amit@unlistedkraft.in
+91-9599071664
+91-9599071664
BOAT Unlisted Shares
DRHP Status : Not Filed
1000
Fundamentals About BOAT
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Key Financials of BOAT
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2873 | 3377 | 3104 | 3073 |
| Cost of Material Consumed | 2591 | 2527 | 2263 | 2070 |
| Change in Inventory | -245 | 84 | 32 | 105 |
| Gross Margins | 18.34 | 22.68 | 26.06 | 29.22 |
| Employee Benefit Expenses | 56 | 99 | 97 | 135 |
| Other Expenses | 341 | 748 | 715 | 663 |
| EBITDA | 130 | -81 | -3 | 100 |
| OPM | 4.52 | -2.4 | -0.1 | 3.25 |
| Other Income | 12 | 21 | 18 | 42 |
| Finance Cost | 34 | 78 | 63 | 28 |
| D&A | 9 | 25 | 22 | 40 |
| EBIT | 121 | -106 | -25 | 60 |
| EBIT Margins | 4.21 | -3.14 | -0.81 | 1.95 |
| PBT | 99 | -163 | -70 | 75 |
| PBT Margins | 3.45 | -4.83 | -2.26 | 2.44 |
| Tax | 30 | -34 | -17 | 14 |
| PAT | 69 | -129 | -53 | 61 |
| NPM | 2.4 | -3.82 | -1.71 | 1.99 |
| EPS | 7.19 | -13.44 | -5.52 | 6.35 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 4.52 | -2.4 | -0.1 | 3.25 |
| Net Profit Margin | 2.4 | -3.82 | -1.71 | 1.99 |
| Earning Per Share (Diluted) | 7.19 | -13.44 | -5.52 | 6.35 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 2.8 | 155 | 63 | 127 |
| CWIP | 14 | 8 | 0 | 2.2 |
| Investments | 32 | 30 | 325 | 115 |
| Trade Receivables | 323 | 276 | 150 | 255 |
| Inventory | 554 | 470 | 429 | 326 |
| Other Assets | 1060.2 | 1213 | 738 | 755.8 |
| Total Assets | 1986 | 2152 | 1705 | 1581 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 9.6 | 9.6 | 9.6 | 9.6 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | 592 | 449 | 462 | 461 |
| Borrowings | 921 | 1236 | 860 | 565 |
| Trade Payables | 219 | 259 | 217 | 371 |
| Other Liabilities | 244.4 | 198.4 | 156.4 | 174.4 |
| Total Liabilities | 1986 | 2152 | 1705 | 1581 |
About Company
Boat (Imagine Marketing Services Pvt. Ltd.) is an India-based consumer electronics company incorporated in November 2013. It focuses on designing, marketing, and selling lifestyle electronics such as audio devices, wearables, and accessories. Co-founded by Aman Gupta and Sameer Mehta, Boat has built a strong brand identity through influencer marketing, celebrity collaborations, and partnerships with major sports franchises and festivals.
The company is known for its customer-centric, design-led product ecosystem that includes wireless earbuds, smartwatches, headphones, speakers, and mobile accessories. The brand has gained massive traction among young Indian consumers, popularly known as “boAtheads.” Boat’s business growth is significantly driven by online marketplaces, with nearly 85% of sales coming from platforms like Amazon and Flipkart. It has also been expanding its offline presence, now available in 23,000+ retail stores through a wide distribution network.
Boat has consistently dominated the Indian hearables and wearables market. As per the RedSeer Report (Q2 FY22), Boat ranked #1 in wireless hearables (by value and volume) and #2 in smartwatches (by volume). The company continues expanding internationally across UAE, Nepal, and Southeast Asia, targeting regions with high Indian diaspora presence.
Challenges
The following are the challenges faced by Boat:
- Heavy dependence on online marketplaces (Amazon & Flipkart contributing ~85% of sales) creates platform-related risk.
- Need to diversify distribution to reduce reliance risk.
- High competition in wearables and hearables with brands like Noise, OnePlus, Realme, Xiaomi, and Samsung.
- Pricing pressure due to low-margin hardware markets.
- Rapid product refresh cycles increase R&D and inventory risks.
Quick Summary
The following is a snapshot of the most important facts about Boat:
- India’s leading lifestyle electronics brand with strong youth appeal.
- Dominates the wireless hearables market with 48% volume share (Q2 FY22).
- Holds 23% smartwatch volume share, ranking #2 in India (Q2 FY22).
- Strong online-first model with 85% marketplace-driven sales.
- Large offline presence across 23,000 stores, supported by 51 distributors & 180+ sub-distributors.
- Expanding globally in UAE, Nepal & SE Asia.
- Market capitalization estimated at ₹11,000 crore based on CMP ₹850 (as of Dec 2022).
- Over 13.54 crore outstanding shares post-preference conversion (as per DRHP).
Shareholding Pattern of BOAT
| Name | Holding |
|---|---|
| Sameer Mehta | 39.91% |
| Aman Gupta | 39.91% |
| South Lake Investment Ltd | 19.25% |
| Others | 0.93% |
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Frequently Asked Questions
Boat designs and markets lifestyle consumer electronics including audio devices, wearables, smartwatches, speakers, and accessories. It is one of India’s leading D2C brands.
Boat is known for strong revenue growth and consistent market leadership in hearables and smartwatches. Detailed FY19–FY24 financials were not provided, but industry reports show aggressive market expansion.
Investors can buy Boat unlisted shares through trusted private marketplaces like UnlistedKraft, which facilitates safe, transparent, and verified transactions.
Boat’s heavy dependence on Amazon & Flipkart poses concentration risk. The industry is also highly competitive with thin margins.
As of December 2022, Boat’s unlisted share price was ₹850, giving it an estimated valuation of ₹11,000 crore. Updated valuation may vary based on market demand and new funding rounds.
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