Consumer electronics brand boAt reported a 38% year-on-year (YoY) increase in profit after tax (PAT) to Rs 84.5 crore in FY26, compared with Rs 61.1 crore in FY25, according to the company’s press release. Profit before tax (PBT) also increased 53% YoY to Rs 114.3 crore.
The profit growth came despite a decline in revenue. boAt’s revenue from operations fell 4.6% YoY to Rs 2,931 crore in FY26, from Rs 3,073 crore in FY25. This marks the third consecutive year of revenue decline for the consumer electronics company, after revenue peaked at Rs 3,373 crore in FY23, before falling to Rs 3,122 crore in FY24 and Rs 3,073 crore in FY25.
Despite the revenue contraction, boAt strengthened its financial position during FY26. Its return on capital employed (ROCE) improved to 15.2%, up from 11.5% in FY25. The company ended the fiscal year with around Rs 397 crore in cash reserves and zero bank debt.
The company also improved its working-capital and cost metrics. Inventory declined around 10% to Rs 294 crore from Rs 326 crore, while trade receivables remained broadly stable at approximately Rs 255 crore. Warranty expenses fell nearly 30%, from Rs 82.6 crore in FY25 to Rs 57.5 crore in FY26.
At the segment level, boAt’s wearables business turned profitable, reporting Rs 7 crore in segment profit in FY26 compared with a Rs 54 crore loss in FY25. Its other segment, which includes charging solutions, cables and gaming, saw segment profit rise from Rs 14 crore to Rs 46 crore.
Audio remains boAt’s core business, but the company is expanding beyond its traditional categories. Under its “boAt 2.0” strategy, it plans to enter projectors, personal grooming, charging solutions and other lifestyle technology products.
International expansion is also emerging as a growth opportunity. boAt’s overseas revenue more than doubled to Rs 45 crore in FY26, compared with around Rs 20 crore in the previous fiscal year.
Commenting on the results, CEO Gaurav Nayyar said boAt strengthened its financial position, with PAT rising 38%, ROCE reaching 15.2%, and cash reserves at around Rs 397 crore with zero bank debt. He also highlighted wearables and newer categories as emerging growth and profit drivers.
Meanwhile, boAt continues to prepare for its public-market ambitions. In October last year, it filed an updated DRHP with SEBI, reducing its proposed IPO size to Rs 1,500 crore from Rs 2,000 crore. The issue comprises a Rs 500 crore fresh issue and a Rs 1,000 crore OFS.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
