Apple India revenue projected to cross Rs 1.4 lakh crore mark in FY26 amid strong demand

Apple's Indian operations are on track to achieve unprecedented revenue figures by fiscal year 2026, driven by a notable shift in consumer spending towards premium smartphones. A report from Kotak Mahindra Mutual Fund forecasts that Apple’s revenue could surpass Rs 1.4 lakh crore, potentially positioning it ahead of Hindustan Unilever in terms of revenue. The report underscores the remarkable growth Apple has experienced in India over the past five years, which has enabled it to narrow the revenue gap with Hindustan Unilever significantly. In fiscal year 2021, Apple’s earnings were approximately Rs 22,845 crore, barely half of Hindustan Unilever’s Rs 47,028 crore. However, Apple’s revenue in India has surged by an impressive 6.2 times since then. In addition to its rivalry with Hindustan Unilever, Apple is also poised to surpass Samsung Electronics in the Indian market, with Samsung's revenue estimated at Rs 1.1 lakh crore. This growth trend is attributed to a rapid increase in premiumization among Indian consumers. The report notes that urban and affluent consumers are prioritizing high-end smartphones and tech products over traditional household goods. As spending habits evolve, Indians are increasingly investing in experience-driven categories, which encompass smartphones, digital subscriptions, travel, and other discretionary tech expenditures. The shift is reflected in the growing trend of consumers upgrading to more expensive smartphones at a faster pace. In terms of performance, Apple shipped around 14 million iPhones in India in 2025, marking a 16% increase year-on-year, according to an IDC report. During the January-March quarter, Apple achieved a record 9% share of smartphone shipments in India, with nearly one in ten smartphones sold being an iPhone. The launch of the iPhone 17 series has particularly fueled this demand, with the standard iPhone 17 emerging as the best-selling smartphone model in the region. Enhanced payment options, including financing and EMIs, have also played a crucial role in making premium smartphones more accessible to consumers.