability to foster a motivated, productive, and collaborative workforce that drives innovation, operational efficiency, and long-term growth.
- Risks Relating to the Business: The company's Business is exposed to the risk of forfeiture of advance payments in case of non-compliance with contractual obligations.
- Risks Relating to the Business: If the company fails to keep up with new technologies and industry developments, its business could be negatively affected.
- Risks Relating to the Business: If the company's underestimate project costs or overestimate revenues, actual expenses may exceed its expectations and the company might not recover the difference. This could affect its profits, cash flow, and financial stability.
- Risks Relating to the Business: The nature of the company's business exposes it to potential liability claims and contract disputes which may reduce the company's profits.
- Risks Relating to the Business: If the company is unable to recover payments from project owners or developers as claimed, it could harm the company's business and financial position.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future.
- Risks Relating to the Business: The requirements of being a public listed company may strain its resources and impose additional requirements.
- Risks Relating to the Business: The company's projects take a long time to complete, and any delays or cost overruns in ongoing, upcoming, or planned projects could negatively affect its business, financial results, and overall financial condition.
- Risks Relating to the Business: Unsold inventory in the company's projects, if not sold in a timely manner, may adversely affect its business, results of operations, and financial condition.
- Risks Relating to the Business: The company's agreements with customers include penalty clauses for delays in project completion or defects in construction. If such delays or defects occur, the company could faces financial penalties.
- Risks Relating to the Business: The company may requires additional equity or debt in the future to continue growing its business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds of Fresh Issue as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares held by the company's Promoters could be lower than the Offer Price.
- Risks Relating to the Business: The company has not paid any dividends in the past Financial Years. The company's ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Risks Relating to the Business: The company will continue to be controlled by its Promoters and Promoter Group after the completion of the Offer, which will allow them to influence the outcome of matters submitted for approval of the company's shareholders.
- Risks Relating to the Business: This Red Herring Prospectus contains information from an industry report prepared by Ken Research, commissioned by the company for the purpose of the Offer for an agreed fee, and any reliance on such data is subject to inherent risks.
