Imagine Marketing Ltd (boAt) is a consumer electronics company specializing in wearables and audio products. Incorporated in 2013 and headquartered in Mumbai, India, with promoters Aman Gupta and Sameer Mehta, boAt has become a leading brand in India’s wearable and audio market.
**Financial Performance:**
boAt's revenue has grown from ₹1,314 Cr in FY21 to ₹3,104 Cr in FY24. EBITDA was ₹127 Cr in FY21 and ₹130 Cr in FY22, but decreased to -₹81 Cr in FY23 and -₹3 Cr in FY24. Similarly, PAT went from ₹86 Cr in FY21 to -₹53 Cr in FY24. EPS also declined from ₹9.2 in FY21 to -₹5.52 in FY24.
**Valuation Metrics:**
The last deal price was ₹1675/share (as of 25 Apr 2025), with an implied market cap of ₹16,105 Cr. The P/B ratio is 34.08x, and the book value is ₹49.15. The P/E Ratio (FY24) is N/A.
**Shareholding Pattern:**
Sameer Mehta and Aman Gupta each hold 39.91% of the company, South Lake Investment Ltd. holds 19.25%, and other shareholders hold 0.93%.
**Business Overview:**
boAt focuses on earphones, headphones, neckbands, wireless earbuds (TWS), smartwatches, fitness bands, speakers, soundbars, and mobile accessories. Founded in 2016, the brand has expanded its reach through 20,000+ retail outlets, a strong online presence (Amazon, Flipkart, Myntra), and a direct-to-consumer (D2C) channel via its own app/website.
**Investment Rationale:**
boAt is a market leader in wearables, specifically TWS and smartwatches, in India. The company has demonstrated strong financial growth, with revenue increasing from ₹1,314 Cr in FY21 to approximately ₹3,100 Cr in FY24. boAt employs a brand-driven strategy, targeting millennials with influencer marketing and celebrity endorsements. It is also increasing its manufacturing focus in India under the "Make in India" and "boAt Labs" initiatives. The company has refiled its DRHP with SEBI in April 2025, and an IPO is expected in FY25-26.
**Key Risks:**
boAt faces high competition from global giants like Apple, Samsung, and Xiaomi in the wearables market. The market is also price-sensitive, leading to thin margins for boAt. The company relies on imports for key components, though localization efforts are improving. boAt also faces short product cycles, requiring constant innovation to maintain relevance.
**IPO Timeline & Exit Options:**
The company refiled its DRHP with SEBI in April 2025 and aims to raise ₹1,000-2,000 Cr through the IPO to repay debt and support R&D. Shares are available in the unlisted market prior to listing, and the target IPO timeline is FY25-26 (post Q3 results), subject to market conditions.
**UnlistedZone View:**
boAt is a brand-led hardware startup that has turned profitable while maintaining growth. Its strong retail and digital presence, youth-oriented branding, and "Make in India" focus make it an attractive IPO candidate. However, valuations should be viewed cautiously due to hardware risks. UnlistedZone gives boAt a rating of "Accumulate for IPO gains" with a 12-24 month horizon and target valuation post-IPO of ₹10,000 Cr. - ₹12,000 Cr.
