BoAt Unlisted Shares: Should You Invest Before the IPO?

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BoAt has become one of the most familiar consumer electronics brands in India. Its earphones, headphones, speakers, and smartwatches are widely sold across online and offline channels.

The company grew fast when it first started. Things changed during the last few years. Revenue growth slowed down; boAt reported losses for two years in a row. Fy25 finally saw boAt return to profit.

At the same time, boAt's unlisted share price has fallen sharply from its earlier high. With the IPO now back in focus, the key question for investors is whether the current price of ₹852 per share offers a good entry point.

BoAt's Financial Performance

The latest consolidated numbers show a clear improvement in FY25.

BoAt reported a consolidated loss of ₹129.5 crore in FY23. The loss reduced to ₹79.7 crore in FY24. In 2025, the company returned to profit and reported a consolidated profit after tax of six hundred eleven crore rupees.

However, revenue stayed basically the same at three thousand crore rupees.

This means FY25 was mainly a profitability turnaround rather than a growth turnaround.

The company benefited from better cost control, lower finance costs, and improved working capital management. Debt also reduced sharply compared with FY23, which reduced pressure on profits.​

What Improved in FY25?

The turnaround was not only visible in the final profit number.

1. The company moved from losses to profit.
2. EBITDA turned positive.
3. Finance costs declined.
4. Working capital management improved.
5. Inventory management became more efficient.​

Where Does BoAt Stand in the Market?

​BoAt's biggest strength is its brand.

The company built its position by selling stylish products. The products mainly target consumers. The company has a presence on e-commerce platforms. The company has also expanded its distribution.

Audio remains the main part of the business. According to the company's IPO disclosures, audio contributed around ₹2,586 crore in FY25, while wearables contributed around ₹330 crore.
This shows an important change in the business.

Wearables were earlier seen as a major growth opportunity. But the smartwatch market has become more competitive, and growth has slowed. As a result, audio has become even more important for boAt.

The company still has a strong position in India's audio and wearables market. However, competition remains intense, with several Indian and global brands competing in similar price segments.​

BoAt Unlisted Share Price: ₹852

Back in 2022 and at the start of 2023, the shares were trading at about ₹1,000–1,100. Then the price started to climb because everyone thought an IPO was coming.

The shares reportedly reached around ₹1,807 in June 2025.

Now the price is at ₹852 which means the shares have dropped by more than 50% from that high point.
However, a sharp fall in price does not automatically mean that the shares are cheap.

Using FY25 consolidated EPS of around ₹4.07, the current price of ₹852 implies a P/E ratio of around 209x.

The valuation can become more reasonable if boAt is able to grow earnings strongly in the coming years. For that to happen, the company will need to focus on three things:

1. Revenue growth: The company has to go past the ₹3,000 crore revenue number.

2. Better margins: Higher operating margins will make the company more profitable.

3. Growth in profits: At the price people who invest are already hoping for big increases in earnings.

So the reason to invest now is more, about what might happen in the future than what is happening now.

Another important point is that unlisted share prices are not as transparent as listed market prices. Different dealers may quote different prices, and liquidity can be limited.

Therefore, investors should not look only at the fact that the price has fallen from ₹1,807 to ₹852. The valuation at ₹852 is more important than the percentage decline from the previous high.

IPO Update

Imagine Marketing has been working towards an IPO for several years.

The latest IPO plan is for an issue of up to ₹1,500 crore, comprising:

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The company has filed updated IPO documents. However, the final price band and listing date are still subject to the next stages of the IPO process.

The final RHP will be important because it will provide updated financial information and the final details of the offer.

Key Risks

Despite the strong brand and improved FY25 performance, several risks remain.

1. Slow Revenue Growth

Revenue has remained flat and is still below FY23 levels. The company needs to show that it can grow again.

2. Thin Profit Margins

The company returned to profit in FY25, but net margins remain relatively low. Any increase in discounts, marketing costs or competition could affect profitability.

3. High Valuation

At ₹852 per share, boAt is trading at around 209x FY25 earnings. This means a large part of the valuation depends on future profit growth.

4. Unlisted Share Liquidity

Unlisted shares are not as easy to sell as listed stocks. Prices can vary between dealers, and a buyer may not always be available at the expected price.

5. IPO Uncertainty

The IPO process has already taken longer than initially expected. The final valuation, price band and listing date are yet to be announced.

Conclusion

BoAt has a strong brand and FY25 showed a clear improvement in profitability. The company returned to profit, reduced debt, and improved its operating efficiency.

However, revenue growth remains weak, and the current price of ₹852 still implies a high P/E of around 209x based on FY25 earnings.

The stock may become attractive if BoAt can restart revenue growth and deliver strong profit growth. 

Until then, investors should focus more on the valuation and future earnings potential rather than simply looking at the sharp fall from its earlier unlisted share price.​