Bhagwati Products Targets ₹15,000 Crore Revenue in FY26 with New Manufacturing Push and ODM Expansion

Bhagwati Products Ltd, the electronics manufacturing arm of Micromax Informatics, is charting an ambitious growth trajectory with plans to set up new factories and expand its original design manufacturing (ODM) capabilities. The company, which has already achieved a tenfold revenue surge in FY25, is now aiming to cross ₹15,000 crore in revenue by FY26. This expansion is being powered by its strategic joint venture with Chinese ODM giant Huaqin Technology and a renewed focus on component manufacturing, exports, and next-gen consumer electronics.

 

Key Highlights

Bhagwati Products targets ₹15,000 crore revenue in FY26, up from ₹6,200 crore in FY25

 

Plans to build two new manufacturing facilities in Greater Noida, including what may become India’s largest electronics factory

 

Expanding ODM capabilities for smartphones, tablets, wearables, and mixed-reality devices

 

Workforce scaled from 1,000 to over 10,000 employees in under a year

 

Investing $10 million in upskilling and R&D infrastructure

 

Manufacturing Expansion: Scale Meets Speed

To support its aggressive growth targets, Bhagwati is setting up two new mega factories in Greater Noida. These facilities will not only assemble smartphones, tablets, and IoT devices but also manufacture key components such as displays and mechanical enclosures.

 

The new units will complement the company’s flagship 1.5 million sq. ft. facility, which currently produces 2 million smartphones per month

 

Surface Mount Technology (SMT) lines have scaled from 4 to 23 in the past year, boosting PCB assembly capacity

 

The company is on track to achieve a 25 million unit production target by the end of 2025

 

This infrastructure push is designed to reduce dependency on imports and improve backward integration, a critical step for margin expansion and supply chain resilience.

 

ODM Strategy and Product Diversification

Bhagwati’s joint venture with Huaqin Technology is central to its transformation into a full-fledged ODM powerhouse. The company currently manufactures:

 

Smartphones for Oppo, Vivo, Realme, iQOO

 

Tablets for OnePlus, Acer, Lenovo, and Motorola

 

Wearables including TWS earbuds and smartwatches for Chinese brands

 

Looking ahead, Bhagwati plans to enter the mixed-reality segment, with prototypes for AR/VR glasses already in development. Co-founder Rahul Sharma emphasized that India must lead in this next wave of innovation, positioning Bhagwati as a key enabler.

 

Export Ambitions and Global Clientele

Bhagwati has begun exporting Lenovo-owned Motorola tablets to the US, marking its entry into global supply chains. With Huaqin’s client base including Amazon, Meta, Samsung, Xiaomi, and HP, Bhagwati is well-positioned to become the default manufacturing partner for international brands seeking India-based production.

 

India is being positioned as an export hub for Bhagwati’s global operations

 

The company is also exploring component joint ventures with Chinese firms, pending regulatory approvals

 

This export-led strategy is expected to drive foreign exchange earnings and enhance India’s electronics manufacturing competitiveness.

 

Workforce Development and R&D Investment

To support its operational scale-up, Bhagwati has expanded its workforce from 1,000 to over 10,200 employees in less than a year. The company has invested $10 million in a structured upskilling program developed in collaboration with Huaqin.

 

A new tool room and R&D center are being built to support last-minute design changes and prototyping

 

These facilities will enable faster turnaround times and improve product customization for clients

 

The emphasis on talent development and in-house innovation reflects Bhagwati’s commitment to building a globally competitive, locally rooted manufacturing ecosystem.

 

Conclusion

Bhagwati Products Ltd is emerging as a transformative force in India’s electronics sector. With bold revenue targets, deep manufacturing capabilities, and a strategic ODM alliance, the company is redefining what it means to be a homegrown tech manufacturer. As it builds new factories and expands into high-margin product categories, Bhagwati is not just chasing numbers—it’s shaping the future of Indian electronics.

 

Sources: ET Telecom, Moneycontrol