Ahead of its planned IPO, wearable and audio brand BoAt has reported a sharp acceleration in domestic manufacturing, transitioning 75.83% of total production to India in Q1FY26, up from 39.65% in FY23. As of June 30, 2025, the company has manufactured over 75 million units in the country, according to its updated draft red herring prospectus filed with SEBI.
Manufacturing Backbone Scales Rapidly
BoAt produced 6.36 million units in India in the three months ended June 30, 2025, compared with 4.42 million units in the same period last year. This growth reflects its expanding India-first supply chain anchored by its joint venture with Dixon Technologies — Califonix Tech and Manufacturing Pvt Ltd — and a broad network of contract manufacturers.
Califonix, the centrepiece of BoAt’s bluetooth-enabled audio manufacturing, accounted for 37.46% of overall volumes in Q1FY26 with 3.19 million units. In FY25, it manufactured 13.44 million units, operating at 44.80% utilisation, up from 29.03% in FY24.
Localisation Moves Beyond Assembly
BoAt has deepened localisation into critical components such as PCBs, batteries, plastics and straps, expecting 15–20% duty savings versus importing finished goods. As of June 30, 2025, the company had localised a majority of PCB supply volumes, with trials underway for additional components.
This shift enhances cost competitiveness, strengthens supply continuity and shortens lead times — critical advantages in fast-turnover categories like wearables and audio.
A Controlled Manufacturing Model for Speed and Quality
BoAt retains control over product design, engineering standards and component customisation, working closely with suppliers to develop chipsets and PCBs to spec. This integrated approach supports rapid product iterations, stringent quality oversight and reduced warranty costs.
Policy Tailwinds Reinforce Domestic Expansion
National programs including Make in India, the Phased Manufacturing Programme, and PLI schemes have accelerated capacity building across electronics. As of March 2025, PLI investments exceeded ₹1.76 trillion with cumulative production crossing ₹16.50 trillion, signalling a sector-wide pivot to domestic manufacturing.
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