boAt, the Gurugram-based audio and wearables brand under Imagine Marketing, has made a strong financial comeback in FY25—swinging from a net loss of ₹80 crore in FY24 to a consolidated net profit of over ₹60 crore this year. This turnaround was driven by disciplined cost control, focused product innovation, and efficient operational execution. EBITDA rose to ₹142 crore on consolidated revenue of ₹3,098 crore (slightly down from ₹3,122 crore the previous year), cementing Aman Gupta’s startup position as one of India’s leading homegrown consumer electronics companies.
IPO Updates and Key Developments by Boat
- IPO Approval and Strategy: boAt’s parent (Imagine Marketing) filed confidential draft papers with SEBI and received the regulator’s approval in August 2025, setting the stage for its anticipated ₹2,000 crore IPO—which combines a fresh issue (₹900 crore) and an Offer for Sale (OFS) of up to ₹1,100 crore. This marks their second attempt after shelving its January 2022 IPO due to volatile markets.
- Leadership Changes: In September 2025, co-founder Sameer Mehta transitioned to executive director, making way for former COO Gaurav Nayyar to become CEO.
- Product Innovation: The company launched over 100 new products in FY25—including smartwatches, TWS earphones with head-tracking tech, and the ‘boAt TAG’ smart tracker. The premium Nirvana line contributed to double-digit growth in the audio segment, and the firm increased local manufacturing to 70% of total volumes.
Read this: Aman Gupta’s startup is All Set to Go Public, Secured Final Approval of SEBI for a Rs 2000 crore Public Listing.
Financial Performance: FY23 to FY25
- Revenues and Profitability: Consolidated revenue stood at ₹3,097.8 crore in FY25 (₹3,122 crore in FY24, ₹3,403 crore in FY23). Net profit shifted from a loss of ₹129.5 crore in FY23 to a narrower loss of ₹79.7 crore in FY24, and then to a net profit of ₹60 crore in FY25—showing strong year-on-year operational improvement.
- EBITDA Improvement: FY25 EBITDA was ₹142 crore, compared to lower levels in previous years, reflecting higher efficiency and margin restoration through better mix and scale.
- Standalone Metrics: Standalone revenue for FY25 was ₹3,089.6 crore (₹64.2 crore net proft), underscoring the brand’s core business recovery and proftability.
Strategic Advantage
Its growth story is underpinned by a resilient, trend-aware business model, rapid product launches, and deep market understanding. Its return to profit—despite a modest dip in revenues—reflects the brand’s ability to innovate, optimize costs, and expand in wearables and connected device categories.
With SEBI’s go-ahead and financial momentum in place, Aman Gupta’s brand is poised to debut as India’s first public D2C electronics brand, signaling confidence in its post-pandemic, tech-driven consumer strategy.
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Summary:
boAt’s swing back to profitability in FY25—with strong EBITDA and new product launches—comes at a pivotal time as it prepares to go public with a ₹2,000 crore Public Listing. Strategic cost management, leadership realignment, and relentless product innovation have rebuilt the company’s foundation for long-term growth and sustainable market leadership.
