Bhagwati Products Ltd (BPL) projects ₹15,000 Cr revenue in FY26, fueled by its Huaqin JV. Now producing 2M phones/month for Vivo, Oppo & more it’s expanding into components & new tech verticals
Huaqin JV Fuels 10X Growth, 2M Phones/Month Production for Global Brands like Vivo, Oppo
Greater Noida, India – In one of the most remarkable corporate turnarounds and scaling stories in Indian manufacturing Bhagwati Products Limited (BPL) is projecting a staggering ₹15,000 crore in revenue for FY 2025-26. This meteoric rise is powered by its strategic joint venture with Huaqin Technology a global leader in electronic design and manufacturing (ODM) transforming BPL into a premium Original Design Manufacturer (ODM) for the world’s top tech brands.
The numbers narrate an explosive growth story:
- FY 2024 Revenue: ₹620 Crore
- FY 2025 Revenue: ₹6,200 Crore (a 10x increase)
- FY 2026 Projection: ₹15,000 Crore
The Manufacturing Juggernaut: Scale and Speed
BPL’s operational expansion has been equally dramatic to support this revenue surge:
- Production Capacity: Currently producing 2 million smartphones per month at its flagship 1.5 million sq. ft. facility in Greater Noida.
- SMT Lines: Scaled from 4 Surface Mount Technology (SMT) lines in 2024 to 23 lines by 2024-25, indicating massive PCB assembly capabilities.
- 2025 Target: On track to achieve a 25 million unit production target by the end of 2025, spanning smartphones, tablets, wearables, and storage devices.
A Who’s Who of Global Clients
BPL’s manufacturing prowess is trusted by a roster of leading global brands, including:
- Smartphone Giants: Vivo, Oppo, OnePlus, Realme, iQOO
- Computing & Mobility Leaders: Lenovo, Motorola, Acer
The company manufactures a wide spectrum of products for these clients, including smartphones, tablets, TWS earbuds, and routers, with plans to soon venture into smartwatches and AR/VR devices.
Laying the Foundation for an Electronics Ecosystem
BPL’s vision extends far beyond assembly. The company is strategically backward integrating to build a holistic electronics manufacturing ecosystem in India:
- Component Manufacturing: Actively working towards entering component manufacturing, starting with displays and expanding into mechanics (chassis, enclosures) by year-end.
- Workforce & Skill Development: Increased its workforce from 1,000 to over 10,200 employees in under a year. Investing $10 million in a structured upskilling program developed with Huaqin.
- Future Diversification: Plans to cater to new, high-growth segments like automotive electronics, data centers, and robotics.
Leadership Vision: Building a Globally Competitive, Locally Rooted Giant
Rahul Sharma, Co-founder of Bhagwati Products Limited, emphasized the company’s foundational vision: “We are not just focused on building for today but are laying the foundation for the future of Indian electronics design and manufacturing… we are creating an ecosystem that is globally competitive and locally rooted. Our ambition is to make India not only self-reliant but also a driving force in the global electronics value chain.”
This transformation from a domestic phone seller (Micromax) to a global design and manufacturing powerhouse underscores a strategic pivot that aligns perfectly with India’s Production Linked Incentive (PLI) scheme and its ambition to become a ‘China Plus One’ manufacturing destination.
