Apple's India business has crossed the Rs. 1 lakh crore annual revenue milestone for the first time, reporting Rs. 1,03,853 crore in revenue from operations in FY2026, a 31 percent year-on-year increase from Rs. 79,060 crore in FY2025. Net profit surged even faster, rising 66 percent to Rs. 5,311 crore from Rs. 3,196 crore a year earlier, according to filings with the Registrar of Companies accessed through business intelligence platform AltInfo.
The performance marks a sharp acceleration for Apple in India - revenue growth was 18 percent in the previous fiscal year, while volume growth more than doubled to 24 percent in FY2026 from 11 percent in FY2025.
iPhone demand powers growth
The milestone was driven primarily by resilient iPhone demand in the premium segment, even as India’s broader smartphone market slowed. Apple’s expanded retail presence, financing options, and continued premiumisation of the Indian smartphone market helped it outpace the wider market.
Apple did not specify the reasons for the acceleration in its filings. However, industry estimates earlier in the year had pointed to iPhone shipments rising about 24 percent year-on-year in FY2026, with India revenue crossing $10 billion.
Samsung’s mobile business slips
The results sharpen the contrast with Samsung, Apple’s biggest local rival. Samsung India’s mobile phone revenue declined 1.4 percent to Rs. 81,472 crore in FY2026 from Rs. 82,595 crore in FY2025, even as Samsung Electronics India’s overall revenue rose marginally by 1.2 percent to Rs. 1.12 lakh crore.
Samsung’s broader portfolio includes televisions, home appliances, telecom network equipment and exports, so its total revenue remains larger than Apple India’s. But its smartphone business faced pressure from Apple in the premium category and Chinese brands such as Vivo, Xiaomi, Oppo and Realme in the mass market.
What the numbers do and do not show
Apple India’s reported revenue does not capture the full scale of iPhone manufacturing and exports from the country. Those exports are handled by Apple’s contract manufacturers, with sales recorded through multiple Apple group entities overseas rather than through Apple India’s accounts.
Even so, the filings underline India’s growing importance to Apple. The company’s India business has moved from steady expansion to a materially larger revenue base, with profit growth outpacing sales growth and suggesting improving operating leverage in the market.
A premium-first playbook
Apple’s India strategy has increasingly centred on premium demand, physical retail expansion, trade-in and financing programmes, and a wider product ecosystem. The FY2026 results indicate that this approach is translating into both volume and profitability, rather than growth being confined to higher average selling prices.
With Samsung’s mobile revenue contracting while Apple’s expands, the latest filings suggest the premium smartphone contest in India is increasingly tilting toward Apple, though Samsung retains a broader consumer-electronics footprint across the country.
