Apple India Revenue Crosses Rs 1 Lakh Crore in FY26

Sheetal Shah
October 21, 2026

Apple India crossed the Rs 1 lakh crore revenue mark for the first time in FY26, driven by growing demand for iPhones and other premium devices in the country. The company’s net profit increased 66% year-on-year to Rs 5,311 crore during the fiscal year.

According to financial statements filed with the Registrar of Companies (RoC), Apple India’s revenue from operations rose 31.4% year-on-year to Rs 1,03,853 crore in FY26, compared with Rs 79,061 crore in FY25.

Apple India primarily generates revenue through the sale of premium consumer electronics, including iPhones, MacBooks, iPads, Apple Watches, AirPods and accessories. The company distributes these products through online and offline retail channels, as well as authorised resellers.

Product Sales Drive Revenue Growth

Product sales remained Apple India’s largest revenue contributor in FY26. Revenue from this segment increased 32.7% to Rs 99,068 crore from Rs 74,681 crore in FY25. The segment accounted for 95.4% of the company’s total operating revenue.

Apple India also generates revenue from technical support services and maintenance contracts, including AppleCare, which provides eligible customers with technical assistance, hardware repairs and extended service coverage.

Revenue from technical and other support services stood at Rs 4,293 crore. Income from maintenance contracts increased 26.5% to Rs 492 crore during FY26.

The company also reported Rs 754 crore in non-operating income, primarily from interest and other sources. This brought its total income to Rs 1,04,606 crore for the fiscal year.

Apple India’s Expenses Increase in FY26

Cost of materials remained Apple India’s largest expense in FY26, rising 21.6% to Rs 78,229 crore from Rs 64,336 crore in FY25. This expense accounted for 81.3% of the total and primarily reflected the cost associated with products sold by the company.

License fees more than doubled to Rs 10,374 crore in FY26 from Rs 4,258 crore in FY25. They accounted for 10.8% of total expenses, making them the company’s second-largest cost head. These fees, paid to its parent company, may cover the use of royalty and other licensed rights.

Employee benefit expenses increased 13% to Rs 3,531 crore during the fiscal year, including Rs 1,514 crore in employee stock ownership plan (ESOP)-related expenses.

Advertising and promotional expenses rose 22.6% to Rs 1,075 crore as the company continued to promote its products in the Indian market.

Depreciation and amortisation expenses stood at Rs 746 crore, while warranty claim expenses declined 16.1% to Rs 329 crore. Other overheads, including legal and professional fees, finance costs, communication expenses and administrative costs, totalled Rs 1,940 crore.

Apple India paid Rs 3,072 crore in taxes during FY26.

Profitability and Financial Position Improve

Apple India’s EBITDA surged 87.4% year-on-year to Rs 8,816 crore in FY26 from Rs 4,704 crore in FY25.

Its EBITDA margin improved to 8.49% from 5.95%, while return on capital employed (ROCE) increased to 67% from 55.6%. The expense-to-operating revenue ratio also improved to 0.93 from 0.95 during the fiscal year.

Revenue growth outpaced expense growth, helping Apple India’s net profit rise 66.2% year-on-year to Rs 5,311 crore from Rs 3,196 crore in FY25.

On the balance sheet front, the company’s cash and bank balances more than doubled to Rs 17,418 crore as of March 2026. Its current assets also increased 69% to Rs 38,101 crore during the same period.

India Becomes an Increasingly Important Market for Apple

Apple’s financial performance and licensing expenses reflect India’s growing importance to the company over the past three years. Although the India business remains relatively small compared with the company’s global revenue, the country is emerging as both a key manufacturing hub and a market recording growth above Apple’s overall growth rate elsewhere.

The key question is how much further the Indian market can expand and when growth might slow to single-digit levels. The outlook for FY28 and beyond is expected to provide a clearer indication, with customer responses to Apple’s latest offerings serving as an important factor.

Crossing the $15 billion revenue level in India by FY28 or earlier would represent a key milestone for the company. Consumer behaviour, particularly device replacement cycles and upgrade patterns, will also remain an important factor in assessing future growth.

Apple is also seeking to expand its customer experience in India with the entry of Apple Pay into the market. Its perceived strengths in security and privacy support its premium positioning among a significant segment of consumers. However, recent price increases may be testing the limits of affordability for some aspirational buyers.

The company has also benefited from Samsung’s relatively subdued performance in the market. Competition in the super-premium smartphone segment, particularly devices priced at Rs 1 lakh or more, could intensify if hardware market conditions normalise and allow smaller firms greater flexibility to compete.