Apple's business in India is on a rapid growth trajectory, with projections indicating its revenue will surpass the Rs 1.4 lakh crore mark by fiscal year 2026. This significant financial milestone is fueled by a surge in demand for premium smartphones and other technological products across the country, according to a report by Kotak Mahindra Mutual Fund.
Record Revenue Projections for Apple India
The report, based on company filings and Avendus Spark data, highlights Apple India's remarkable expansion over the past five years, with its business growing approximately 6.2 times. This robust performance positions the Cupertino-based tech giant to potentially overtake established market players like Hindustan Unilever and even rival Samsung Electronics in terms of revenue within the Indian market.
In FY21, Apple India reported revenues of Rs 22,845 crore, significantly less than Hindustan Unilever's Rs 47,028 crore. However, by FY26, Apple is forecasted to not only close this gap but potentially exceed HUL. Similarly, it is set to surpass Samsung Electronics, which is estimated to reach Rs 1.1 lakh crore.
Premiumisation Drives Spending Shifts
The primary catalyst for Apple's accelerated growth is the rapid premiumisation occurring within the Indian consumer market. Urban and higher-income consumers are increasingly prioritizing high-end smartphones and other technology-driven products over traditional household goods. This shift indicates a broader trend where Indians are spending more on experience-led categories and lifestyle-oriented purchases, including digital subscriptions, travel, and discretionary tech items.
Consumers are showing a strong inclination to upgrade to more expensive and feature-rich devices, a trend significantly supported by accessible payment options such as financing and Equated Monthly Installments (EMIs), which make premium phones more attainable.
iPhone's Expanding Market Footprint
Apple's iPhone shipments in India underscore its growing influence. According to an IDC report, the company shipped 14 million iPhones in India in 2025, marking a 16% year-on-year increase. Furthermore, Apple achieved a record 9% share of total smartphone shipments in India during the January-March quarter, meaning nearly one in every ten smartphones sold was an iPhone.
The iPhone 17 series has been a significant driver of this demand, with the standard iPhone 17 emerging as the best-selling smartphone model in India. This strong market reception highlights Apple's successful strategy in capturing the evolving preferences of Indian consumers.