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boAt is likely to delay its ₹1,500 crore IPO until India sales stop shrinking, as overseas stays small.

For operators

boAt's overseas revenue more than doubled to Rs 45 crore but is only about 1.5% of its Rs 2,931 crore revenue, so for retailers the core India wearables business, where shipments fell 7.4% in April-June, still decides how much range and promotion support it gets.

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Overseas share of revenue above the 1.5% reported for FY26, at the next annual results, would mean new markets are scaling and offsetting India's decline.

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What else has BoAt done in the last three months?

The report, : boAt enters Sri Lanka and Bhutan as overseas revenue more than doubles to Rs 45 crore before IPO

boAt's overseas revenue rose from about Rs 20 crore a year earlier but is still only about 1.5% of its FY26 revenue of Rs 2,931 crore, which fell about 5%. Its Rs 1,500 crore IPO has no announced dates.

Overseas revenue, FY25 vs FY26, beside Rs 2,931 crore total FY26 revenue
FY25 overseas revenueabout Rs 20 crore
FY26 overseas revenueRs 45 crore
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  • The Stack: Rs 21.5 crore seed
  • Foundry: Rs 12 crore raised

Reported figures

From the report. Source details below

FY26 profit after tax: Rs 84.5 crore
India wearable shipments Apr-Jun decline: 7.4%
boAt share of India wearable shipments Apr-Jun: 29.2%
boAt share of earwear market: 34.7%

What to track next

  • Next quarterly India wearable shipment data and boAt's share against its 29.2%
  • Any IPO filing, updated draft papers or listing dates for the ₹1,500 crore issue
  • Launch dates and distributor names for boAt in Sri Lanka and Bhutan
  • Rival pricing or promotions in wearables over the next two quarters

Likely next moves

Our read of what comes next — analysis, not reported by the source.

  • boAt is likely to add more small South Asian markets through local distributors rather than company-run operations.
  • boAt will more likely than not hold the ₹1,500 crore IPO until its India revenue trend turns, rather than list on overseas growth.
  • Rivals in Indian wearables may discount harder to win share as shipments fall, which would test boAt's 29.2% share.
  • boAt may lean on its ₹84.5 crore profit in investor conversations to offset the roughly 5% revenue decline.
  • Expect boAt to cite the overseas doubling in IPO material, while its small size limits how much weight it can carry.

The source

Source Read the source at Financial Express

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