Kolkata: Apple's India business crossed the ₹1 lakh crore revenue milestone in FY26, with sales growth accelerating sharply and profits surging as demand for the iPhone maker's products remained resilient despite a slowing market.
Revenue from operations of Apple India Pvt Ltd rose 31% on-year to ₹1,03,853 crore in the year ended March 2026, up from ₹79,060 crore in FY25, according to the company's filings with the Registrar of Companies accessed through business intelligence platform AltInfo. Its biggest competitor locally, Samsung, posted a 1.4% decline in mobile phone revenues to ₹81,472 crore last fiscal.
India business growth at Apple was significantly higher than the 18% recorded in the previous fiscal.
Wider Retail Reach
Profit growth was even stronger. Net profit jumped 66% to ₹5,311 crore in FY26, compared with ₹3,196 crore in the previous year, when it had risen 16%. The company did not specify the reasons behind the sharp acceleration in revenue and profit growth in its filings. An email sent to Apple India remained unanswered till Monday press time.
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"Apple's growth in India is being driven by the steady shift towards premium smartphones. Strong brand aspiration, wider retail reach, deeper distribution across tier-2 and beyond markets, along with easy financing options are making iPhones accessible to a much larger set of buyers," said Shubham Singh, research analyst, Counterpoint Technology Market Research.
He said in the current market where prices of all phones have gone up, the narrowing price gap between Android flagships and iPhones is working in Apple's favour given its stronger brand pull and ecosystem appeal. According to Counterpoint, India's overall smartphone market grew 2% by volume and 9% by value in FY26. The premium segment, comprising handsets priced above ₹30,000, was the fastest-growing at 12% by volume. Apple's volume growth more than doubled to 24% in FY26 from 11% in FY25.
The Tech Duel
The performance comes amid an intensifying contest between Apple and Samsung in India, with the two technology giants reporting revenues of a similar order of magnitude, though their businesses have different compositions.
Samsung Electronics India reported FY26 revenue of ₹1.12 lakh crore, but its portfolio extends well beyond smartphones to include televisions, home appliances and telecom network equipment, besides exports. Samsung's smartphone business witnessed a marginal decline locally.
Apple India's reported revenue, meanwhile, doesn't capture the full scale of iPhone manufacturing and exports from the country. Such exports are done by its contract manufacturers, with sales recorded via multiple Apple group entities overseas, rather than being routed through Apple India's accounts.