Micromax-backed electronics manufacturing and services company Bhagwati Products Ltd expects its memory and storage business to grow nearly 10-fold to more than Rs 1,000 crore this financial year, as it expands into IT hardware and automotive electronics and builds capabilities across three electronics ecosystems in India.
The company's memory brand, MiPhi, reported revenue of Rs 100 crore in the financial year ended March 2026 but has already clocked Rs 250 crore in the first quarter of the current financial year, co-founder Rahul Sharma told TNIE.
The company has entered the memory and storage business through a 55:45 joint venture with Taiwan-based Phison, a major maker of NAND flash controllers. The venture manufactures enterprise solid-state drives (SSDs) in India for servers and other applications, besides embedded memory products for sectors including automotive, space and telecommunications.
MiPhi combines "Mi" from Micromax and "Phi" from Phison. Sharma said the business was well positioned to benefit from rising demand for storage driven by artificial intelligence, data centres and other digital infrastructure.
"Memory sits right at the top of the Tier-1 AI infrastructure value chain," he said, adding that global memory manufacturing capacity remained constrained.
Beyond memory, Bhagwati is expanding beyond its existing smartphone business into IT hardware and automotive electronics. The company plans to start its IT ecosystem next year and enter automotive electronics by the end of the next financial year, Sharma said.
Bhagwati currently operates mainly in the smartphone ecosystem, manufacturing products such as true wireless stereo (TWS) devices, watches and tablets. It plans to expand into IT products including laptops, desktops, servers, switches and routers, followed by automotive electronics such as display clusters, electronic control units (ECUs) and vehicle control units (VCUs).
The company, which operates a 51:49 joint venture with China-based Huachin, reported revenue of Rs 17,000 crore in FY26, up sharply from Rs 6,500 crore in the previous year.
"This is probably one of the fastest ramp-ups in the world," Sharma said, adding that the three-ecosystem strategy was aimed at building a broader electronics manufacturing and design base in India.
Huachin has annual revenue of about Rs 2.5 lakh crore and is among the world's largest players in smartphones, tablets and wearables, according to Sharma.
Sharma said enterprise SSD technology was difficult to replicate because of the investment and expertise required in controller technology. Phison, he said, had spent seven years and more than $1.5 billion on research and development.
He also credited the government's production-linked incentive (PLI) schemes with helping build India's electronics manufacturing capabilities. The schemes, he said, were aimed at narrowing the efficiency and supply-chain gap between India and established manufacturing hubs such as China and Taiwan.
"India's electronics industry has gradually moved from assembly to manufacturing, component production and now design," Sharma said.
Sharma was also asked about BPL's partnership with a Chinese company in the context of recent government restrictions on Chinese investments and partnerships. However, a response to the question was not available in the transcript.
