Bengaluru – 23rd June, 2026: Bhagwati Products Limited has crossed the Rs 17,000 crore revenue milestone, marking a significant step in the company’s growth journey and reflecting the momentum created by its expanding manufacturing footprint, strong position in the smartphone ecosystem, and growing capabilities across the electronics value chain. The milestone builds on a period of rapid growth for the company, with revenues increasing nearly tenfold from approximately Rs 620 crore in FY24 to Rs 6,200 crore in FY25, underscoring the pace at which the business has scaled over the past two years.
The smartphone business continues to be the company’s largest revenue driver. With the capacity to manufacture up to 40 million smartphones annually, Bhagwati Products serves leading global brands including Vivo, OPPO and Lenovo. The Rs 17,000 crore milestone has been supported by the continued expansion of its manufacturing capabilities, particularly the scale-up of SMT and FATP lines, enabling higher throughput and greater flexibility across product categories. Beyond smartphones, the company is steadily expanding its presence across adjacent categories such as tablets and TWS devices, strengthening its participation in fast-growing segments of the consumer electronics market.
The milestone also reflects Bhagwati Products’ evolution beyond large-scale manufacturing. The company is steadily building capabilities across design, engineering, components and advanced manufacturing, creating a more integrated electronics platform that supports both current growth opportunities and future technology categories.
Commenting on the milestone, Rahul Sharma, Co-Founder, Bhagwati Products Limited, said, “Our ambition is to build India’s leading Electronics Design Platform. We believe India’s opportunity lies not just in manufacturing products at scale, but in building deep capabilities in design, engineering, components and advanced manufacturing. By strengthening design-led innovation and integrating global technology capabilities into India, we aim to enable global brands to scale with confidence while positioning India as a stronger force in the global electronics value chain.”
The company has established capabilities across electronics manufacturing services (EMS), memory technologies and tooling. It is also evaluating opportunities in deep-tech and semiconductor-linked investments as part of its broader strategy to strengthen domestic value addition and build deeper capabilities across the electronics value chain.
The company’s partnership with Huaqin has been another important growth catalyst. Through its 51:49 joint venture with the global ODM leader, Bhagwati Products has strengthened its product development, engineering and manufacturing capabilities while enhancing its ability to scale alongside global brands. The partnership played a key role in supporting the company’s rapid ramp-up in FY25, when revenues grew tenfold to Rs 6,200 crore, and helped accelerate orders across smartphones and connected devices. Beyond supporting scale, the joint venture has also reinforced Bhagwati Products’ transition towards a more integrated electronics platform with stronger design and technology capabilities.
The company is now preparing to build a significant presence in IT hardware and computing, which it sees as a major near-term opportunity. Automotive electronics is expected to emerge as another key growth engine as vehicles become increasingly connected, software-driven and electronics intensive.
Looking ahead, as India’s electronics manufacturing landscape continues to evolve, Bhagwati Products is positioning itself not just as a high-scale manufacturer, but as a broader electronics platform with capabilities spanning design, engineering, manufacturing, components, memory, and semiconductor-linked technologies. The Rs 17,000 crore milestone reflects both the scale the company has achieved today and the foundation it is creating for its next phase of growth.
About Bhagwati Products Limited
Founded in 2010, Bhagwati Products Limited has grown alongside India’s rise as a digital and manufacturing powerhouse. Established by the promoters behind Micromax, the company played an important role in building the manufacturing capabilities that supported the rapid adoption of mobile phones and smartphones across the country, helping make technology more accessible to millions of Indians during a transformative phase of digital growth.
Today, Bhagwati Products is one of India’s leading electronics and telecommunications manufacturing companies, producing mobile phones, LED televisions, hearables, wearables and a wide range of consumer electronics. With four manufacturing facilities across Greater Noida, Hyderabad, Bhiwadi and Rudrapur, a workforce of over 6,000 employees, and the capacity to manufacture up to 40 million smartphones annually, the company has built significant scale and expertise across electronics manufacturing, engineering and operations.
As India’s ambitions evolve from technology consumption to technology creation, Bhagwati Products is helping drive the next phase of growth through investments in component manufacturing, product engineering and advanced technology capabilities. Through strategic initiatives such as its joint venture with Huaqin Technology and expansion into sectors including IT hardware, automotive electronics, data centres and robotics, the company is contributing to greater domestic value addition and strengthening India’s role in the global electronics value chain.
