boAt swings back to profit in FY25, posts ₹60 crore PAT after two years of losses

After two consecutive years of losses, homegrown audio and wearables brand boAt (Imagine Marketing Limited) has made a return to profitability in FY25, backed by tighter cost controls, category leadership in audio, and a sharper push into wearables.

The company posted a consolidated profit after tax (PAT) of over ₹60 crore for FY25, compared to a net loss of ₹79.7 crore in FY24. EBITDA stood at ₹142 crore, on a consolidated revenue of ₹3,097.8 crore. On a standalone basis, revenue came in at ₹3,089.6 crore with a net profit of ₹64.2 crore, marking a clear turnaround from FY24, when losses had already narrowed from ₹129.5 crore in FY23.

“This milestone of returning to profitability after two years reflects the resilience of our business model and the trust of millions of consumers who continue to choose boAt,” said Sameer Mehta, co-founder and executive director of boAt. “Our ability to innovate, scale new categories, and adapt quickly to evolving consumer preferences has kept us ahead in a dynamic market.”

Audio dominance, wearable play, and new bets

boAt maintained its stronghold in India’s personal audio space, retaining a double-digit market share and emerging as the third-largest company globally in branded personal audio. Its premium line, Nirvana by boAt, posted “stellar growth” during the year.

The wearables segment, long viewed as boAt’s next growth engine, moved closer to EBITDA neutrality by the fourth quarter, aided by a more software-led ecosystem play. The company also diversified into new categories, including the launch of boAt TAG, which expands its connected consumer ecosystem.

FY25 also saw boAt introduce over 100 new products, including true wireless earbuds with head-tracking technology and devices equipped with advanced Knowles drivers at mass-market price points.

CEO Gaurav Nayyar called FY25 a “pivotal turning point” for the brand. “Through cost discipline, innovation, and a deep understanding of consumer needs, we have not only returned to profitability but also laid the foundation for long-term sustainable growth,” he said. “From strengthening our leadership in audio to reimagining wearables and entering new categories, we are building a future-ready, diversified organization.”

The company also deepened its “Make in India” focus, with over 70% of total volumes now manufactured domestically. Localisation across key components such as PCBs and plastics improved supply chain resilience. Working capital cycles were cut nearly in half - from 71 days in March 2024 to 36 days in March 2025 - boosting cash efficiency and agility.

Beyond India, boAt expanded its footprint in Gulf Cooperation Council (GCC) markets, where it is beginning to see meaningful traction.