Micromax-promoted electronics manufacturer plans to build India’s leading electronics design platform as it expands into IT hardware, automotive electronics and semiconductor-linked technologies
Bhagwati Products has crossed the Rs 17,000 crore revenue milestone, marking a major achievement in its growth journey as the company accelerates its transformation from a large-scale electronics manufacturer into an integrated electronics design and technology platform.
The milestone comes amid a period of rapid expansion for the company, with revenues rising nearly tenfold from approximately Rs 620 crore in FY24 to Rs 6,200 crore in FY25. The company attributed the growth to its expanding manufacturing footprint, strong presence in the smartphone ecosystem and increasing participation across multiple segments of the electronics value chain.
Smartphone Manufacturing Remains Core Growth Driver
Bhagwati Products currently has the capacity to manufacture up to 40 million smartphones annually and serves global brands including Vivo, OPPO and Lenovo. The smartphone segment continues to be the company’s largest revenue contributor.
The company said recent investments in Surface Mount Technology (SMT) and Final Assembly, Testing and Packaging (FATP) lines have significantly enhanced production capacity, enabling greater throughput and operational flexibility. In addition to smartphones, Bhagwati Products is expanding into adjacent categories such as tablets and true wireless stereo (TWS) devices.
Focus Shifts Towards Design and Engineering
The company is increasingly focusing on building capabilities beyond contract manufacturing. Its strategy centres on developing expertise across design, engineering, components and advanced manufacturing to create a more integrated electronics ecosystem.
Rahul Sharma, Co-Founder of Bhagwati Products, said the company’s long-term ambition is to build India’s leading electronics design platform by combining manufacturing scale with deep technology, engineering and product development capabilities.
According to Sharma, India’s next opportunity lies in strengthening domestic capabilities across design, engineering and component manufacturing while enabling global brands to scale from India and strengthening the country’s role in the global electronics supply chain.
Huaqin Partnership Boosts Expansion
A key driver of Bhagwati Products’ growth has been its joint venture with Huaqin Technology, under which the Indian company holds a 51 per cent stake. The partnership has helped strengthen product development, engineering and manufacturing capabilities while supporting rapid scaling across smartphones and connected devices.
The collaboration also contributed significantly to the company’s FY25 growth trajectory and reinforced its transition towards a more technology-driven and design-oriented business model.
New Growth Engines Emerge
Looking ahead, Bhagwati Products is preparing to establish a stronger presence in IT hardware and computing, which it identifies as a significant near-term growth opportunity. The company is also exploring expansion into automotive electronics, a sector expected to benefit from the increasing digitisation and electrification of vehicles.
In parallel, Bhagwati Products is evaluating investments in memory technologies, tooling, deep-tech ventures and semiconductor-linked opportunities as part of its strategy to increase domestic value addition and strengthen India’s electronics manufacturing ecosystem.
Building a Broader Electronics Platform
Founded in 2010 by the promoters of Micromax Informatics, Bhagwati Products has grown into one of India’s leading electronics and telecommunications manufacturing companies. The firm operates four manufacturing facilities across Greater Noida, Hyderabad, Bhiwadi and Rudrapur and employs more than 6,000 people.
As India seeks to move up the global electronics value chain, Bhagwati Products aims to position itself not merely as a contract manufacturer but as a broader electronics platform spanning design, engineering, manufacturing, components, memory technologies and semiconductor-linked capabilities.
The Rs 17,000 crore revenue milestone, the company said, reflects both the scale it has achieved and the foundation being laid for its next phase of growth in India’s rapidly evolving electronics sector.
