Reported a 10X revenue growth in April 2025, just 8 months after the JV approval
Bhagwati Products Limited (BPL) or Micromax, one of India’s leading manufacturers and the country’s first Intelligent Product Platform, today announced record-breaking growth, strengthening its position as the country’s fastest growing Original Design Manufacturer (ODM). The company is on track to clock an estimated revenue of INR 15,000 Cr in FY 2025-26, driven by rapid scale-up across smartphones, tablets, TWS devices, and storage solutions.
In April 2025, BPL reported a 10X revenue growth, underscoring the momentum behind its expansion. A significant share of this growth has been fuelled by large-scale smartphone manufacturing for global brands including vivo and OPPO.
Clocking a run rate of 2 million smartphones manufactured and shipped per month, BPL today works with vivo, OPPO, MiPhi, OnePlus, Lenovo, and Acer, covering a wide spectrum of product categories. To support this exponential demand, the company is expanding operations with a new manufacturing facility near its flagship 1,500,000 sq. ft. facility in Greater Noida
“From rapidly scaling operations and building trusted partnerships with some of the world’s leading technology brands, to investing heavily in people, training, and design-led capabilities, we are creating an ecosystem that is globally competitive and locally rooted.”
– Rahul Sharma, Co-founder, Bhagwati Products Limited
Rahul Sharma, Co-founder Bhagwati Products Limited, said “Our journey over the last year has been one of speed, scale, and skill, but also of vision and responsibility. We are not just focused on building for today but are laying the foundation for the future of Indian electronics design and manufacturing. From rapidly scaling operations and building trusted partnerships with some of the world’s leading technology brands, to investing heavily in people, training, and design-led capabilities, we are creating an ecosystem that is globally competitive and locally rooted. As we strengthen our design synergies and expand into components, our ambition is to make India not only self-reliant but also a driving force in the global electronics value chain.”
BPL’s growth has been further propelled by its people-first approach, scaling its workforce from 1,000 to nearly 10,000 employees in under a year. Through the year, the company will be investingclose to USD 10 million in upskilling and hiring initiatives, with a structured Knowledge Transfer and Upskilling Program developed in partnership with Huaqin.
On track to achieve their 25 million production target by the end of 2025, spanning smartphones, tablets, wearables, and storage devices, BPL has been simultaneously working towards entering component manufacturing, starting with display and expanding into mechanics by year-end. This strategic shift is aimed at positioning BPL as India’s first true ODM, moving beyond contract manufacturing into design-led innovation.
Aligned with the Government of India’s vision of becoming the world’s leading technology hub, BPL has consistently expanded its capabilities, through relentless innovation, strategic investments, and job creation. The company is committed to enabling a self-reliant, globally competitive tech ecosystem by actively supporting the Make in India and Design in India initiatives, in turn becoming a key contributor to India’s Atmanirbhar Bharat and the Make in India missions.
Looking ahead, BPL is set to diversify its portfolio, and the company aims to unlock cross-sector synergies, build future-ready capabilities, and harness India’s growing digital economy and world-class engineering talent. Bhagwati Products Limited’s strategic and rapid scale-up combined with its unwavering focus on quality has firmly positioned the company to meet surging domestic demand and to emerge as a trusted global manufacturing partner.
