Black Opal Consultants Limited IPO

01At a glance

What the company does: markets and books new residential and commercial units for real estate developers in the Delhi NCR region and earns a brokerage on each sale, often under exclusive mandates secured with a refundable deposit paid to the developer (RHP p.200, RHP p.201).

Who pays it: developers; the largest customer was 17.56% of FY26 revenue, the top five 67.69% and the top ten 87.61%, and the prospectus names none of them (RHP p.32).

Why it is raising money: ₹2,600.00 lakh to put into Aurika Developers LLP for construction of the Veda project in Ayodhya, and ₹700.00 lakh as refundable deposits to three developers for sales mandates, with the general corporate purposes amount left blank (RHP p.119).

How fast it has grown: revenue rose from ₹1,975.24 lakh in FY24 to ₹4,196.56 lakh in FY26, about 45.8% a year, and profit after tax from ₹432.27 lakh to ₹1,221.55 lakh, about 68.1% a year (our arithmetic, RHP p.83).

The one thing to understand: the larger object, ₹2,600.00 lakh, goes into a hotel-style real estate development in Ayodhya run through a partnership in which the company holds 76% and the promoter Prasoon Chauhan holds the other 24%, 1% directly and 23% through Aurika Residences Private Limited, and the prospectus states the company has no prior operational experience in real estate development (RHP p.120, RHP p.121, RHP p.38).

02The business, in plain words

The company is a real estate broker. Developers building housing projects in Noida, Greater Noida, Ghaziabad, Gurugram and the Yamuna Expressway sign a mandate that gives the company exclusive or semi-exclusive rights to market a block of units; the company pays the developer an interest-free, refundable deposit to secure it, markets the units through its own sales team, a network of over 200 outside brokers and online advertising, and is paid a brokerage on each unit booked (RHP p.200, RHP p.205, RHP p.207).

A developer wants its unsold units booked → it grants the company a mandate for a block of units, against a refundable deposit → the company and its broker network find purchasers and see the booking through → the developer pays a brokerage, from which the company pays commission to the outside brokers.

The company calls this inventory underwriting: deposits secure blocks of 20 to 100 units, and brokerage rises with volume on a slab, for example 1% of unit value for 1 to 5 units, 2% for 6 to 10 and 4% above 10 (RHP p.205, RHP p.212). Brokerage is generally payable once the purchaser has paid 25% to 30% of the unit value to the developer (RHP p.212).

The company also markets projects of its own group entities, Aurika Homes Private Limited and Aurika Projects LLP, under memoranda of June 20, 2024 and March 15, 2025 (RHP p.200). It had 13 employees at August 31, 2026, nine of them in sales (RHP p.215).

Since FY26 the consolidated accounts also carry a real estate developer: the company took 76% of Aurika Developers LLP, which is building Veda, a 153-unit hotel-style commercial project in Ayodhya to be operated under the Best Western brand, and 41% of Black Opal Ventures LLP, which plans a housing project called Hummingbird in Ghaziabad (RHP p.202, RHP p.205). No revenue from development has been earned in any of the three years (RHP p.202).

Earnings equation: Brokerage = units booked × unit value × slab rate, and Profit ≈ brokerage − commission to outside brokers − advertising − staff. In FY26 revenue was ₹4,196.56 lakh and commission paid to brokers ₹2,202.37 lakh, 52.48% of revenue (RHP p.83, RHP p.38).

03Where the money comes from

Source: RHP p.297, RHP p.200, RHP p.208. Every rupee of revenue in the three years came from Uttar Pradesh and Haryana, 77.94% and 22.06% of FY26 revenue (RHP p.208). The ₹200.00 lakh of loan syndication in FY25 was a single customer, 6.09% of that year's revenue, and there was none in FY24 or FY26 (RHP p.213).

Source: RHP p.32. Revenue depends on a small number of developers: in FY26 ten of them paid 87.61% of it, and the relationships rest on project-specific mandates, service agreements or email confirmations with no long-term commitment, and in certain cases on verbal understandings (RHP p.32). The largest customer's share fell from 55.68% in FY24 to 17.56% in FY26 (RHP p.32). The prospectus does not name the customers.

04The growth record

Source: RHP p.136, RHP p.83, RHP p.84. Net worth was ₹893.01 lakh, ₹2,040.69 lakh and ₹3,266.53 lakh; net debt −₹10.76 lakh, −₹156.46 lakh and ₹503.94 lakh; debt to equity 0.18, 0.01 and 0.29; return on equity 63.86%, 78.24% and 46.03%; return on capital employed 55.86%, 75.05% and 40.12% (RHP p.136). Basic and diluted EPS was ₹5.18, ₹13.76 and ₹14.65, on 83,39,190 shares in every year after adjusting for the bonus (RHP p.83, RHP p.299).

Our arithmetic over the two years from FY24 to FY26: revenue rose about 45.8% a year, EBITDA about 67.3% a year and profit after tax about 68.1% a year; EBITDA margin widened 978 basis points and PAT margin 723 basis points (RHP p.83, RHP p.136). The company states the same revenue growth as a CAGR of 45.76% (RHP p.211).

FY26 grew more slowly than FY25: revenue rose 27.71%, EBITDA 8.93% and profit 6.44%, because commission paid to brokers rose ₹762.71 lakh (RHP p.327, RHP p.328, RHP p.329). The FY25 audited profit of ₹1,143.09 lakh was restated to ₹1,147.68 lakh; the restatement also moved ₹591.50 lakh of GST out of FY25 revenue and ₹355.54 lakh out of FY24 revenue (RHP p.311).

05What the growth is made of

Revenue rose from ₹1,975.24 lakh in FY24 to ₹4,196.56 lakh in FY26 (RHP p.83). The prospectus attributes the FY25 increase mainly to sales engagements with some developers worth ₹441.92 lakh and ₹583.36 lakh and to ₹200.00 lakh of loan syndication, and the FY26 increase to brokerage, which rose ₹1,110.48 lakh while loan syndication fell away (RHP p.330, RHP p.327). Haryana went from ₹192.22 lakh to ₹925.88 lakh and Uttar Pradesh from ₹1,783.02 lakh to ₹3,270.68 lakh (RHP p.208).

The prospectus gives cumulative bookings to August 31, 2026 by region, 2,366 in all, of which 1,021 in Ghaziabad, 622 in Noida and 547 in Greater Noida (our arithmetic, RHP p.211). It does not give bookings, units sold or average unit value by year, so the increase cannot be separated into more units, higher unit prices and higher brokerage rates. Five closed mandates listed since inception brought ₹4,242.87 lakh of brokerage over 2021 to 2026, the largest ₹1,667.68 lakh on 46 units in 2023-24 (our arithmetic, RHP p.212).

06Earnings quality

The item that needs explaining is FY26 operating cash flow. It was ₹1,580.74 lakh, but ₹613.35 lakh of that came from a rise in long-term liabilities, which are advances from customers, and ₹788.55 lakh from a rise in other current liabilities, which include ₹605.00 lakh of other advances received (RHP p.84, RHP p.288, RHP p.290). Without those two lines FY26 operating cash flow would have been about ₹178.84 lakh (our arithmetic, RHP p.84).

In FY25 operating cash flow was −₹65.47 lakh because short-term loans and advances rose ₹976.24 lakh, advances to the group entities Aurika Developers LLP, Aurika Homes Private Limited and Aurika Projects LLP (RHP p.84, RHP p.332). Receivables rose from ₹64.13 lakh to ₹535.58 lakh over the two years (RHP p.82).

07The balance sheet

At March 2026 borrowings were ₹952.25 lakh, of which ₹882.61 lakh non-current and ₹58.33 lakh current was a term loan from CSL Finance Limited to Aurika Developers LLP at 17% a year, secured on the Veda project and guaranteed personally by Prasoon Chauhan and by Aurika Residences Private Limited, and the rest car loans (RHP p.287, RHP p.312).

Cash and bank balances were ₹448.32 lakh and current investments ₹1,995.17 lakh, of which ₹1,473.21 lakh was the company's capital in Black Opal Ventures LLP and ₹515.28 lakh overnight mutual funds (RHP p.82, RHP p.295). Long-term loans and advances included ₹966.83 lakh to related parties, and short-term loans and advances ₹546.00 lakh to related parties (RHP p.294, RHP p.296).

Net worth was ₹3,266.53 lakh and the prospectus reports no contingent liabilities in any of the three years (RHP p.81, RHP p.86). Net debt as the company defines it was ₹503.94 lakh, 0.3 times FY26 EBITDA of ₹1,704.70 lakh (our arithmetic, RHP p.136).

By August 31, 2026 borrowings had risen to about ₹1,170.73 lakh, including two new car loans of ₹90.00 lakh each and ₹923.25 lakh outstanding on the CSL Finance loan (our arithmetic, RHP p.319). Separately, Prasoon Chauhan has personally guaranteed ₹6,495.43 lakh of borrowings of group entities and the company outstanding at that date, including ₹2,700.00 lakh from LRSD Securities Private Limited and ₹1,964.79 lakh from CSL Finance to Black Opal Ventures LLP, ₹884.09 lakh to Aurika Projects LLP and ₹923.25 lakh to Aurika Developers LLP (RHP p.233).

After the issue: the fresh issue raises 22,38,000 shares times a price the prospectus leaves blank, so the balance sheet after the issue cannot be computed from the document (RHP p.79). None of the named objects repays debt (RHP p.119).

08What the money is for

Source: RHP p.119. Veda: the company will put ₹2,600.00 lakh into Aurika Developers LLP as current capital, ₹1,000.00 lakh in FY27 and ₹1,600.00 lakh in FY28, towards a total construction cost of ₹5,900.00 lakh, of which ₹375.11 lakh had been spent by August 31, 2026 and ₹3,000.00 lakh is covered by a sanctioned CSL Finance term loan (RHP p.123, RHP p.125).

Land is not in the cost, because the landowner, Advika Buildtech LLP, takes 30% of gross sales revenue net of brokerage under a joint development agreement, and Aurika Developers LLP itself holds 44.92% of Advika Buildtech LLP (RHP p.120, RHP p.121). Orders for the balance construction have not been placed (RHP p.123).

Current capital is withdrawable, subject to the partnership's finances and agreement, and the company states it does not intend to withdraw it (RHP p.122, RHP p.123).

Mandates: ₹700.00 lakh from the proceeds plus ₹300.00 lakh from internal accruals is to be paid as interest-free refundable deposits to Gaursons India Private Limited (₹400.00 lakh), Prasu Home LLP (₹300.00 lakh) and Max Estates Noida Private Limited (₹300.00 lakh), for exclusive rights over 90 of the 2,110 units in three Noida and Greater Noida projects, under mandates dated October 30 to November 11, 2025; the specific units have not yet been identified (RHP p.119, RHP p.120, RHP p.39). General corporate purposes are capped at 15% of the gross fresh issue or ₹1,000 lakh, whichever is lower (RHP p.119). ACER Credit Rating Private Limited is the monitoring agency (RHP p.130).

Into the business the fresh issue: 22,38,000 new shares, amount not set until the price is fixed (RHP p.79). To the selling shareholder the offer for sale: 5,58,000 shares from Prasoon Chauhan, amount not set, about 20.0% of the 27,96,000 shares offered (our arithmetic, RHP p.79).

09Who is selling

Source: RHP p.118; the percentage is our arithmetic. Prasoon Chauhan's weighted average cost of acquisition is ₹1.85 a share (RHP p.1). The offer is 27,96,000 shares, of which 1,39,800 are reserved for the market maker, Share India Securities Limited; of the net offer of 26,56,200 shares, up to 13,27,800 are for qualified institutional buyers (up to 7,96,800 of them for anchor investors), at least 3,98,400 for non-institutional investors and at least 9,30,000 for individual investors (RHP p.78, RHP p.79, RHP p.98).

10Promoters

The promoters are Prasoon Chauhan, Managing Director, and Sheikh Arfeen Ahmed, a non-executive director; the prospectus states that the two are brothers-in-law (RHP p.1, RHP p.237). Prasoon Chauhan, 49, worked about ten years at Yes Bank Limited to May 2017, was chief executive of ATS Homekraft from May 2017 to July 2020 and founded the company in September 2020 (RHP p.236).

Sheikh Arfeen Ahmed, 41, joined the board in February 2025, has over seven years of experience in real estate, banking and property consultancy, and founded Grabhome Consulting Private Limited, a group entity in real estate brokerage that works closely with the company (RHP p.236, RHP p.237). The prospectus records that the company does not hold documents confirming the duration and positions of Sheikh Arfeen Ahmed's past employment (RHP p.51).

Both promoters sit on the boards or partnerships of the group entities, including Aurika Developers LLP, Black Opal Ventures LLP, Aurika Projects LLP and Aurika Estates LLP (RHP p.234, RHP p.235). Prasoon Chauhan was paid ₹30.90 lakh, ₹35.54 lakh and ₹36.00 lakh in FY24, FY25 and FY26, and an addendum of September 14, 2026 fixes the salary at up to ₹10,00,000 a month from September 1, 2026 (RHP p.238).

Sheikh Arfeen Ahmed received no remuneration in FY26 (RHP p.237). The company rents its Noida corporate office from Prasoon Chauhan at ₹45,000 a month and sub-lets it to six group entities (RHP p.216, RHP p.35). No promoter shares are pledged (RHP p.116). A criminal complaint over a dishonoured cheque names the company and Prasoon Chauhan (RHP p.335).

Prasoon Chauhan and the company sold Sturdyy Capital Private Limited, a non-banking finance company formerly called Black Opal Financial Services Private Limited, on November 3, 2025 (RHP p.253, RHP p.255).

Promoter economics: Prasoon Chauhan subscribed 9,999 shares at ₹10 on incorporation, received 6,00,000 bonus shares in July 2022, bought 22,875 shares from Priya Tawakley at ₹20 in June 2024 and 1,52,500 from Ishan Agarwal at ₹91.80 in October 2024, and received 70,68,330 bonus shares in August 2025, for 78,53,700 shares, 94.18% before the issue (RHP p.106, RHP p.107).

Sheikh Arfeen Ahmed bought 8,339 shares from Mandeep Singh Sobti at ₹599.59 in April 2025 and holds 83,400 shares after the bonus, at an average cost of ₹59.95 (RHP p.108, RHP p.114). The earlier cash issues were rights issues at ₹420 in October 2021 and ₹660 in April 2022, and private placements at ₹412 in November and December 2022 (RHP p.103, RHP p.104).

11Who already owns it

Source: RHP p.113, RHP p.114. The company had nine shareholders at the date of the prospectus (RHP p.223). The prospectus lists Rafat Jahan Siddique as the spouse of Prasoon Chauhan and the sister of Sheikh Arfeen Ahmed (RHP p.253). Outside the promoter group, the chief financial officer Gaurav Bhardwaj holds 83,390 shares, 1.00%, and Sakshi Singh 33,360 shares, 0.40% (RHP p.115). No fund or company holds shares.

Rafat Jahan Siddique and Narendra Kumar bought 16,021 and 12,509 shares from Mandeep Singh Sobti in April 2025 at ₹318.33 and ₹599.57 (RHP p.139). The paid-up capital is 83,39,190 shares before the issue and up to 1,05,77,190 after it (RHP p.79), and 22,00,000 of Prasoon Chauhan's shares, 20.80% of the post-issue capital, are the three-year promoter lock-in (RHP p.109).

12What changed just before the IPO

• The company became a public limited company: board resolution of February 10, 2025, shareholders' resolution of February 14, 2025 and a fresh certificate of incorporation on April 7, 2025 (RHP p.2).
• A bonus of nine shares for each one held, 75,05,271 shares, was allotted on August 4, 2025, taking the capital from 8,33,919 to 83,39,190 shares (RHP p.104).
• Interests in Black Opal Ventures LLP, Aurika Developers LLP and Aurika Projects LLP were acquired with effect from March 25, 2025 (RHP p.231); Aurika Developers LLP became a subsidiary partnership from October 15, 2025 and Aurika Estates LLP from January 6, 2026 (RHP p.87).
• ₹535.40 lakh of advances to Aurika Developers LLP were converted into partnership capital from July 1, 2025, and ₹1,472.97 lakh was put into Black Opal Ventures LLP in FY26 (RHP p.85, RHP p.89).
• Ishan Agarwal left the board on October 5, 2024; Sandeep Kumar Singh joined on October 1, 2024, Sheikh Arfeen Ahmed on February 14, 2025, two independent directors on April 30, 2025, and a company secretary and a chief financial officer in May and August 2025 (RHP p.87, RHP p.235).
• A non-compete agreement was signed with Grabhome Consulting Private Limited on October 13, 2025 (RHP p.252).
• Sturdyy Capital Private Limited was sold on November 3, 2025 (RHP p.253).
• Employee cost fell from ₹246.67 lakh in FY24 to ₹160.32 lakh in FY25 as the technology team was cut (RHP p.330).
• Borrowings rose from ₹20.31 lakh at March 2025 to ₹952.25 lakh at March 2026 with the CSL Finance loan to Aurika Developers LLP (RHP p.311, RHP p.312).
• The Managing Director's salary was raised to up to ₹10,00,000 a month from September 1, 2026, against ₹36.00 lakh paid in FY26 (RHP p.238).

13Capacity and expansion

The company manufactures nothing, so there is no installed capacity to report. What the issue funds is a building project and a set of deposits.

Source: RHP p.121, RHP p.123, RHP p.125, RHP p.203, RHP p.224. Aurika Developers LLP had sold about 25,570 sq ft of Veda's 1,13,758 sq ft of saleable area by August 31, 2026, about 22.5% (our arithmetic, RHP p.125). Unit buyers must lease their units back into a single hotel operation and receive the higher of ₹1,000 a quarter or a share of net room revenue, while Aurika Facility Management LLP, a group entity, earns the management fees (RHP p.122). The mandates object covers 90 units across three projects (RHP p.120).

14Market size and industry structure

As claimed: the industry chapter relies on a report by Ken Research Private Limited, dated September 2026, which the prospectus states was commissioned and paid for by the company (RHP p.146, RHP p.199). It puts India's real estate brokerage, advisory and underwriting, and loan syndication market at ₹33,381 crore in FY26, with brokerage at ₹18,574 crore and loan syndication at about ₹2,449 crore (RHP p.164, RHP p.168). The same report's conclusion gives the segment as ₹22,363 crore for the same year (RHP p.195). The report also projects the market, and this company's own obtainable revenue, to FY30; those are the report author's projections and are not repeated here (RHP p.195).

The part that is addressable: primary residential brokerage in Delhi NCR. The report puts 2025 NCR launches at 61,800 units and sales at 57,200 units, with average capital values of ₹9,300 a sq ft (RHP p.209).

What the company is today: ₹4,196.56 lakh of FY26 revenue, about 0.23% of the ₹18,574 crore brokerage figure and 0.13% of the ₹33,381 crore segment (our arithmetic, RHP p.83, RHP p.164).

Structure, as the prospectus describes it: highly fragmented, with competition from national and global firms, online platforms, small local brokers and individual agents on social media, and low barriers to entry for internet-enabled services (RHP p.204, RHP p.38). Brokers must be registered with state RERA authorities; the company's registration with UP RERA as a real estate agent has expired and an application for renewal is pending (RHP p.218, RHP p.37).

15Competitive position

Source: RHP p.193, RHP p.194, from the commissioned Ken Research report. Anarock and Investor Clinic have not filed FY26 figures (RHP p.194). Anarock reports 400 exclusive mandates and over 35,000 channel partners and Investor Clinic about 1,50,000 customers served (RHP p.193), against this company's more than 25 developers and over 2,000 customers (RHP p.211) and over 200 broker associates (RHP p.205).

What the company offers against them, on its own account, is exclusive mandates secured with deposits, a focus on premium NCR projects and a commission-paid broker network rather than a large payroll (RHP p.205, RHP p.211). The prospectus does not quantify switching costs for developers, and states that customers have no exclusive arrangements with the company (RHP p.38).

16Peers the company named

Peers named in the offer document: Homesfy Realty Limited (RHP p.135).

Source: RHP p.135, RHP p.137. Homesfy Realty is almost the same size by revenue but made a loss in FY26, so the prospectus prints no peer price to earnings ratio and no industry average (RHP p.134). In FY24 and FY25 Homesfy's revenue was ₹6,085.63 lakh and ₹5,867.08 lakh, larger than this company's (RHP p.137, RHP p.138). The prospectus notes that the peer's sales mix and geography may differ (RHP p.135).

17Valuation at the issue price

The prospectus leaves the price band and the lot blank ([●]), and no exchange issue page carried them when this study was written, so this section computes no market capitalisation, price to earnings, price to book or enterprise value (RHP p.2, RHP p.134). What can be stated without a price:

Source: RHP p.79, RHP p.133, RHP p.134; the enlarged-count figure is our arithmetic on FY26 profit of ₹1,221.55 lakh (RHP p.83). March 2026 net worth of ₹3,266.53 lakh spread over the enlarged share count, before any issue proceeds, is ₹30.88 a share (our arithmetic, RHP p.81, RHP p.79). The weighted average EPS over three years is ₹12.78 and the weighted average return on net worth 45.52% (RHP p.133, RHP p.134). The weighted average cost of acquisition in the last five primary and secondary transactions is ₹2.33 a share (RHP p.139).

The one peer the prospectus names, Homesfy Realty Limited, reported a loss, so the prospectus shows its price to earnings ratio, and the industry high, low and average, as not applicable (RHP p.134, RHP p.135).

18Risks, in plain words

Customers: the top ten developers paid 87.61% of FY26 revenue and the top five 67.69%, without long-term contracts (RHP p.32) → losing two or three mandates changes the year → the largest single customer was 55.68% of revenue as recently as FY24 (RHP p.32).

Geography: all revenue came from Uttar Pradesh and Haryana, 77.94% from Uttar Pradesh in FY26 (RHP p.208) → a slowdown in NCR housing reaches every line of revenue at once → 97.62% of FY26 brokerage came from residential projects (RHP p.200).

Broker cost: commission to outside brokers was ₹2,202.37 lakh in FY26, 52.48% of revenue (RHP p.38) → the margin depends on how much of each brokerage has to be passed on → the ratio rose from 43.81% in FY25 (RHP p.38).

A new business: ₹2,600.00 lakh of the issue funds construction of a hotel-style project in Ayodhya, and the prospectus states the company has no prior operational experience in real estate development (RHP p.119, RHP p.38) → construction cost, sales and a lease-back hotel operation become the company's risk → of ₹5,900.00 lakh of estimated cost, ₹375.11 lakh had been spent by August 2026 and orders for the rest were not yet placed (RHP p.123).

Promoter and group: the Veda partnership is 76% the company's and 24% the promoter's, directly and through a company 99.90% owned by Prasoon Chauhan (RHP p.121) → money from public shareholders funds a project the promoter also shares in → Prasoon Chauhan also guarantees ₹6,495.43 lakh of group borrowings (RHP p.233).

Mandate deposits: the ₹700.00 lakh of deposits are for units that have not yet been identified (RHP p.39) → the money is with developers until the units are sold or the mandate ends → the three developers had not given consent to be named (RHP p.120).

Regulation: the company's UP RERA registration as a real estate agent has expired and renewal is pending, while 77.94% of revenue came from Uttar Pradesh (RHP p.37, RHP p.208) → until renewed, activities that need that registration in the state may be restricted → the prospectus does not say when it expired.

Compliance record: the prospectus lists delayed RoC filings, discrepancies in statutory forms, and delays in GST and provident fund payments; interest on delayed direct tax was ₹15.50 lakh in FY26 (RHP p.41, RHP p.42, RHP p.47, RHP p.298) → penalties cannot be ruled out → the company states it does not hold adequate insurance for its operations (RHP p.48).

Issue-specific: 5,58,000 of the 27,96,000 shares offered go to the promoter, whose average cost is ₹1.85 a share (RHP p.1). The price and lot are not stated in the prospectus.

19Litigation and regulatory matters

The cheque complaint is listed under two numbers, NACT/927/2024 against the company and CRM/2314/2025 against the promoter and directors, and the company states it has not yet received a notice from the court (RHP p.335, RHP p.336). There are no actions by regulators against the company, promoters or directors and no SEBI or stock exchange action against the promoters in the last five years (RHP p.334, RHP p.337). One creditor was owed more than ₹10 lakh, ₹18.00 lakh, at March 2026 (RHP p.339).

20Related-party transactions

Source: RHP p.88, RHP p.89; the loan totals are our arithmetic. Commission to Grabhome Consulting, the group entity founded by Sheikh Arfeen Ahmed, was 15.8% of the company's FY26 commission expense and 34.2% of FY25's (our arithmetic, RHP p.89, RHP p.38). The FY26 loans taken, ₹200.00 lakh from Prasoon Chauhan and ₹400.00 lakh from Sturdyy Capital, were repaid in the year, with ₹19.60 lakh of interest to Sturdyy Capital (RHP p.88, RHP p.90). At March 2026 group entities owed the company ₹261.00 lakh (Aurika Homes Private Limited) and ₹285.00 lakh (Aurika Projects LLP) in loans (RHP p.303).

What appeared or changed: the memoranda giving the company marketing rights for Aurika Homes and Aurika Projects projects (June 2024 and March 2025), the Veda lease and franchise arrangements with Aurika Facility Management LLP (April and May 2025), the Grabhome non-compete (October 2025), the lease of the corporate office from Prasoon Chauhan (January 2026) and logo licences to Black Opal Technologies and Black Opal Ventures LLP (February 2026) (RHP p.200, RHP p.122, RHP p.252, RHP p.216, RHP p.54). MIRV Infra and Broadway Capital Advisors ceased to be group entities when Ishan Agarwal resigned in October 2024 (RHP p.255).

21What the offer document does not say

Bookings, units sold, average unit value and brokerage rate by year are not disclosed, so revenue growth cannot be split into volume and price. The names of the customers are not given. The date on which the UP RERA agent registration expired, and what activity it has restricted, are not stated.

The financial statements of the group entities, including Aurika Developers LLP's own accounts and Aurika Homes and Aurika Residences for FY26, are not in the document. The sale prices achieved at Veda and the revenue already booked on the 25,570 sq ft sold are not given. The amount of the cheque in the Section 138 complaint is not stated.

The FY25 EBITDA and profit in the management discussion (₹1,546.85 lakh and ₹1,148.09 lakh) differ from the restated statements (₹1,565.01 lakh and ₹1,147.68 lakh), and the prospectus does not reconcile them (RHP p.330, RHP p.331, RHP p.136). The price, the lot, the issue expenses and the general corporate purposes amount are left blank.

22Five questions for management

1. How many units were booked, at what average value and at what average brokerage rate, in FY24, FY25 and FY26?
2. How much of the ₹2,202.37 lakh of FY26 commission went to the five largest outside brokers, and what share of FY26 bookings did Grabhome Consulting bring in?
3. When did the UP RERA agent registration expire, what revenue was earned in Uttar Pradesh after that date, and when is renewal expected?
4. What are the ₹613.35 lakh of long-term advances from customers and the ₹605.00 lakh of other advances received at March 2026, and from whom were they received?
5. At what average price per sq ft have the 25,570 sq ft of Veda been sold, and how much of the project's 70% share of sales does the construction cost of ₹5,900.00 lakh consume?

1Sources and cited facts

This study was read from 1 document the company filed. The 103 figures it cites are listed under the document each came from, with the page and the sentence as printed.