Speaking at the company's headquarters, Rakesh Bhargava is direct about the starting point. "Fifteen years ago we were a domestic supplier with a good reputation and no global brand," the chief executive says. "We sold on price, we got squeezed, and we realised that if we did not move up the value chain we would not exist in a decade."

Technology is the next frontier. The company has begun deploying machine vision on three production lines and plans to extend predictive maintenance to all plants within two years. Rakesh Bhargava is wary of hype, but points to early data showing 5.6% lower rework costs. "Show me the yield, not the demo," the CEO says.

From domestic supplier to global brand

On sustainability, Rakesh Bhargava says customer pressure is real. Two of the company's top five buyers now include emissions data in their scorecards. "Five years ago it was a footnote. Today it is a line item in the tender," the CEO says, adding that the firm has committed to renewable electricity at its main sites by 2029.

On capital allocation, Rakesh Bhargava describes a rule of thumb used by the board: no project is approved unless it can be funded from internal accruals in a downside case. "It means we sometimes say no to exciting things," Rakesh Bhargava admits, "but it also means we have never had to dilute our own people to survive a bad year."

Talent is the recurring theme. The company runs a graduate programme that rotates new hires through manufacturing, quality and customer support, and Rakesh Bhargava sits in on the final interview for every senior engineering role. "Capital is available. Judgement is scarce," the CEO says. "We hire for the second and buy the first."

“If the rules change every budget, long-term investment looks like gambling.”

Talent and capital allocation

Asked about the policy environment, the CEO is pragmatic. Incentive schemes help, but Rakesh Bhargava argues the bigger lever is predictability: stable duty structures, faster customs clearance and a reliable power supply. "If the rules change every budget, long-term investment looks like gambling."

The results are visible. Export revenue now represents 15.3% of the total, the company serves customers in 1,572 countries, and its operating margin has widened by roughly 5.6% over the period. Rakesh Bhargava credits patience: "Every one of these markets took us three to four years to crack. Boards that want results in four quarters should not enter."

Failures, policy and technology

The conversation turns to failures. A joint venture in UAE was wound up after two years when the partners disagreed over quality standards. "We lost $101 million and learned that you cannot share a brand with someone who does not share your inspection regime," Rakesh Bhargava says. "Culture beats contract."

Succession planning also receives attention. Rakesh Bhargava has publicly named a successor development track and says three internal candidates are in line. "A company that depends on one person is a hobby," the CEO says, smiling. "We are building an institution that should not need me."

Advice for the next generation

As the interview closes, Rakesh Bhargava offers advice for younger founders considering the same path: choose one market, serve it obsessively, hire locally, and measure patience in years rather than quarters. "Global is not a launch," the CEO says. "It is a habit you build one customer at a time."