Noida-based electronics manufacturer Bhagwati Products Limited has crossed the ₹17,000 crore revenue milestone, marking a major achievement for the company and highlighting the rapid growth of Uttar Pradesh’s manufacturing sector. The milestone reflects the company’s expanding production capacity, strong position in the smartphone market, and growing role across the electronics value chain.
The achievement also underlines UP’s emergence as a major destination for investment and industrial growth under CM Yogi. Over the past few years, the state has attracted major investments in electronics, manufacturing, logistics, and infrastructure, helping companies expand operations and create jobs.
Focus on Deep-Tech and Semiconductor Opportunities
Bhagwati Products said it is exploring opportunities in deep-tech and semiconductor-related investments as it looks to strengthen domestic value addition and build advanced capabilities in electronics manufacturing. The company aims to move beyond large-scale production and expand into design, engineering, and component development.
A key factor behind the company’s growth has been its partnership with Huaqin. Through a 51:49 joint venture with the global ODM leader, Bhagwati Products has strengthened its product development, engineering, and manufacturing capabilities while improving its ability to support leading global brands.
Revenue Sees Sharp Rise
The company reported a sharp rise in revenue over the last two years. Revenue increased from around ₹620 crore in FY24 to nearly ₹6,200 crore in FY25, demonstrating the pace at which the business has expanded.
Smartphones remain the largest contributor to Bhagwati Products’ revenue. The company has the capacity to manufacture up to 40 million smartphones annually and serves major brands such as Vivo, Oppo, and Lenovo. It has also expanded into other consumer electronics categories, including tablets and true wireless stereo (TWS) devices.
Rahul Sharma, Co-Founder of Bhagwati Products Limited, said the company’s goal is to build India’s leading electronics design platform. He said India has an opportunity not only to manufacture products at scale but also to develop strengths in design, engineering, components, and advanced manufacturing.
Industry observers say the growth of companies such as Bhagwati Products reflects the success of efforts to position Uttar Pradesh as a manufacturing and investment hub. With major infrastructure projects, improving connectivity, and increasing investor interest, the state continues to strengthen its role in India’s economic growth story.
