Bhagwati Products, the contract manufacturing arm of Micromax, has crossed the ₹17,000 crore revenue milestone, marking a significant leap in its growth trajectory ahead of a planned public listing.
According to a report by Moneycontrol, the expansion has been largely fuelled by its joint venture with Chinese original design manufacturer (ODM) Huaqin, which has helped the company scale rapidly across multiple segments of the electronics manufacturing ecosystem.
The company is now extending its focus beyond smartphones into higher-value categories such as components, engineering services, and semiconductor-linked manufacturing.
Leveraging its strategic partnership with Huaqin, Bhagwati Products is actively planning to enter the IT hardware and computing segment, which it sees as a strong near-term growth driver amid rising demand for laptops, servers, and enterprise computing solutions.
In addition, the company is exploring opportunities in the automotive electronics space, where increasing vehicle digitisation and connected technologies are creating new demand for advanced electronic systems.
Rahul Sharma, co-founder of Bhagwati Products, said the company is aiming to position itself as a key player in India’s electronics design and manufacturing ecosystem, Moneycontrol reported.
He noted that the shift from assembly-based production to integrated design and engineering capabilities is central to the company’s long-term strategy.
As part of its expansion and IPO readiness, Bhagwati Products has appointed Jerry Chen as its new Chief Executive Officer.
Chen brings extensive experience in global contract manufacturing, having worked across North America and Asia, including a decade at Singapore-based Hi-P Group.
His role will focus on strengthening manufacturing capabilities, enhancing operational efficiency, and deepening global partnerships with leading electronics brands.
The company has witnessed extraordinary revenue growth over the past two financial years.
Revenues surged nearly tenfold, rising from around ₹620 crore in FY24 to approximately ₹6,200 crore in FY25, reflecting both scale expansion and deeper integration with global ODM networks.
Bhagwati Products currently has the capacity to manufacture up to 40 million smartphones annually and supplies major global brands such as Vivo, Oppo, and Lenovo.
While smartphones remain its core business, the company has steadily diversified into adjacent product categories including tablets and true wireless stereo (TWS) devices.
