Consumer Electronics

2 audited teardowns. Data first, narratives last.

Fintech (24)D2C (12)E-commerce (7)Consumer (3)Direct-to-Consumer (3)EdTech (3)Mobility (3)NBFC (3)Audio Streaming (2)Consumer Electronics (2)Diagnostics (2)F&B (2)Healthcare (2)Insurtech (2)P2P Lending (2)Quick Commerce (2)Auto-Tech (1)B2B (1)B2B Seafood (1)E-pharmacy (1)Edtech (1)Entertainment (1)Furniture Rental (1)Health & Wellness (1)Health Tech (1)Hospitality (1)Logistics (1)Manufacturing Marketplace (1)Payments (1)Rental Marketplace (1)Roll-Up (1)SaaS (1)Silver Jewelry (1)Social Media (1)Used Car Marketplace (1)Wealth Management (1)

Noise

Noise Made ₹2 Cr Profit. Generated ₹176 Cr Cash. Revenue Fell 24%.

Noise (Nexxbase Marketing Private Limited) reported ₹2.17 Cr profit in FY2025 on ₹1,048 Cr revenue, down 24% from FY2024. The profit came from cutting advertising by ₹107 Cr and unwinding ₹159 Cr in inventory. Operating cash flow was +₹176 Cr, compared to –₹76 Cr the year before. The PAT is thin. The cash story is not.

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boAt

boAt Cut Its Way to Profit. Revenue Still Hasn't Recovered.

boAt posted ₹64 Cr profit in FY2025, its first profitable year since FY2022. But revenue at ₹3,063 Cr is below the FY2023 peak of ₹3,258 Cr. The profit did not come from growth. It came from finance costs cut 67%, gross margins up from 26% to 29%, and operating expenses reduced ₹28 Cr. All long-term debt is cleared. IPO preparations were confirmed in the secretarial audit.

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