New Delhi, Oct. 6 -- Consumer electronics brand boAt, which is operated by Imagine Marketing Ltd, said that it has returned to profitability for the financial year ending March 2025 after remaining in losses for the last two years.
The company claimed that it posted a consolidated net profit (PAT) of over Rs 60 crore and EBITDA of more than Rs 142 crore in FY25, compared to a net loss of Rs 79.7 crore in FY24.
This turnaround followed a significant reduction in losses in FY24, where losses had dropped from Rs 129.5 crore in FY23. On a standalone basis, revenue in FY25 stood at Rs 3,089.6 crore with a net profit of Rs 64.2 crore.
Imagine Marketing had filed a draft red herring prospectus (DRHP) for a Rs 2,000 crore (around $225 million) initial public offer (IPO) via the confidential route, which allows companies to protect sensitive information from public disclosure. Early this September, the Securities and Exchange Board of India (SEBI) approved the filing, which has a fresh issue component of Rs 900 crore and an offer-for-sale component of Rs 1,100 crore.
On the profitability turnaround, boAt said that it was driven by category leadership, product innovation, and disciplined cost control.
The company reported a consolidated revenue of Rs 3,097.8 crore, supported by sustained growth in audio, strategic growth in wearables, and strong traction in new businesses. The FY25 revenue, however, was lower than the revenue of 3,135 crore the company recorded in the previous fiscal.
boAt claimed that in FY25 it retained its lead in India's personal audio market with a double-digit share and ranked third globally among branded personal audio companies. Its premium line, Nirvana by boAt, grew strongly. In wearables, a shift toward a software-led ecosystem helped the business move closer to EBITDA neutrality in the final quarter. The company also entered new growth areas to diversify its portfolio.
It launched more than 100 new products during the year, including true wireless earbuds (TWS) with head-tracking technology and advanced Knowles drivers. The company also entered new categories, such as trackers with boAt TAG.
It also said it expanded its sales channels, with quick commerce gaining importance alongside e-commerce, offline retail, and exports.
According to a company release, over 70% of volumes were produced domestically under its Make in India program. The company also localised components such as printed circuit boards (PCBs) and plastics to reduce dependence on imports. At the same time, it claimed that its working capital days dropped from about 71 in March 2024 to 36 in March 2025.
Founded by Aman Gupta and Sameer Mehta in the mid-2010s, boAt has built a youth-focused brand identity and remains among the most visible consumer electronics startups in India.
The company has attracted a roster of high-profile investors over the years. Warburg Pincus and Malabar Investments led a $60 million funding round in 2023, and earlier backers include Fireside Ventures and Qualcomm. To date, boAt has raised more than $170 million in equity funding.
BoAt said that it is now also growing its presence in GCC markets and plans to maintain momentum in FY26 with a focus on profitability and supply chain resilience.
Published by HT Digital Content Services with permission from VC Circle.