MAM
Boult tunes into success with record growth in India’s wearables market
MUMBAI: Boult is turning up the volume in India’s wearables market, emerging as the fastest-growing brand in the True Wireless Stereo (TWS) segment. According to the latest International Data Corporation (IDC) report, Boult recorded an impressive 52 per cent growth in shipments, even as the overall wearables market faced an 11.3% year-on-year (YoY) decline. The brand’s market share rose from 9.7 per cent in 2023 to 12.9 per cent in 2024, solidifying its position as India’s leading homegrown TWS brand.
Despite a tough landscape where smartwatch shipments plunged by 34.4 per cent and earwear grew only 3.8 per cent YoY, Boult defied the trend with double-digit growth. The brand’s total market share increased from 6.9 per cent (CY23) to 8.6 per cent (CY24), while its TWS market share jumped from 10.7 per cent to 13.0 per cent, reflecting a 32.8 per cent YoY growth.
Boult founder Varun Gupta remarked, “Our success in the TWS and wearables segment is a result of our unwavering focus on innovation, design, and quality. We are committed to offering top-tier technology at accessible price points while continuing to strengthen our presence in India’s manufacturing ecosystem.”
Boult’s financial performance also hit high notes, with Rs 600 crore in revenue for 2024-25 and projections to surpass Rs 800 crore in the current fiscal year. Its Gross Merchandise Value (GMV) has crossed Rs 1,000 crore, reinforcing its strong consumer demand and market influence. Strengthening its premium positioning, the Boult x Mustang collaboration has fuelled a 10 per cent market share rise in the Rs 1,500 – Rs 2,000 TWS segment.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
