boAt’s PAT increased 38% YoY to ₹84.5 Cr in FY26 despite its operating revenue declining nearly 5% to ₹2,931 Cr
The startup attributed the improvement in its bottom line to measures across product quality, sourcing, channel management, and cost efficiency.
boAt is now looking to build new growth engines across international markets and adjacent consumer technology categories, including projectors, personal grooming, and other entertainment and lifestyle technology products.
Consumer electronics startup boAt’s profit after tax (PAT) increased 38% to ₹84.5 Cr in the financial year ended March 2026 (FY26) from ₹61.1 Cr in the previous fiscal year.
The profit growth came despite the startup’s operating revenue declining nearly 5% to ₹2,931 Cr from ₹3,073.3 Cr in FY25.
Its profit before tax (PBT) rose 53% to ₹114.3 Cr during the year under review from ₹74.7 Cr in FY25, boAt said in a statement.
The startup attributed the improvement in its bottom line to measures across product quality, sourcing, channel management, and cost efficiency.
Its finance costs declined about 72% to ₹7.9 Cr in FY26 from ₹27.9 Cr in the previous fiscal year. boAt repaid about ₹60 Cr of short-term borrowings during the year, bringing its loans repayable on demand down to nil.
The startup ended FY26 with cash reserves of approximately ₹397 Cr and no bank debt.
Its inventory declined about 10% to ₹294 Cr from ₹326 Cr in FY25, while trade receivables remained largely unchanged at about ₹255 Cr.
Return on capital employed improved by 370 basis points to 15.2% in FY26 from 11.5% in the previous fiscal year, indicating better capital efficiency.
Meanwhile, boAt’s warranty expenses declined about 30% to ₹57.5 Cr during the year under review from ₹82.6 Cr in FY25.
The startup’s wearables segment also turned profitable, posting a segment profit of about ₹7 Cr in FY26 compared with a loss of approximately ₹54 Cr in the previous fiscal year.
Its ‘Other’ segment, which includes charging solutions, cables and gaming products, saw its segment profit more than triple to ₹46 Cr from about ₹14 Cr in FY25. The improvement indicates that categories beyond boAt’s core audio portfolio are beginning to emerge as meaningful profit pools.
What’s Next For boAt?
boAt is now looking to build new growth engines across international markets and adjacent consumer technology categories, including projectors, personal grooming, and other entertainment and lifestyle technology products, under its ‘boAt 2.0’ strategy.
“Our focus now shifts from turnaround to growth. With a stronger balance sheet, tighter operating discipline and a healthy core business, we are getting ready for boAt 2.0,” CEO Gaurav Nayyar said.
“The ambition is to build boAt into a broader, enduring consumer technology company from India,” he added.
Nayyar took over as boAt’s CEO in September 2025 after serving as its COO. He had been with the startup for three years at the time of his elevation and previously worked as a partner at Bain & Company.
Nayyar became boAt’s third CEO in three years. Cofounder Sameer Mehta, who previously served as CEO and MD, moved to the role of executive director to focus on long-term strategy, while cofounder Aman Gupta continues as a non-executive director on the company’s board.
The expansion plans come as boAt’s international revenue more than doubled to approximately ₹45 Cr in FY26 from ₹20 Cr in the previous fiscal year. However, overseas sales accounted for only about 1.5% of its total operating revenue during FY26.
Founded in 2015 by Gupta and Mehta, boAt sells audio products, smartwatches, charging accessories, personal grooming products, and other consumer electronics.
The consumer electronics startup received SEBI’s approval for its IPO in September 2025. It subsequently filed an updated DRHP for a ₹1,500 Cr public issuecutting the proposed issue size from the ₹2,000 Cr it was reportedly looking to raise earlier.
However, CNBC-TV18 reported in Januaryciting sources, that boAt had deferred its IPO again to reassess market conditions and its internal readiness. There has been no official update on the IPO timeline since then.