
iPhones drive India's smartphone exports to record $7.7B in Q1
What's the story
India's smartphone exports have hit a record high of $7.72 billion in the first quarter of FY26, a whopping 58% increase from the same period last year. The surge is largely attributed to Apple's massive shipments, which alone accounted for nearly 78% of the total exports. This period saw Apple export iPhones worth $6 billion through its vendors, marking an 82% increase from Q1 FY25.
Market impact
Potential impact of US tariff review on Apple's exports
Apple's impressive performance has bolstered the Indian electronics sector but questions about its sustained business remain. The US government is currently reviewing Section 232 of the Trade Expansion Act, which empowers the President to impose import tariffs on national security grounds. A report on this matter is expected by August 14, potentially impacting Apple's future exports from India.
Policy impact
PLI scheme's role in India's smartphone export growth
The Production-Linked Incentive (PLI) scheme, launched in 2020, has played a major role in India's booming smartphone export story. From just $3.1 billion in FY21, smartphone exports skyrocketed to $24.1 billion by FY25, with Apple alone contributing $17.5 billion of that total. In Q1 FY26 alone, India has already surpassed $7.72 billion worth of smartphone exports, hinting at a record-breaking annual performance ahead.
Export ranking
Smartphones now top India's export item
Smartphones have come a long way in India's export list. From being ranked 167th in FY15, they have now become the top export item by Harmonized System (HS) code in FY25. This is largely due to rising foreign investment, manufacturing incentives, and strong global demand for Indian-made smartphones.
Market players
Other players contributing to the surge
Apart from Apple, other major players such as Samsung and Padget Electronics (a Dixon Technologies subsidiary) have also contributed to the surge in smartphone exports. Samsung accounted for 12% of total smartphone exports while Padget and others together contributed another 10%. Individually, Padget exported smartphones worth $175 million in Q1 FY26 alone.