Bootstrapped wearables brand GoBoult Audio delivered a sharp improvement in profitability in FY25, even as India’s broader wearables market slowed after years of hyper growth. While several large players reported flat or declining topline performance, GoBoult managed to post double digit revenue growth alongside a tenfold jump in net profit.
According to its filings with the Registrar of Companies (RoC), GoBoult’s revenue from operations rose 10% year-on-year to ₹763 crore in FY25 from ₹697 crore in FY24. Though growth moderated compared to the previous fiscal, sustaining expansion in a cooling market highlights the company’s disciplined approach.
Cost Control Drives Margin Expansion
Founded in 2017, GoBoult designs and sells wireless earbuds, headphones, smartwatches, and speakers, with product sales forming its sole revenue stream.
Material costs remained the largest expense component, accounting for 53% of total expenditure. However, these costs declined 2.7% to ₹391 crore in FY25 from ₹402 crore in FY24, aided by improved procurement efficiency and supply chain optimisation.
Employee benefit expenses increased 29.6% to ₹35 crore, while advertising and promotional spending rose 9.3% to ₹177 crore. After factoring in freight, rent, legal, post supply discounts, and other overheads, total expenses stood at ₹731 crore for the year.
Despite moderate revenue growth, tighter cost management significantly boosted the bottom line. GoBoult’s net profit surged nearly 10X to ₹24 crore in FY25 from ₹2.5 crore in FY24. The company reported an EBITDA margin of 6.6% and spent ₹0.96 to earn one rupee of revenue during the fiscal year.
Profitability Over Scale in a Maturing Market
Notably, GoBoult has remained unfunded in a segment where venture backed competitors aggressively scaled in earlier years. Its FY25 numbers reflect a clear pivot in the wearables industry from growth at all costs to sustainable profitability.
In comparison, boAt reported flat revenue of ₹3,073 crore in FY24 with ₹60.4 crore in profit, while Noise saw a 24% decline in revenue to ₹1,048 crore but managed to post a modest profit after restructuring costs.
The broader takeaway is evident: India’s wearables market is entering a consolidation phase. Companies that prioritise margin protection, cost efficiency, and sustainable demand are likely to outperform those chasing rapid scale.
GoBoult’s FY25 performance underscores this shift. Growth may have stabilised, but profitability has strengthened an increasingly critical metric in a more disciplined consumer tech landscape.
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