Audio and wearables brand boAt has entered Sri Lanka and Bhutan with personal audio products, smartwatches and charging solutions as part of its international expansion strategy. According to reports from Business Standard, the company's international revenue has more than doubled in FY26, with overseas revenue reaching ₹45 crore compared to about ₹20 crore in the previous year. This represents approximately 1.5% of boAt's total revenue from operations of ₹2,931 crore, which fell about 5% from ₹3,073 crore in FY25. The international business is still small but represents a significant growth driver for the company's global ambitions.
In FY26, boAt achieved a key milestone with its wearables business turning profitable, moving from a segment loss of about ₹54 crore to a segment profit of about ₹7 crore. As reported by Business Standard, the company's emerging categories, including charging solutions, contributed to 'a growing profit pool beyond the core audio portfolio'. The segment that includes charging solutions, cables and gaming grew its profit to about ₹46 crore from ₹14 crore, while profit after tax rose 38% to ₹84.5 crore in FY26 from ₹61.1 crore in FY25. The company ended FY26 with about ₹397 crore in cash and zero bank debt.
According to Business Standard, boAt will expand its product range in each market over time, based on local consumer preferences, category opportunities and market response. The two new markets add to the company's existing international presence across Southeast Asia and the Gulf Cooperation Council (GCC) region, with the UAE and Saudi Arabia being its main Gulf markets. CEO Gaurav Nayyar emphasized that international expansion is about building market by market understanding and creating relevance in each geography, stating that "For us, international expansion is not about putting the same products on more shelves. It is about building market by market, understanding local consumers and creating relevance in each geography."
Despite international growth, boAt faces challenges in its domestic market, where India's wearable shipments fell 7.4% year-on-year to 24.7 million units in the April-June quarter, according to IDC's India Monthly Wearable Device Tracker. Earwear, the largest category, fell 9.1% to 18 million units, while smartwatch shipments stood at 6.4 million units. The market had already contracted 4% in 2025 to 114.2 million units, its second straight annual decline. However, boAt has gained market share, with its share of India's wearable shipments rising to 29.2% in the April-June quarter from 28% a year earlier, even as its shipments fell 3.4%.
As reported by Business Standard, boAt's parent, Imagine Marketing, filed updated draft papers with SEBI in October 2025 for a ₹1,500 crore IPO, comprising a fresh issue of ₹500 crore and an offer for sale of ₹1,000 crore. This represents the company's second attempt at listing, following a deferred ₹2,000 crore IPO plan filed in January 2022. The company plans to deepen its presence in existing international markets while selectively evaluating new geographies across South Asia, Southeast Asia, the GCC and other high-potential markets. Its in-house R&D centre, boAt Labs, has more than 100 engineers supporting the expansion strategy.
