boAt sells 1 in 3 earphones in India but earns only one in four rupees

According to its IPO filing, boAt holds about 34% of India's branded personal audio market by volume but only 26% by value. That gap says a lot about the price points it wins on. It made ₹3,070 Cr in FY25 and returned to profit, but revenue barely moved from the year before, and wearables fell from ₹901 Cr to ₹330 Cr in two years.


boAt still spent ₹390 Cr on advertising in FY25 and has set aside another ₹150 Cr of IPO money for marketing, just as Boult and cheaper Chinese brands take share in earbuds. This report looks at what buyers compare before choosing boAt and how often durability and warranty come up in reviews. It also finds which ads still move people who already own a pair.

• Why boAt wins on volume but earns less on value

• What reviews say about durability and after-sales service

• How Boult and Noise are winning the budget earbud buyer