Apple India has crossed a line it has been eyeing for years. Filings with the Registrar of Companies show that the iPhone maker’s Indian business clocked revenue of Rs 1,03,853 crore in the financial year ended March 2026, the first time the number has gone past the Rs 1 lakh crore mark. Profit moved even faster. Net profit surged 66% to Rs 5,311 crore, a sharp acceleration that says as much about India’s premium-hungry buyers as it does about Apple.
The numbers, accessed through business intelligence platform AltInfo and reported on Tuesday, cap a year in which Apple pulled away from the rest of the Indian smartphone market on both growth and margins. Revenue rose 31% year on year, nearly double the 18% growth Apple India had recorded in FY25. And the profit growth is the fastest the Indian arm has reported in recent years, coming on the back of a 16% rise in the previous fiscal.
31% growth in a 2% market
What makes the FY26 result stand out is the backdrop. India’s overall smartphone market barely moved through the year. According to Counterpoint Research, volumes grew just 2% and value 9% in FY26. Apple’s iPhone volumes, by contrast, jumped 24%, more than doubling the 11% growth it had managed in FY25.
The entire story is about one segment: premium. Handsets priced above Rs 30,000 were the fastest-growing part of the market, with volumes rising 12%. That is the pond Apple fishes in, almost exclusively. As Shubham Singh, research analyst at Counterpoint, told ET, Apple’s growth is being driven by “the steady shift towards premium smartphones. Strong brand aspiration, wider retail reach, deeper distribution across tier-2 and beyond markets, along with easy financing options are making iPhones accessible to a much larger set of buyers.”
There is also a subtle price dynamic at play. Phone prices across brands have crept up this year, narrowing the gap between high-end Android flagships and iPhones. In that world, Apple’s brand pull and its ecosystem of devices do the persuading. Trade-in programmes and zero-cost EMI have turned the iPhone from a stretch purchase into a planned one for millions of Indian households.
Catching up with Samsung
The filings also bring Apple’s India revenue within touching distance of its biggest local rival. Samsung Electronics India reported revenue of Rs 1.12 lakh crore in FY26, marginally ahead of Apple’s Rs 1.03 lakh crore. But the headline comparison needs a caveat. Samsung’s number spans televisions, home appliances, telecom network gear and exports, while Apple’s is almost entirely its device business.
Look at phones alone and the picture flips. Samsung’s mobile phone revenue in India actually declined 1.4% to Rs 81,472 crore last fiscal, even as Apple’s device-led business powered ahead. The premium smartphone contest in India, it seems, is increasingly tilting one way.
Retail expansion did the heavy lifting
Apple did not get here by sitting still. Over the past two years the company has opened flagship stores in Mumbai and Delhi, widened its partner-store footprint deep into tier-2 and tier-3 cities, and leaned into financing and trade-in offers that cut the effective price of a new iPhone. The FY26 results suggest the strategy is delivering not just volume but operating leverage, with profit growing more than twice as fast as revenue.
- Revenue from operations: Rs 1,03,853 crore (FY25: Rs 79,060 crore), up 31%
- Net profit: Rs 5,311 crore (FY25: Rs 3,196 crore), up 66%
- iPhone volume growth in India: 24% (FY25: 11%)
- Premium segment (above Rs 30,000): 12% volume growth, market’s fastest
- Overall Indian smartphone market: 2% volume, 9% value growth
Why this matters beyond Apple
Apple’s FY26 scorecard is really a story about Indian consumer confidence at the top end of the market. When buyers keep trading up in a year when the broader market is flat, it signals a structural shift, not a cyclical blip. Global brands are reading it the same way: India is no longer just a volume story for the budget segment. It is where premium growth now lives.
For now, Apple has not commented on the filings. An email sent to Apple India remained unanswered till press time on Monday. The company will have another chance to tell its side when it reports global earnings later this week.
FAQs
How much revenue did Apple India report in FY26?
Apple India reported revenue from operations of Rs 1,03,853 crore for the year ended March 2026, up 31% from Rs 79,060 crore in FY25. It is the first time the figure has crossed Rs 1 lakh crore.
What was Apple India’s net profit in FY26?
Net profit jumped 66% to Rs 5,311 crore, compared with Rs 3,196 crore in FY25. Profit grew more than twice as fast as revenue, pointing to better operating leverage.
How did Apple’s growth compare with the Indian smartphone market?
Apple’s iPhone volumes grew 24% while the overall market grew just 2% by volume and 9% by value, according to Counterpoint Research. The premium segment, phones above Rs 30,000, grew 12% by volume.
Is Apple bigger than Samsung in India now?
Not quite on total revenue. Samsung Electronics India posted Rs 1.12 lakh crore in FY26, slightly ahead of Apple. But in mobile phones specifically, Samsung’s revenue fell 1.4% to Rs 81,472 crore while Apple’s grew sharply.
Bottom line: Apple India’s Rs 1 lakh crore year is proof that the premium story in India is no longer a forecast. It is the quarter-to-quarter reality, and the filing cabinets now say so.
