At a time when India’s wearables market has moved beyond its hyper-growth phase, GoBoult Audio took a different route to maintain steady growth through tighter cost control. While established players such as boAt and Noise reported flat or declining revenue in FY25, GoBoult continued to grow, albeit at a slower pace than earlier.
According to its financial statements sourced from the Registrar of Companies, GoBoult’s revenue from operations increased 10% to Rs 763 crore in FY25 from Rs 697 crore in FY24. The growth is clearly more moderate compared to the sharp jump it recorded in FY24, but in the current market environment, even double-digit growth stands out.
On the cost side, material expenses, which are entirely import-dependent, continued to be the biggest component, accounting for 53% of the overall costs. However, this expense declined 2.7% to Rs 391 crore in FY25 from Rs 402 crore in FY24. Employee benefit expenses increased 29.6% to Rs 35 crore. Its Advertising and promotional expenses also rose 9.3% to Rs 177 crore. After accounting for post-supply discounts, freight, rent, legal, and other overheads, the company’s total expenditure stood at Rs 731 crore in FY25.
For comparison, boAt reported flat revenue of Rs 3,073 crore in FY24 but posted Rs 60.4 crore in profit. Noise, on the other hand, saw its revenue decline 24% to Rs 1,048 crore, though it managed to turn profitable with Rs 3.2 crore to show after cost cuts. The larger picture is clear, however The wearables market is no longer about chasing rapid scale at any cost. It is about protecting margins and building a sustainable business. GoBoult’s FY25 performance reflects that shift. Growth may have slowed, but profitability has strengthened, and in the current environment, that matters more.
About GoBoult
GoBoult (formerly Boult Audio) has been co-founded in 2017 by brothers Varun Gupta and Tarun Gupta. GoBoult Audio designs and sells wireless earbuds, headphones, smartwatches, and speakers. Revenue from the sale of these products remains its only source of income.