Apple India's revenue may hit ₹1.4L crore in FY26
What's the story
Apple India's revenue is expected to reach ₹1.42 lakh crore in FY26, according to a Kotak Mutual Fund report. This would be more than double that of Hindustan Unilever Ltd (HUL), which is projected at ₹64,468 crore for the same period. The projections are based on company filings and estimates from Avendus Spark.
Market shift
Apple's revenue has grown 6.2 times in last 5 years
Apple's revenue has grown 6.2 times in the last five years, far outpacing HUL's modest growth trajectory. The report highlights a major shift from FY21 when Apple's revenue was ₹22,845 crore, less than half of HUL's ₹47,028 crore. This rapid rise is seen as a reflection of India's affluent consumers and their changing consumption patterns toward premium technology and discretionary products over traditional staples.
Consumption shift
Premiumisation is key theme in India's consumption story
The Kotak MF report notes that premiumisation is a key theme in India's consumption story, especially for smartphones. Despite overall smartphone volumes remaining flat over the last five years, the share of premium smartphones (priced above ₹30,000) has grown from 20% to 26% of total phones sold. This indicates a widening divide in spending patterns between affluent and mass-market consumers.
Market dominance
Apple ended 2025 with record smartphone market share in India
According to Counterpoint Research, Apple ended 2025 with its highest-ever smartphone market share in India at 9% of shipments and 28% by value. The company retained this shipment share in Q1 2026 as well. Analysts say Apple's growing installed base is creating a halo effect across its broader ecosystem, with strong growth recorded across Services, Mac, and iPad businesses.
Segment expansion
Apple gaining ground in PC, tablet segments
Beyond iPhones, Apple is also making strides in India's PC and tablet segments. Analysts expect MacBooks and iPads to drive strong revenue growth this year, fueled by rising demand from students and enterprises, retail expansion, and discounts on older-generation models. Despite stiff competition from Samsung and other brands in the premium segment, the iPad continues to dominate the premium segment.