Apple’s Revenue Growth in India
Apple’s revenue in India has seen a remarkable rise, reaching the Rs 1 lakh crore milestone for the first time in FY26. This surge is attributed to the increasing demand for iPhones and other high-end devices. The net profit also witnessed a 66% year-on-year growth, amounting to Rs 5,311 crore in the same fiscal year.
Revenue from Operations
According to financial statements submitted to the Registrar of Companies (RoC), Apple India reported a 31.4% year-on-year increase in revenue from operations, rising from Rs 79,061 crore in FY25 to Rs 1,03,853 crore in FY26. The primary source of this income comes from the sale of premium consumer electronics, such as iPhones, MacBooks, iPads, Apple Watches, AirPods and various accessories. These products are available through both online and offline retail channels, in addition to authorised resellers.
Product Sales Performance
Product sales have been the main contributor to this growth, with revenue from this sector climbing 32.7% from Rs 74,681 crore in FY25 to Rs 99,068 crore in FY26. This segment constituted 95.4% of the total operating revenue.
Other Revenue Sources
Apple India also derives income from technical support services and maintenance contracts, including offerings like AppleCare, which provides eligible customers with technical assistance, hardware repairs, and extended service coverage. Revenue from technical and other support services was reported at Rs 4,293 crore, while income from maintenance contracts increased by 26.5% to Rs 492 crore. Additionally, the company earned Rs 754 crore in non-operating income, primarily from interest and other sources, raising its total income to Rs 1,04,606 crore in FY26.
Expense Overview
On the expense front, the cost of materials remained the most significant component, rising by 21.6% to Rs 78,229 crore from Rs 64,336 crore in FY25. This expense accounted for 81.3% of the total and largely reflects costs associated with the products offered by the company. Furthermore, licence fees more than doubled from Rs 4,258 crore in FY25 to Rs 10,374 crore in FY26, making it the second-largest cost area, representing 10.8% of total expenses. These fees are typically paid to the parent company for the use of royalties and other licensed rights.
Employee and Marketing Expenses
Employee benefit expenses rose by 13% to Rs 3,531 crore in FY26, inclusive of Rs 1,514 crore related to ESOPs. Advertising and promotional expenditures also grew by 22.6% to Rs 1,075 crore during the year as the company actively promoted its offerings within the Indian marketplace. Depreciation and amortisation stood at Rs 746 crore, while warranty claim costs decreased by 16.1% to Rs 329 crore. Other overheads, which include legal and professional fees, finance costs, communication expenses, and administrative costs added another Rs 1,940 crore.
Taxation and Profitability Metrics
Apple India paid Rs 3,072 crore in taxes throughout FY26. The company’s EBITDA soared 87.4% year-on-year to Rs 8,816 crore from Rs 4,704 crore in FY25. Its EBITDA margin improved from 5.95% to 8.49%, while the return on capital employed (ROCE) rose from 55.6% to 67%. The ratio of expense-to-operating revenue also enhanced to 0.93 from 0.95 during the fiscal year. Apple’s revenue growth outpaced its expense growth in FY26, resulting in a 66.2% year-on-year increase in net profit, reaching Rs 5,311 crore compared to Rs 3,196 crore in FY25.
Balance Sheet Insights
On the balance sheet, Apple India’s cash and bank balances more than doubled to Rs 17,418 crore as of March 2026, and current assets surged by 69% to Rs 38,101 crore during the same time frame. With robust profit figures and licensing fees, it is evident that India has become a pivotal market for Apple over the past three years. While the numbers may seem modest against the expected global revenues of nearly $450 billion this year, Apple’s establishment as a crucial manufacturing hub and its higher growth rate in India compared to other regions is increasingly significant.
Future Prospects
The key question remains on how far the Indian market will continue to grow or at what point the growth might taper off to single-digit levels. Observations suggest that this query will be addressed in FY28 and afterwards, particularly in light of the recent responses to new product offerings in the country. Achieving a revenue level of $15 billion in India by FY28 would be a significant milestone, while consumer patterns regarding upgrades will also be closely monitored. With the introduction of Apple Pay, the company is striving to enhance the overall customer experience. The brand is seen as offering strong security and privacy, which justifies its premium pricing for a large market segment, despite recent price adjustments possibly testing aspirations. While Samsung continues to promote its offerings without much innovation, it remains to be seen whether a competitor, rather than Apple itself, will eventually disrupt the super-premium segment of the mobile phone market.