Boat Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Boat Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,097.8 | 3,135.3 | 3,403.2 | 2,886.4 | 1,531.3 | 704.1 | 240.7 | 107.6 |
| Expense | 2,972.5 | 3,129.6 | 3,458.1 | 2,743.3 | 1,404.2 | 628.7 | 226.3 | 98.4 |
| EBITDA | 125.3 | 5.7 | -54.9 | 143.1 | 127.1 | 75.4 | 14.4 | 9.2 |
| Other Cost | 50.6 | 101.9 | 108.9 | 43.7 | 16.6 | 8.8 | 2.0 | 0.9 |
| PBT | 74.7 | -96.2 | -163.8 | 99.4 | 110.5 | 66.6 | 12.4 | 8.3 |
| Tax Expense | 13.6 | -16.5 | -34.3 | 30.0 | 32.6 | 17.0 | 3.7 | 2.3 |
| PAT | 61.1 | -79.7 | -129.5 | 69.4 | 77.9 | 49.5 | 8.7 | 6.0 |
| Other Inc./Exp. | -0.7 | -5.3 | 7.3 | -0.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | 60.4 | -85.0 | -122.2 | 68.7 | 77.9 | 49.5 | 8.7 | 6.0 |
| Shares O/S | 9.62 | 9.60 | 9.60 | 13.50 | 11.00 | 0.10 | 0.10 | 0.10 |
| EPS (₹) | 4.07 | -8.20 | -13.40 | 5.80 | 8.50 | 4.40 | 0.80 | 119.50 |
| Rev. Growth % | -1.2% | -7.9% | 17.9% | 88.5% | 117.5% | 192.5% | 123.7% | — |
| EBITDA Mgn % | 4.0% | 0.2% | -1.6% | 5.0% | 8.3% | 10.7% | 6.0% | 8.6% |
| Net Mgn % | 1.9% | -2.7% | -3.6% | 2.4% | 5.1% | 7.0% | 3.6% | 5.6% |
| EPS Growth | -149.6% | -38.8% | -331.0% | -31.8% | 93.2% | 450.0% | -99.3% | — |
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About boat unlisted shares (Imagine Marketing Services Pvt. Ltd
A subsidiary of Imagine Marketing Services Private Limited, boAt is India’s fastest-growing Direct-to-Consumer (D2C) lifestyle brand offering fashionable audio electronics devices, including earphones, headphones, speakers, travel chargers and premium portable music systems. It was founded by Aman Gupta and Sameer Ashok Mehta in 2016, which mainly focuses on providing high-quality audio products at affordable prices. The company's target audience is mainly millennials, and it promotes its products via influencer marketing and participation with the sports team and public events. boAt is also the official audio and wearable partner of IPL teams like Kolkata Knight Riders, Royal Challengers Bangalore, and Gujarat Titans.
In October 2023, boAt deferred the IPO and instead raised money through private investors. They were able to raise around Rs. 60 million or Rs. 500 Cr through private investors at a valuation of around $1.4 billion. boAt stated that the reason for raising money through investors as opposed to an IPO is the volatile condition of the stock market.
By signing the Rs.2,000 cr IPO offering with SEBI, the company unleashed boAt unlisted shares in the market. The company reported operating revenue worth Rs 2,873 crore during the fiscal year ending in March 2022. boAt also ranks #1 in India among most wearable brands by value, with a total market share of 48%. It is a non-government company whose unlisted shares are available for trading in the Pre-IPO market.
boAt (Imagine Marketing Ltd) History Timeline
Year | Milestone |
2013 | Imagine Marketing Limited was incorporated by Aman Gupta and Sameer Ashok Mehta in Mumbai to build a consumer electronics business focused on India's growing smartphone ecosystem. |
2014 | The boAt brand was officially launched with premium charging cables and rugged mobile accessories designed for Indian consumers. |
2015 | Expanded product offerings by introducing earphones and audio accessories, establishing its presence in the fast-growing personal audio market. |
2016 | Strengthened its online-first distribution strategy through Amazon, Flipkart and its own D2C platform, helping boAt become one of India's fastest-growing electronics start-ups. |
2017 | Entered the wireless audio segment with Bluetooth speakers and neckbands as consumer demand shifted towards wireless devices. |
2018 | Raised funding from Fireside Ventures, accelerating product development, marketing and nationwide expansion. |
2019 | Became one of India's leading audio brands by shipment volume and significantly expanded its retail presence across the country. |
2020 | Launched boAt Labs, entered the smartwatch segment, and emerged as India's No. 1 hearables brand by shipment volume according to industry reports. |
2021 | Raised approximately US$100 million from Warburg Pincus and Qualcomm Ventures, acquired gaming accessories brand RedGear and wearable brand TAGG, and strengthened its Make-in-India manufacturing initiatives. |
2022 | Filed DRHP with SEBI for a proposed Rs. 2,000 cr IPO, comprising a fresh issue and an offer for sale. The IPO was later deferred due to volatile market conditions. |
2023 | Continued expanding into smart wearables, premium audio devices, gaming accessories and personal care products while strengthening omnichannel distribution. |
2024 | Focused on AI-enabled wearables, premium audio products and expanding offline retail partnerships across India. |
2026 | boAt remains one of India's leading home-grown consumer electronics brands with a diversified portfolio across audio, wearables, gaming, charging solutions and smart lifestyle products while continuing its pre-IPO journey. |
Business Model of boAt
boAt operates an asset-light, brand-led business model, where it focuses on product design, branding, marketing, distribution, and customer experience while outsourcing manufacturing to third-party contract manufacturers, primarily in India and China. This approach enables the company to introduce new products quickly, maintain lower capital expenditure, and respond efficiently to changing consumer preferences.
The company generates revenue by selling consumer electronics under the boAt brand through multiple online and offline channels. Its diversified product portfolio and omnichannel distribution network have helped it become one of India's largest home-the unlistedgrown lifestyle electronics brands.
Product Categories
boAt offers products across multiple consumer electronics segments, including:
Wireless Earbuds (TWS)
Wireless Neckbands
Headphones
Bluetooth Speakers
Smartwatches
Gaming Accessories (RedGear)
Chargers & Cables
Power Banks
Mobile Accessories & Personal Audio Devices
The company continuously launches new products across budget, mid-range, and premium categories to cater to a wide consumer base
Boat unlisted share price overview
While most Indian startups have witnessed valuation corrections over the past few years, boAt's unlisted share price has shown resilient performance, reflecting investor confidence in the brand's long-term growth prospects. Take a quick look at the chart below to understand the movement in boAt's unlisted share price. After correcting in mid-2022, the stock gradually recovered and remained largely stable through 2023. By October 2023, the share price touched Rs 925, before rallying sharply to around Rs 1,300 by February 2024, supported by improving business performance and increasing local manufacturing.
Throughout 2024, investor sentiment remained positive as the share price climbed steadily from around Rs. 1,200 to a peak of nearly Rs. 1,700–1,800 in early 2025. The rally reflected renewed confidence in the company's profitability, stronger fundamentals, and expectations around its IPO. Since mid-2025, however, the stock has witnessed a gradual correction. As of July 2026, boAt unlisted shares are trading around Rs 890 per share, well below their peak but largely stable over the past few months. This price movement suggests that investors have been booking profits after the strong rally, while the market awaits fresh triggers such as stronger financial performance, business expansion, or further progress on the company's IPO plans.
Although the stock has corrected from its highs, boAt remains one of India's leading consumer electronics brands with a strong presence in the audio and wearables markets. Investors should evaluate the company's financial performance, business outlook, valuation, and IPO prospects before making any investment decision.
Boat Financial Analysis
The revenue for the FY 2024-25 was around Rs 3403 crores, which is 8.5% more than the previous year's revenue of Rs 3403 crores. Moreover, the company is looking to put more emphasis on the Smartwatch category. This means that boAt is one of the best unlisted shares, and after this development, the boAt share price will also increase significantly.
Here are the details of the recent financials of boAt unlisted shares:
Particulars | FY 2024-2025 | FY 2023-2024 | FY 2022-2023 |
Gross Revenue / Net Revenue | 3097.8 cr | 3135.3 cr | 3403.3 cr |
EBITDA | 125.3 cr | 5.7 cr | (54.9) cr |
Net Income | 60.4 cr | (85) cr | (122.2) cr |
EPS | 4.07 | (8.2) | (13.4) |
· Revenue has declined for two consecutive years. FY23 to FY24 saw a significant 8% drop, while FY24 to FY25 was more stable with a slight 1.2% drop. Although revenue is declining, the rate of decline is slowing, which is a good sign. Revenue contraction may concern growth-focused investors.
· From negative EBITDA in FY23 Rs. (54.9) Cr) to a strong Rs. 125.3 Cr in FY25. Massive turnaround from negative to positive EBITDA. FY24 turned barely positive, and FY25 saw a 20x jump from the previous year, showing strong operational recovery. This can lead to re-rating of valuation multiples, driving the stock up.
· Net Income has turned positive in FY25 after two years of losses, Rs.60.4 Cr profit in FY25 vs Rs.(85) Cr and Rs. (122.2) Cr losses in the previous years. This is a major financial recovery and signals like Operational improvements, improved cost structure, or reduced debt/interest burden. This could potentially be eligible for dividend payouts or reinvestment in growth.
· EPS improvement shows actual per-share value creation for shareholders. From 39% in FY 24 to 150% uptrend in FY 25, justify a higher share price using forward and trailing P/E (Profit earnings ratio, i.e., MPS/EPS), this could enhance the Boat market cap.
Milestones Achieved
Since its launch in 2014, boAt has evolved from a mobile accessories brand into one of India's leading consumer electronics companies. Some of its notable achievements include:
India's Leading Hearables Brand: boAt has consistently ranked as the No. 1 hearables (audio wearables) brand in India by shipment volume, according to IDC and Canalys reports.
Global Wearables Recognition: The company has been ranked among the Top 5 wearable brands globally by shipment volume in multiple IDC and Canalys industry reports.
Millions of Customers: boAt has built a customer base of over 10 million "boAtheads", making it one of India's largest D2C consumer electronics brands.
Strong Omnichannel Presence: Beyond online marketplaces, boAt has significantly expanded its offline retail footprint, making its products available across thousands of retail outlets and electronics stores nationwide.
High-Impact Celebrity Partnerships: The brand has collaborated with celebrities including Hardik Pandya, Kiara Advani, KL Rahul, Diljit Dosanjh, as well as IPL franchises and leading content creators, to strengthen its youth-focused brand image.
Diversified Product Portfolio: From charging cables, boAt has expanded into TWS earbuds, smartwatches, Bluetooth speakers, gaming accessories, personal care products and mobile accessories, launching hundreds of products over the years.
Backed by Global Investors: boAt has secured investments from leading firms such as Warburg Pincus, Qualcomm Ventures, Fireside Ventures and Malabar Investments, supporting its rapid growth and IPO ambitions.
IPO Journey: In 2022, the company filed its DRHP with SEBI and later submitted an updated draft in 2025, continuing its journey toward becoming a publicly listed company.
Why buy boAt unlisted shares?
boAt is one of India’s largest digital-first wearable brands, with 2000+ outlets nationwide. With a consumer-centric approach and a clear value proposition, the company has never seen a fall. If you want to buy boAt unlisted shares in India, look at its financial records. As India heads to become India's largest electric device consumer market, boAt unlisted share price will skyrocket. Reports have suggested that the Indian consumer electronics market is projected to grow annually by 5.92% from 2017 to 2022, reaching USD 124.94 billion by 2030. If you plan to buy boAt unlisted share in India, here is an easy revenue breakup for your clarity.
How to apply for boAt unlisted Shares online?
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