Apple passes $10B/yr sales in India

Up from $9B in 2024-25 and $6B in 2022-23

Apple passed $10B in annual sales in India for the first time in FY 2026, up from $9B in 2024-25 and $6B in 2022-23, as it expands its retail footprint  —  Apple Inc. exceeded $10 billion in annual sales in India for the first time last fiscal year.

Source: Source via Techmeme

NB: $10 billion was for the 12-month period running to March. It represents a 11% year-on-year increase over the previous fiscal year.

The bulk of the sales are for the iPhone, the source claimed. However, the demand for other products, such as iPad and Mac sales, also rose in the year.

Compared to other markets, India is still relatively small. Greater China recorded $18.8 billion in revenue in Apple's most recent quarter and Japan $6.6 billion.

It's also facing exchange rate headwinds with the rupee declining 10% against the dollar.

Moreover, the entry-level iPhone 17 is $870 in local currency versus $800 in the United States (though US buyers have to pay additional state sales tax).

The growth rate of 11% is not as strong as the 50% during the previous year though it exceeds GDP growth. I have a hypothesis that the Apple Upgrade program may provide some options to increase access to refurbished inventory for Apple to sell directly.

Exports have been rising at 50%+ rates. During Apple’s fiscal Q3 FY26 earnings call, CEO Tim Cook said the company achieved June quarter revenue records across every geographic segment, including India.

There is much more upside in India but I would expect 20%+ growth.