Imagine Marketing Ltd (boAt)
India's largest audio wearables brand, built on an asset-light outsourced model.
Market cap
₹5,727 Cr
7.20 Cr shares
P/E ratio
33.30
Sector average 48
Book value
₹144.94
P/B 5.49
1-year return
-37.57%
52w ₹795 – ₹1,880
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-37.57% ₹1,274 → ₹795
52-week band in this window: ₹795.44 – ₹1,826.21. Weekly indicative marks, not exchange-traded prices.
Key highlights
- India's largest audio wearables brand by volume for five consecutive years.
- Return to profit in FY26 on lower discounting and India-made units.
- DRHP filed; conversion to a public limited company completed.
About boAt
Imagine Marketing sells wireless earbuds, headphones, smartwatches, speakers and mobile accessories under a youth-focused lifestyle brand.
The company designs and markets products while manufacturing is outsourced to contract partners, increasingly within India.
Sales run through online marketplaces, the brand's own storefront and a growing offline retail presence.
Where the revenue comes from
- Audio wearables62%
TWS earbuds and headphones
- Smart watches21%
Entry and mid-tier wearables
- Speakers & home audio10%
Portable and party speakers
- Mobile accessories7%
Cables, chargers and cases
Products & services
TWS earbuds & headphones
Airdopes, Rockerz and Nirvana ranges.
Smartwatches
Wave and Lunar ranges.
Speakers
Stone and Party Pal portable speakers.
Mobile accessories
Cables, chargers and power banks.
What works
- • Category leadership in Indian audio wearables with very high brand recall among younger buyers.
- • Asset-light model keeps capital employed low relative to revenue.
- • Shift to domestic manufacturing partners improves margin and duty exposure.
What to watch
- • Fierce price competition has compressed average selling prices across the category.
- • Short product cycles mean inventory write-down risk if a launch misses.
- • Heavy dependence on a handful of online marketplaces for sales.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| boAtThis page | ₹795.44 | ₹5,727 Cr | 33.30 | 5.49 | +10.99% |
| Bira 91 | ₹73.00 | ₹211.7 Cr | — | 0.76 | +2.46% |
| CSK | ₹245.00 | ₹7,732 Cr | 27.22 | 7.01 | +10.73% |
Latest reported year: FY26 ending 31 Mar 2026.