Apple has hit a milestone in India it has never reached before: annual revenue in the country crossed $10 billion in FY26, marking a more than 20% jump over the previous year and cementing India’s place as one of the tech giant’s fastest-growing markets worldwide.
According to industry sources, Apple’s India revenue grew to nearly Rs 1 lakh crore in FY26, up sharply from around Rs 79,000 crore in FY25. The growth was driven largely by record iPhone shipments, an expanding retail footprint, and increasingly flexible financing options that have made premium devices more accessible to Indian buyers.
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iPhone Shipments Lead the Surge
Data from Counterpoint Research shows Apple’s iPhone shipments in India grew 24% year-on-year to 14 million units in FY26. Since the iPhone accounts for the bulk of Apple’s India revenue, that shipment growth was the single biggest driver behind the $10 billion milestone.
Neil Shah, Co-founder and VP of Research at Counterpoint, said India has become a cornerstone growth market for Apple, powered by rapid iPhone adoption as mature smartphone users trade up to premium devices. He pointed to Apple’s expanded retail presence, localised manufacturing, and financing flexibility as the factors now creating a “flywheel effect” pulling users deeper into the Apple ecosystem, from Macs to services like Apple Music.
| Metric | FY26 | FY25 |
|---|---|---|
| India Revenue | ~$10 billion (~Rs 1 lakh crore) | ~Rs 79,000 crore |
| iPhone Shipments | 14 million units | ~11.3 million units (est.) |
| YoY Revenue Growth | 20%+ | — |
| YoY Shipment Growth | 24% | — |
What’s Powering the Growth, and What Could Slow It
IDC India analyst Navkendar Singh noted that India remains a standout market for Apple even on what is still a modest share of the world’s second-largest smartphone market, suggesting a long runway ahead. That growth has been powered by first-time buyers entering the ecosystem, wider retail and financing access, and roughly a quarter of iPhones now being assembled locally under India’s production-linked incentive push, with contract manufacturers like Foxconn and Pegatron playing a central role.
Singh also flagged near-term risks: The Cupertino giant has warned of supply constraints over the next few quarters, and a global memory-cost crunch is expected to push iPhone prices higher in the coming weeks. Still, analysts expect demand in India to largely absorb the price increases given the pace of premiumisation already underway.
Even at $10 billion, India represents only around 2.4% of Apple’s global business, underlining just how much room the company still has to grow in the country as its retail expansion and local manufacturing push continue.
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