Apple India is expected to make a record-breaking revenue for the fiscal year 2026 as Indians spend more on premium smartphones and less on traditional household goods. According to the Kotak Mahindra Mutual Fund report, Apple may also overtake Hindustan Unilever in revenue, showcasing a major shift in spending. 

Apple India revenue in FY26

The report highlighted that Cupertino-based tech giant Apple could cross the Rs 1.4 lakh crore mark in India in FY26. The numbers are estimated based on company filings and Avendus Spark data.

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Apple has grown rapidly in India over the last five years and has significantly closed the gap with Hindustan Unilever. Reportedly, Apple India earned about Rs 22,845 crore in FY21, which was less than half of Hindustan Unilever’s Rs 47,028 crore at that time. But now Apple’s business in India has grown about 6.2 times in five years. In terms of competition, Apple is also set to overtake Samsung Electronics in India, which is estimated at Rs 1.1 lakh crore.

The growth is projected due to rapid premiumisation in India. The report highlighted that urban and higher-income consumers in India are increasingly spending on high-end smartphones and technological products rather than everyday essentials.

It further highlighted that people in India are spending more on experience-led categories and lifestyle-oriented things. This includes products and services like smartphones, digital subscriptions, travel, and other discretionary tech purchases. It also suggests that people are buying more expensive phones and upgrading to premium devices rapidly.

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If we look at Apple, the company shipped 14 million iPhones in India in 2025, based on an IDC  report, which is up by 16% year-on-year. In addition, Apple reached a record 9% share of smartphone shipments in India during the Jan-March quarter. This suggests that nearly 1 in every 10 smartphones shipped was an iPhone.

The strong demand was captured due to the heavy demand for the iPhone 17 series, with the standard iPhone 17 becoming the best-selling smartphone model in India. Several payment options, like financing and EMIs, and others have made expensive phones more accessible.