Electronics contract manufacturer Bhagwati Products, which has a joint venture with Chinese original design manufacturer (ODM) Huaqin, is targeting a more than twofold surge in FY26 revenue at about Rs 15,000 crore, compared to Rs 6,200 crore last fiscal year.
The robust performance would be fuelled by further expansion in manufacturing Android tablets, wearables, storage solutions, and smartphones, including exports to the US, co-founder Rahul Sharma told ET.
He said Bhagwati is building a new factory besides planning another facility that could potentially be its largest in the country, as it strives to grow beyond contract manufacturing to focus on manufacturing original product designs. This shift is expected to lead to higher margins and greater control over components and suppliers.
In the near term, Bhagwati is investing in research capabilities and a tool room to facilitate last-moment design changes for customers during the product conceptualisation stage, ensuring further in-house capabilities to improve backward integration, Sharma said.
The company’s strategic alliance with Huaqin gives it access to the latter’s global customer base. “If any of Huaqin’s customers wants to manufacture in India, we are the default choice,” Sharma said. Huaqin’s global clientele includes Amazon, Meta, Samsung, Xiaomi, Lenovo, HP, and various automotive companies.
Bhagwati currently manufactures handsets for Oppo, iQOO, Vivo, and Realme, tablets for OnePlus, Acer, and Lenovo, and wearables including truly wireless earbuds and smartwatches for Chinese brands, as part of the partnership with Huaqin.
Sharma said Bhagwati is looking to create original designs for mixed-reality glasses in India, which he dubbed as the next big innovation after smartphones, hoping that India would get a head start in the segment.
The company currently produces up to 2 million smartphones every month.
“To support this exponential demand, we are expanding operations with a new manufacturing facility near our flagship 150,000 square feet facility in Greater Noida,” Sharma said. The company has also scaled its workforce from 1,000 people to more than 10,000 in under a year, investing $10 million in upskilling and hiring initiatives in 2024, he said.
Sharma said Bhagwati has finalised partners for its component manufacturing plans. It will be opening a facility to make display assemblies in India and expand into mechanics by the end of the year.
“This strategic shift is aimed at positioning Bhagwati as India’s first true ODM (original design manufacturer), moving beyond contract manufacturing into design-led innovation,” he said.
The robust performance would be fuelled by further expansion in manufacturing Android tablets, wearables, storage solutions, and smartphones, including exports to the US, co-founder Rahul Sharma told ET.
He said Bhagwati is building a new factory besides planning another facility that could potentially be its largest in the country, as it strives to grow beyond contract manufacturing to focus on manufacturing original product designs. This shift is expected to lead to higher margins and greater control over components and suppliers.
In the near term, Bhagwati is investing in research capabilities and a tool room to facilitate last-moment design changes for customers during the product conceptualisation stage, ensuring further in-house capabilities to improve backward integration, Sharma said.
The company’s strategic alliance with Huaqin gives it access to the latter’s global customer base. “If any of Huaqin’s customers wants to manufacture in India, we are the default choice,” Sharma said. Huaqin’s global clientele includes Amazon, Meta, Samsung, Xiaomi, Lenovo, HP, and various automotive companies.
Bhagwati currently manufactures handsets for Oppo, iQOO, Vivo, and Realme, tablets for OnePlus, Acer, and Lenovo, and wearables including truly wireless earbuds and smartwatches for Chinese brands, as part of the partnership with Huaqin.
Sharma said Bhagwati is looking to create original designs for mixed-reality glasses in India, which he dubbed as the next big innovation after smartphones, hoping that India would get a head start in the segment.
The company currently produces up to 2 million smartphones every month.
“To support this exponential demand, we are expanding operations with a new manufacturing facility near our flagship 150,000 square feet facility in Greater Noida,” Sharma said. The company has also scaled its workforce from 1,000 people to more than 10,000 in under a year, investing $10 million in upskilling and hiring initiatives in 2024, he said.
Sharma said Bhagwati has finalised partners for its component manufacturing plans. It will be opening a facility to make display assemblies in India and expand into mechanics by the end of the year.
“This strategic shift is aimed at positioning Bhagwati as India’s first true ODM (original design manufacturer), moving beyond contract manufacturing into design-led innovation,” he said.
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