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boAt ₹795 ▼ 3.6% 1M
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boAt Unlisted Shares

boAt (Imagine Marketing)

Consumer Electronics Audio & Wearables

boAt is India's #1 consumer audio and wearables brand by volume, offering earbuds, headphones, speakers, and smartwatches to 8 crore+ customers.

Read the full company profile
Indicative price
As of 23 Oct 2026
₹795 ▼ 3.64% in 1 month
Key facts

boAt share details

Lot size
25 shares
Min. investment
₹19,875
Face value
₹1
Implied market cap
₹11,933 Cr
Shares outstanding
150,098,551
Founded
2013
Headquarters
Mumbai, Maharashtra
Website
boat-lifestyle.com
ISIN
INE03AV01027
CIN
U52300MH2013PLC249758
Lock-in after IPO
6 months
Price history

boAt share price chart

1Y change
-42.18%
High
₹1,375
Low
₹795

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About boAt

boAt, operated by Imagine Marketing Limited, was founded in 2016 by Aman Gupta and Sameer Mehta. It rapidly became India's most popular consumer audio brand, topping Amazon and Flipkart bestseller charts. The company sells earbuds, wireless headphones, portable Bluetooth speakers, smartwatches, and mobile accessories under the boAt brand. boAt focuses on the mass-premium segment — stylish products at affordable prices. In FY24, boAt reported revenues of over ₹3,000 Cr. The company has diversified into smart TVs (Aavante) and has manufacturing operations in India under the PLI scheme. Investors include Warburg Pincus, Qualcomm Ventures, and InnoVen Capital.
IPO outlook

When is the boAt IPO?

boAt first filed its DRHP in 2022 for a ₹2,000 Cr IPO but withdrew amid market volatility. The company has since refiled and is expected to list in FY26. Strong brand recall, scale, and growing domestic electronics manufacturing are positives. Increasing competition from Chinese brands is a key risk.

Strengths

  • Profit rose in FY26 even as sales dipped: consolidated profit for the year was ₹844.92 million against ₹610.80 million in FY25, on revenue from operations of ₹29,314.55 million.
  • Operating cash flow was positive in both years: consolidated cash generated from operations was ₹935.34 million in FY26 and ₹4,243.73 million in FY25.
  • Borrowings came down: consolidated current borrowings were ₹5,046.47 million at 31 March 2026 against ₹5,648.81 million a year before, and finance costs fell to ₹78.54 million from ₹278.85 million.
  • Net worth strengthened: consolidated total equity was ₹6,263.05 million at 31 March 2026 against ₹5,082.51 million at 31 March 2025.
  • The company holds cash and bank balances of ₹949.30 million plus other bank deposits of ₹1,941.21 million and current investments of ₹1,026.96 million, as per the consolidated balance sheet.
  • A wide range from audio to smartwatches and accessories, sold both online and through offline distributors, gives it several routes to customers.

Risks

  • Revenue fell in FY26: consolidated revenue from operations was ₹29,314.55 million against ₹30,732.77 million in FY25.
  • Indirect tax matters of ₹2,439.03 million are disclosed as contingent liabilities, including customs show cause notices on how Bluetooth headsets are classified. Appeals are pending before CESTAT.
  • Net profit margin is thin: standalone profit was 3.15% of revenue from operations in FY26, per the annual report's ratio table.
  • Borrowings of ₹5,046.47 million are all current (due within a year) in the consolidated balance sheet at 31 March 2026.
  • Large inventories of ₹2,938.98 million and trade receivables of ₹2,546.03 million tie up working capital.
  • Operating cash flow dropped from ₹4,243.73 million in FY25 to ₹935.34 million in FY26, so FY25 cash flow was helped by working capital release.
  • The company has not declared a dividend on equity shares and has accumulated preference share structure, which converts into equity shares and can dilute holders. 28,62,853 equity shares were issued in May 2026 on one such conversion.
  • The IPO is not yet launched and its date, price and size are not fixed. Unlisted prices are indicative and there is no exchange to trade on.
Financials

boAt financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY26Latest FY25
Revenue (₹ Cr) 2,931 3,073
PAT (₹ Cr) 84.49 61.08
PAT Margin (%) 2.88 1.99
RoNW (%) 13.49 12.02
EPS (₹) 5.63 4.07
Debt / Equity 0.81 1.11
Total Assets (₹ Cr) 1,598 1,618
Net Worth (₹ Cr) 626 508

Swipe the table sideways for earlier years →

Leadership

Management team

Vivek Gambhir
Chairman, Non-Executive Director
Chairs the board of Imagine Marketing.
Sameer Ashok Mehta
Executive Director
Executive Director since 29 September 2025, earlier the Chief Executive Officer.
Aman Gupta
Non-Executive Director
Non-Executive Director since 29 September 2025, earlier a Whole-time Director.
Gaurav Nayyar
Chief Executive Officer
Appointed CEO on 29 September 2025.
Rakesh Thakur
Group Chief Financial Officer
Key managerial personnel of the company.
Shreekant Sawant
Company Secretary and Compliance Officer
Key managerial personnel of the company.
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FAQs

boAt unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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