Apple India has crossed the ₹1 lakh crore revenue milestone for the first time, reporting revenue from operations of ₹1,03,853 crore in the financial year ended March 2026. The figure represents a 31% increase from ₹79,060 crore in FY2025, according to company filings accessed through business intelligence platform AltInfo and reported by The Economic Times. Net profit grew even faster, rising 66% to ₹5,311 crore from ₹3,196 crore a year earlier.
The results reflect Apple’s growing presence in India’s premium smartphone market, where iPhone demand has strengthened despite relatively modest growth in the overall smartphone market. Apple’s iPhone volumes reportedly increased 24% in FY2026, compared with 11% growth in the previous financial year. Wider retail distribution, financing options and demand for premium devices have supported the expansion, although Apple India’s reported financial figures do not capture the entire value of iPhone manufacturing and exports from India.
Key Takeaways
- Revenue milestone: Apple India recorded ₹1,03,853 crore in revenue from operations in FY2026, up 31%.
- Profit growth: Net profit climbed 66% to ₹5,311 crore from ₹3,196 crore.
- Faster expansion: Revenue growth accelerated from 18% in FY2025 to 31% in FY2026.
- iPhone volumes: Sales volumes increased 24%, compared with 11% growth a year earlier.
- Premium market momentum: India’s smartphone segment priced above ₹30,000 grew 12% by volume.
- Competitive pressure: Samsung’s reported mobile phone revenue in India declined 1.4% to ₹81,472 crore.
- Important distinction: Apple India’s accounts do not include all revenue associated with iPhone manufacturing and exports handled through contract manufacturers and overseas Apple entities.
Apple India Crosses the ₹1 Lakh Crore Revenue Mark
Apple India Pvt Ltd’s latest results demonstrate how quickly the company’s domestic business has expanded. Revenue from operations increased by ₹24,793 crore in FY2026, moving from ₹79,060 crore to ₹1,03,853 crore.
The 31% growth rate was substantially higher than the 18% increase recorded in FY2025. This acceleration suggests that Apple continued to gain commercial momentum in India, even as the broader smartphone market experienced slower unit growth.
| Financial metric | FY2025 | FY2026 |
|---|---|---|
| Revenue from operations | ₹79,060 crore | ₹1,03,853 crore |
| Year-on-year revenue growth | 18% | 31% |
| Net profit | ₹3,196 crore | ₹5,311 crore |
| Year-on-year profit growth | 16% | 66% |
Source: Apple India company filings reported on October 20, 2026. Figures are rounded where appropriate.
Crossing the ₹1 lakh crore threshold is an important milestone for Apple’s business in India. It indicates that the country has become a substantial market for the company’s products and services, particularly as the iPhone attracts buyers seeking premium smartphones.
However, the figure represents the revenue reported by Apple India Pvt Ltd, not Apple’s total global revenue attributable to every activity in India. Manufacturing, exports and related transactions can be recorded by separate entities within Apple’s supply chain.
Why Apple’s Profit Grew Faster Than Revenue
Apple India’s net profit rose 66% to ₹5,311 crore in FY2026, considerably faster than its 31% revenue growth.
The company’s reported net profit margin also improved. Based on revenue from operations and net profit, the margin increased from approximately 4.0% in FY2025 to 5.1% in FY2026.
| Profitability indicator | FY2025 | FY2026 |
|---|---|---|
| Net profit | ₹3,196 crore | ₹5,311 crore |
| Approximate net profit margin | 4.0% | 5.1% |
Net profit margin is calculated by dividing reported net profit by revenue from operations. Figures are approximate.
A faster increase in profit than revenue can result from several factors, including changes in product mix, operating expenses, pricing, distribution costs and other financial items. The reported filings, however, did not explain precisely what drove Apple’s stronger profit growth in FY2026.
It would therefore be premature to attribute the improvement to a single factor. The results establish that profit grew faster than sales, but additional disclosures would be needed to determine the contribution of individual cost and revenue components.
The improvement in the reported margin nevertheless indicates that Apple’s India business retained a larger proportion of revenue as net profit than it did in the previous financial year.
iPhone Sales Volumes Increased 24%
A major factor behind Apple’s momentum is the continued expansion of iPhone sales in India.
According to figures cited from Counterpoint Technology Market Research, Apple’s iPhone volumes grew 24% in FY2026, compared with 11% in FY2025. That means the reported rate of unit growth more than doubled year on year.
The expansion is significant because the overall Indian smartphone market grew much more slowly. Counterpoint data cited in the reporting showed that the market increased 2% by volume and 9% by value during FY2026.
This difference suggests that Apple’s growth was not simply a reflection of the entire smartphone market expanding at the same pace. The company appears to have benefited from increasing demand for premium devices and a greater willingness among some consumers to spend on higher-priced phones.
Premium smartphones are driving demand
India’s smartphone market has been gradually moving toward more expensive devices, as consumers consider features such as advanced cameras, stronger processors, longer software support and integrated digital services.
The segment comprising smartphones priced above ₹30,000 recorded 12% volume growth in FY2026, making it the fastest-growing price category cited in the report.
Apple is positioned to benefit from this shift because its products largely target the premium end of the market. Its integrated ecosystem of devices, software and services can also encourage customers to remain within the brand as they upgrade their phones or purchase additional products.
The trend does not mean that every Indian consumer is moving to a premium smartphone. Price-sensitive buyers continue to account for a substantial portion of the market. Apple’s opportunity lies in attracting a growing share of customers willing to pay more for higher-end devices.
Wider Retail Reach and Financing Are Supporting Growth
Apple’s expansion in India has involved more than product launches. The company has broadened its retail presence, strengthened distribution and increased access to purchasing options.
Its own stores have given customers more opportunities to experience devices directly, while third-party retailers extend its reach into additional cities and neighbourhoods. This is particularly important in a country where consumers often prefer to compare products in person before making a large electronics purchase.
Financing options and instalment plans can also make expensive devices more accessible. Rather than paying the full price upfront, eligible customers may be able to spread the cost over time, depending on the retailer, bank and offer conditions.
Shubham Singh, a research analyst at Counterpoint Technology Market Research, told The Economic Times that brand aspiration, wider retail access, deeper distribution beyond major metropolitan areas and easier financing have contributed to Apple’s expansion.
The narrowing price gap between iPhones and premium Android smartphones may also be helping Apple. When the difference between competing flagship devices becomes smaller, some customers may be more willing to choose an iPhone based on brand preference, software support or ecosystem features.
These factors can reinforce each other: greater distribution increases visibility, financing broadens access and a larger installed base can encourage repeat purchases.
Apple and Samsung: A Changing Competitive Picture
Apple’s growth comes as competition with Samsung intensifies in India. The two companies have reported revenues of a similar overall scale in some comparisons, but their businesses are not directly equivalent.
Samsung Electronics India reported FY2026 revenue of approximately ₹1.12 lakh crore. However, its portfolio includes smartphones, televisions, home appliances, telecom network equipment and other businesses, in addition to exports. Its reported mobile phone revenue in India declined 1.4% to ₹81,472 crore, according to the reporting.
| Indicator | Apple India | Samsung Electronics India |
|---|---|---|
| Reported FY2026 revenue measure | ₹1,03,853 crore revenue from operations | ₹1.12 lakh crore overall revenue |
| Reported mobile phone revenue in India | Not separately stated in the cited figures | ₹81,472 crore |
| Reported revenue growth or change | 31% growth | Mobile phone revenue down 1.4% |
| Key market position | Premium smartphones and wider device ecosystem | Smartphones, consumer electronics and other businesses |
The figures cover different business scopes and should not be interpreted as a like-for-like comparison of total smartphone sales.
The distinction matters when evaluating the competition. Apple’s reported India revenue does not represent all iPhone-related manufacturing and exports taking place in the country. Similarly, Samsung’s overall revenue includes several product categories beyond mobile phones.
The more useful comparison is how the companies perform in specific segments, including premium smartphones, shipment volumes, product mix and consumer demand.
Apple’s 24% iPhone volume growth suggests that it gained momentum in the period, but market share and long-term competitiveness will also depend on future launches, pricing, distribution and rivals’ responses.
India’s Manufacturing Role Is Larger Than Apple India’s Revenue
Apple’s growing domestic business is only one part of its expanding presence in India. The country has also become a major manufacturing and export base for iPhones.
Contract manufacturers, including Foxconn and Tata Electronics, assemble devices for Apple in India. Their manufacturing revenue is recorded by the relevant manufacturing entities, while exports and transactions involving overseas Apple entities may be reflected in different accounts.
India’s iPhone exports reached approximately ₹2 trillion in FY2026, according to industry data reported by Business Standard. That figure highlights the scale of India’s role in Apple’s global supply chain.
It would be incorrect to add the export figure directly to Apple India’s revenue and describe the total as Apple’s consolidated India revenue. The measures cover different businesses and accounting flows, and some supply-chain transactions may involve multiple entities.
Nevertheless, the manufacturing expansion has broader economic implications. It supports factory investment, employment, supplier development and India’s ambition to become a larger electronics manufacturing hub.
The combination of domestic consumer demand and export-oriented production makes India strategically important to Apple, even though those activities appear in different financial statements.
What Could Drive Apple’s Next Phase of Growth?
Apple’s FY2026 results provide a strong starting point for its next phase in India, but sustaining the momentum will depend on several factors.
First, the company needs to continue attracting customers in a market where premium smartphones are becoming more popular but affordability remains important. Financing, trade-in programmes and a broad product lineup can help, although aggressive pricing by competitors may limit its ability to raise prices.
Second, Apple will need to maintain its retail and distribution expansion while providing consistent customer support. Access to authorised service, repairs and product demonstrations can influence purchase decisions, particularly for first-time iPhone buyers.
Third, supply constraints and component costs could affect future performance. Manufacturing capacity, global product availability and the cost of memory and other components can influence both prices and the number of devices available to customers.
Finally, competition will remain intense. Samsung and other Android manufacturers continue to offer premium devices across a wide range of price points. Apple’s ability to sustain growth will depend on product appeal, customer retention and how effectively it converts first-time buyers into long-term users of its ecosystem.
The Bigger Picture
Apple India’s crossing of ₹1 lakh crore in revenue shows how the company has strengthened its position in one of the world’s largest smartphone markets. Revenue growth accelerated to 31%, net profit rose 66% and iPhone volumes expanded 24%, even as the broader smartphone market recorded much slower unit growth. The premium segment, wider distribution and financing options appear to be important parts of this trend.
The results also highlight the need to distinguish Apple’s domestic sales business from its manufacturing and export ecosystem. India is increasingly important both as a consumer market and as a production base, but those activities are recorded across different companies and entities. The longer-term test will be whether Apple can sustain premium-device demand, defend its competitive position and continue growing profitably as the market evolves.
Looking Ahead
Apple India’s next financial performance will depend on whether the current premium smartphone momentum continues. Product launches, retail expansion, financing options and the availability of devices will shape demand, while component costs and competition may influence pricing and margins. The company has not yet explained the specific factors behind the sharp increase in FY2026 profit, leaving more detailed cost and profitability analysis dependent on further disclosures.
For India, Apple’s growth reinforces the country’s importance to the global smartphone industry. Domestic sales support the consumer electronics market, while manufacturing and exports contribute to the broader industrial ecosystem. These two developments should be tracked separately, but together they show why India has become a more important market and production base for Apple.
Frequently Asked Questions
1. What was Apple India’s revenue in FY2026?
Apple India Pvt Ltd reported revenue from operations of ₹1,03,853 crore for the year ended March 2026, up 31% from ₹79,060 crore in FY2025.
2. How much profit did Apple India make in FY2026?
Its net profit increased 66% to ₹5,311 crore, compared with ₹3,196 crore in the previous financial year.
3. How fast did iPhone volumes grow in India?
Reported iPhone volumes increased 24% in FY2026, compared with 11% growth in FY2025.
4. Why is Apple growing faster than the overall smartphone market?
The company appears to be benefiting from premium smartphone demand, wider retail distribution, financing options and customer interest in its product ecosystem. These factors help explain the trend, although Apple has not disclosed a detailed breakdown of each factor’s contribution.
5. Does Apple India’s ₹1 lakh crore revenue include all iPhone exports from India?
No. Apple India’s reported revenue does not capture all iPhone manufacturing and exports handled through contract manufacturers and overseas Apple entities. Those activities are recorded separately.
6. How does Apple India compare with Samsung?
Apple India reported ₹1,03,853 crore in revenue from operations, while Samsung Electronics India reported overall revenue of about ₹1.12 lakh crore. Samsung’s business includes products beyond smartphones, so the two totals are not directly comparable. Samsung’s reported mobile phone revenue in India declined 1.4% to ₹81,472 crore.
Sources and further reading
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