Results · Commerce & Consumer Brands

Noise revenue falls 24% in FY25

By Startup Enthusiast · 8 February 2026

What they do

Noise sells smartwatches, wireless earphones, and speakers online

Its FY25 revenue dropped 24% to Rs 1,048 crore; net profit was Rs 3.2 crore

The company cut marketing spend by 37% and remained EBITDA positive at Rs 18 crore

Noise reported its financial results for the fiscal year ending March 2025 (FY25).
Revenue from operations declined 24% to Rs 1,048 crore from Rs 1,384 crore in FY24.
Net profit was Rs 3.2 crore, aided by a Rs 47 crore deferred tax gain (a tax benefit that reduces future tax liability).
Total expenditure fell 25% to Rs 1,067 crore from Rs 1,417 crore in FY24.
Cost of material procurement was Rs 725 crore, making up 68% of total expenditure.
Employee benefit expenses were Rs 71 crore, including Rs 6.5 crore in ESOP costs (employee stock option plan expenses).
Marketing and advertising spend dropped 37% to Rs 180 crore.
EBITDA (earnings before interest, tax, depreciation, and amortisation) was positive at Rs 18 crore, giving an EBITDA margin of 1.67%.

Noise spent Rs 1.02 to earn every rupee of revenue in FY25, showing tight unit economics.
Return on capital employed (ROCE) was 7.31%.
The company had total current assets of Rs 467 crore, including Rs 81 crore in cash and bank.
Noise was bootstrapped (self-funded) until Bose invested $10 million in December 2023 and another $20 million in April 2025 at a $470 million valuation.
Competitor boAt reported FY25 operating revenue of Rs 3,073 crore and net profit of Rs 60 crore, and filed for an IPO.

Noise sells smartwatches, wireless earphones, and speakers through e-commerce platforms and its own website.
It holds a significant share of the Indian smartwatch market.
In FY25, income from sale of wearables was its sole operating revenue source.

Product: Portfolio of audio products and wearables including earbuds, smartwatches, and connected fitness devices
Customers: Tech-savvy consumers in India seeking affordable premium audio and wearable technology
How it makes money: D2C consumer electronics brand with global expansion strategy and partnerships with major retailers
What sets it apart: Made in India positioning with global quality standards and strategic partnerships including Bose Corporation
Operations: Operating revenue of Rs 1430 crore with GCC region expansion and presence in Virgin Mega Stores