BoAT Unlisted Share Price (Imagine Marketing)
(i) BoAt (“Imagine Marketing Services Pvt. Ltd.”) is a privately owned corporation established in India in November 2013. BoAt markets various audio products, including earphones and headphones. It also manufactures travel chargers and premium rugged cables.
(ii) Co-founded by Aman Gupta and Sameer Ashok Mehta. Noteworthy products BoAT Unlisted Shares include the following:
- a) Wireless earbuds
- b) Tethered wireless earbuds
- c) Wireless headphones
- d) Wired headphones and earbuds
- e) Smart watches
- f) Portable wireless speakers
- g) Home audio equipment
- h) Mobile accessories
- g) Special editions: BoAt advertises its products both through influencer marketing and co-branding with sports teams and public events.
Its brand influencers, termed “BoATheads,” are Indian singers Neha Kakkar and rapper Naved Shaikh (popularly known as Naezy) and athletes such as cricketers Hardik Pandya and Shreyas Iyer. The company has done brand tie-ups with sports teams such as Chennai Super Kings and Mumbai Indians. BoAt has also co-branded its audio devices with massive music festivals like Sunburn and large-scale events like Lakmé Fashion Week.
(iii) As of September 30, 2021 (for Q2FY 2022), BoAt ranked first in India amongst wireless hearables brands (both by value and volume) and second in India’s smartwatch market in terms of volume (Source-RedSeer Report). In addition to this, BoAt’s market shares for both wireless hearables and smartwatches have increased consistently, and as of September 30, 2021, their respective volume shares in the branded wireless hearables and smartwatch markets were 48% and 23%; whereas by value, those shares were 30% and 13%, respectively (Source-RedSeer Report).
Valuation
As of January 26, 2022, which is the day the Draft Red Herring Prospectus (DRHP) was filed, the total outstanding equity shares of Boat, after the conversion of the preference shares, is stated to be approximately 13.54 crores. On December 3, 2022, the current market price (CMP) payable for Boat’s unlisted shares is Rs. 850 per share, giving it a market capitalization of approximately Rs. 11,000 crores. After the filing of the DRHP, Boat has raised further funding, which is likely to further increase the valuation, on account of the increase in the number of shares.
Fundamentals
Per Equity Share
Financial
P&L Statement
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1314 | 2873 | 3377 | 3104 |
| Cost of Material Consumed | 1255 | 2591 | 2527 | 2263 |
| Gross Margins | 4.49 | 9.82 | 25.17 | 27.09 |
| Change in Inventory | -234 | -245 | 84 | 32 |
| Employee Benefit Expenses | 15 | 56 | 99 | 97 |
| Other Expenses | 151 | 341 | 748 | 715 |
| EBITDA | 127 | 130 | -81 | -3 |
| OPM | 9.67 | 4.52 | -2.4 | -0.1 |
| Other Income | 7 | 12 | 21 | 18 |
| Finance Cost | 12 | 34 | 78 | 63 |
| D&A | 3 | 9 | 25 | 22 |
| EBIT | 124 | 121 | -106 | -25 |
| EBIT Margins | 9.44 | 4.21 | -3.14 | -0.81 |
| PBT | 118 | 99 | -163 | -70 |
| PBT Margins | 8.98 | 3.45 | -4.83 | -2.26 |
| Tax | 32 | 30 | -34 | -17 |
| PAT | 86 | 69 | -129 | -53 |
| NPM | 6.54 | 2.4 | -3.82 | -1.71 |
| EPS | 9.2 | 7.19 | -13.44 | -5.52 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 9.67 | 4.52 | -2.4 | -0.1 |
| Net Profit Margin | 6.54 | 2.4 | -3.82 | -1.71 |
| Earning Per Share (Diluted) | 9.2 | 7.19 | -13.44 | -5.52 |
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 1.7 | 2.8 | 155 | 63 |
| CWIP | 0 | 14 | 8 | 0 |
| Investments | 2 | 32 | 30 | 325 |
| Trade Receivables | 75 | 323 | 276 | 150 |
| Inventory | 309 | 554 | 470 | 429 |
| Other Assets | 290.3 | 1060.2 | 1213 | 738 |
| Total Assets | 678 | 1986 | 2152 | 1705 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 9.35 | 9.6 | 9.6 | 9.6 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | 455 | 592 | 449 | 462 |
| Borrowings | 41 | 921 | 1236 | 860 |
| Trade Payables | 120 | 219 | 259 | 217 |
| Other Liabilities | 52.65 | 244.4 | 198.4 | 156.4 |
| Total Liabilities | 678 | 1986 | 2152 | 1705 |
Cash-Flow Statement
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 118 | 99 | -164 | -71 |
| OPBWC | 172 | 265 | -5 | 92 |
| Change in Receivables | -19 | -242 | 22 | 126 |
| Change in Inventories | -250 | -251 | 51 | -44 |
| Change in Payables | 87 | 68 | 39 | -39 |
| Other Changes | -99 | -160 | -161 | 269 |
| Working Capital Change | -281 | -585 | -49 | 312 |
| Cash Generated From Operations | -109 | -320 | -54 | 404 |
| Tax | -33 | -49 | -10 | -4 |
| Cash Flow From Operations | -142 | -369 | -64 | 400 |
| Purchase of PPE | -5 | -14 | -23 | -35 |
| Sale of PPE | 0 | 0 | 0 | 8 |
| Cash Flow From Investment | -7 | -632 | -75 | -40 |
| Borrowing | -9 | 879 | 188 | -377 |
| Divided | 0 | 0 | 0 | 0 |
| Equity | 0 | 2.9 | 0.3 | 0.7 |
| Others From Financing | 280 | 13 | 37.7 | -69.7 |
| Cash Flow from Financing | 271 | 894.9 | 226 | -446 |
| Net Cash Generated | 122 | -106.1 | 87 | -86 |
| Cash at the Start | 6 | 165 | 60 | 139 |
| Cash at the End | 128 | 58.9 | 147 | 53 |
Share Holding Pattern
Peer Ratio
| Particulars (cr) | Revenue (Fy24) | EPS (FY24) | Mcap (21.10.24) | P/E (21.10.24) |
| NSE | 14780 | 34 | 470250 | 55x |
| BSE | 1592 | 57 | 57203 | 96x |
