Ritvik Tyagi : A Dynamic Leader Taking Family owned Business To The Next Level
Ritvik Tyagi
Director
SVS Refcomp manufactures all kinds of cooling components for refrigerators and air conditioners including dryers, condensers, evaporators, valves, and distribution pipes. They also have a welded steel tube plant situated in Hyderabad for manufacturing various sizes of steel tubes with different surface coatings and is the only steel tube factory in India that is ZLD (Zero Liquid Discharge) certified. Their customers are all the OEMs in the refrigeration industry including LG, Samsung, Haier, Whirlpool, Godrej, and more.
In this interview, we have brought you an insightful conversation with Ritvik, an experienced leader in the refrigeration industry. Join us as we explore his remarkable career journey, from humble beginnings to becoming the director of SVS Refcomp.
Can you give a brief overview of your career journey?
I joined my family business about two and a half years ago, and initially, it was quite challenging. I never planned to join the business, but then I realized that I was genuinely interested in it. I liked the products and the challenge of managing a team and making high level decisions.
For the first three months, I was in a probationary period where I learned about the company and its products, and got to know the people. My first major challenge was managing one of our underperforming factories. It wasn’t profitable, so I took control of the operations, spent a lot of time on the shop floor, identified gaps, and managed to turn the factory around to profitability in just four months. This accomplishment was a significant milestone for me as it validated my approach.
About a year into my tenure, I noticed that our company, which has been around since 1996, lacked certain systems and processes necessary for faster growth. Implementing these changes was difficult because the team had been working in the industry for over two decades and were set in their ways. I was persistent with my communication, conducted training seminars for my senior team, and highlighted the benefits of the new systems. Eventually, they agreed. I also updated our outdated ERP system by finding a company that provided custom ERP solutions, and this change continues to benefit us today.
Recently, I have shifted my role to focus more on customer interactions.
Could you tell me about your academic experience as an
alumnus of SRM University?
I completed my automobile engineering from SRM University. My time there was very rewarding, both academically and non-academically. The faculty and infra-structure were excellent, and during my four years, I built a strong technical foundation. This technical knowledge is crucial for understanding the details of my products, which is essential for effective marketing and sales in our industry.
On the non-academic side, I was actively involved in student festivals and served on organizing committees. This experience taught me how to delegate tasks, communicate with people from diverse backgrounds, and work in large teams under tight deadlines. These skills have been invaluable in my entrepreneurial journey. Additionally, living away from home during college taught me a sense of responsi-bility. I had to balance my time between classes, extra curricular activities, and social engagements, which instilled a sense of self-discipline.
Can you talk about your family-owned company?
SVS Refcomp is a manufacturing company with 10 units based in five cities catering to the HVACR industry in India. With an experience of almost 30 years, the company has a prestigious customer list which includes brands like Samsung, LG, Whirlpool, Haier, and more. With technological innovation being the driving force, it has captured more than 50 percent of the total HVACR component business in India with more than 90 percent market share in some of its products.
We strongly believe in the statement that a company is only as good as its People. At SVS, we place a strong emphasis on under standing what motivates each individual. Our goal is to align personal motivations with the company's objectives. This core value ensures that when a person's beliefs and the company's goals are in sync, they will work harder and be more passionate about their work. When our team is happy and engaged, they naturally produce better results.
This approach helps us build a team of dedicated professionals committed to the company's long term success and growth. We also strongly believe in promoting from within. Additionally, I am personally working on improving our company culture. I want the office to be a fun place, not just a workplace. If we have a free day, I'll plan a team-building exercise to ensure everyone has fun. I believe that when work is enjoyable, it naturally attracts the right talent.
Could you share some guidelines or principles you follow in your leadership approach?
My leadership approach is centered around two main principles: inclusive decision-making and empowerment. Firstly, I emphasize inclusive decision-making. I strive to create an environment where everyone feels empowered to share their best ideas. Over the years, I've learned that good ideas can come from anyone, regardless of their position or department. In open discussions, any idea can be considered and potentially
I completed my automobile engineering from SRM University. My time there was very rewarding, both academically and non-academically. The faculty and infra-structure were excellent, and during my four years, I built a strong technical foundation. This technical knowledge is crucial for understanding the details of my products, which is essential for effective marketing and sales in our industry.
My leadership approach is centered around two main principles: inclu- sive decision making and empower- ment
On the non-academic side, I was actively involved in student festivals and served on organizing committees. This experience taught me how to delegate tasks, communicate with people from diverse backgrounds, and work in large teams under tight deadlines. These skills have been invaluable in my entrepreneurial journey. Additionally, living away from home during college taught me a sense of responsi-bility. I had to balance my time between classes, extra curricular activities, and social engagements, which instilled a sense of self-discipline.
Can you talk about your family-owned company?
SVS Refcomp is a manufacturing company with 10 units based in five cities catering to the HVACR industry in India. With an experience of almost 30 years, the company has a prestigious customer list which includes brands like Samsung, LG, Whirlpool, Haier, and more. With technological innovation being the driving force, it has captured more than 50 percent of the total HVACR component business in India with more than 90 percent market share in some of its products.
We strongly believe in the statement that a company is only as good as its People. At SVS, we place a strong emphasis on under standing what motivates each individual. Our goal is to align personal motivations with the company's objectives. This core value ensures that when a person's beliefs and the company's goals are in sync, they will work harder and be more passionate about their work. When our team is happy and engaged, they naturally produce better results.
This approach helps us build a team of dedicated professionals committed to the company's long term success and growth. We also strongly believe in promoting from within. Additionally, I am personally working on improving our company culture. I want the office to be a fun place, not just a workplace. If we have a free day, I'll plan a team-building exercise to ensure everyone has fun. I believe that when work is enjoyable, it naturally attracts the right talent.
Could you share some guidelines or principles you follow in your leadership approach?
My leadership approach is centered around two main principles: inclusive decision-making and empowerment. Firstly, I emphasize inclusive decision-making. I strive to create an environment where everyone feels empowered to share their best ideas. Over the years, I've learned that good ideas can come from anyone, regardless of their position or department. In open discussions, any idea can be considered and potentially
implemented.
Secondly, I prioritize empowerment by giving my team the autonomy to make decisions independently. I avoid micromanaging and instead, allow them to set their own working styles and make their own decisions. I believe that the method of working is not as important as the results. If one person achieves success in one way and another in a different way, that's perfectly fine. I aim to create a platform where each individual can express their ideas and contribute to the company's progress.
What are your plans for the future?
We are in a very exciting period right now. In India, the projected growth is set to transform the industrial landscape significantly. Our company has also experienced substantial growth in recent years, doubling our turnover in the past three years. This year, we aim to reach a turnover of Rs.500 crores, with ambitious plans to cross the Rs. 1,000 crore mark in the next two years. Thanks to our quality and timely delivery, we have secured a dominant position in the local market, controlling over 90 percent for certain products.
While maintaining this strong local presence, our current strategy focuses on expanding exports and international business. We have already started working with clients in Thailand, the Middle East, Africa, and South America. Additionally, we plan to enter the commercial refri-geration manufacturing sector. Until now, we have been a component manufacturer for brands like Samsung and LG, but our dream has always been to produce the final product ourselves. We have mapped out a plan to start manufacturing refrigerators within the next three years. However, instead of launching our own brand, we will become an Original Design Manufac-turer (ODM) and produce refrigerators for other brands. The market is growing so rapidly that even big brands cannot keep up with the demand, creating an oppor-tunity for us to step in and manufacture for them, thereby moving further up the value chain.
Could you share some advice for future leaders stepping into this domain?
There are a few principles I've always adhered to that I believe are crucial: consistency, mindset, and ethics. First, consistency in your actions and decisions builds trust and strong relationships with your team, stakeholders, and customers. Next, cultivate a growth oriented mindset that views challenges as opportunities for learning and improvement. This attitude can drive both personal and professional development.
Lastly, ethics are paramount. From a young age, my father and grandfather instilled in me the importance of ethical behavior in business. They always emphasized that it’s better to earn a little less than to cheat customers or suppliers. These key stakeholders are essential to your growth, so always act with integrity. Ethical behavior will naturally lead to long-term success.
Ritvik Tyagi, Director, SVS Refcomp
Ritvik is a dynamic professional with a strong background in automobile engineering and a specialized management education from the Indian School of Business. With significant experience in the manufacturing sector, Ritvik excels in aligning organizational goals with personal motivation, fostering an environ-ment of creativity and empowerment
Secondly, I prioritize empowerment by giving my team the autonomy to make decisions independently. I avoid micromanaging and instead, allow them to set their own working styles and make their own decisions. I believe that the method of working is not as important as the results. If one person achieves success in one way and another in a different way, that's perfectly fine. I aim to create a platform where each individual can express their ideas and contribute to the company's progress.
What are your plans for the future?
We are in a very exciting period right now. In India, the projected growth is set to transform the industrial landscape significantly. Our company has also experienced substantial growth in recent years, doubling our turnover in the past three years. This year, we aim to reach a turnover of Rs.500 crores, with ambitious plans to cross the Rs. 1,000 crore mark in the next two years. Thanks to our quality and timely delivery, we have secured a dominant position in the local market, controlling over 90 percent for certain products.
While maintaining this strong local presence, our current strategy focuses on expanding exports and international business. We have already started working with clients in Thailand, the Middle East, Africa, and South America. Additionally, we plan to enter the commercial refri-geration manufacturing sector. Until now, we have been a component manufacturer for brands like Samsung and LG, but our dream has always been to produce the final product ourselves. We have mapped out a plan to start manufacturing refrigerators within the next three years. However, instead of launching our own brand, we will become an Original Design Manufac-turer (ODM) and produce refrigerators for other brands. The market is growing so rapidly that even big brands cannot keep up with the demand, creating an oppor-tunity for us to step in and manufacture for them, thereby moving further up the value chain.
Could you share some advice for future leaders stepping into this domain?
There are a few principles I've always adhered to that I believe are crucial: consistency, mindset, and ethics. First, consistency in your actions and decisions builds trust and strong relationships with your team, stakeholders, and customers. Next, cultivate a growth oriented mindset that views challenges as opportunities for learning and improvement. This attitude can drive both personal and professional development.
Lastly, ethics are paramount. From a young age, my father and grandfather instilled in me the importance of ethical behavior in business. They always emphasized that it’s better to earn a little less than to cheat customers or suppliers. These key stakeholders are essential to your growth, so always act with integrity. Ethical behavior will naturally lead to long-term success.
Ritvik Tyagi, Director, SVS Refcomp
Ritvik is a dynamic professional with a strong background in automobile engineering and a specialized management education from the Indian School of Business. With significant experience in the manufacturing sector, Ritvik excels in aligning organizational goals with personal motivation, fostering an environ-ment of creativity and empowerment