Apple set to clock Rs 1.4 lakh crore revenue in FY26: Report

NEW DELHI: Apple is set to overtake FMCG major Hindustan Unilever in revenue, as affluent Indian consumers spend more on premium smartphones and digital lifestyles while growth in traditional household staples slows.

A report by Kotak Mahindra Mutual Fund estimates Apple India's FY26 revenue at over Rs 1.4 lakh crore, more than twice HUL's projected Rs 64,468 crore. The estimates are based on company filings and Avendus Spark data.

The report notes a significant turnaround from FY21, when Apple India generated Rs 22,845 crore in revenue - less than half of HUL's Rs 47,028 crore at the time. Over the past five years, Apple's India business has expanded 6.2 times, reflecting the rapid rise of premiumisation in urban consumption despite the company serving a relatively narrow affluent customer base.

Kotak MF said India's consumption basket is steadily shifting away from essentials toward premium and experience-led categories such as smartphones, digital services, travel and discretionary technology spending. The trend has gained momentum even as overall smartphone shipment volumes in India remain largely flat.

International Data Corporation estimated Apple shipped 14 million iPhones in India in 2025, up 16% year-on-year, making India the company's fourth-largest market globally.

Recent data from Counterpoint Research showed Apple captured a record 9% share of India's smartphone shipments during the Jan-March quarter of 2026, driven by strong demand for the iPhone 17 lineup and aggressive financing offers. The research firm also said the iPhone 17 became the country's highest-selling smartphone model during the quarter despite its premium pricing. Apple did not respond to queries sent at the time of publication.

While Apple's projected FY26 revenue would comfortably exceed HUL and several major consumer-facing companies, it still trails the likes of Reliance Industries, which reported annual revenue of over Rs 10 lakh crore, and Indian Oil Corporation, whose revenue crossed Rs 8 lakh crore.

Among technology and electronics companies operating in India, Apple is expected to surpass Samsung Electronics, whose India revenue is estimated at over Rs 1.1 lakh crore across smartphones, consumer electronics and appliances.

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