Imagine Marketing (Boat) released its financials for FY25

18 August 2025

• Financial Performance: Imagine Marketing Ltd. (boAt) delivered a flat performance in FY25, with consolidated revenue of ₹3,073 crore, marking a -1.4% YoY growth because of muted consumer demand and intense competition in the wearables and hearables space. The company reinforced its leadership in India’s audio and wearables segment, maintaining over 40% market share in True Wireless Stereo (TWS) and 30%+ in wearables, supported by strong distribution, innovative product launches, and impactful brand campaigns. PAT stood at ₹61 crore, translating to a margin of 1.9%, reflecting cost optimization efforts continued investments in R&D and marketing.
• Operational Developments: Operationally, boAt strengthened its product innovation and supply chain capabilities, with over 80% of products now manufactured locally under the ‘Make in India’ initiative. The company expanded its retail footprint through 20,000+ touchpoints alongside robust traction on e-commerce platforms. It also broadened its premium product portfolio under boAt, Nirvana, and Rockerz, while diversifying into smartwatches and gaming accessories to enhance its ecosystem play. Strategic partnerships with manufacturers and technology collaborators further improved speed-to-market and cost efficiency, reinforcing its competitive positioning.
• Future Outlook: Looking forward, management remains optimistic about achieving double-digit growth in FY26, underpinned by sustained demand in wearables, premiumization, and international expansion. The company intends to leverage its strong brand equity, expand exports into high-potential markets, and deepen penetration across Tier-II and Tier-III cities. Continued investments in design, R&D, and software capabilities will strengthen boAt’s transition beyond hardware into a connected lifestyle ecosystem. While competitive pricing may keep near-term margins under pressure, the long-term outlook remains positive, with scale, localization, and ecosystem-led innovation supporting both profitability and market leadership.