Bhagwati Products Surges Past Rs 17,000 Crore Revenue, Signals India's Rise in Electronics Manufacturing

Bhagwati Products Surges Past Rs 17,000 Crore Revenue, Signals India's Rise in Electronics Manufacturing​

Bhagwati Products has achieved a significant financial milestone, crossing the ₹17,000 crore revenue mark. This rapid ascent is largely attributed to its strategic partnership with Huaqin, one of the world's largest original design manufacturers (ODMs). The achievement highlights the massive growth trajectory of the electronics contract manufacturing sector in India.

Exponential Growth and Revenue Milestone Achieved​

The company has demonstrated phenomenal scaling, boosting its revenues nearly tenfold. Bhagwati Products reported that revenue surged from approximately ₹620 crore in FY24 to ₹6,200 crore in FY25. This substantial growth is credited by the management to both manufacturing scale-up and the success of the partnership with Huaqin.

The company currently has a significant operational capacity, capable of manufacturing up to 40 million smartphones annually. Bhagwati serves major global brands including Vivo, Oppo, and Lenovo in this market segment. While smartphones remain its core business, the firm is steadily diversifying into adjacent categories like tablets and true wireless stereo (TWS) devices.

Strategic Expansion into Next-Gen Tech Segments​

Driven by these strong foundational numbers, Bhagwati Products is embarking on an aggressive expansion plan. The company is now pivoting beyond traditional smartphone assembly to target high-growth areas. These include the burgeoning IT hardware and computing sector.

Rahul Sharma, co-founder of the company, stated that the firm is determined to capture opportunities in automotive electronics. As vehicles become increasingly connected and software-driven, the demand for sophisticated electronic components is accelerating across the industry.

Bhagwati Products has strengthened its capabilities significantly. The firm now possesses expertise across electronics manufacturing services (EMS) and memory technologies. It is also actively evaluating opportunities in deep-tech and semiconductor-linked investments to deepen domestic value addition.

Leadership Boost and Commitment to Design Ecosystem​

In a pivotal move ahead of its planned IPO, Bhagwati Products has appointed Jerry Chen as the new Chief Executive Officer. Chen is a recognized manufacturing veteran with extensive experience across North America and Asia. His appointment signals a focus on strengthening the company's global partnerships and manufacturing capabilities.

Chen previously spent a decade working with Hi-P Group, a Singapore-headquartered contract manufacturer. Over his career, he has collaborated closely with leading global brands in consumer electronics and advanced manufacturing ecosystems.

Sharma emphasized the long-term vision of the company: to become India's leading electronics design platform. The goal is to move beyond assembly-led manufacturing by investing heavily in design, engineering, components, and advanced capabilities. This approach aims to boost India’s role in the global electronics supply chain.

IPO Plans and Future Market Valuation Targets​

Bhagwati Products has previously initiated preparations for a domestic Initial Public Offering (IPO). The company has enlisted several high-profile advisors, including ICICI Securities, Axis Capital, Kotak Mahindra Capital, IIFL Securities, and Goldman Sachs.

Industry sources suggest that the firm is targeting a valuation exceeding ₹20,000 crore during the IPO process. Bhagwati plans to raise upwards of ₹3,000 crore through the offering. The market entry for this IPO is currently targeted for FY27.

The joint venture with Huaqin remains a critical growth catalyst. It has helped accelerate orders across connected devices and strengthened product development and engineering capabilities within the company structure. Founded in 2010, Bhagwati operates manufacturing facilities spanning Greater Noida, Hyderabad, Bhiwadi, and Rudrapur.