Imagine Marketing Ltd (Boat)

₹1,420 - ₹1,628

Platform	Last Traded Price	Min Quantity
★★★★☆	₹1,420	10
★★★★★☆	₹1,450	10
★★★★★	₹1,450	10
★★★★★☆	₹1,500	10
★★★★☆	₹1,500	10

★★★★☆

LTP:₹1,420

Min Qty:10

★★★★★☆

LTP:₹1,450

Min Qty:10

★★★★★

LTP:₹1,450

Min Qty:10

★★★★★☆

LTP:₹1,500

Min Qty:10

★★★★☆

LTP:₹1,500

Min Qty:10

Strengths & Weaknesses

Strengths

Market Leader: boAt is a leading company in wearable technology, holding a 26% market share in the calendar year 2023, as reported by IDC India Monthly Wearable Device Tracker.

Brand Presence: boAt products are widely available online through their website and major e-commerce platforms like Amazon and Flipkart, and offline through partnerships with electronics and smartphone retailers.

Competitive Pricing: The company's products are crafted to be budget-friendly for the average Indian consumer, while seamlessly integrating contemporary design features.

Make in India: Currently, 70% of boAt products are made in India. The company aims to make 90 percent of its products in India in the coming future

Partnerships: boAt has partnered with Netflix, multiple IPL teams, and various musical festivals to promote its products.

Weaknesses

Falling Profitability: boAt incurred a loss of ₹129 Cr in FY23 on account of growing business development and advertising costs.

Price wars: boAt Lifestyle competes in a highly competitive market, with premium brands like JBL, Sony, and Sennheiser also lowering prices in India to attract a broader audience.

Rise of Noise: boAt’s market share fell from ~32% in CY22 to ~26% in CY23, where Noise’s market share increased from ~5% to ~11%, almost doubled.

Balance Sheet	FY23	FY22	FY21	FY20	FY19
Equity Capital	9.6	9.6	9.4	0.1	0.1
Reserves	448.7	581.5	454.8	0	38.1
Other Equity	10.9	10.9	0	72.1	0
Total Equity	469.2	601.9	464.2	72.2	38.1
Borrowings	503.1	0	0	13.5	0
Other Non-Current Liabilities	54.0	72.9	7.9	4.3	0.0
Total NC Liabilities	557.1	72.9	7.9	17.8	0.0
Borrowings	733.0	921.1	41.5	35.3	14.5
Other Current Liabilities	393.2	389.9	164.9	65.9	31.5
Total Current Liabilities	1,126.2	1,311.1	206.4	101.2	46.0
Equity + Liabilities	2,152.4	1,985.9	678.5	191.1	84.2
Fixed Assets (incl. WIP)	360.9	321.2	16.4	6.3	0.2
Other Non Current Assets	113.5	48.7	6.7	17.0	3.3
Total NC Assets	474.3	369.9	23.1	23.3	3.5
Trade Receivables	275.8	323.1	75.5	55.3	38.8
Cash & Cash Equivalents	218.0	340.4	144.4	7.3	0.0
Other Current Assets	1,184.3	952.5	435.4	112.8	41.9
Total Current Assets	1,678.1	1,616.0	655.3	175.4	80.7
Total Assets	2,152.4	1,985.9	678.4	198.7	84.2

Profit & Loss	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	3,376.8	2,872.9	1,313.8	700.4	239.4
Growth %	18%	119%	88%	193%	0
Operating Expenses	3,462.9	2,744.0	1,187.1	628.7	226.3
Growth %	26%	131%	89%	178%	0
Operating Profit	-86.1	128.9	126.7	71.7	50.9
Op. Profit Margin %	-2.6%	4.5%	9.6%	10.2%	21.3%
Other Income	26.4	13.5	6.6	3.7	1.3
Finance Costs	78.4	34.6	11.9	8.5	1.9
Depreciation	25.6	9.1	3.2	0.3	0.2
Profit Before Tax	-163.7	98.8	118.2	66.6	50.1
Tax	-34.3	30.1	31.7	17.0	3.7
Tax %	21%	30%	27%	26%	7%
Profit After Tax	-129.5	68.7	86.5	49.5	8.7
Growth %	-288%	-21%	75%	469%	0
PAT %	-4%	2%	7%	7%	4%
Diluted EPS (FV of ₹1 per share)	10.5	5.8	7.9	898.2	162.5

Shareholding Pattern

Color	Shareholder	Holding
	Sameer Mehta	39.93%
	Aman Gupta	39.93%
	South Lake Investments	19.26%
	Others	0.88%

Fundamentals

Quick Insights

Market Leader: boAt is a leading company in wearable technology, holding a 26% market share in the calendar year 2023, as reported by IDC India Monthly Wearable Device Tracker. Brand Presence: boAt products are widely available online through their website and major e-commerce platforms like Amazon and Flipkart, and offline through partnerships with electronics and smartphone retailers. Competitive Pricing: The company's products are crafted to be budget-friendly for the average Indian consumer, while seamlessly integrating contemporary design features. Make in India: Currently, 70% of boAt products are made in India. The company aims to make 90 percent of its products in India in the coming future. Partnerships: boAt has partnered with Netflix, multiple IPL teams, and various musical festivals to promote its products.

Market Cap₹15,471.5 Cr

PE Ratio153.92

EPS₹10.46

Dividend Yield-

Book Value₹48.8 Cr

Debt/Equity2.63

Price/Book32.99

Price/Sales-

Industry PE-

Sales-

Profit After Tax-

Share Capital-

Shares Outstanding-

ISININE03AV01027

SectorElectronics

Symbol-

About Company

Imagine Marketing Limited owns the popular electronics brand boAt, which was founded by Aman Gupta and Sameer Mehta in 2013.

Quick Insights

Market Leader: boAt is a leading company in wearable technology, holding a 26% market share in the calendar year 2023, as reported by IDC India Monthly Wearable Device Tracker. Brand Presence: boAt products are widely available online through their website and major e-commerce platforms like Amazon and Flipkart, and offline through partnerships with electronics and smartphone retailers. Competitive Pricing: The company's products are crafted to be budget-friendly for the average Indian consumer, while seamlessly integrating contemporary design features. Make in India: Currently, 70% of boAt products are made in India. The company aims to make 90 percent of its products in India in the coming future. Partnerships: boAt has partnered with Netflix, multiple IPL teams, and various musical festivals to promote its products.

Market Cap₹15,471.5 Cr

PE Ratio153.92

EPS₹10.46

Dividend Yield-

Book Value₹48.8 Cr

Debt/Equity2.63

Price/Book32.99

Price/Sales-

Industry PE-

Sales-

Profit After Tax-

Share Capital-

Shares Outstanding-

ISININE03AV01027

SectorElectronics

Symbol-

About Company

Imagine Marketing Limited owns the popular electronics brand boAt, which was founded by Aman Gupta and Sameer Mehta in 2013.

Strengths

Market Leader: boAt is a leading company in wearable technology, holding a 26% market share in the calendar year 2023, as reported by IDC India Monthly Wearable Device Tracker.

Competitive Pricing: The company's products are crafted to be budget-friendly for the average Indian consumer, while seamlessly integrating contemporary design features.

Make in India: Currently, 70% of boAt products are made in India. The company aims to make 90 percent of its products in India in the coming future

Partnerships: boAt has partnered with Netflix, multiple IPL teams, and various musical festivals to promote its products.

Weaknesses

Falling Profitability: boAt incurred a loss of ₹129 Cr in FY23 on account of growing business development and advertising costs.

Price wars: boAt Lifestyle competes in a highly competitive market, with premium brands like JBL, Sony, and Sennheiser also lowering prices in India to attract a broader audience.

Rise of Noise: boAt’s market share fell from ~32% in CY22 to ~26% in CY23, where Noise’s market share increased from ~5% to ~11%, almost doubled.

Annual Reports

FY FY

Balance Sheet	FY23	FY22	FY21	FY20	FY19
Equity Capital	9.6	9.6	9.4	0.1	0.1
Reserves	448.7	581.5	454.8	0	38.1
Other Equity	10.9	10.9	0	72.1	0
Total Equity	469.2	601.9	464.2	72.2	38.1
Borrowings	503.1	0	0	13.5	0
Other Non-Current Liabilities	54.0	72.9	7.9	4.3	0.0
Total NC Liabilities	557.1	72.9	7.9	17.8	0.0
Borrowings	733.0	921.1	41.5	35.3	14.5
Other Current Liabilities	393.2	389.9	164.9	65.9	31.5
Total Current Liabilities	1,126.2	1,311.1	206.4	101.2	46.0
Equity + Liabilities	2,152.4	1,985.9	678.5	191.1	84.2
Fixed Assets (incl. WIP)	360.9	321.2	16.4	6.3	0.2
Other Non Current Assets	113.5	48.7	6.7	17.0	3.3
Total NC Assets	474.3	369.9	23.1	23.3	3.5
Trade Receivables	275.8	323.1	75.5	55.3	38.8
Cash & Cash Equivalents	218.0	340.4	144.4	7.3	0.0
Other Current Assets	1,184.3	952.5	435.4	112.8	41.9
Total Current Assets	1,678.1	1,616.0	655.3	175.4	80.7
Total Assets	2,152.4	1,985.9	678.4	198.7	84.2

Profit & Loss	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	3,376.8	2,872.9	1,313.8	700.4	239.4
Growth %	18%	119%	88%	193%	0
Operating Expenses	3,462.9	2,744.0	1,187.1	628.7	226.3
Growth %	26%	131%	89%	178%	0
Operating Profit	-86.1	128.9	126.7	71.7	50.9
Op. Profit Margin %	-2.6%	4.5%	9.6%	10.2%	21.3%
Other Income	26.4	13.5	6.6	3.7	1.3
Finance Costs	78.4	34.6	11.9	8.5	1.9
Depreciation	25.6	9.1	3.2	0.3	0.2
Profit Before Tax	-163.7	98.8	118.2	66.6	50.1
Tax	-34.3	30.1	31.7	17.0	3.7
Tax %	21%	30%	27%	26%	7%
Profit After Tax	-129.5	68.7	86.5	49.5	8.7
Growth %	-288%	-21%	75%	469%	0
PAT %	-4%	2%	7%	7%	4%
Diluted EPS (FV of ₹1 per share)	10.5	5.8	7.9	898.2	162.5

Shareholding Pattern

Color	Shareholder	Holding
	Sameer Mehta	39.93%
	Aman Gupta	39.93%
	South Lake Investments	19.26%
	Others	0.88%

Board of Directors

Sameer Mehta Whole-Time Director & CEO

Aman Gupta Whole Time Director & CMO

Vivkek Gambhir NON-EXECUTIVE DIRECTOR, CHAIRMAN

Anish Saraf NON-EXECUTIVE DIRECTOR

Purvi Sheth NON-EXECUTIVE INDEPENDENT DIRECTOR

Aashish Kamat NON-EXECUTIVE INDEPENDENT DIRECTOR

Anand Ramamoorthy NON-EXECUTIVE INDEPENDENT DIRECTOR

Deven Waghani NON-EXECUTIVE INDEPENDENT DIRECTOR

Senior Management

Sameer Mehta COO

Aman Gupta CMO

Gaurav Nayyar COO

Rakesh Thakur CFO

Shreekant Sawant CS

Shashwat Singh CIO