India’s consumption landscape is undergoing a sharp transformation as affluent consumers increasingly shift spending toward premium technology products, digital services and discretionary categories instead of traditional household staples, with a report by Kotak Mutual Fund stating that Apple Inc.
India’s projected FY26 revenue could be nearly double that of Hindustan Unilever Limited, highlighting the accelerating trend of premiumisation across urban markets.
According to the report, Apple India’s FY26 revenue is estimated at ₹1.42 lakh crore, compared with HUL’s projected revenue of ₹64,468 crore.
The estimates are based on company filings and projections from Avendus Capital Private Limited.The comparison marks a major reversal from FY21, when Apple India’s revenue stood at ₹22,845 crore, significantly lower than HUL’s ₹47,028 crore during the same period.
Over the last 5 years, Apple’s India business has expanded 6.2 times, far exceeding the growth pace seen in the traditional FMCG segment.
Kotak Mutual Fund report said the scale achieved by Apple reflects the increasing spending power of affluent Indian consumers, despite the company catering to only a relatively small section of households.
The report identified premiumisation as one of the strongest themes shaping India’s consumption trends, particularly within the smartphone market.
While overall smartphone sales volumes in India have remained broadly flat over the past five years, the share of premium smartphones priced above ₹30,000 has increased from 20% to 26% of total industry sales.
Premium smartphones recorded a compound annual growth rate of 5.9% between CY20 and CY25, while the mass-market smartphone segment declined by 1.2% during the same period.
The divergence highlights widening differences in spending patterns between affluent consumers and value-focused buyers.
Analysts said Apple’s expanding installed user base is also supporting growth across its broader ecosystem, including Services, Mac and iPad businesses.
The company has been increasing its reach through wider retail distribution, product expansion and stronger penetration among aspirational consumers.
MacBooks and iPads are expected to contribute significantly to revenue growth this year, supported by increasing demand from students and enterprise users.
Apple’s strategy of offering previous-generation MacBooks at lower prices has additionally helped improve sales volumes.Within tablets, the iPad continues to dominate the premium segment despite rising competition from Samsung Electronics Co., Ltd. and other brands.
Read More: Apple Pay Rollout in India Delayed Over Bank Commission Standoff!
Apple India’s projected FY26 revenue growth reflects the accelerating premiumisation trend in India’s urban consumption market, where affluent consumers are increasingly driving demand across technology, digital services and premium lifestyle categories.
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Published on: May 26, 2026, 10:09 AM IST
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